DUMAC, INC.
Long book
$820.4M
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+14.4%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsDUMAC, INC. is a wealth-management firm allocating client money, running a $820.4M US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD S&P 500 ETF, SCHWAB US REIT ETF, ISHARES MSCI INDIA ETF, ZTO EXPRESS CAYMAN INC-ADR, JSC KASPI.KZ ADR.
Over the last 8 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 4 of 8 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+5.8%
Q2 2024
+2.3%
Q3 2024
-2.0%
Q4 2024
-1.2%
Q1 2025
+13.8%
Q2 2025
-3.2%
Q4 2025
-2.8%
Q1 2026
+14.4%
Sector allocation
Industrials 61%
Consumer discretionary 20%
Healthcare 15%
Materials 3%
Long book by quarter
What does DUMAC, INC. own?
Q1 2026 13F13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 10 | $820.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 10 | $651.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 4, 2025 | 7 | $15.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 9 | $25.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 10 | $64.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 10 | $30.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 11 | $31.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 11 | $27.6M | canonical | SEC ↗ |