13F
中
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Perpetual Ltd

13F equity value
$6.5B
Positions
424
Top 10 concentration
31.1%
Quarters / total new picks
22 / 769
13F equity value over time
$0M$6B$12B20172018201920202023202420252026

"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 +6.7% per quarter — versus +4.3% per quarter from simply owning every 13F stock. It beat that baseline in only 54.5% of quarters (excess t = 1.14, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+3.6%
t-stat
1.14
Quarterly win rate
55%
Annualized excess
+11.9%
$1 → follow vs universe
$3.92 vs $2.29
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120200930: universe 1.48520230630: universe 1.43220230930: universe 1.62520231231: universe 1.69820240331: universe 1.73620240630: universe 1.89420240930: universe 1.87720241231: universe 1.75220250331: universe 1.91020250630: universe 1.97020250930: universe 2.21520251231: universe 2.292 20180331: follow 1.03820180630: follow 0.99320180930: follow 1.06620181231: follow 1.03420190331: follow 0.98020190630: follow 1.07120190930: follow 1.19320191231: follow 1.37520200331: follow 1.68120200630: follow 1.84620200930: follow 2.13320230630: follow 2.10420230930: follow 2.29220231231: follow 2.50120240331: follow 2.52320240630: follow 2.82620240930: follow 2.90920241231: follow 2.87420250331: follow 3.11820250630: follow 3.20520250930: follow 3.96020251231: follow 3.920 0.84 2.56 4.28 201820192020202320242025 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 424 · 2026 Q1

Ticker Value Weight QoQ
SRE $295M
4.5%
TRIM
ATO $229M
3.5%
TRIM
FLUT $225M
3.4%
TRIM
ICE $211M
3.2%
HOLD
PM $195M
3.0%
TRIM
CSX $186M
2.9%
TRIM
MSFT $178M
2.7%
TRIM
CRH $172M
2.6%
TRIM
UNP $167M
2.6%
TRIM
TMO $167M
2.6%
ADD
TEL $161M
2.5%
NEW
CTVA $155M
2.4%
TRIM
FCX $150M
2.3%
HOLD
TIGO $132M
2.0%
TRIM
BKR $120M
1.8%
NEW
TSM $112M
1.7%
TRIM
ITUB $111M
1.7%
HOLD
NVDA $104M
1.6%
TRIM
EMR $92M
1.4%
TRIM
PR $87M
1.3%
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

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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.