What is a 13F filing?
In one line: A 13F is a quarterly report that money managers with $100 million or more in US-listed stocks must file with the SEC, listing their holdings.
Who files, and when
Any investment manager with $100 million or more in certain US-listed securities must file a 13F. That includes hedge funds, mutual fund companies, pension funds and banks: the big Institutional investors.
They file once a quarter, within 45 days after the quarter ends. So a manager's holdings at March 31 must be reported by about mid-May.
You can read the SEC's investor bulletin on investor.gov, and look up filings free on EDGAR.
A simple example
Say Fund X files its 13F for the quarter ending June 30. It shows:
| Stock | Shares | Value on June 30 |
|---|---|---|
| Company A | 2,000,000 | $300 million |
| Company B | 500,000 | $90 million |
The filing arrives around August 14. By then, 45 days have passed. Fund X may already have sold Company A.
What it leaves out
- Short positions. 13Fs show what's owned, not bets against stocks.
- Most non-US stocks, cash and many other assets.
- Timing. It's a snapshot of one day, shown up to 45 days late.
So a 13F is a partial, delayed picture.
Why it matters
13Fs let anyone see how big managers were positioned, for free. Many people follow well-known investors this way, like Warren Buffett's Berkshire Hathaway.
A common mistake
Copying a fund's 13F as if it were a live buy list. The data is weeks old, it doesn't show hedges or shorts, and you don't know the fund's reasons, price or plan to exit. A stock may be a tiny part of a giant portfolio. Use it to learn how others think, not as a signal.
If you study a 13F, ask why a position might fit that fund, not whether it fits you. Your own plan and risk rules still decide every trade.
Questions
How often are 13F filings released?
Every quarter, within 45 days after each quarter ends.
Do 13Fs show short positions?
No. They list long holdings in certain US-listed securities, not short sales.
Where can I see 13F filings?
Free on the SEC's EDGAR system. Search the manager's name and filter for form type "13F-HR."
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