13F
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Merewether Investment Management, LP

13F equity value
$5.2B
Positions
79
Top 10 concentration
35.4%
Quarters / total new picks
20 / 206
13F equity value over time
$0M$3B$5B2020202120222023202420252026

"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 20 quarters, returned +6.0% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 65.0% of quarters (excess t = 1.88, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+6.0%
t-stat
1.88
Quarterly win rate
65%
Annualized excess
+17.1%
$1 → follow vs universe
$2.83 vs $1.34
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210630: universe 1.09020210930: universe 0.97820211231: universe 0.83220220331: universe 0.89420220630: universe 0.82820220930: universe 0.88920221231: universe 0.82620230331: universe 0.87020230630: universe 0.83920230930: universe 0.95220231231: universe 0.99520240331: universe 1.01720240630: universe 1.11020240930: universe 1.10020241231: universe 1.02720250331: universe 1.11920250630: universe 1.15520250930: universe 1.29820251231: universe 1.343 20210331: follow 0.99920210630: follow 1.26120210930: follow 1.08620211231: follow 1.30320220331: follow 1.21720220630: follow 1.46120220930: follow 1.30820221231: follow 1.24320230331: follow 1.40120230630: follow 1.38820230930: follow 1.44720231231: follow 1.75820240331: follow 1.65420240630: follow 1.88620240930: follow 1.75020241231: follow 1.76020250331: follow 1.92820250630: follow 2.07020250930: follow 2.62220251231: follow 2.832 0.76 1.91 3.06 20212022202320242025 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 79 · 2026 Q1

Ticker Value Weight QoQ
CTRA $257M
5.0%
ADD
OVV $254M
4.9%
ADD
DAR $206M
4.0%
ADD
SU $205M
4.0%
TRIM
VST $168M
3.3%
ADD
BP $166M
3.2%
ADD
TRGP $163M
3.1%
TRIM
BG $142M
2.8%
HOLD
SRE $137M
2.7%
TRIM
PR $131M
2.5%
HOLD
LNG $130M
2.5%
ADD
NRG $130M
2.5%
ADD
CNP $127M
2.5%
HOLD
CVE $127M
2.5%
ADD
ETR $123M
2.4%
TRIM
XEL $122M
2.4%
TRIM
WMB $121M
2.4%
TRIM
DTM $112M
2.2%
TRIM
NVT $112M
2.2%
TRIM
HUBB $106M
2.1%
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

ALBBKRCECENXCOPCRHDINOETFLSFNVLYBMPCMTNEOLNPSXPTENRALSDRLSOLSTTEVGWTTR

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.