UNITED SERVICES AUTOMOBILE ASSOCIATION
"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. Buying this fund's new positions the day each filing went public, over 29 quarters, returned +0.9% per quarter versus +2.4% from simply owning every 13F stock — it beat that baseline in only 41.4% of quarters (excess t = -2.72). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 14 holdings of 14 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AGG | $668M | | TRIM |
| VOO | $56M | | TRIM |
| NEAR | $25M | | HOLD |
| VXUS | $19M | | ADD |
| VCSH | $13M | | TRIM |
| VCIT | $13M | | TRIM |
| VCLT | $13M | | TRIM |
| BND | $13M | | TRIM |
| BSV | $11M | | HOLD |
| VXF | $10M | | TRIM |
| IVW | $4M | | TRIM |
| TIP | $4M | | ADD |
| RANI | $222456 | | HOLD |
| IVE | $159841 | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
None.
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.