The List
Every position worth ≥7.5% of a screened manager’s book, across the full 13F universe — 13,107 filers, 277 funds admitted by rule. Kept as a record of what was built and what it turned out to be worth.
This strategy was tested twice and lost both times. Do not trade it.
Backtested out of sample (2019–2026, point-in-time, entered at the real 45-day filing lag), the ranking below returned 12.03% a year net against 16.30% for the S&P 500 total return. It lost to an index fund by 4.3 points a year — and it lost in both halves of the window independently. There is no period in which it worked.Ranking by conviction instead does not rescue it: 10.03%, worse still. The funds this screen rejects returned 12.66% — so the screen genuinely does separate managers. That separation was simply never worth enough to beat the index.
Screen
12.03%
net CAGR, 2019–2026
S&P 500
16.30%
total return, same window
Points behind
−4.27
in both halves, independently
Ranked holdings — 100
Correlated managers share a single vote. Risk ratings read “not assessed” because the rating engine was never built: the thesis died first, and a green badge meaning “we didn’t check” is worse than no badge.
| # | Company | 3M | 6M | 12M | 36M | Holders | |||
|---|---|---|---|---|---|---|---|---|---|
| 1 | AMZNAmazon.com Inc | 43.7% | 21 | +3.5% | +2.4% | +10.4% | +84.9% | Skye Global Management LPMark Massey40 North Management LLC+18 | |
| 2 | —NVIDIA CORPORATION | 27.9% | 19 | — | — | — | — | Voyager Global Management LPDSM CAPITAL PARTNERS LLCBlue Whale Capital LLP+16 | |
| 3 | MSFTMicrosoft Corp (MSFT) | 16.8% | 17 | +2.3% | -16.3% | -21.4% | +17.2% | Mark MasseyVoyager Global Management LPBill Ackman+14 | |
| 4 | GOOGLAlphabet Inc Cl A | 21.7% | 16 | +10.7% | +5.9% | +97.8% | +187.9% | Greenwoods Asset Management Hong Kong Ltd.PROVIDENT TRUST COOptimus Prime Fund Management Co., Ltd.+13 | |
| 5 | AAPLApple Inc | 36.7% | 10 | +22.1% | +21.4% | +50.4% | +68.3% | H&H International Investment, LLCGreenbrier Partners Capital Management, LLCFISHMAN JAY A LTD/MI+7 | |
| 6 | IVViShares Core S&P 500 Index | 35.5% | 10 | +9.5% | +8.7% | +21.7% | +73.4% | P/E Global LLCLeith Wheeler Investment Counsel Ltd.Bank of Finland+7 | |
| 7 | TSMTAIWAN SEMICONDUCTOR MFG LTD | 17.6% | 9 | +14.9% | +28.6% | +86.0% | +318.8% | Stockbridge Partners LLCVoyager Global Management LPSanders Capital, LLC+6 | |
| 8 | GOOGAlphabet Inc Cl C | 16.8% | 9 | +10.6% | +5.1% | +95.2% | +185.3% | PROVIDENT TRUST COGOBI CAPITAL LLCCryder Capital Partners LLP+6 | |
| 9 | VOOVanguard S&P 500 ETF | 40.3% | 7 | +9.6% | +8.6% | +21.6% | +73.5% | P/E Global LLCCAMBRIDGE ASSOCIATES LLC /MA/ /ADVFusion Family Wealth LLC+4 | |
| 10 | METAFacebook Inc-A | 36.3% | 7 | +4.3% | +5.0% | -7.6% | +112.8% | Newlands Management Operations LLCGOBI CAPITAL LLCGreenbrier Partners Capital Management, LLC+4 | |
| 11 | VVisa Inc-Class A Shares | 20.4% | 7 | +16.0% | +9.7% | +3.8% | +50.6% | Chris HohnConsulta LtdHudson Way Capital Management LLC+4 | |
| 12 | SPYSPDR S&P 500 ETF Trust | 35.2% | 5 | +9.5% | +8.6% | +21.5% | +73.1% | COMMON FUND FOR NONPROFIT ORGANIZATIONSHackensack Meridian Health, Inc.PPSC Investment Service Corp+2 | |
| 13 | —VANGUARD TAX-MANAGED INTL FD | 19.7% | 5 | — | — | — | — | Ally Invest Advisors Inc.Tanglewood Wealth Management, Inc.CAMBRIDGE ASSOCIATES LLC /MA/ /ADV+2 | |
| 14 | AVGOBROADCOM INC | 9.0% | 5 | +1.8% | +9.2% | +41.7% | +349.3% | CINCINNATI FINANCIAL CORPDSM CAPITAL PARTNERS LLCRandolph Co Inc+2 | |
| 15 | SUNBSUNBELT RENTALS HOLDINGS INC | 35.4% | 4 | +8.0% | — | — | — | ABRAMS BISON INVESTMENTS, LLCDorsey Asset Management, LLCMetropolis Capital Ltd+1 | |
| 16 | BRK/BBerkshire Hathaway Inc. Class B (BRK/B) | 25.8% | 4 | +3.5% | +0.4% | +4.5% | +44.7% | BILL & MELINDA GATES FOUNDATION TRUSTH&H International Investment, LLCRothschild & Co Wealth Management UK Ltd+1 | |
| 17 | PDDPINDUODUO INC | 25.4% | 4 | -15.9% | -24.6% | -19.2% | +4.7% | HHLR ADVISORS, LTD.Greenwoods Asset Management Hong Kong Ltd.H&H International Investment, LLC+1 | |
| 18 | SPGIS&P GLOBAL INC | 22.2% | 4 | +7.8% | -14.3% | -11.5% | +15.0% | Dev KantesariaChris HohnRothschild & Co Wealth Management UK Ltd+1 | |
| 19 | —VANGUARD INDEX TR GROWTH VIPER | 20.7% | 4 | — | — | — | — | Retirement Investment Advisors, Inc.INVICTUS PRIVATE WEALTH, LLCSTEPHENS GROUP ASSET MANAGEMENT, LLC+1 | |
| 20 | VTIVANGUARD INDEX FDS | 15.8% | 4 | +9.6% | +8.8% | +21.9% | +71.6% | Tanglewood Wealth Management, Inc.National Mutual Insurance Federation of Agricultural CooperativesCAMBRIDGE ASSOCIATES LLC /MA/ /ADV+1 | |
| 21 | UBERUBER TECHNOLOGIES INC | 15.7% | 4 | +3.1% | -12.7% | -21.8% | +63.4% | Bill AckmanTheleme Partners LLPTOYOTA MOTOR CORP/+1 | |
| 22 | EQIXEQUINIX INC | 12.6% | 4 | -1.3% | +30.9% | +40.3% | +38.0% | LASALLE INVESTMENT MANAGEMENT SECURITIES LLCHEITMAN REAL ESTATE SECURITIES LLCColony Capital, Inc.+1 | |
| 23 | MAMASTERCARD INCORPORATED | 10.3% | 4 | +6.1% | -0.9% | -1.5% | +36.9% | Rothschild & Co Wealth Management UK LtdMetropolis Capital LtdPARK PRESIDIO CAPITAL LLC+1 | |
| 24 | BRK/ABerkshire Hathaway Inc. Cl A | 55.8% | 3 | +3.4% | +0.4% | +4.6% | +42.8% | Hikari Tsushin, Inc.ALLEN HOLDING INC /NYGARDNER RUSSO & GARDNER | |
| 25 | —Lam Research Corp | 35.9% | 3 | — | — | — | — | OAKTOP CAPITAL MANAGEMENT II, L.P.Blue Whale Capital LLPHeard Capital LLC | |
| 26 | —Applovin Corp Cl A | 26.7% | 3 | — | — | — | — | KENSICO CAPITAL MANAGEMENT CORPSPRUCE HOUSE INVESTMENT MANAGEMENT LLCDorsey Asset Management, LLC | |
| 27 | —Madrigal Pharmaceuticals, Inc. | 23.4% | 3 | — | — | — | — | PAULSON & CO INCRTW INVESTMENTS, LLCAvoro Capital Advisors LLC | |
| 28 | —ISHARES INC | 21.4% | 3 | — | — | — | — | WIT, LLCHackensack Meridian Health, Inc.Stairway Partners, LLC | |
| 29 | VTVVanguard Value ETF | 21.2% | 3 | +8.7% | +12.7% | +25.5% | +63.9% | Retirement Investment Advisors, Inc.STEPHENS GROUP ASSET MANAGEMENT, LLCLINCOLN NATIONAL CORP | |
| 30 | SNXTD SYNNEX CORPORATION | 18.2% | 3 | +21.0% | +60.8% | +77.4% | +161.6% | ABRAMS BISON INVESTMENTS, LLCGlenn GreenbergKHROM CAPITAL MANAGEMENT LLC | |
| 31 | BNBROOKFIELD CORP | 17.6% | 3 | -0.7% | -8.1% | +3.5% | +91.8% | Bill AckmanNOVO HOLDINGS A/SJohn Neff / Chris Cerrone | |
| 32 | COSTCOSTCO WHSL CORP NEW | 17.1% | 3 | -5.5% | -1.4% | -4.1% | +78.9% | Greenbrier Partners Capital Management, LLCCAPITAL COUNSEL LLC/NYPROVIDENT TRUST CO | |
| 33 | MCOMOODYS CORP | 17.0% | 3 | +13.1% | -6.8% | +0.1% | +45.0% | Dev KantesariaChris HohnMark Massey | |
| 34 | —ASML HOLDING N V | 14.8% | 3 | — | — | — | — | Dorsey Asset Management, LLCNOVO HOLDINGS A/SEDGEWOOD MANAGEMENT LLC | |
| 35 | CPNGCOUPANG INC | 14.6% | 3 | -10.3% | -17.8% | -39.9% | +1.8% | Kontiki Capital Management (HK) Ltd.Coronation Fund Managers Ltd.Foxhaven Asset Management, LP | |
| 36 | QQQInvesco QQQ Trust Series 1 | 13.0% | 3 | +15.6% | +14.1% | +29.2% | +91.2% | INVICTUS PRIVATE WEALTH, LLCPPSC Investment Service CorpKranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD | |
| 37 | PGRPROGRESSIVE CORP OHIO | 11.9% | 3 | +17.0% | +13.9% | +1.5% | +122.5% | MCDONALD CAPITAL INVESTORS INC/CAMARSHFIELD ASSOCIATESTIMUCUAN ASSET MANAGEMENT INC/FL | |
| 38 | NFLXNetflix Inc | 11.6% | 3 | -27.8% | -17.5% | -40.2% | +65.4% | GOBI CAPITAL LLCEDGEWOOD MANAGEMENT LLCTeewinot Capital Advisers, L.L.C. | |
| 39 | —Doordash Inc Cl A | 51.3% | 2 | — | — | — | — | SC US (TTGP), LTD.KHROM CAPITAL MANAGEMENT LLC | |
| 40 | CACCCREDIT ACCEP CORP MICH | 44.6% | 2 | +32.4% | +36.3% | +22.1% | +15.3% | Prescott General Partners LLCGOBI CAPITAL LLC | |
| 41 | —VANGUARD INTL EQUITY INDEX F | 40.6% | 2 | — | — | — | — | WIT, LLCFusion Family Wealth LLC | |
| 42 | —NU HLDGS LTD | 39.2% | 2 | — | — | — | — | Kontiki Capital Management (HK) Ltd.Coronation Fund Managers Ltd. | |
| 43 | RSPInvesco S&P 500 Equal Weight (RSP) | 38.9% | 2 | +8.1% | +9.2% | +18.1% | +47.1% | TEXAS PERMANENT SCHOOL FUNDJapan Science & Technology Agency | |
| 44 | INTCIntel Corp | 33.6% | 2 | +58.1% | +117.9% | +339.8% | +210.5% | SOFTBANK GROUP CORPGreenwoods Asset Management Hong Kong Ltd. | |
| 45 | SGITEMPUR SEALY INTL INC | 27.0% | 2 | -9.5% | -22.7% | +2.1% | +68.6% | BROWNING WEST LPHudson Way Capital Management LLC | |
| 46 | —CARVANA CO | 26.2% | 2 | — | — | — | — | SPRUCE HOUSE INVESTMENT MANAGEMENT LLCExor Capital LLP | |
| 47 | CMECME GROUP INC | 25.6% | 2 | -18.6% | -6.7% | -8.1% | +51.0% | Alphabet Inc.CAPITAL COUNSEL LLC/NY | |
| 48 | —Palantir Technologies Inc Cl A | 21.8% | 2 | — | — | — | — | ALLEN HOLDING INC /NYHeard Capital LLC | |
| 49 | —NewAmsterdam Pharma Company N.V. | 21.1% | 2 | — | — | — | — | Bain Capital Life Sciences Investors, LLCFrazier Life Sciences Management, L.P. | |
| 50 | —Axon Enterprise Inc | 20.8% | 2 | — | — | — | — | BROADWOOD CAPITAL INCStrategy Capital LLC | |
| 51 | —UNITY SOFTWARE INC | 20.7% | 2 | — | — | — | — | SILVER LAKE GROUP, L.L.C.SC US (TTGP), LTD. | |
| 52 | —TALEN ENERGY CORP | 20.1% | 2 | — | — | — | — | MFN Partners Management, LPREAVES W H & CO INC | |
| 53 | —WEX Inc. | 18.9% | 2 | — | — | — | — | Impactive Capital LPPAR CAPITAL MANAGEMENT INC | |
| 54 | —SEA LTD | 18.5% | 2 | — | — | — | — | Kontiki Capital Management (HK) Ltd.Coronation Fund Managers Ltd. | |
| 55 | —BEIGENE LTD | 18.4% | 2 | — | — | — | — | HHLR ADVISORS, LTD.BAKER BROS. ADVISORS LP | |
| 56 | —Mirum Pharmaceuticals, Inc. | 18.3% | 2 | — | — | — | — | Frazier Life Sciences Management, L.P.NOVO HOLDINGS A/S | |
| 57 | ACWIISHARES TR | 15.8% | 2 | +7.3% | +8.4% | +22.6% | +67.4% | P/E Global LLCCOMMON FUND FOR NONPROFIT ORGANIZATIONS | |
| 58 | MELIMERCADOLIBRE INC | 15.1% | 2 | +2.3% | -9.6% | -21.5% | +63.4% | Foxhaven Asset Management, LPCoronation Fund Managers Ltd. | |
| 59 | —ISHARES TR | 15.0% | 2 | — | — | — | — | Retirement Investment Advisors, Inc.Stairway Partners, LLC | |
| 60 | —TKO GROUP HOLDINGS INC | 14.0% | 2 | — | — | — | — | XN LPDARLINGTON PARTNERS CAPITAL MANAGEMENT, LP | |
| 61 | —PROLOGIS INC | 14.0% | 2 | — | — | — | — | HEITMAN REAL ESTATE SECURITIES LLCCENTERSQUARE INVESTMENT MANAGEMENT LLC | |
| 62 | —RUSSELL I SHS 1000 GWTH | 13.2% | 2 | — | — | — | — | Hackensack Meridian Health, Inc.Stairway Partners, LLC | |
| 63 | EXPEEXPEDIA GROUP INC | 13.1% | 2 | +11.5% | -10.5% | +46.6% | +126.1% | PAR CAPITAL MANAGEMENT INCWINDACRE PARTNERSHIP LLC | |
| 64 | —RBC BEARINGS INC | 12.7% | 2 | — | — | — | — | Durable Capital Partners LPPort Capital LLC | |
| 65 | DHRDANAHER CORPORATION | 12.4% | 2 | +2.4% | -14.7% | -1.6% | -3.8% | GENERATION INVESTMENT MANAGEMENT LLPDorsey Asset Management, LLC | |
| 66 | —AerCap Holdings NV | 12.3% | 2 | — | — | — | — | Dorsey Asset Management, LLCDONALD SMITH & CO., INC. | |
| 67 | TDGTRANSDIGM GROUP INC | 12.2% | 2 | -0.4% | -11.2% | -15.0% | +60.7% | Stockbridge Partners LLCHeard Capital LLC | |
| 68 | —ROYAL BK CDA | 12.1% | 2 | — | — | — | — | Scheer, Rowlett & Associates Investment Management Ltd.MUFG SECURITIES (CANADA), LTD. | |
| 69 | BKNGBOOKING HLDGS INC | 11.1% | 2 | -0.2% | -16.6% | -22.2% | +58.9% | Rothschild & Co Wealth Management UK LtdVoyager Global Management LP | |
| 70 | ADIANALOG DEVICES INC | 11.1% | 2 | +10.4% | +30.9% | +59.6% | +104.0% | OAKTOP CAPITAL MANAGEMENT II, L.P.CENTRAL SECURITIES CORP | |
| 71 | —CAMECO CORP | 10.7% | 2 | — | — | — | — | Caledonia (Private) Investments Pty LtdProgeny 3, Inc. | |
| 72 | —Welltower Inc. | 10.7% | 2 | — | — | — | — | CENTERSQUARE INVESTMENT MANAGEMENT LLCLASALLE INVESTMENT MANAGEMENT SECURITIES LLC | |
| 73 | VMCVULCAN MATLS CO | 10.7% | 2 | -1.3% | -5.5% | +9.6% | +34.0% | PARK PRESIDIO CAPITAL LLCStockbridge Partners LLC | |
| 74 | —QXO INC | 10.6% | 2 | — | — | — | — | Consulta LtdMFN Partners Management, LP | |
| 75 | DEDeere & Co (DE) | 10.3% | 2 | -2.5% | +18.0% | +15.8% | +49.1% | Rothschild & Co Wealth Management UK LtdStockbridge Partners LLC | |
| 76 | —ERASCA INC | 10.3% | 2 | — | — | — | — | Frazier Life Sciences Management, L.P.VR ADVISER, LLC | |
| 77 | HLTHilton Worldwide Holdings Inc | 10.2% | 2 | -0.7% | +8.2% | +17.4% | +115.6% | Foxhaven Asset Management, LPHudson Way Capital Management LLC | |
| 78 | —ROYALTY PHARMA PLC | 10.0% | 2 | — | — | — | — | Caledonia (Private) Investments Pty LtdDorsey Asset Management, LLC | |
| 79 | FICOFAIR ISAAC CORP | 9.8% | 2 | +28.0% | -21.1% | -17.0% | +58.0% | Heard Capital LLCKENSICO CAPITAL MANAGEMENT CORP | |
| 80 | —CENOVUS ENERGY INC | 9.6% | 2 | — | — | — | — | Recurrent Investment Advisors LLCSmead Capital Management, Inc. | |
| 81 | —Revolution Medicines, Inc. | 8.9% | 2 | — | — | — | — | BVF INC/ILAlphabet Inc. | |
| 82 | EPDENTERPRISE PRODS PARTNERS L | 8.4% | 2 | +3.9% | +22.1% | +28.3% | +76.1% | Energy Income Partners, LLCProgeny 3, Inc. | |
| 83 | PCGPG&E CORP | 8.3% | 2 | -1.7% | +11.1% | +30.9% | -2.0% | ATLAS Infrastructure Partners (UK) Ltd.Sessa Capital IM, L.P. | |
| 84 | ETENERGY TRANSFER LP | 7.8% | 2 | +8.8% | +20.1% | +24.5% | +96.3% | Energy Income Partners, LLCCUSHING ASSET MANAGEMENT, LP | |
| 85 | HEI/AHEICO CORP NEW | 7.8% | 2 | +11.4% | -8.2% | +1.3% | +80.6% | Port Capital LLCGOBI CAPITAL LLC | |
| 86 | —ICAHN ENTERPRISES LP | 48.5% | 1 | — | — | — | — | ICAHN CARL C | |
| 87 | XPOXPO LOGISTICS INC | 46.6% | 1 | -0.9% | +42.7% | +58.8% | +245.9% | MFN Partners Management, LP | |
| 88 | KOCoca Cola Co | 45.3% | 1 | +11.0% | +19.8% | +24.0% | +52.5% | ALLEN HOLDING INC /NY | |
| 89 | —JOBY AVIATION INC | 43.5% | 1 | — | — | — | — | TOYOTA MOTOR CORP/ | |
| 90 | MNSTMONSTER BEVERAGE CORP NEW | 41.4% | 1 | +29.7% | +24.3% | +65.8% | +71.9% | BROADWOOD CAPITAL INC | |
| 91 | —NIQ GLOBAL INTELLIGENCE PLC | 40.0% | 1 | — | — | — | — | ADVENT INTERNATIONAL CORP/MA | |
| 92 | —DIREXION DLY S&P 500 BULL 3X | 36.9% | 1 | — | — | — | — | PPSC Investment Service Corp | |
| 93 | BILSPDR Bloomberg 1-3 Month T-B (BIL) | 34.5% | 1 | +0.9% | +1.8% | +3.8% | +14.4% | 3EDGE Asset Management, LP | |
| 94 | —BOBS DISC FURNITURE INC | 34.3% | 1 | — | — | — | — | BAIN CAPITAL INVESTORS LLC | |
| 95 | KLACKLA CORP | 34.1% | 1 | +25.2% | +53.8% | +140.7% | +376.7% | OAKTOP CAPITAL MANAGEMENT II, L.P. | |
| 96 | —GRAB HOLDINGS LIMITED | 33.4% | 1 | — | — | — | — | TOYOTA MOTOR CORP/ | |
| 97 | —ZILLOW GROUP INC | 31.2% | 1 | — | — | — | — | Caledonia (Private) Investments Pty Ltd | |
| 98 | —COOPER COS INC/THE | 30.9% | 1 | — | — | — | — | BROWNING WEST LP | |
| 99 | —DBX ETF TR | 30.8% | 1 | — | — | — | — | Bank of Finland | |
| 100 | GEGeneral Electric Co | 29.8% | 1 | +13.5% | +8.4% | +39.2% | +304.8% | Chris Hohn |
Not tradeable. Display only. Neither sort beat the S&P 500 out of sample (2019Q1-2026Q1, net of costs): consensus 12.03%, conviction 10.03%, S&P 500 total return 16.30%. Ratings are NOT assessed — the risk engine does not exist, so `rating` is null rather than a green badge that means 'we did not check'. docs/CLONE_M3_RERUN_2026-07.md
See docs/audit/13-abandonment-criteria.md for the pre-registered test this failed, and 04-rejected-theses.md for the six theses that died before it.