13F filings

Also called: 13f, hedge funds, buffett, super investors

Every investment manager with more than $100 million in US shares must tell the SEC what it owns at the end of each quarter, on a form called a 13F.

Formula

Change in a position = Shares this quarter ÷ Shares last quarter − 1

Worked example

1. 1. We read the manager's two latest 13F filings from SEC EDGAR.
2. 2. Each security's shares this quarter are compared with last quarter.
3. 3. New = not held before · Added / Reduced = share count changed by 1% or more · Sold = no longer held.
4. Portfolio weight = Position value ÷ Total value of all reported positions.

How to read it

13Fs are published up to 45 days after the quarter ends, so they show what these investors held, not necessarily what they hold today. They only cover US-listed shares and options, not cash, bonds, short positions or foreign shares, so they're a partial picture.

SEC EDGAR 13F-HR filings

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