13F
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PENN DAVIS MCFARLAND INC

13F equity value
$1.0B
Positions
75
Top 10 concentration
54.3%
Quarters / total new picks
22 / 78
13F equity value over time
$0M$522M$1B2017201820192020202120222023202420252026

"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 22 quarters, returned +3.7% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 59.1% of quarters (excess t = 0.26, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.4%
t-stat
0.26
Quarterly win rate
59%
Annualized excess
-4.9%
$1 → follow vs universe
$1.45 vs $1.86
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320190331: universe 0.98520190630: universe 1.05920190930: universe 1.13920191231: universe 0.91920200331: universe 1.10820200630: universe 1.22420200930: universe 1.50120201231: universe 1.56920210331: universe 1.58320210630: universe 1.71020210930: universe 1.53520220331: universe 1.64820230630: universe 1.58920230930: universe 1.80320231231: universe 1.88420240930: universe 1.86820241231: universe 1.74320250630: universe 1.79820251231: universe 1.860 20180331: follow 1.04020180630: follow 0.90320180930: follow 1.18820190331: follow 1.18820190630: follow 1.32120190930: follow 1.37620191231: follow 1.29320200331: follow 1.65120200630: follow 1.83620200930: follow 1.81120201231: follow 0.76720210331: follow 0.89820210630: follow 0.92420210930: follow 1.05920220331: follow 1.32120230630: follow 1.15020230930: follow 1.24220231231: follow 1.32220240930: follow 1.38420241231: follow 1.39220250630: follow 1.35820251231: follow 1.451 0.71 1.37 2.03 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 75 · 2026 Q1

Ticker Value Weight QoQ
GOOG $124M
12.1%
TRIM
NVDA $87M
8.5%
HOLD
KMI $57M
5.6%
HOLD
SHEL $46M
4.5%
HOLD
AAPL $46M
4.5%
HOLD
EPD $44M
4.3%
HOLD
ROIV $44M
4.3%
TRIM
UNH $37M
3.6%
HOLD
RTX $36M
3.5%
TRIM
BUD $34M
3.3%
HOLD
LMT $34M
3.3%
HOLD
GOOGL $31M
3.1%
TRIM
PYPL $31M
3.0%
HOLD
BSM $30M
2.9%
HOLD
CRM $29M
2.8%
NEW
QCOM $24M
2.4%
HOLD
LVS $22M
2.1%
HOLD
BMY $20M
2.0%
HOLD
CHKP $17M
1.7%
HOLD
SFM $17M
1.7%
HOLD

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

CRMGEVTPL

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.