13F
中
← All fund report cards

NICHOLS & PRATT ADVISERS LLP /MA

13F equity value
$1.5B
Positions
105
Top 10 concentration
52.2%
Quarters / total new picks
23 / 85
13F equity value over time
$0M$800M$2B2017201820192020202120222023202420252026

"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 23 quarters, returned +4.7% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 69.6% of quarters (excess t = 0.16, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.5%
t-stat
0.16
Quarterly win rate
70%
Annualized excess
+7.1%
$1 → follow vs universe
$2.47 vs $1.72
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320190331: universe 0.93720190930: universe 1.00720200630: universe 1.11320200930: universe 1.36520210930: universe 1.22520211231: universe 1.04220220331: universe 1.11920220930: universe 1.20220221231: universe 1.11720230630: universe 1.07720230930: universe 1.22220231231: universe 1.27720240331: universe 1.30620240630: universe 1.42420240930: universe 1.41220241231: universe 1.31820250331: universe 1.43720250630: universe 1.48220250930: universe 1.66620251231: universe 1.724 20180630: follow 0.85820180930: follow 1.07220181231: follow 1.22620190331: follow 1.27120190930: follow 1.38820200630: follow 1.40020200930: follow 1.45620210930: follow 1.43020211231: follow 1.38820220331: follow 1.14820220930: follow 1.30120221231: follow 1.28720230630: follow 1.07020230930: follow 1.35620231231: follow 1.51220240331: follow 1.53020240630: follow 1.70520240930: follow 1.60820241231: follow 1.54420250331: follow 1.83320250630: follow 1.98220250930: follow 2.37520251231: follow 2.469 0.79 1.73 2.67 20182019202020212022202320242025 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 105 · 2026 Q1

Ticker Value Weight QoQ
AAPL $134M
8.6%
HOLD
GOOG $125M
8.1%
TRIM
JNJ $115M
7.4%
TRIM
MA $73M
4.7%
HOLD
MSFT $69M
4.5%
ADD
TJX $62M
4.0%
HOLD
ADP $61M
3.9%
HOLD
KMI $61M
3.9%
HOLD
PEP $56M
3.6%
HOLD
PG $55M
3.5%
HOLD
MRK $54M
3.5%
HOLD
FAST $53M
3.4%
HOLD
AMZN $43M
2.8%
ADD
CAT $41M
2.6%
TRIM
VZ $40M
2.6%
HOLD
KO $33M
2.1%
HOLD
LIN $32M
2.1%
ADD
RTO $31M
2.0%
HOLD
BRK/B $28M
1.8%
TRIM
TMO $23M
1.5%
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

AEMIDXX

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.