SCS Capital Management 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 12 quarters, returned +8.1% per quarter — versus +5.8% per quarter from simply owning every 13F stock. It beat that baseline in only 25.0% 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 468 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| VGIT | $1.1B | | ADD |
| VTI | $835M | | ADD |
| IWV | $692M | | HOLD |
| VEA | $596M | | HOLD |
| SPY | $456M | | HOLD |
| SCHF | $309M | | HOLD |
| SCHB | $300M | | HOLD |
| VOO | $265M | | TRIM |
| SPYM | $238M | | ADD |
| VYM | $217M | | TRIM |
| VTV | $199M | | TRIM |
| VWO | $195M | | HOLD |
| SPYG | $190M | | ADD |
| VT | $170M | | ADD |
| QUAL | $153M | | TRIM |
| IEFA | $150M | | TRIM |
| RSP | $128M | | ADD |
| VBIL | $112M | | ADD |
| STIP | $100M | | ADD |
| VTEB | $96M | | HOLD |
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.