Glossary
Form 13F
The quarterly SEC report institutional managers with $100 million or more in US equities file to disclose their holdings.
On this page
Form 13F is a quarterly report that institutional investment managers file with the SEC to disclose their holdings of US-listed stocks and certain related securities. A manager must file once it exercises investment discretion over $100 million or more of these "13(f) securities". Because hedge funds, pension funds, banks and mutual fund companies all qualify, 13F filings are a popular, if imperfect, window into what large investors own.
How it works
The report is due within 45 days after the end of each calendar quarter. It lists each position by issuer, CUSIP, number of shares and market value as of quarter-end, plus voting authority. Covered securities are on an official SEC list and include exchange-traded stocks, some ETFs, listed options and certain convertible securities.
What a 13F does not show
- Short positions are not reported, so a long holding may be part of a hedged or pairs trade.
- Non-US stocks, most bonds, cash and many derivatives are outside the form.
- Timing: only quarter-end snapshots, filed with a lag of up to 45 days.
- Confidential treatment: managers can ask the SEC to delay disclosure of positions they are still building.
For larger, faster-moving stakes, investors watch Schedules 13D and 13G, which are triggered by owning more than 5% of a company's shares, and Form 4 for insiders.
Related terms
Sources and further reading
- SEC — Frequently asked questions about Form 13F