13F
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SYSTEMATIC FINANCIAL MANAGEMENT LP

13F equity value
$4.4B
Positions
247
Top 10 concentration
17.2%
Quarters / total new picks
31 / 605
13F equity value over time
$0M$3B$5B2017201820192020202120222023202420252026

"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 31 quarters, returned +0.5% per quarter versus +2.9% from simply owning every 13F stock — it beat that baseline in only 35.5% of quarters (excess t = -2.83). Copying it would have systematically underperformed the simplest possible strategy.

Avg 2Q excess
-5.9%
t-stat
-2.83
Quarterly win rate
36%
Annualized excess
-10.4%
$1 → follow vs universe
$1.01 vs $2.16
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 1.69220210930: universe 1.51920211231: universe 1.29220220331: universe 1.38720220630: universe 1.28520220930: universe 1.38120221231: universe 1.28220230331: universe 1.35120230930: universe 1.53420231231: universe 1.60220240331: universe 1.63820240630: universe 1.78720240930: universe 1.77220241231: universe 1.65420250331: universe 1.80320250630: universe 1.85920250930: universe 2.09120251231: universe 2.163 20180331: follow 1.04520180630: follow 0.96120180930: follow 0.99120181231: follow 0.93920190331: follow 0.97220190630: follow 1.02620190930: follow 1.04720191231: follow 0.81120200331: follow 0.99420200630: follow 1.04020200930: follow 1.09120201231: follow 1.18520210331: follow 1.08320210630: follow 1.28120210930: follow 1.33520211231: follow 1.13220220331: follow 1.04620220630: follow 0.91220220930: follow 0.77720221231: follow 0.71020230331: follow 0.71620230930: follow 0.72820231231: follow 0.78220240331: follow 0.81720240630: follow 0.93720240930: follow 0.89220241231: follow 0.81620250331: follow 0.76120250630: follow 0.83620250930: follow 0.92920251231: follow 1.007 0.65 1.49 2.34 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 247 · 2026 Q1

Ticker Value Weight QoQ
TSEM $96M
2.2%
TRIM
MGY $89M
2.0%
TRIM
MLI $87M
2.0%
TRIM
EME $85M
1.9%
TRIM
JAZZ $77M
1.8%
ADD
NWE $75M
1.7%
TRIM
ADEA $65M
1.5%
TRIM
GVA $63M
1.4%
HOLD
OSIS $58M
1.3%
TRIM
SIMO $57M
1.3%
TRIM
MKSI $56M
1.3%
TRIM
PIPR $55M
1.3%
NEW
AUB $55M
1.3%
HOLD
TRST $51M
1.2%
HOLD
REX $51M
1.2%
TRIM
WBS $50M
1.2%
TRIM
MSGS $50M
1.1%
HOLD
WAFD $48M
1.1%
HOLD
INVA $47M
1.1%
TRIM
MSGE $47M
1.1%
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.