13F
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Leeward Investments, LLC - MA

13F equity value
$2.0B
Positions
142
Top 10 concentration
16.8%
Quarters / total new picks
15 / 57
13F equity value over time
$0M$1B$3B20222023202420252026

"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 +1.0% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 40.0% of quarters (excess t = -0.91, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.6%
t-stat
-0.91
Quarterly win rate
40%
Annualized excess
-11.6%
$1 → follow vs universe
$0.99 vs $1.50
Cumulative return: $1 invested in new picks vs universe
1.00 20220630: universe 0.92620220930: universe 0.99520221231: universe 0.92420230331: universe 0.97420230630: universe 0.93920230930: universe 1.06620231231: universe 1.11320240331: universe 1.13920240630: universe 1.24220240930: universe 1.23120241231: universe 1.14920250331: universe 1.25320250630: universe 1.29220250930: universe 1.45320251231: universe 1.503 20220630: follow 1.17220220930: follow 1.27520221231: follow 0.94320230331: follow 1.00720230630: follow 0.89720230930: follow 1.08520231231: follow 1.16620240331: follow 1.13920240630: follow 1.08620240930: follow 0.98520241231: follow 0.86420250331: follow 0.88120250630: follow 0.86720250930: follow 1.15120251231: follow 0.994 0.79 1.21 1.62 2022202320242025 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 142 · 2026 Q1

Ticker Value Weight QoQ
VIAV $47M
2.3%
TRIM
PR $41M
2.0%
TRIM
RRX $41M
2.0%
TRIM
CLH $40M
2.0%
TRIM
EHC $33M
1.6%
HOLD
ADC $30M
1.5%
TRIM
HXL $28M
1.4%
TRIM
SXI $27M
1.3%
HOLD
NPO $27M
1.3%
TRIM
NMRK $26M
1.3%
HOLD
KEYS $26M
1.3%
TRIM
SLAB $26M
1.3%
TRIM
GTES $25M
1.2%
TRIM
LITE $25M
1.2%
TRIM
COLB $24M
1.2%
TRIM
PFGC $24M
1.2%
ADD
WTFC $23M
1.2%
HOLD
IDA $23M
1.1%
TRIM
VMI $23M
1.1%
HOLD
VLY $23M
1.1%
TRIM

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

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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.