Maple Rock Capital Partners Inc.
"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.
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 27 quarters, returned +14.8% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 70.4% of quarters (excess t = 1.94, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 44 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| WDC | $379M | | TRIM |
| EQX | $281M | | TRIM |
| STX | $209M | | TRIM |
| CLF | $175M | | ADD |
| TFII | $148M | | NEW |
| BKD | $112M | | TRIM |
| SNDK | $106M | | TRIM |
| BTI | $93M | | TRIM |
| JD | $89M | | ADD |
| LPX | $81M | | ADD |
| CVS | $75M | | ADD |
| MT | $74M | | TRIM |
| AAP | $68M | | TRIM |
| ASTL | $66M | | ADD |
| XPO | $62M | | NEW |
| LKQ | $61M | | ADD |
| AA | $60M | | TRIM |
| HUM | $60M | | ADD |
| UNH | $58M | | ADD |
| LYFT | $55M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.