13F
中
← All fund report cards

Old West Investment Management, LLC

13F equity value
$923M
Positions
123
Top 10 concentration
30.4%
Quarters / total new picks
28 / 160
13F equity value over time
$0M$461M$923M2017201820192020202120222023202420252026

"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 28 quarters, returned +0.7% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 35.7% of quarters (excess t = 1.24, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+5.8%
t-stat
1.24
Quarterly win rate
36%
Annualized excess
-9.6%
$1 → follow vs universe
$0.81 vs $1.57
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190630: universe 1.06620191231: universe 0.86020200630: universe 0.95020200930: universe 1.16620201231: universe 1.21920210331: universe 1.23020210630: universe 1.32820210930: universe 1.19220211231: universe 1.01420220331: universe 1.08920220630: universe 1.00920220930: universe 1.08420221231: universe 1.00720230331: universe 1.06120230630: universe 1.02320230930: universe 1.16120240331: universe 1.18720240630: universe 1.29520240930: universe 1.28420241231: universe 1.19820250331: universe 1.30620250630: universe 1.34720250930: universe 1.51520251231: universe 1.567 20180331: follow 0.97520180630: follow 0.87220180930: follow 0.77820181231: follow 0.66320190630: follow 0.70520191231: follow 0.51720200630: follow 0.54320200930: follow 0.66020201231: follow 0.73120210331: follow 0.75220210630: follow 0.96420210930: follow 0.87920211231: follow 0.70420220331: follow 0.95020220630: follow 0.92320220930: follow 0.75120221231: follow 0.88420230331: follow 0.91820230630: follow 0.69220230930: follow 0.75220240331: follow 0.64420240630: follow 0.67420240930: follow 0.53020241231: follow 0.43520250331: follow 0.55720250630: follow 0.57220250930: follow 0.74320251231: follow 0.810 0.40 1.05 1.69 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 123 · 2026 Q1

Ticker Value Weight QoQ
TDW $34M
3.7%
ADD
CNR $31M
3.3%
ADD
LMT $30M
3.2%
TRIM
NTR $29M
3.2%
NEW
CNQ $28M
3.0%
TRIM
SU $27M
3.0%
ADD
SLB $25M
2.7%
ADD
OII $25M
2.7%
ADD
APD $24M
2.6%
NEW
BRKR $23M
2.5%
TRIM
NXE $23M
2.4%
TRIM
CF $22M
2.4%
NEW
CCJ $21M
2.3%
TRIM
NOC $19M
2.0%
ADD
VIRT $17M
1.9%
ADD
BG $17M
1.8%
TRIM
TMQ $17M
1.8%
HOLD
ASML $17M
1.8%
ADD
GSM $16M
1.8%
ADD
ALB $16M
1.7%
TRIM

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

APDBAKCECFCNICSXDOWFMCGEVHUNKMILYBMOSNSCNTRNVTSOLNSSLSWKSUNPVVNOMVZWOLF

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.