13F
中
← All fund report cards

Morningstar Investment Management LLC

13F equity value
$1.6B
Positions
315
Top 10 concentration
38.6%
Quarters / total new picks
17 / 667
13F equity value over time
$0M$1B$3B201820192020202120222023202420252026

"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 17 quarters, returned +2.8% per quarter — versus +2.2% per quarter from simply owning every 13F stock. It beat that baseline in only 47.1% of quarters (excess t = 0.55, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.4%
t-stat
0.55
Quarterly win rate
47%
Annualized excess
+2.3%
$1 → follow vs universe
$1.51 vs $1.38
Cumulative return: $1 invested in new picks vs universe
1.00 20210630: universe 1.08020211231: universe 0.91920220331: universe 0.98720220630: universe 0.91420221231: universe 0.84920230331: universe 0.89520230630: universe 0.86220230930: universe 0.97920231231: universe 1.02320240331: universe 1.04620240630: universe 1.14120240930: universe 1.13120241231: universe 1.05620250331: universe 1.15120250630: universe 1.18720250930: universe 1.33520251231: universe 1.381 20210630: follow 1.12320211231: follow 0.92020220331: follow 0.83120220630: follow 1.00020221231: follow 0.95920230331: follow 1.11220230630: follow 1.12320230930: follow 1.14620231231: follow 1.22120240331: follow 1.25820240630: follow 1.30920240930: follow 1.28020241231: follow 1.34020250331: follow 1.34120250630: follow 1.35520250930: follow 1.47220251231: follow 1.510 0.76 1.20 1.63 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 315 · 2026 Q1

Ticker Value Weight QoQ
GOVT $240M
14.9%
TRIM
MSFT $53M
3.3%
ADD
VTI $53M
3.3%
TRIM
AAPL $51M
3.2%
TRIM
GOOGL $43M
2.6%
TRIM
NVDA $40M
2.5%
ADD
SCHO $39M
2.4%
TRIM
BNDX $38M
2.4%
ADD
SPSM $37M
2.3%
TRIM
FNDE $28M
1.7%
ADD
FTEC $25M
1.5%
ADD
SLYV $24M
1.5%
TRIM
META $22M
1.3%
ADD
KXI $17M
1.1%
TRIM
VOX $17M
1.1%
NEW
VHT $15M
0.9%
ADD
SCHH $15M
0.9%
ADD
V $13M
0.8%
TRIM
ICSH $13M
0.8%
TRIM
AMZN $13M
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

AAMIALVAMCRAPACDWCHRDCPAYCPRTCROXCSGSCTSDECKDOXEEFTEVRFICOFLGBFLJPHEIHLNEIGVIXCKFYKTBKWEBLNGLSTRLYBMATMTDR

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.