LOCUST WOOD CAPITAL ADVISERS, LLC

CIK 0001349434 · Q1 2026

13F Equity AUM

$3.9B

-4.6% QoQ

Positions

-5 QoQ

AUM Rank

#1,161

Top 9%

Skill Alpha (FF)

+1.6%/yr^ns

No Clear Edge

Rank #1,324 · Top 16%

vs S&P -0.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 33.0%Top 10: 55.7%Top 20: 88.8%

AMZN8.5%

TSM6.4%

SPY6.2%

GPGI6.0%

LIN5.9%

NVDA5.2%

MSFT4.9%

META4.4%

V4.1%

SPGI4.0%

Others (19)44.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials21.0%

Technology19.9%

Financial Services15.2%

Basic Materials11.8%

Healthcare9.6%

Consumer Cyclical8.5%

Communication Services8.2%

Utilities4.0%

Other1.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 29Median: 3.43%Avg: 3.45%

0–0.5%

3(1.1%)

0.5–1%

1(0.8%)

1–3%

7(14.3%)

3–5%

12(45.5%)

5%+

6(38.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 29Unique: 0vs 20 funds

0.4%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.7%

STATE STREET CORP

0.9%

MORGAN STANLEY

0.6%

BANK OF AMERICA CORP /DE/

0.6%

VANGUARD CAPITAL MANAGEMENT LLC

0.8%

FMR LLC

JPMORGAN CHASE & CO

0.6%

GEODE CAPITAL MANAGEMENT, LLC

0.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.9%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New2Increased10Decreased17Exited7

New Positions

LLY0.5%

+20K

PLTR0.2%

+62K

Increased

GPGI6.0%

+4.9M(+56%)

REZI2.7%

+513K(+19%)

AMZN8.5%

+451K(+39%)

SPY6.2%

+272K(+262%)

NVDA5.2%

+257K(+28%)

META4.4%

+206K(+212%)

V4.1%

+172K(+47%)

ABT3.1%

+123K(+12%)

SPGI4.0%

+64K(+21%)

TSM6.4%

+10K(+1%)

Decreased

SU1.5%

-895,308(-50%)

CSX3.0%

-643,208(-18%)

PCG4.0%

-494,196(-5%)

PAHUSD3.8%

-419,081(-9%)

VRT3.4%

-305,622(-36%)

LIN5.9%

-259,443(-36%)

CP1.3%

-237,076(-27%)

MSFT4.9%

-67,317(-11%)

GOOGL3.8%

-59,317(-10%)

AAPL3.1%

-58,212(-11%)

Exited

-338,038

-1,282,705

-448,310

-1,983,338

-142,053

-336,837

-18,400

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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