Cambiar Investors 13F (2026 Q1): A Flat Relative-Value Book

Relative value, weighted with a level hand

Cambiar Investors, a Denver-based firm built on a relative-value philosophy, runs a portfolio with a distinctive shape. Its 2026Q1 13F holds about $2.16 billion across 145 positions, and the striking feature is how evenly weighted the top of the book is: the ten largest holdings sit within a hair of one another, each between 2.47% and 2.75% of reported value. There is no anchor position, no dominant bet. This is relative-value investing expressed through breadth and balance, a basket of stocks the firm believes are attractively priced relative to their own history and peers, sized so that the portfolio's results come from the group rather than any single name.

The holdings span a deliberately broad mix of sectors. Delta Air Lines leads narrowly at 2.75%, followed by building-materials company Amrize, Union Pacific, Schlumberger, Uber, Bristol Myers Squibb, Honeywell, Labcorp, Elevance Health, and Alphabet. Airlines, railroads, energy services, ride-hailing, pharmaceuticals, industrials, and healthcare all appear, a spread that reflects a manager hunting for relative value wherever it surfaces rather than concentrating in a single theme.

The discipline behind the flat weighting

An equal-weighted book like this is a deliberate expression of how relative-value managers think. Rather than declaring one stock far more attractive than the rest, Cambiar assembles a diversified set of names that each clear its relative-value bar and sizes them similarly, trusting the basket and the discipline of buying cheap relative to fair value. The flat weighting also controls risk: with no position above 2.75%, no single disappointment can derail the portfolio, and the results track the collection of value ideas rather than a concentrated wager.

A steady book with cyclical adds

Cambiar's reported value has been stable, easing just 3.5% on the quarter and holding in a $2.2 billion to $2.6 billion band over two years, the steadiness of a disciplined, diversified strategy rather than one buffeted by flows. The position-level activity leaned modestly toward economically sensitive names: the firm added 16% more shares of Uber, 14% more Delta, and 11% more Elevance, while trimming Schlumberger by 15%. The tilt, adding to travel, ride-hailing, and managed care while paring an energy-services name, suggests where Cambiar currently sees the better relative value, without disturbing the book's balanced character.

How to read a flat relative-value book

With 145 names and nothing above 2.75%, Cambiar's filing is not about any single position; the largest holding this quarter is simply the one that happens to be marginally biggest, not a high-conviction call. The informative signals are the composition, a broad, cross-sector set of relatively cheap businesses, and the direction of the share-count changes, which show where the firm is leaning at the margin. For investors using filings as a research input, a flat relative-value book like this is best read as a diversified menu of value ideas from a disciplined team, rather than a list of concentrated bets to copy. You can explore the full holdings, the position changes, and the longer history on the Cambiar Investors filer page.