13F
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Pallas Capital Advisors LLC

13F equity value
$2.7B
Positions
862
Top 10 concentration
30.2%
Quarters / total new picks
19 / 1,030
13F equity value over time
$0M$2B$3B202120222023202420252026

"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 19 quarters, returned +1.3% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 42.1% of quarters (excess t = 0.44, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.7%
t-stat
0.44
Quarterly win rate
42%
Annualized excess
-2.6%
$1 → follow vs universe
$1.18 vs $1.33
Cumulative return: $1 invested in new picks vs universe
1.00 20210630: universe 1.08020210930: universe 0.96920211231: universe 0.82520220331: universe 0.88620220630: universe 0.82120220930: universe 0.88120221231: universe 0.81920230331: universe 0.86320230630: universe 0.83220230930: universe 0.94420231231: universe 0.98620240331: universe 1.00820240630: universe 1.10020240930: universe 1.09120241231: universe 1.01820250331: universe 1.11020250630: universe 1.14420250930: universe 1.28720251231: universe 1.331 20210630: follow 1.06520210930: follow 0.99020211231: follow 0.93320220331: follow 1.02520220630: follow 0.87120220930: follow 0.87320221231: follow 0.80120230331: follow 0.88220230630: follow 0.75720230930: follow 0.83520231231: follow 0.88120240331: follow 0.88120240630: follow 0.98820240930: follow 0.98020241231: follow 0.89720250331: follow 0.99020250630: follow 1.05120250930: follow 1.14420251231: follow 1.182 0.70 1.07 1.44 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 862 · 2026 Q1

Ticker Value Weight QoQ
BRKR $342M
12.9%
HOLD
GLP $73M
2.7%
ADD
JMBS $69M
2.6%
TRIM
MSFT $58M
2.2%
HOLD
AAPL $50M
1.9%
TRIM
NVDA $48M
1.8%
TRIM
AMZN $47M
1.8%
TRIM
GOOGL $40M
1.5%
TRIM
FNDF $38M
1.4%
TRIM
FBND $37M
1.4%
TRIM
DFIV $36M
1.4%
TRIM
FENI $34M
1.3%
TRIM
JBND $34M
1.3%
TRIM
DFAI $34M
1.3%
TRIM
AVGO $31M
1.1%
TRIM
JIRE $30M
1.1%
TRIM
JPM $27M
1.0%
TRIM
CLOA $27M
1.0%
TRIM
BINC $24M
0.9%
TRIM
SPY $23M
0.9%
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

ACDCADMAEISALLYAPAASANBDNBGSBLNDBRBULLBYNDBZAICCCCDXSCHDCHRSCHRWCLFCOMPCRHCSGPCSTMCTSHDARDNUTDOCSDPZDRIDTCR

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.