13F
中
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Willis Investment Counsel

13F equity value
$1.8B
Positions
123
Top 10 concentration
27.3%
Quarters / total new picks
30 / 146
13F equity value over time
$0M$968M$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 30 quarters, returned +6.5% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 46.7% of quarters (excess t = 0.03, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.1%
t-stat
0.03
Quarterly win rate
47%
Annualized excess
+15.4%
$1 → follow vs universe
$5.45 vs $2.04
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320190630: universe 1.02520190930: universe 1.10220191231: universe 0.88920200331: universe 1.07220200630: universe 1.18420200930: universe 1.45220201231: universe 1.51820210331: universe 1.53220210630: universe 1.65420210930: universe 1.48520211231: universe 1.26320220331: universe 1.35720220630: universe 1.25720220930: universe 1.35020221231: universe 1.25420230331: universe 1.32120230630: universe 1.27420230930: universe 1.44620231231: universe 1.51020240331: universe 1.54420240630: universe 1.68520240930: universe 1.67020241231: universe 1.55920250331: universe 1.69920250630: universe 1.75320250930: universe 1.97120251231: universe 2.039 20180630: follow 1.06820180930: follow 1.09220181231: follow 1.06920190630: follow 1.14520190930: follow 1.22320191231: follow 1.52220200331: follow 1.89620200630: follow 2.04020200930: follow 2.30820201231: follow 2.54320210331: follow 2.86820210630: follow 3.05520210930: follow 2.73220211231: follow 2.48020220331: follow 2.56620220630: follow 2.30320220930: follow 2.42220221231: follow 2.48520230331: follow 2.78820230630: follow 2.58320230930: follow 2.68120231231: follow 2.65220240331: follow 2.92220240630: follow 4.40520240930: follow 4.91720241231: follow 4.82120250331: follow 4.37120250630: follow 4.40620250930: follow 5.21520251231: follow 5.453 0.82 3.35 5.89 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 123 · 2026 Q1

Ticker Value Weight QoQ
JNJ $71M
3.9%
TRIM
CSCO $65M
3.5%
HOLD
LMT $55M
3.0%
TRIM
TXN $52M
2.8%
HOLD
CB $50M
2.7%
HOLD
PFE $48M
2.6%
HOLD
MSFT $42M
2.3%
HOLD
PAYX $40M
2.2%
ADD
XOM $39M
2.1%
HOLD
ACN $39M
2.1%
HOLD
MRK $38M
2.1%
HOLD
HSY $38M
2.1%
HOLD
PEP $36M
1.9%
HOLD
HD $35M
1.9%
HOLD
CAT $35M
1.9%
TRIM
COP $34M
1.9%
HOLD
MDT $34M
1.9%
HOLD
AFL $33M
1.8%
HOLD
TSCO $31M
1.7%
HOLD
PG $30M
1.7%
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

INTUMUMURSPGITG

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.