Select Equity Group, L.P.
"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 32 quarters, returned +4.4% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 68.8% of quarters (excess t = 1.10, 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 159 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| LYV | $815M | | TRIM |
| VIK | $794M | | TRIM |
| ITT | $746M | | ADD |
| WAB | $731M | | TRIM |
| MKL | $723M | | TRIM |
| SGI | $686M | | TRIM |
| MLM | $608M | | TRIM |
| TSCO | $602M | | ADD |
| LH | $580M | | ADD |
| BRO | $523M | | TRIM |
| CRH | $511M | | TRIM |
| SCI | $504M | | TRIM |
| STE | $474M | | ADD |
| NDAQ | $472M | | ADD |
| ALC | $419M | | TRIM |
| EME | $410M | | ADD |
| CP | $389M | | ADD |
| TRMB | $366M | | TRIM |
| CNM | $358M | | TRIM |
| TSM | $347M | | 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.