13F
中
← All fund report cards

Wellspring Financial Advisors, LLC

13F equity value
$1.3B
Positions
278
Top 10 concentration
59.5%
Quarters / total new picks
21 / 265
13F equity value over time
$0M$667M$1B2020202120222023202420252026

"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.

Negative 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. Buying this fund's new positions the day each filing went public, over 21 quarters, returned +2.2% per quarter versus +3.7% from simply owning every 13F stock — it beat that baseline in only 33.3% of quarters (excess t = -2.85). Copying it would have systematically underperformed the simplest possible strategy.

Avg 2Q excess
-9.1%
t-stat
-2.85
Quarterly win rate
33%
Annualized excess
-10.8%
$1 → follow vs universe
$1.19 vs $2.01
Cumulative return: $1 invested in new picks vs universe
1.00 20200630: universe 1.10520200930: universe 1.35520201231: universe 1.41720210331: universe 1.42920210630: universe 1.54420211231: universe 1.31420220331: universe 1.41020220630: universe 1.30720220930: universe 1.40420221231: universe 1.30420230630: universe 1.25720230930: universe 1.42720231231: universe 1.49120240331: universe 1.52420240630: universe 1.66320240930: universe 1.64820241231: universe 1.53820250331: universe 1.67720250630: universe 1.73020250930: universe 1.94520251231: universe 2.012 20200630: follow 1.06020200930: follow 1.16320201231: follow 1.03120210331: follow 1.00320210630: follow 1.05020211231: follow 0.92220220331: follow 0.95720220630: follow 0.62520220930: follow 1.05320221231: follow 1.00620230630: follow 0.93720230930: follow 1.04020231231: follow 1.02220240331: follow 1.07620240630: follow 1.17620240930: follow 1.17820241231: follow 1.06620250331: follow 1.06720250630: follow 1.09020250930: follow 1.13720251231: follow 1.193 0.57 1.37 2.17 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 278 · 2026 Q1

Ticker Value Weight QoQ
IVV $264M
19.8%
HOLD
AAAU $95M
7.2%
ADD
IEFA $91M
6.8%
TRIM
VYM $67M
5.0%
TRIM
VTI $56M
4.2%
HOLD
SOXX $50M
3.7%
HOLD
AAPL $46M
3.4%
ADD
VGSH $45M
3.4%
ADD
XLV $40M
3.0%
TRIM
IEMG $39M
2.9%
ADD
IFRA $32M
2.4%
ADD
IWF $31M
2.3%
TRIM
SPY $26M
1.9%
TRIM
XLK $23M
1.7%
ADD
NVDA $19M
1.4%
ADD
SGOV $18M
1.4%
TRIM
IGV $16M
1.2%
TRIM
MSFT $14M
1.1%
TRIM
AMZN $14M
1.0%
ADD
VTV $14M
1.0%
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

ABNBACWXALCAMEAPDBABWXTCAHCMECNHCNQCPNGDEWJGLDGNRCLHLHXLPLMDLNMQYMYINIOOTISPKXROSTRRXSTMSTTTWLO

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.