13F
中
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Progeny 3, Inc.

13F equity value
$1.9B
Positions
32
Top 10 concentration
60.1%
Quarters / total new picks
20 / 65
13F equity value over time
$0M$969M$2B2017201820192020202120222023202420252026

"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 20 quarters, returned +7.0% per quarter — versus +2.4% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 1.02, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+8.8%
t-stat
1.02
Quarterly win rate
50%
Annualized excess
+6.2%
$1 → follow vs universe
$1.95 vs $1.47
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320200331: universe 1.14920200930: universe 1.40920210331: universe 1.42220210930: universe 1.27620211231: universe 1.08620220331: universe 1.16620220630: universe 1.08020220930: universe 1.16020221231: universe 1.07820231231: universe 1.12620240331: universe 1.15120240630: universe 1.25620240930: universe 1.24520241231: universe 1.16220250331: universe 1.26720250930: universe 1.42520251231: universe 1.474 20180630: follow 1.08520180930: follow 1.13320181231: follow 1.00920200331: follow 1.15220200930: follow 1.51120210331: follow 2.13620210930: follow 2.86720211231: follow 3.13620220331: follow 3.57420220630: follow 1.28820220930: follow 1.21120221231: follow 1.17120231231: follow 1.47620240331: follow 1.68720240630: follow 1.65120240930: follow 1.56420241231: follow 2.33920250331: follow 2.50520250930: follow 2.51720251231: follow 1.951 0.85 2.35 3.86 2018202020212022202320242025 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 32 · 2026 Q1

Ticker Value Weight QoQ
CCJ $255M
13.6%
HOLD
IBKR $147M
7.9%
ADD
APG $143M
7.7%
HOLD
TIC $101M
5.4%
HOLD
IVV $91M
4.9%
HOLD
ARLP $89M
4.8%
HOLD
SSNC $85M
4.5%
ADD
GFL $81M
4.3%
TRIM
MLM $67M
3.6%
HOLD
EQT $64M
3.4%
ADD
EPD $64M
3.4%
TRIM
VOO $62M
3.3%
HOLD
MPLX $58M
3.1%
TRIM
AEM $58M
3.1%
HOLD
SOLS $56M
3.0%
HOLD
DAKT $54M
2.9%
HOLD
ET $53M
2.8%
TRIM
AMZN $52M
2.8%
NEW
TSLX $46M
2.4%
HOLD
PSMT $41M
2.2%
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

AMZNCLBTPOOL

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.