MERCER GLOBAL ADVISORS INC /ADV
"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.
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 28 quarters, returned +3.2% per quarter versus +2.3% from owning every 13F stock, beating that baseline in 67.9% of quarters (excess t = 2.57, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 3590 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AGG | $4.5B | | ADD +14% |
| BSV | $3.9B | | ADD +12% |
| VOO | $3.8B | | ADD +4% |
| DFAC | $3.2B | | ADD +4% |
| MTUM | $2.8B | | TRIM −3% |
| VEA | $2.6B | | ADD +2% |
| DFUV | $2.4B | | ADD +2% |
| DUHP | $2.2B | | ADD +6% |
| AAPL | $2.0B | | ADD +5% |
| BNDX | $1.9B | | ADD +8% |
| DFIC | $1.5B | | ADD +8% |
| NVDA | $1.5B | | ADD +7% |
| IMTM | $1.4B | | ADD +8% |
| DFIV | $1.3B | | ADD +8% |
| DIHP | $1.2B | | ADD +10% |
| AVSC | $1.1B | | ADD +2% |
| MUB | $1.1B | | ADD +11% |
| SUB | $1.1B | | ADD +13% |
| VB | $1.0B | | ADD +3% |
| VWO | $988M | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.