MERCER GLOBAL ADVISORS INC /ADV
"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. Buying this fund's new positions the day each filing went public, over 27 quarters, returned +4.2% per quarter versus +3.3% from owning every 13F stock, beating that baseline in 66.7% of quarters (excess t = 2.80, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 3217 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AGG | $3.9B | | ADD |
| BSV | $3.6B | | ADD |
| VOO | $3.1B | | TRIM |
| DFAC | $2.7B | | ADD |
| VEA | $2.3B | | ADD |
| DFUV | $2.1B | | ADD |
| MTUM | $2.0B | | ADD |
| DUHP | $1.8B | | ADD |
| BNDX | $1.7B | | ADD |
| AAPL | $1.7B | | HOLD |
| DFIC | $1.4B | | ADD |
| NVDA | $1.2B | | ADD |
| DFIV | $1.2B | | ADD |
| IMTM | $1.2B | | ADD |
| DIHP | $1.0B | | ADD |
| MUB | $993M | | ADD |
| SUB | $979M | | ADD |
| AVSC | $925M | | ADD |
| VWO | $897M | | ADD |
| VB | $872M | | ADD |
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.