INCOME RESEARCH & MANAGEMENT
Long book
$168.6M
Q1 2026
Positions
26
Top-10 weight
59%
concentration
Last quarter
+18.0%
SPY +14.8%
Turnover
19%
of book per quarter
Strategy in plain words
auto-generated from filingsINCOME RESEARCH & MANAGEMENT is a concentrated fundamental stock-picker, running a $168.6M US long book across 26 positions.
The portfolio is concentrated: the top 10 names carry 59% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: BOFA FINANCE LLC, AKAMAI TECHNOLOGIES INC, CAPITAL SOUTHWEST CORP, UBER TECHNOLOGIES INC, EURONET WORLDWIDE INC.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.9%
Q2 2024
+8.7%
Q3 2024
+3.5%
Q4 2024
+0.8%
Q1 2025
+1.3%
Q2 2025
+3.9%
Q3 2025
+1.8%
Q4 2025
-0.3%
Q1 2026
+18.0%
Sector allocation
Other 100%
Long book by quarter
What does INCOME RESEARCH own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WFC 7.5 PERP L WELLS FARGO & COMPANY | — | 803 | $929K | 0.6% | Held |
| BAC 7.25 PERP L BANK OF AMERICA CORP | — | 355 | $423K | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 17, 2026 | 26 | $168.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 20, 2026 | 32 | $190.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 16, 2025 | 35 | $204.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 17, 2025 | 40 | $374.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 22, 2025 | 27 | $234.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 21, 2025 | 25 | $209.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 22, 2024 | 22 | $207.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 23, 2024 | 18 | $173.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 25, 2024 | 16 | $148.2M | canonical | SEC ↗ |
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