13F
中
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State of Wyoming

13F equity value
$844M
Positions
1,783
Top 10 concentration
32.1%
Quarters / total new picks
19 / 4,649
13F equity value over time
$0M$456M$913M202120222023202420252026

"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.

Not significant 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 anyway. Buying this fund's new positions the day each filing went public, over 19 quarters, returned +1.9% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 52.6% of quarters (excess t = -0.77, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.9%
t-stat
-0.77
Quarterly win rate
53%
Annualized excess
+0.1%
$1 → follow vs universe
$1.33 vs $1.33
Cumulative return: $1 invested in new picks vs universe
1.00 20210630: universe 1.08020210930: universe 0.96920211231: universe 0.82520220331: universe 0.88620220630: universe 0.82120220930: universe 0.88120221231: universe 0.81920230331: universe 0.86320230630: universe 0.83220230930: universe 0.94420231231: universe 0.98620240331: universe 1.00820240630: universe 1.10020240930: universe 1.09120241231: universe 1.01820250331: universe 1.11020250630: universe 1.14420250930: universe 1.28720251231: universe 1.331 20210630: follow 1.08920210930: follow 0.89720211231: follow 0.81020220331: follow 0.86320220630: follow 0.80720220930: follow 0.86220221231: follow 0.77920230331: follow 0.82620230630: follow 0.78620230930: follow 0.86720231231: follow 0.92320240331: follow 0.95920240630: follow 1.07520240930: follow 1.06620241231: follow 0.99120250331: follow 1.06520250630: follow 1.06820250930: follow 1.23320251231: follow 1.334 0.72 1.08 1.44 20212022202320242025 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 1783 · 2026 Q1

Ticker Value Weight QoQ
SPY $172M
20.4%
HOLD
EFA $21M
2.5%
TRIM
NVDA $19M
2.2%
HOLD
AAPL $17M
2.0%
ADD
GOOGL $9M
1.0%
ADD
IESC $8M
1.0%
TRIM
EMXC $8M
0.9%
TRIM
EWT $8M
0.9%
ADD
GOOG $5M
0.6%
TRIM
MSFT $5M
0.6%
TRIM
INDA $4M
0.5%
TRIM
AVGO $4M
0.5%
ADD
EEM $4M
0.4%
ADD
ECHO $4M
0.4%
ADD
AMZN $4M
0.4%
HOLD
TSM $3M
0.4%
TRIM
META $3M
0.4%
HOLD
IBKR $3M
0.4%
HOLD
PWR $3M
0.4%
TRIM
EWC $3M
0.3%
TRIM

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.