13F
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SHAPIRO CAPITAL MANAGEMENT LLC

13F equity value
$1.6B
Positions
50
Top 10 concentration
42.4%
Quarters / total new picks
28 / 104
13F equity value over time
$0M$3B$6B2017201820192020202120222023202420252026

"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.

Negative 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. Buying this fund's new positions the day each filing went public, over 28 quarters, returned +2.1% per quarter versus +4.1% from simply owning every 13F stock — it beat that baseline in only 46.4% of quarters (excess t = -2.17). Copying it would have systematically underperformed the simplest possible strategy.

Avg 2Q excess
-6.7%
t-stat
-2.17
Quarterly win rate
46%
Annualized excess
-10.1%
$1 → follow vs universe
$1.48 vs $2.80
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120200930: universe 1.48520201231: universe 1.55320210331: universe 1.56620210630: universe 1.69220220331: universe 1.81620220930: universe 1.95120221231: universe 1.81220230630: universe 1.74720230930: universe 1.98320231231: universe 2.07220240331: universe 2.11920240630: universe 2.31120240930: universe 2.29120241231: universe 2.13820250331: universe 2.33120250630: universe 2.40520250930: universe 2.70420251231: universe 2.797 20180331: follow 1.04320180630: follow 0.90320180930: follow 0.94620181231: follow 0.80620190331: follow 0.81120190630: follow 0.90920190930: follow 0.98520191231: follow 0.73120200331: follow 0.76420200630: follow 0.72920200930: follow 0.87220201231: follow 1.12220210331: follow 1.07620210630: follow 1.01620220331: follow 0.87920220930: follow 0.94820221231: follow 1.07220230630: follow 1.00020230930: follow 1.18720231231: follow 1.24420240331: follow 1.27720240630: follow 1.34320240930: follow 1.32220241231: follow 1.20720250331: follow 1.37120250630: follow 1.27720250930: follow 1.29120251231: follow 1.477 0.67 1.85 3.02 20182019202020212022202320242025 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 50 · 2026 Q1

Ticker Value Weight QoQ
LION $89M
5.6%
TRIM
CALY $72M
4.5%
TRIM
FDS $72M
4.5%
ADD
ELAN $71M
4.4%
TRIM
TENB $70M
4.4%
ADD
VYX $65M
4.1%
ADD
PINS $62M
3.9%
ADD
DIS $59M
3.7%
ADD
ZBH $59M
3.7%
ADD
TFC $58M
3.6%
TRIM
AMRZ $54M
3.4%
ADD
DECK $53M
3.3%
TRIM
BRK/B $53M
3.3%
TRIM
BAC $53M
3.3%
TRIM
CART $48M
3.0%
NEW
GENI $47M
2.9%
ADD
DVN $45M
2.8%
HOLD
GPK $42M
2.6%
TRIM
PENN $42M
2.6%
TRIM
ACI $39M
2.4%
NEW

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

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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.