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Jean-Marie Eveillard
Senior Advisor
value
Jean-Marie Eveillard’s latest 13F filing shows no equity positions, a blank slate that is unusual for a value investor of his standing. The portfolio, if it can be called that, holds nothing in the top holdings list, and the filing reports no assets under management for the quarter. This is not a rotation into cash or a defensive tilt toward bonds; it is an absence of disclosed stock ownership altogether.
The move diverges sharply from peers who remain anchored in large-cap value names or who have drifted toward quality growth as a compromise. Eveillard has long argued that value investing requires patience, but also that it demands the discipline to walk away when prices do not offer a margin of safety. An empty 13F suggests he sees little that meets that bar. It is a statement made by omission, and it carries more weight than a modest trim or a sector swap.
For followers of his style, the filing is a reminder that conviction can express itself as inaction. Eveillard is not buying dips, not averaging down, and not reaching for yield. He is waiting. The absence of a fund AUM figure complicates the picture, but it does not change the core signal: the portfolio is positioned for preservation, not participation. Until prices change, the filing will likely stay empty.
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