13F
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Two Creeks Capital Management, LP

13F equity value
$947M
Positions
21
Top 10 concentration
63.1%
Quarters / total new picks
22 / 44
13F equity value over time
$0M$978M$2B2017201820192020202120222023202420252026

"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 22 quarters, returned +8.0% per quarter — versus +3.1% per quarter from simply owning every 13F stock. It beat that baseline in only 68.2% of quarters (excess t = 1.45, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+5.4%
t-stat
1.45
Quarterly win rate
68%
Annualized excess
+19.8%
$1 → follow vs universe
$4.46 vs $1.82
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920181231: universe 0.94920190331: universe 0.93220190930: universe 1.00220200331: universe 1.20820200630: universe 1.33520201231: universe 1.39620210930: universe 1.25320220630: universe 1.16120220930: universe 1.24720221231: universe 1.15820230331: universe 1.22020230630: universe 1.17620230930: universe 1.33520240331: universe 1.36520240630: universe 1.48920241231: universe 1.39020250331: universe 1.51520250630: universe 1.56320250930: universe 1.75720251231: universe 1.818 20180331: follow 0.84720180630: follow 0.80020181231: follow 0.81520190331: follow 0.87220190930: follow 1.14620200331: follow 1.46620200630: follow 2.02620201231: follow 2.24620210930: follow 2.05920220630: follow 1.92320220930: follow 2.02920221231: follow 1.77720230331: follow 1.82420230630: follow 2.02920230930: follow 2.00520240331: follow 2.35620240630: follow 2.47720241231: follow 2.67020250331: follow 3.04620250630: follow 2.89620250930: follow 3.84620251231: follow 4.464 0.74 2.78 4.82 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 21 · 2026 Q1

Ticker Value Weight QoQ
TLN $72M
7.6%
ADD
UBER $71M
7.5%
ADD
DHR $67M
7.1%
ADD
V $67M
7.0%
HOLD
TSM $61M
6.5%
ADD
FND $59M
6.2%
TRIM
MSFT $59M
6.2%
ADD
ESE $51M
5.4%
NEW
MIR $46M
4.8%
TRIM
MA $45M
4.8%
HOLD
ABNB $45M
4.8%
HOLD
PLNT $45M
4.7%
ADD
CMG $44M
4.7%
TRIM
U $44M
4.6%
ADD
ASML $43M
4.6%
TRIM
GRAB $33M
3.5%
HOLD
WING $27M
2.8%
HOLD
FCX $24M
2.5%
NEW
CNM $20M
2.1%
NEW
HDB $14M
1.5%
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

CNMESEFCX

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.