13F
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Townsend & Associates, Inc

13F equity value
$1.2B
Positions
113
Top 10 concentration
40.3%
Quarters / total new picks
31 / 252
13F equity value over time
$0M$580M$1B2017201820192020202120222023202420252026

"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 31 quarters, returned +1.3% per quarter — versus +2.4% per quarter from simply owning every 13F stock. It beat that baseline in only 48.4% of quarters (excess t = -0.23, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.7%
t-stat
-0.23
Quarterly win rate
48%
Annualized excess
-4.5%
$1 → follow vs universe
$1.32 vs $1.84
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 1.35120230630: universe 1.30320231231: universe 1.36120240331: universe 1.39220240630: universe 1.51820240930: universe 1.50520241231: universe 1.40520250331: universe 1.53120250630: universe 1.57920250930: universe 1.77620251231: universe 1.837 20180331: follow 1.04520180630: follow 0.95520180930: follow 0.95320181231: follow 0.78520190331: follow 0.76420190630: follow 0.79620190930: follow 0.70220191231: follow 0.67320200331: follow 0.76720200630: follow 0.79620200930: follow 0.75720201231: follow 0.81620210331: follow 0.89120210630: follow 0.86020210930: follow 0.85120211231: follow 0.79220220331: follow 0.78320220630: follow 0.75720220930: follow 0.77820221231: follow 0.76220230331: follow 0.80520230630: follow 0.85420231231: follow 0.87320240331: follow 0.93820240630: follow 0.89420240930: follow 0.89920241231: follow 0.76520250331: follow 0.83620250630: follow 0.84820250930: follow 1.09420251231: follow 1.323 0.62 1.30 1.98 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 113 · 2026 Q1

Ticker Value Weight QoQ
SHV $71M
6.2%
ADD
ISTB $59M
5.1%
ADD
BHP $50M
4.3%
HOLD
GLD $46M
4.0%
HOLD
TLT $46M
3.9%
ADD
NTR $44M
3.8%
HOLD
MYRG $36M
3.1%
TRIM
HDV $35M
3.0%
TRIM
IUSV $34M
2.9%
TRIM
CSPF $34M
2.9%
ADD
AIG $32M
2.7%
ADD
EFV $31M
2.6%
TRIM
GNK $30M
2.6%
HOLD
TTE $29M
2.5%
HOLD
GNRC $26M
2.2%
TRIM
RTX $25M
2.1%
HOLD
FANG $25M
2.1%
ADD
SNA $21M
1.8%
ADD
AER $20M
1.8%
HOLD
HCA $20M
1.7%
HOLD

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

TTQQQ

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.