Willow Creek's 13F: 100 Holdings, Zero Details

Willow Creek Capital Management, Inc. submitted its Form 13F for the quarter ending June 30, 2026, with a reported portfolio value of $102.99 million. The filing, dated September 8, 2026, reveals a portfolio of 100 holdings, but critical details regarding specific positions, recent trading activity, and concentration levels remain obscured by incomplete data reporting.

The reported portfolio value of $102.99 million reflects the market value of the manager’s long equity positions as of the quarter-end. With 100 disclosed holdings, the portfolio demonstrates a diversified structure in terms of asset count. However, the absence of detailed position data prevents an accurate assessment of how this value is distributed among these holdings. Without visibility into the top positions, it is impossible to determine if the portfolio is heavily concentrated in a few names or broadly dispersed.

The most significant development in this filing is the lack of granular position data. While the summary indicates 100 holdings, the detail line coverage is reported at 0.0%. This means that while we know the total number of stocks held, we do not know the weight of any single position, including those in the top 10. Consequently, we cannot identify new positions, full exits, or significant increases or decreases in existing holdings. The filing’s data quality warnings explicitly note that the holdings detail could not be parsed and does not cover at least 90% of the filing's reported holding count.

Because the previous period’s data is also unavailable for comparison, no quarter-over-quarter changes can be calculated. There are no confirmed new positions, exits, or changes in rank. The portfolio’s direction—whether it is becoming more concentrated, more diversified, or rotating into different sectors—remains unknown until the next complete filing.

What the Next Filing Must Confirm

The upcoming filing will be critical for understanding Willow Creek Capital’s actual investment moves. Investors and analysts should watch for:

1. Confirmation of the top 10 holdings: The next filing must reveal which stocks make up the core of the $102.99 million portfolio.
2. Identification of new positions: Any stocks bought during the quarter but not fully detailed in this filing should appear in the next report.
3. Clarification of exits: Stocks that may have been sold but are still listed in the summary should be confirmed as exited.
4. Top-10 concentration metrics: The percentage of the portfolio held in the top 10 stocks will indicate the level of concentration risk.
5. Quarter-over-quarter changes: With a complete previous period available in the next filing, analysts will be able to calculate actual buying and selling activity.

Form 13F filings are delayed by 45 days after the quarter-end, meaning this data reflects positions held as of June 30, 2026, and does not capture transactions that may have occurred in July or August. Additionally, 13F filings do not report short positions, certain derivatives, or non-reportable assets, so the full scope of the manager’s exposure is not visible.

The incomplete nature of this filing limits immediate analysis. The next report will provide the necessary context to evaluate Willow Creek Capital’s strategy and performance.