Sessa Capital IM, 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 25 quarters, returned +4.4% per quarter — versus +3.4% per quarter from simply owning every 13F stock. It beat that baseline in only 60.0% of quarters (excess t = -0.16, 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 31 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| WBD | $878M | | TRIM |
| HUM | $646M | | ADD |
| PCG | $432M | | HOLD |
| KMB | $427M | | NEW |
| ILMN | $404M | | TRIM |
| APD | $344M | | HOLD |
| ALLY | $333M | | ADD |
| SHC | $331M | | ADD |
| COF | $284M | | HOLD |
| SOLS | $214M | | TRIM |
| TFX | $183M | | NEW |
| FTAI | $98M | | HOLD |
| CPNG | $98M | | NEW |
| TNDM | $91M | | TRIM |
| GRAL | $89M | | ADD |
| MICC | $71M | | HOLD |
| AXTA | $62M | | ADD |
| FTRE | $43M | | ADD |
| ROKU | $33M | | HOLD |
| MMED | $30M | | NEW |
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.