13F
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WADDELL & ASSOCIATES, LLC

13F equity value
$1.8B
Positions
449
Top 10 concentration
69.3%
Quarters / total new picks
21 / 408
13F equity value over time
$0M$886M$2B201820192020202120222023202420252026

"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 21 quarters, returned +0.6% per quarter — versus +2.4% per quarter from simply owning every 13F stock. It beat that baseline in only 38.1% of quarters (excess t = -0.95, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-2.7%
t-stat
-0.95
Quarterly win rate
38%
Annualized excess
-6.9%
$1 → follow vs universe
$1.09 vs $1.54
Cumulative return: $1 invested in new picks vs universe
1.00 20200630: universe 1.10520201231: universe 1.15520210630: universe 1.24720210930: universe 1.12020211231: universe 0.95320220331: universe 1.02320220630: universe 0.94820220930: universe 1.01820221231: universe 0.94620230331: universe 0.99620230630: universe 0.96120230930: universe 1.09020231231: universe 1.13920240331: universe 1.16520240630: universe 1.27120240930: universe 1.26020241231: universe 1.17620250331: universe 1.28220250630: universe 1.32220250930: universe 1.48720251231: universe 1.538 20200630: follow 0.95920201231: follow 0.88320210630: follow 0.91320210930: follow 0.92920211231: follow 0.78720220331: follow 0.76320220630: follow 0.81220220930: follow 0.80020221231: follow 0.75520230331: follow 0.77020230630: follow 0.78020230930: follow 0.76120231231: follow 0.84720240331: follow 0.81420240630: follow 0.92420240930: follow 0.95920241231: follow 0.95420250331: follow 0.95120250630: follow 0.97820250930: follow 1.05720251231: follow 1.088 0.69 1.18 1.66 202020212022202320242025 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 449 · 2026 Q1

Ticker Value Weight QoQ
FDX $499M
28.2%
ADD
PAVE $100M
5.6%
ADD
GCOW $96M
5.4%
NEW
MDY $95M
5.3%
ADD
FNDA $94M
5.3%
ADD
DGRW $90M
5.1%
ADD
AUSF $81M
4.6%
ADD
SCHK $67M
3.8%
ADD
IEFA $59M
3.3%
ADD
QQQM $48M
2.7%
ADD
AVEM $46M
2.6%
ADD
QQQE $42M
2.4%
ADD
AGEM $38M
2.1%
NEW
AAPL $17M
0.9%
ADD
NVDA $12M
0.7%
ADD
MSFT $10M
0.6%
ADD
CAPE $10M
0.6%
TRIM
SPY $9M
0.5%
HOLD
DBND $7M
0.4%
HOLD
PSLV $7M
0.4%
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.