13F
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RUSH ISLAND MANAGEMENT, LP

13F equity value
$1.5B
Positions
22
Top 10 concentration
80.2%
Quarters / total new picks
27 / 93
13F equity value over time
$0M$800M$2B201820192020202120222023202420252026

"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 27 quarters, returned +2.7% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 48.1% of quarters (excess t = -1.05, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-2.2%
t-stat
-1.05
Quarterly win rate
48%
Annualized excess
-2.2%
$1 → follow vs universe
$1.70 vs $1.96
Cumulative return: $1 invested in new picks vs universe
1.00 20190331: universe 0.98320190630: universe 1.05620191231: universe 0.85220200331: universe 1.02720200630: universe 1.13520200930: universe 1.39220201231: universe 1.45520210331: universe 1.46820210630: universe 1.58620210930: universe 1.42320211231: universe 1.21120220331: universe 1.30120220630: universe 1.20520220930: universe 1.29420221231: universe 1.20220230331: universe 1.26720230630: universe 1.22120230930: universe 1.38620231231: universe 1.44820240331: universe 1.48120240630: universe 1.61520240930: universe 1.60120241231: universe 1.49520250331: universe 1.62920250630: universe 1.68120250930: universe 1.89020251231: universe 1.955 20190331: follow 0.92120190630: follow 1.02020191231: follow 0.71420200331: follow 0.77720200630: follow 0.89320200930: follow 1.05120201231: follow 1.12520210331: follow 1.20520210630: follow 1.27620210930: follow 1.22420211231: follow 1.10220220331: follow 1.38620220630: follow 1.16720220930: follow 1.16120221231: follow 1.07720230331: follow 1.16220230630: follow 1.26120230930: follow 1.36620231231: follow 1.46020240331: follow 1.48820240630: follow 1.66020240930: follow 1.58920241231: follow 1.46220250331: follow 1.45320250630: follow 1.37420250930: follow 1.57620251231: follow 1.703 0.66 1.38 2.11 2019202020212022202320242025 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 22 · 2026 Q1

Ticker Value Weight QoQ
ESS $196M
13.1%
ADD
SBAC $168M
11.3%
TRIM
KRC $137M
9.2%
ADD
NNN $130M
8.7%
TRIM
HR $123M
8.2%
TRIM
VTR $115M
7.7%
TRIM
INVH $105M
7.1%
NEW
FR $101M
6.8%
TRIM
FRT $68M
4.5%
TRIM
IRT $51M
3.5%
NEW
ADC $51M
3.4%
NEW
EPRT $38M
2.5%
NEW
COLD $35M
2.4%
ADD
AKR $32M
2.2%
HOLD
SBRA $31M
2.1%
NEW
SITC $24M
1.6%
ADD
CSGP $19M
1.3%
NEW
APLE $17M
1.1%
NEW
CURB $17M
1.1%
TRIM
FUN $16M
1.1%
TRIM

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

ADCAPLECSGPEPRTINVHIRTSBRASNDA

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.