NEXPOINT ASSET MANAGEMENT, L.P.
"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 25 quarters, returned +0.2% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 24.0% of quarters (excess t = -0.87, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 81 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| NREF | $127M | | HOLD |
| HOL | $117M | | ADD |
| CWAN | $95M | | ADD |
| SEE | $84M | | ADD |
| OS | $81M | | NEW |
| AIRT | $76M | | ADD |
| CSGS | $72M | | ADD |
| EA | $61M | | ADD |
| MASI | $55M | | NEW |
| SEMR | $55M | | ADD |
| TERN | $48M | | NEW |
| ACLX | $43M | | NEW |
| GTLS | $38M | | ADD |
| PRA | $35M | | ADD |
| BHF | $35M | | HOLD |
| TXNM | $32M | | ADD |
| FOLD | $29M | | NEW |
| NXDT | $25M | | ADD |
| SEM | $24M | | NEW |
| WBD | $24M | | NEW |
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.