NATIONS FINANCIAL GROUP INC, /IA/ /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 32 quarters, returned +4.1% per quarter versus +2.7% from owning every 13F stock, beating that baseline in 53.1% of quarters (excess t = 2.83, 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 773 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| IVV | $48M | | HOLD |
| NVDA | $48M | | ADD |
| AAPL | $44M | | ADD |
| IJH | $31M | | HOLD |
| QQQ | $30M | | HOLD |
| GOOGL | $30M | | ADD |
| SPY | $29M | | HOLD |
| MSFT | $29M | | TRIM |
| IWV | $26M | | ADD |
| VUG | $26M | | TRIM |
| FBCG | $26M | | ADD |
| BRK/B | $25M | | TRIM |
| AMZN | $20M | | ADD |
| XLK | $20M | | ADD |
| VYM | $19M | | TRIM |
| META | $19M | | HOLD |
| AVGO | $18M | | HOLD |
| DIA | $17M | | HOLD |
| VWO | $16M | | ADD |
| JPM | $16M | | 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.