13F
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Sage Mountain Advisors LLC

13F equity value
$1.4B
Positions
281
Top 10 concentration
67.6%
Quarters / total new picks
20 / 570
13F equity value over time
$0M$943M$2B2020202120222023202420252026

"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 +1.1% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 30.0% of quarters (excess t = -0.51, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.8%
t-stat
-0.51
Quarterly win rate
30%
Annualized excess
-2.6%
$1 → follow vs universe
$1.18 vs $1.34
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210630: universe 1.09020210930: universe 0.97820211231: universe 0.83220220331: universe 0.89420220630: universe 0.82820220930: universe 0.88920221231: universe 0.82620230331: universe 0.87020230630: universe 0.83920230930: universe 0.95220231231: universe 0.99520240331: universe 1.01720240630: universe 1.11020240930: universe 1.10020241231: universe 1.02720250331: universe 1.11920250630: universe 1.15520250930: universe 1.29820251231: universe 1.343 20210331: follow 1.08620210630: follow 1.11820210930: follow 0.97620211231: follow 0.80120220331: follow 0.86420220630: follow 0.82720220930: follow 0.86320221231: follow 0.83120230331: follow 0.85520230630: follow 0.90320230930: follow 1.00320231231: follow 1.04220240331: follow 1.03020240630: follow 1.06720240930: follow 1.03220241231: follow 1.03520250331: follow 1.12320250630: follow 1.11020250930: follow 1.20920251231: follow 1.184 0.74 1.09 1.45 20212022202320242025 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 281 · 2026 Q1

Ticker Value Weight QoQ
JAAA $260M
18.2%
ADD
JQUA $182M
12.7%
HOLD
VTI $134M
9.4%
HOLD
QUAL $111M
7.8%
ADD
IQLT $75M
5.3%
ADD
VOO $49M
3.4%
HOLD
GBDC $48M
3.3%
ADD
VGIT $43M
3.0%
ADD
VEA $36M
2.5%
ADD
QUS $29M
2.0%
HOLD
JMST $28M
1.9%
TRIM
JMBS $28M
1.9%
ADD
VXUS $16M
1.1%
HOLD
VGT $13M
0.9%
HOLD
SPY $12M
0.9%
HOLD
VB $12M
0.8%
TRIM
SPHQ $11M
0.8%
HOLD
ITOT $11M
0.8%
ADD
VUG $11M
0.8%
TRIM
AVGO $10M
0.7%
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

CLOICOPXCSMDFLVDFSVFIGRIGSBITAKBWBKREPYPLTEL

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.