MARSHALL WACE, LLP
"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 48 quarters, returned +1.9% per quarter — versus +1.9% per quarter from simply owning every 13F stock. It beat that baseline in only 52.1% of quarters (excess t = -1.42, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 2719 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| IVV | $29.8B | | ADD +52% |
| SPYM | $4.1B | | TRIM −6% |
| AAPL | $2.6B | | ADD +8% |
| AMZN | $2.3B | | ADD +8% |
| AMD | $2.3B | | ADD +3% |
| NVDA | $1.7B | | TRIM −37% |
| MU | $1.6B | | ADD +50% |
| MSFT | $1.2B | | HOLD |
| COST | $1.1B | | ADD ×4.5 |
| MS | $972M | | ADD +11% |
| TSLA | $920M | | ADD +5% |
| TSM | $865M | | TRIM −19% |
| GOOGL | $790M | | TRIM −30% |
| HLT | $766M | | TRIM −8% |
| UNH | $762M | | ADD +30% |
| JNJ | $759M | | ADD +26% |
| ABBV | $753M | | ADD ×2818.6 |
| BAC | $711M | | ADD ×6.8 |
| KO | $670M | | ADD +47% |
| JPM | $647M | | ADD ×115.8 |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.