Pathstone Holdings, LLC
"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 8 quarters, returned +7.9% per quarter — versus +4.0% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 0.73, 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 2205 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| IVV | $1.5B | | ADD |
| SPY | $1.4B | | HOLD |
| VOO | $995M | | HOLD |
| AAPL | $739M | | ADD |
| MSFT | $641M | | TRIM |
| NVDA | $597M | | HOLD |
| MDY | $518M | | HOLD |
| IJH | $478M | | HOLD |
| IWB | $397M | | HOLD |
| VEA | $342M | | ADD |
| AMZN | $310M | | HOLD |
| IJR | $291M | | ADD |
| VTI | $267M | | ADD |
| GOOGL | $260M | | HOLD |
| VV | $250M | | ADD |
| IGF | $249M | | HOLD |
| KO | $249M | | HOLD |
| GOOG | $245M | | HOLD |
| VYM | $207M | | HOLD |
| BRK/A | $205M | | HOLD |
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.