VR Advisory Services Ltd
"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 anyway. Buying this fund's new positions the day each filing went public, over 19 quarters, returned +3.8% per quarter — versus +4.9% per quarter from simply owning every 13F stock. It beat that baseline in only 47.4% of quarters (excess t = 1.08, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 40 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| YPF | $149M | | HOLD |
| KSPI | $80M | | HOLD |
| AERO | $73M | | ADD |
| AER | $53M | | ADD |
| CTRA | $48M | | NEW |
| IRS | $43M | | HOLD |
| HEPS | $43M | | HOLD |
| CORZ | $36M | | ADD |
| PUMP | $36M | | ADD |
| LTH | $32M | | ADD |
| TDS | $31M | | ADD |
| VIST | $28M | | HOLD |
| TDAY | $26M | | NEW |
| LULU | $23M | | ADD |
| PAM | $21M | | HOLD |
| VEON | $18M | | ADD |
| ECO | $17M | | ADD |
| KYIV | $17M | | NEW |
| NU | $14M | | NEW |
| CF | $10M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.