Sanders Capital, LLC
"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 38 quarters, returned +2.9% per quarter — versus +1.7% per quarter from simply owning every 13F stock. It beat that baseline in only 44.7% of quarters (excess t = 1.12, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 47 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| TSM | $12.5B | | TRIM −7% |
| GOOG | $9.7B | | TRIM −4% |
| AMZN | $7.0B | | HOLD |
| META | $6.1B | | ADD +2% |
| MSFT | $6.0B | | ADD +30% |
| NVDA | $4.5B | | ADD ×3.2 |
| AMAT | $4.4B | | HOLD |
| HCA | $3.4B | | HOLD |
| STX | $3.4B | | TRIM −73% |
| AAPL | $3.0B | | TRIM −3% |
| CI | $2.8B | | HOLD |
| DAL | $2.7B | | HOLD |
| BAC | $2.6B | | ADD +3% |
| UNH | $2.5B | | HOLD |
| ELV | $2.3B | | HOLD |
| UAL | $2.0B | | HOLD |
| AVGO | $2.0B | | NEW |
| RTX | $1.8B | | HOLD |
| V | $1.6B | | HOLD |
| SPY | $1.5B | | TRIM −30% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.