RWC Asset Management LLP
"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 30 quarters, returned +3.9% per quarter — versus +3.5% per quarter from simply owning every 13F stock. It beat that baseline in only 43.3% of quarters (excess t = 0.40, 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 163 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| M | $204M | | ADD |
| CMCSA | $174M | | NEW |
| HPQ | $120M | | ADD |
| KHC | $109M | | NEW |
| EXC | $80M | | TRIM |
| SQM | $77M | | ADD |
| LEA | $77M | | ADD |
| JNJ | $63M | | TRIM |
| GFI | $60M | | HOLD |
| PBR | $55M | | ADD |
| OMC | $54M | | ADD |
| BAX | $52M | | NEW |
| TAP | $51M | | ADD |
| VIST | $45M | | TRIM |
| SYY | $36M | | TRIM |
| GGAL | $35M | | TRIM |
| VALE | $35M | | TRIM |
| NEE | $34M | | HOLD |
| AMT | $33M | | TRIM |
| CMS | $33M | | TRIM |
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.