13F
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Madison Avenue Partners, LP

13F equity value
$2.3B
Positions
27
Top 10 concentration
78.5%
Quarters / total new picks
18 / 54
13F equity value over time
$0M$1B$2B20192020202120222023202420252026

"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 18 quarters, returned +6.3% per quarter — versus +5.1% per quarter from simply owning every 13F stock. It beat that baseline in only 33.3% of quarters (excess t = 0.64, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+8.9%
t-stat
0.64
Quarterly win rate
33%
Annualized excess
-5.6%
$1 → follow vs universe
$1.86 vs $2.31
Cumulative return: $1 invested in new picks vs universe
1.00 20200331: universe 1.20620200930: universe 1.47920210331: universe 1.49220220331: universe 1.60220220630: universe 1.48420220930: universe 1.59420221231: universe 1.48020230331: universe 1.56020230630: universe 1.50420230930: universe 1.70720240331: universe 1.74520240630: universe 1.90420240930: universe 1.88720241231: universe 1.76120250331: universe 1.92020250630: universe 1.98120250930: universe 2.22720251231: universe 2.304 20200331: follow 1.01920200930: follow 1.24020210331: follow 1.18020220331: follow 0.96620220630: follow 0.86220220930: follow 0.74420221231: follow 0.81520230331: follow 0.97120230630: follow 0.86820230930: follow 1.32620240331: follow 1.55820240630: follow 1.64420240930: follow 1.59320241231: follow 0.97220250331: follow 0.90420250630: follow 1.55620250930: follow 1.86920251231: follow 1.862 0.68 1.59 2.49 202020212022202320242025 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 27 · 2026 Q1

Ticker Value Weight QoQ
SNDK $393M
17.1%
TRIM
GHC $260M
11.3%
HOLD
CPNG $177M
7.7%
NEW
MICC $171M
7.4%
ADD
MKL $168M
7.3%
HOLD
TBPH $154M
6.7%
HOLD
ICLR $142M
6.2%
NEW
INDV $132M
5.7%
TRIM
SOLV $122M
5.3%
TRIM
MOH $84M
3.7%
HOLD
LKFT $74M
3.2%
ADD
BTI $66M
2.9%
TRIM
GMED $62M
2.7%
TRIM
STGW $50M
2.2%
HOLD
AIV $50M
2.2%
NEW
STAA $46M
2.0%
NEW
WLY $26M
1.1%
TRIM
PRMB $25M
1.1%
NEW
TPB $21M
0.9%
HOLD
SBGI $19M
0.8%
ADD

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

AIVCPNGDNOWICLRPARPRMBSTAA

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.