1y return+13.7%S&P 500 +20.9%
3y return+43.8%S&P 500 +68.5%
5y return+46.7%S&P 500 +74.5%
10y return+137.9%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $238 against $357 in the S&P 500.2
Martingale Asset Management L PS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| AAPLApple Inc | $60.7M | 1.4% | −4.0% |
| GOOGLAlphabet Inc Class A | $55.9M | 1.3% | −3.3% |
| AMZNAmazon.Com Inc | $51.0M | 1.2% | |
| LLYEli Lilly Co | $48.9M | 1.2% | +1.2% |
| NVDANvidia Corp | $48.3M | 1.1% | +35.1% |
| MSFTMicrosoft Corp | $46.8M | 1.1% | +4.6% |
| JNJJohnson & Johnson | $46.8M | 1.1% | −4.1% |
| JPMJP Morgan Chase & Co | $42.7M | 1.0% | +3.6% |
| BRK/BBerkshire Hathaway Inc B | $42.7M | 1.0% | +1.6% |
| METAMeta Platforms Inc | $41.1M | 1.0% | +24.0% |
| ABBVAbbVie Inc | $40.4M | 1.0% | −1.6% |
| XOMExxonMobil Holdings Corp | $37.3M | 0.9% | New |
| CSCOCisco Systems | $37.2M | 0.9% | −36.9% |
| VVisa Inc | $35.3M | 0.8% | |
| MRKMerck and Co Inc | $35.3M | 0.8% | −6.9% |
| WMTWalmart Inc | $34.5M | 0.8% | −3.0% |
| GEGE Aerospace | $34.2M | 0.8% | −2.1% |
| MOAltria Group Inc | $33.2M | 0.8% | −4.5% |
| COSTCostco Wholesale Corp | $32.9M | 0.8% | −2.7% |
| MAMastercard Inc Class A | $32.3M | 0.8% | +1.1% |
| VLOValero Energy Corp | $31.1M | 0.7% | −3.7% |
| TRVTravelers Corp | $30.8M | 0.7% | −2.3% |
| BMYBristol Myers Squibb | $30.0M | 0.7% | −2.6% |
| PMPhilip Morris Int'l | $28.9M | 0.7% | −3.7% |
| AXPAmerican Express | $28.8M | 0.7% | −3.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $24.4M |
| LLYEli Lilly Co | June 30, 2020 | +630.6% | $48.9M |
| NVDANvidia Corp | March 31, 2023 | +620.3% | $48.3M |
| GOOGLAlphabet Inc Class A | June 30, 2020 | +404.0% | $55.9M |
| CAHCardinal Health Inc | December 31, 2021 | +361.4% | $24.5M |
| AAPLApple Inc | June 30, 2020 | +217.3% | $60.7M |
| COSTCostco Wholesale Corp | June 30, 2020 | +208.5% | $32.9M |
| TRVTravelers Corp | June 30, 2020 | +189.5% | $30.8M |
| WMTWalmart Inc | June 30, 2020 | +183.7% | $34.5M |
| BRK/BBerkshire Hathaway Inc B | June 30, 2020 | +180.3% | $42.7M |
Sold off last quarter
- Exxon Mobil CorpCUSIP 30231G102 was $46.9M
- ZTSZoetis Inc was $5.9M
- Honeywell Int'l IncCUSIP 438516106 was $5.7M
- ADPAutomatic Data Processing was $5.7M
- FLSFlowserve Corp was $4.4M
- ALSNAllison Transmission Hldgs was $3.6M
- Catalyst PharmaceuticalsCUSIP 14888U101 was $3.5M
- Carnival Corp Cl ACUSIP 143658300 was $3.0M
- MSMMSC Indl Direct Inc was $2.9M
- Thermon Group Holdings IncCUSIP 88362T103 was $2.8M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.3% | +14.8% |
| March 31, 2026 | +1.7% | −4.6% |
| December 31, 2025 | +1.0% | +2.4% |
| September 30, 2025 | +4.1% | +7.8% |
| June 30, 2025 | +4.1% | +10.5% |
| March 31, 2025 | +1.3% | −4.6% |
| December 31, 2024 | −2.0% | +2.1% |
| September 30, 2024 | +7.9% | +5.4% |
| June 30, 2024 | −0.1% | +4.0% |
| March 31, 2024 | +8.0% | +10.0% |
| December 31, 2023 | +8.0% | +11.2% |
| September 30, 2023 | −2.7% | −3.6% |
| June 30, 2023 | +3.2% | +8.3% |
| March 31, 2023 | +1.2% | +7.0% |
| December 31, 2022 | +10.0% | +7.1% |
| September 30, 2022 | −6.5% | −5.3% |
| June 30, 2022 | −10.4% | −16.5% |
| March 31, 2022 | −4.8% | −4.9% |
| December 31, 2021 | +10.8% | +10.7% |
| September 30, 2021 | +0.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Martingale Asset Management L P Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=936944&type=13F-HR&dateb=&owner=include&count=40CIK 936944
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/936944/000093694426000006/Filed August 13, 2026 · accession 0000936944-26-000006