Rubric Capital Management LP
"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 31 quarters, returned +3.7% per quarter — versus +3.1% per quarter from simply owning every 13F stock. It beat that baseline in only 45.2% of quarters (excess t = -0.65, 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 82 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| TLN | $1.1B | | HOLD |
| FTAI | $631M | | TRIM |
| GLNG | $497M | | HOLD |
| TEVA | $459M | | TRIM |
| VTRS | $453M | | ADD |
| TAC | $233M | | HOLD |
| BGC | $228M | | ADD |
| VST | $225M | | TRIM |
| CEG | $200M | | ADD |
| ARQT | $195M | | HOLD |
| MCY | $190M | | ADD |
| KNSA | $181M | | ADD |
| ZYME | $175M | | ADD |
| AKAM | $149M | | ADD |
| LBTYA | $142M | | ADD |
| ROIV | $139M | | TRIM |
| AMRX | $137M | | TRIM |
| LILA | $136M | | ADD |
| DK | $121M | | HOLD |
| CMPR | $119M | | ADD |
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.