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Hedge fund

Locust Wood Capital Advisers, LLC

13F for the quarter to June 30, 2026, filed August 10, 2026 · SEC CIK 1349434

Reported value
$4.1bn
99% in companies we cover
Positions we cover
29
Largest TSM 8.2%
Copy, a year
+15.0%
S&P 500 +13.9%
Copy Sharpe ratio
0.79
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $63.9k$55.9k
CopyS&P 500 $10,000 copying Locust Wood Capital Advisers, LLC's filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.1% (S&P 500 −31.8%); beta 1.01; alpha +1.0% a year (t = 0.68); last 12 months +11.2% against +12.1%.

Reported value by quarter

Locust Wood Capital Advisers, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $500B $1T $1.5T Reported value, 2013-06-30: $472.9M Reported value, 2013-09-30: $491.5M Reported value, 2013-12-31: $566.5M Reported value, 2014-03-31: $614.9M Reported value, 2014-06-30: $702.3M Reported value, 2014-09-30: $701.2M Reported value, 2014-12-31: $754.9M Reported value, 2015-03-31: $792.1M Reported value, 2015-06-30: $723.6M Reported value, 2015-09-30: $740.2M Reported value, 2015-12-31: $808.5M Reported value, 2016-03-31: $941.4M Reported value, 2016-06-30: $894.4M Reported value, 2016-09-30: $866.8M Reported value, 2016-12-31: $886.9M Reported value, 2017-03-31: $842.4M Reported value, 2017-06-30: $921.5M Reported value, 2017-09-30: $1.1B Reported value, 2017-12-31: $1.1B Reported value, 2018-03-31: $978.9M Reported value, 2018-06-30: $1B Reported value, 2018-09-30: $1.2B Reported value, 2018-12-31: $1B Reported value, 2019-03-31: $1B Reported value, 2019-06-30: $1B Reported value, 2019-09-30: $979.6M Reported value, 2019-12-31: $1.1B Reported value, 2020-03-31: $927.3M Reported value, 2020-06-30: $1.1B Reported value, 2020-09-30: $1.2B Reported value, 2020-12-31: $1.3B Reported value, 2021-03-31: $1.4B Reported value, 2021-06-30: $1.6B Reported value, 2021-09-30: $1.6B Reported value, 2021-12-31: $1.8B Reported value, 2022-03-31: $1.6B Reported value, 2022-06-30: $1.4B Reported value, 2022-09-30: $1.3B Reported value, 2022-12-31: $1.4T Reported value, 2023-03-31: $1.6B Reported value, 2023-06-30: $1.9B Reported value, 2023-09-30: $2.1B Reported value, 2023-12-31: $2.4B Reported value, 2024-03-31: $2.5B Reported value, 2024-06-30: $2.7B Reported value, 2024-09-30: $2.9B Reported value, 2024-12-31: $2.7B Reported value, 2025-03-31: $2.9B Reported value, 2025-06-30: $3.4B Reported value, 2025-09-30: $3.7B Reported value, 2025-12-31: $4B Reported value, 2026-03-31: $3.7B Reported value, 2026-06-30: $4.1B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $4.1B
View chart data
Period Reported value
2013-06-30 $472.9M
2013-09-30 $491.5M
2013-12-31 $566.5M
2014-03-31 $614.9M
2014-06-30 $702.3M
2014-09-30 $701.2M
2014-12-31 $754.9M
2015-03-31 $792.1M
2015-06-30 $723.6M
2015-09-30 $740.2M
2015-12-31 $808.5M
2016-03-31 $941.4M
2016-06-30 $894.4M
2016-09-30 $866.8M
2016-12-31 $886.9M
2017-03-31 $842.4M
2017-06-30 $921.5M
2017-09-30 $1.1B
2017-12-31 $1.1B
2018-03-31 $978.9M
2018-06-30 $1B
2018-09-30 $1.2B
2018-12-31 $1B
2019-03-31 $1B
2019-06-30 $1B
2019-09-30 $979.6M
2019-12-31 $1.1B
2020-03-31 $927.3M
2020-06-30 $1.1B
2020-09-30 $1.2B
2020-12-31 $1.3B
2021-03-31 $1.4B
2021-06-30 $1.6B
2021-09-30 $1.6B
2021-12-31 $1.8B
2022-03-31 $1.6B
2022-06-30 $1.4B
2022-09-30 $1.3B
2022-12-31 $1.4T
2023-03-31 $1.6B
2023-06-30 $1.9B
2023-09-30 $2.1B
2023-12-31 $2.4B
2024-03-31 $2.5B
2024-06-30 $2.7B
2024-09-30 $2.9B
2024-12-31 $2.7B
2025-03-31 $2.9B
2025-06-30 $3.4B
2025-09-30 $3.7B
2025-12-31 $4B
2026-03-31 $3.7B
2026-06-30 $4.1B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
TSMTaiwan Semiconductor Manufacturing Co LTD8.16%$337.1m705.8K−6.1% Reduced
AMZNAmazon7.23%$298.8m1.25M−22.3% Reduced
NVDANVIDIA Corporation6.46%$266.7m1.33M+13.2% Added
GPGIGpgi, Inc.5.72%$236.3m14.91M+8.2% Added
GOOGLAlphabet Inc. (Class A)5.65%$233.3m652.9K+25.2% Added
MSFTMicrosoft Corporation5.37%$221.8m594.6K+13.2% Added
VVisa Inc.5.35%$220.9m643.9K+19.3% Added
SPGIS&P Global4.52%$186.7m458.4K+21.9% Added
LINLinde plc4.28%$177.0m341.0K−27.3% Reduced
ESIElement Solutions Inc4.08%$168.8m3.53M−20.0% Reduced
METAMeta Platforms3.89%$160.6m285.0K−6.1% Reduced
ABTAbbott Laboratories3.78%$156.2m1.72M+58.7% Added
AAPLApple Inc.3.36%$138.6m479.2K−0.3%
CSXCSX Corporation3.31%$136.9m2.88M−0.2%
VRTVertiv3.31%$136.5m407.7K−24.5% Reduced
SHWSherwin-Williams2.77%$114.3m331.8K+32.4% Added
UNHUnitedHealth Group2.56%$105.7m254.4KNew
RHLDResolute Holdings Management, Inc.2.48%$102.5m709.2K+32.1% Added
AMRZAmrize Ltd2.44%$100.8m1.89MNew
STESteris2.32%$96.0m455.9K+14.8% Added
WMWaste Management2.29%$94.6m424.3K+3.0% Added
PCGPG&E Corporation2.16%$89.3m5.31M−35.5% Reduced
GEHCGE HealthCare1.82%$75.2m1.17M−44.8% Reduced
HONHoneywell Technologies1.39%$57.3m256.1KNew
HONAHoneywell Aerospace1.37%$56.7m256.4KNew
LLYLilly (Eli)1.15%$47.6m39.7K+94.8% Added
SUSuncor Energy Inc1.15%$47.3m881.3K−0.8% Reduced
CPNGCoupang, Inc.0.37%$15.2m877.7KNew
CPCanadian Pacific Kansas City LTD0.04%$1.8m20.7K−96.8% Reduced
CompanyBought (value)Shares
UNHUnitedHealth Group$105.7m254.4K
AMRZAmrize Ltd$100.8m1.89M
ABTAbbott Laboratories$57.8m636.7K
HONHoneywell Technologies$57.3m256.1K
HONAHoneywell Aerospace$56.7m256.4K
GOOGLAlphabet Inc. (Class A)$46.9m131.2K
VVisa Inc.$35.8m104.3K
SPGIS&P Global$33.5m82.3K
NVDANVIDIA Corporation$31.1m155.6K
SHWSherwin-Williams$28.0m81.2K
MSFTMicrosoft Corporation$25.8m69.2K
RHLDResolute Holdings Management, Inc.$24.9m172.4K
LLYLilly (Eli)$23.2m19.3K
GPGIGpgi, Inc.$17.8m1.12M
CPNGCoupang, Inc.$15.2m877.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
REZIResideo Technologies, Inc.−$106.6m−3.16M
AMZNAmazon−$85.7m−359.5K
LINLinde plc−$66.5m−128.1K
GEHCGE HealthCare−$60.9m−951.9K
CPCanadian Pacific Kansas City LTD−$54.6m−630.5K
PCGPG&E Corporation−$49.1m−2.92M
VRTVertiv−$44.4m−132.5K
ESIElement Solutions Inc−$42.2m−884.1K
TSMTaiwan Semiconductor Manufacturing Co LTD−$22.0m−46.1K
METAMeta Platforms−$10.4m−18.4K
AAPLApple Inc.−$471,946−1.6K
SUSuncor Energy Inc−$401,204−7.5K
CSXCSX Corporation−$316,075−6.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
REZIResideo Technologies, Inc.$106.6m3.16M
  • Technology23.6%
  • Financials18.3%
  • Materials13.7%
  • Industrials11.9%
  • Health Care11.8%
  • Communication Services9.7%
  • Consumer Discretionary7.7%
  • Utilities2.2%
  • Energy1.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 9, 2013 to November 2, 2026+15.0%+13.9%0.790.77−33.1%1.01
2018 onwardsJanuary 5, 2018 to November 2, 2026+13.3%+13.9%0.610.66−33.1%1.01
Last three yearsNovember 3, 2023 to November 2, 2026+18.0%+21.8%0.911.16−19.1%0.94
Last yearNovember 7, 2025 to November 2, 2026+10.7%+14.2%0.550.84−9.1%0.87

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.