Gains are reinvested — principal and returns grow together.
Hypothetical backtest — not a real trading record. Simulated on public data from 2012-02: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
Value, in the academic sense, means buying the cheapest slice of stocks by book-to-market. Fama and French's 1992–1993 three-factor model first showed with large samples that cheapness (high book-to-market) and small size systematically explain long-run excess returns, making value the first and most-documented factor in asset pricing. Fama went on to win the 2013 Nobel Prize, writing Graham's “cheap is its own logic” into the foundations of modern finance.
| Ticker | Name | Weight | vs last filing |
|---|---|---|---|
| ONDS | Ondas Inc. Common Stock | 5.2% | — |
| TEM | Tempus AI, Inc. Class A Common Stock | 5.2% | — |
| NU | Nu Holdings Ltd. | 5.2% | — |
| KHC | The Kraft Heinz Company Common Stock | 5.2% | New |
| CAG | Conagra Brands, Inc. | 5.1% | New |
| MSTR | Strategy Inc Common Stock Class A | 5.1% | New |
| ARI | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 5.1% | New |
| CHTR | Charter Comm Inc Del CL A New | 5.1% | New |
| TFC | Truist Financial Corporation | 5.0% | — |
| NLY | Annaly Capital Management. Inc. | 5.0% | New |
| VICI | VICI Properties Inc. Common Stock | 5.0% | New |
| FISV | Fiserv, Inc. Common Stock | 5.0% | — |
| CMCSA | Comcast Corp | 4.9% | — |
| AGNC | AGNC Investment Corp. Common Stock | 4.9% | New |
| CDE | Coeur Mining, Inc. | 4.9% | New |
| GM | General Motors Company | 4.9% | — |
| COF | Capital One Financial | 4.8% | — |
| EXE | Expand Energy Corporation Common Stock | 4.8% | — |
| C | Citigroup Inc. | 4.8% | −0.2 ▼ |
| EQT | EQT CORP | 4.8% | — |