SONA ASSET MANAGEMENT (US) 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 16 quarters, returned +2.3% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 62.5% of quarters (excess t = -0.05, 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 305 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| LI | $250M | | ADD |
| ECHO | $218M | | ADD |
| WBD | $163M | | ADD |
| AES | $156M | | NEW |
| LQD | $121M | | TRIM |
| BILL | $121M | | ADD |
| AKAM | $107M | | ADD |
| TCOM | $104M | | ADD |
| ETSY | $85M | | TRIM |
| DKNG | $71M | | ADD |
| IGSB | $66M | | TRIM |
| VCIT | $58M | | NEW |
| KYIV | $56M | | ADD |
| SPLB | $52M | | NEW |
| SLAB | $36M | | NEW |
| BACC | $34M | | ADD |
| COIN | $22M | | TRIM |
| NSC | $20M | | TRIM |
| SORN | $18M | | NEW |
| MCHP | $15M | | TRIM |
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.