13F
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KWB Wealth

13F equity value
$1.0B
Positions
166
Top 10 concentration
49.6%
Quarters / total new picks
15 / 69
13F equity value over time
$0M$528M$1B2020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 15 quarters, returned +2.9% per quarter — versus -0.4% per quarter from simply owning every 13F stock. It beat that baseline in only 60.0% of quarters (excess t = 0.71, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.7%
t-stat
0.71
Quarterly win rate
60%
Annualized excess
+13.5%
$1 → follow vs universe
$1.48 vs $0.91
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210930: universe 0.90620211231: universe 0.77120220630: universe 0.71420220930: universe 0.76720221231: universe 0.71220230331: universe 0.75020230630: universe 0.72420231231: universe 0.75620240331: universe 0.77320240930: universe 0.76620241231: universe 0.71520250331: universe 0.78020250930: universe 0.87720251231: universe 0.907 20210331: follow 0.99420210930: follow 0.88220211231: follow 0.87320220630: follow 0.85820220930: follow 0.89520221231: follow 0.93520230331: follow 1.00320230630: follow 1.08820231231: follow 1.01120240331: follow 1.13020240930: follow 1.11820241231: follow 1.06720250331: follow 1.12120250930: follow 1.36620251231: follow 1.477 0.66 1.13 1.60 20212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 166 · 2026 Q1

Ticker Value Weight QoQ
SPYG $97M
9.6%
TRIM
SPYV $92M
9.2%
TRIM
SPYM $89M
8.8%
HOLD
DYNF $48M
4.8%
HOLD
SPDW $37M
3.6%
TRIM
SPTI $34M
3.3%
TRIM
JMBS $28M
2.8%
TRIM
IEMG $27M
2.7%
HOLD
SPSM $26M
2.5%
TRIM
CGBL $24M
2.3%
HOLD
SPEM $22M
2.2%
TRIM
IVLU $22M
2.2%
HOLD
CGDV $22M
2.2%
HOLD
IUSB $21M
2.1%
HOLD
RECS $20M
2.0%
HOLD
SPIB $17M
1.7%
TRIM
QUAL $17M
1.6%
HOLD
SPMO $15M
1.5%
HOLD
JBND $15M
1.5%
HOLD
QEFA $15M
1.4%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

None.

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.