13F filings explained: what big funds own, and the 45-day lag
Who files a 13F
Institutional investment managers (hedge funds, mutual fund companies, pension managers, banks and insurers) that exercise discretion over $100 million or more of "Section 13(f) securities" must file Form 13F-HR every quarter. Those securities are mainly U.S.-listed stocks, plus certain options and convertible bonds. The SEC publishes an official list each quarter.
What a 13F shows, and what it doesn't
| Shows | Doesn't show |
|---|---|
| Each holding's issuer, CUSIP, share count and market value at quarter end | Short positions |
| Put and call options on 13(f) securities | Cash, bonds, most foreign stocks, crypto |
| Changes from quarter to quarter (by comparison) | When during the quarter a trade happened, or at what price |
Managers can also ask the SEC to keep some positions confidential for a time, so a 13F may be incomplete.
13F versus 13D and 13G
- Schedule 13D: filed by anyone who acquires more than 5% of a company's voting shares with an intent to influence it (activists). Since 2024 it is due within 5 business days; it used to be 10 days.
- Schedule 13G: the shorter form for passive 5%+ owners.
A new 13D is often more newsworthy than a 13F, because it is fresher and signals intent.
How to use 13F data well
- Compare two quarters to see what a manager added, trimmed, started or exited.
- Remember the lag: by the time you see it, the position may already have changed.
- Look at concentration. A fund's top 10 holdings say more about its conviction than a long tail of small positions.
FundsGo loads 13F filings for well-known funds, shows each portfolio as a chart, and marks new positions and exits.
Key takeaways
- 13Fs are quarterly, due 45 days after quarter end, from managers with $100M+.
- They show long U.S. equity positions only: no shorts, no cash, no timing.
- For fresher signals about large stakes, watch Schedule 13D filings.
Sources
- U.S. Securities and Exchange Commission: Form 13F frequently asked questions and the Official List of Section 13(f) Securities
- SEC amendments to beneficial ownership reporting (Schedules 13D and 13G), adopted 2023
Frequently asked questions
Who has to file a 13F?
Institutional investment managers with discretion over at least $100 million in Section 13(f) securities, mainly U.S.-listed stocks.
When are 13F filings due?
Within 45 days after the end of each calendar quarter.
Do 13F filings show short positions?
No. 13Fs list long positions in 13(f) securities and certain options; they don't show shorts, cash or the timing of trades.