CIK: 0001812822
Total reported value
$88.8M
Reporting period: 2026-03-31 · Number of holdings: 179
Verdad Advisers, LP disclosed 179 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $88.8M and a quarterly turnover rate of 143.3%.
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Verdad Advisers, LP's disclosed holdings carry a Herfindahl concentration index of 0.010 — mathematically equivalent to about 96 equally-sized positions, well below its 179 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.93), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 40% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim JNJ
-68.9% -$2.3M
Trim CVX
-75.6% -$1.9M
Trim CMCSA
-57.8% -$1.7M
Trim LRCX
-66.6% -$1.5M
Add CRC
+213.4% $1.2M
Trim CVS
-63.7% -$837.0K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BLTE | Belite Bio INC - Adr | Stock-Other | 2.48% | +2.48% | NEW | |
| 2 | STT | State Street CORP | Stock-Financials | 2.37% | +2.37% | NEW | |
| 3 | ATHM | Autohome Inc-adr | Stock-Other | 2.37% | +2.37% | NEW | |
| 4 | RVMD | Revolution Medicines INC | Stock-Healthcare | 2.36% | +2.36% | NEW | |
| 5 | ZYME | Zymeworks INC | Stock-Other | 2.33% | +2.33% | NEW | |
| 6 | CALM | Cal-maine Foods INC | Stock-Consumer Staples | 2.20% | — | +19.30% | |
| 7 | ZM | Zoom Communications INC | Stock-Tech | 1.95% | — | +3.10% | |
| 8 | CRC | California Resources CORP | Stock-Energy | 1.75% | +1.38% | +213.37% | |
| 9 | TENX | Tenax Therapeutics INC | Stock-Other | 1.72% | +1.72% | NEW | |
| 10 | ACAD | Acadia Pharmaceuticals INC | Stock-Healthcare | 1.71% | +1.71% | NEW | |
| 11 | PARR | Par Pacific Holdings INC | Stock-Energy | 1.59% | +1.59% | NEW | |
| 12 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.49% | -2.63% | -68.88% | |
| 13 | MU | Micron Technology INC | Stock-Tech | 1.46% | — | -43.40% | |
| 14 | NRIX | Nurix Therapeutics INC | Stock-Other | 1.46% | +1.46% | NEW | |
| 15 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.34% | -2.03% | -57.77% | |
| 16 | AHCO | Adapthealth CORP | Stock-Other | 1.27% | +1.27% | NEW | |
| 17 | CTNM | Contineum Therapeutics Inc-a | Stock-Other | 1.26% | +1.26% | NEW | |
| 18 | LRCX | Lam Research CORP | Stock-Tech | 1.24% | -1.79% | -66.63% | |
| 19 | CLDT | Chatham Lodging Trust | Stock-Other | 1.24% | — | +21.74% | |
| 20 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 1.20% | — | -39.36% | |
| 21 | AXSM | Axsome Therapeutics INC | Stock-Healthcare | 1.14% | +1.14% | NEW | |
| 22 | CLYM | Climb Bio INC | Stock-Other | 1.11% | +1.11% | NEW | |
| 23 | AMAT | Applied Materials INC | Stock-Tech | 1.11% | +1.11% | NEW | |
| 24 | DSGN | Design Therapeutics INC | Stock-Other | 1.11% | +1.11% | NEW | |
| 25 | JLL | Jones Lang Lasalle INC | Stock-Real Estate | 1.08% | +0.81% | +358.41% | |
| 26 | CVX | Chevron CORP | Stock-Energy | 1.05% | -2.18% | -75.55% | |
| 27 | AMN | Amn Healthcare Services INC | Stock-Other | 1.03% | — | +11.11% | |
| 28 | TALK | Talkspace INC | Stock-Other | 1.02% | +1.02% | NEW | |
| 29 | CRI | Carter's INC | Stock-Other | 1.01% | — | +25.00% | |
| 30 | NGL | Ngl Energy Partners LP | Stock-Other | 0.97% | +0.97% | NEW | |
| 31 | MOMO | Hello Group INC -spn Adr | Stock-Other | 0.97% | — | +36.66% | |
| 32 | ATAI | Ataibeckley INC | Stock-Other | 0.91% | +0.91% | NEW | |
| 33 | AII | American Integrity Insurance | Stock-Other | 0.89% | — | +9.47% | |
| 34 | FHI | Federated Hermes INC | Stock-Financials | 0.88% | +0.88% | NEW | |
| 35 | ACRS | Aclaris Therapeutics INC | Stock-Other | 0.83% | +0.83% | NEW | |
| 36 | DNTH | Dianthus Therapeutics INC | Stock-Other | 0.82% | +0.82% | NEW | |
| 37 | VSNT | Versant Media Group INC | Stock-Comm Services | 0.79% | — | — | |
| 38 | 430 | Terns Pharmaceuticals INC | Stock-Other | 0.79% | — | — | |
| 39 | SVRA | Savara INC | Stock-Other | 0.79% | — | — | |
| 40 | HRTG | Heritage Insurance Holdings | Stock-Other | 0.78% | — | -7.92% | |
| 41 | GM | General Motors Co | Stock-Consumer Disc | 0.77% | — | -41.84% | |
| 42 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.77% | — | -51.40% | |
| 43 | DECK | Deckers Outdoor CORP | Stock-Consumer Disc | 0.76% | — | — | |
| 44 | PRG | Prog Holdings INC | Stock-Other | 0.72% | — | — | |
| 45 | NYT | New York Times Co-a | Stock-Comm Services | 0.71% | — | — | |
| 46 | SND | Smart Sand INC | Stock-Other | 0.71% | — | +21.49% | |
| 47 | VRDN | Viridian Therapeutics INC | Stock-Other | 0.69% | — | — | |
| 48 | TER | Teradyne INC | Stock-Tech | 0.67% | — | +94.59% | |
| 49 | RCKY | Rocky Brands INC | Stock-Other | 0.65% | — | — | |
| 50 | HCI | Hci Group INC | Stock-Other | 0.65% | — | +171.78% |
Performance for Q3 2026
+9.5%
Performance Last 4 Quarters
+40.9%
Based on 70% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 179 | $88.8M | 100 | |
| 2025-12-31 | 104 | $87.4M | 100 | |
| 2024-09-30 | 93 | $74.9M | 0 | |
| 2024-06-30 | 111 | $86.6M | 0 | |
| 2024-03-31 | 147 | $91.9M | 0 | |
| 2023-12-31 | 53 | $49.3M | 0 | |
| 2023-09-30 | 51 | $65.4M | 0 | |
| 2023-06-30 | 46 | $63.8M | 0 | |
| 2023-03-31 | 38 | $49.7M | 0 | |
| 2022-12-31 | 29 | $99.2M | 0 | |
| 2022-09-30 | 25 | $68.8M | 0 | |
| 2022-06-30 | 28 | $106.1M | 0 | |
| 2022-03-31 | 34 | $122.1M | 0 | |
| 2021-12-31 | 42 | $147.6M | 0 | |
| 2021-09-30 | 46 | $138.4M | 0 | |
| 2021-06-30 | 22 | $51.0M | 100 | |
| 2021-03-31 | 37 | $313.8M | 35 | |
| 2020-12-31 | 39 | $265.5M | 0 |
Verdad Advisers, LP's most significant position changes for 2026-03-31: Sold out: Citigroup INC (C); Sold out: Tjx Companies INC (TJX); Sold out: Alphabet Inc-cl A (GOOGL); Sold out: Tegna INC (TGNA); Sold out: Cisco Systems INC (CSCO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CRC | California Resources CORP | +1.4% | +213.37% | Add |
| 2 | JLL | Jones Lang Lasalle INC | +0.8% | +358.41% | Add |
| 3 | CVS | Cvs Health CORP | -1% | -63.71% | Trim |
| 4 | LRCX | Lam Research CORP | -1.8% | -66.63% | Trim |
| 5 | CMCSA | Comcast Corp-class A | -2% | -57.77% | Trim |
| 6 | CVX | Chevron CORP | -2.2% | -75.55% | Trim |
| 7 | JNJ | Johnson & Johnson | -2.6% | -68.88% | Trim |
| 8 | C | Citigroup INC | — | EXIT | Sold out |
| 9 | TJX | Tjx Companies INC | — | EXIT | Sold out |
| 10 | GOOGL | Alphabet Inc-cl A | — | EXIT | Sold out |
| 11 | TGNA | Tegna INC | — | EXIT | Sold out |
| 12 | CSCO | Cisco Systems INC | — | EXIT | Sold out |
| 13 | BLTE | Belite Bio INC - Adr | — | NEW | New buy |
| 14 | STT | State Street CORP | — | NEW | New buy |
| 15 | ATHM | Autohome Inc-adr | — | NEW | New buy |
| 16 | RVMD | Revolution Medicines INC | — | NEW | New buy |
| 17 | ZYME | Zymeworks INC | — | NEW | New buy |
| 18 | VOYA | Voya Financial INC | — | EXIT | Sold out |
| 19 | CBRE | Cbre Group INC - A | — | EXIT | Sold out |
| 20 | T | At&t INC | — | EXIT | Sold out |
| 21 | TENX | Tenax Therapeutics INC | — | NEW | New buy |
| 22 | ACAD | Acadia Pharmaceuticals INC | — | NEW | New buy |
| 23 | MS | Morgan Stanley | — | EXIT | Sold out |
| 24 | PARR | Par Pacific Holdings INC | — | NEW | New buy |
| 25 | PFE | Pfizer INC | — | EXIT | Sold out |
| 26 | AVDV | Avantis Intl S/c Value ETF | — | EXIT | Sold out |
| 27 | NRIX | Nurix Therapeutics INC | — | NEW | New buy |
| 28 | CIEN | Ciena CORP | — | EXIT | Sold out |
| 29 | QCOM | Qualcomm INC | — | EXIT | Sold out |
| 30 | NVDA | Nvidia CORP | — | EXIT | Sold out |
| 31 | AAPL | Apple INC | — | EXIT | Sold out |
| 32 | AHCO | Adapthealth CORP | — | NEW | New buy |
| 33 | CTNM | Contineum Therapeutics Inc-a | — | NEW | New buy |
| 34 | AXSM | Axsome Therapeutics INC | — | NEW | New buy |
| 35 | CLYM | Climb Bio INC | — | NEW | New buy |
| 36 | AMAT | Applied Materials INC | — | NEW | New buy |
| 37 | DSGN | Design Therapeutics INC | — | NEW | New buy |
| 38 | WMT | Walmart INC | — | EXIT | Sold out |
| 39 | TALK | Talkspace INC | — | NEW | New buy |
| 40 | F | Ford Motor Co | — | EXIT | Sold out |
| 41 | NGL | Ngl Energy Partners LP | — | NEW | New buy |
| 42 | GSL | Global Ship Lease, Inc. | — | EXIT | Sold out |
| 43 | AMD | Advanced Micro Devices | — | EXIT | Sold out |
| 44 | GLW | Corning INC | — | EXIT | Sold out |
| 45 | ATAI | Ataibeckley INC | — | NEW | New buy |
| 46 | AMZN | Amazon.com INC | — | EXIT | Sold out |
| 47 | FHI | Federated Hermes INC | — | NEW | New buy |
| 48 | ACRS | Aclaris Therapeutics INC | — | NEW | New buy |
| 49 | DNTH | Dianthus Therapeutics INC | — | NEW | New buy |
| 50 | NTRA | Natera INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-06 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
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