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Form 13F

Also known as: 13F filing, 13F-HR, 13F holdings report

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Form 13F is the quarterly report that institutional investment managers exercising discretion over $100 million or more in Section 13(f) securities must file with the SEC, listing their holdings of those securities as of the last day of the quarter. It is due within 45 days after each calendar quarter ends.

How it works

  • Who files: hedge funds, mutual fund advisers, pension funds, banks, insurers and other managers above the $100 million threshold.
  • What is covered: "13(f) securities," mainly US exchange-traded stocks, plus certain options, ETFs and convertible securities. The SEC publishes the official list.
  • What is not covered: short positions, most bonds, cash, and many non-US holdings. A fund that is net short a stock can look long on its 13F.
  • Format: a table of each position with issuer, CUSIP, number of shares, market value and voting authority. Option positions show the underlying share count, not the premium.
  • Confidential treatment: managers can request temporary confidentiality for positions they are still building, though the SEC grants this sparingly.

Why it matters for traders

13Fs show where large managers were positioned, which is why "following the smart money" is a popular use. The limits are severe: data can be up to 45 days stale on filing day, shows only the quarter-end snapshot, and omits shorts and hedges. A position may have been sold before the 13F is public. 13Fs are best for spotting broad trends in institutional ownership and crowded holdings rather than for timing trades.

Example

Ironbridge Capital's 13F for the quarter ended June 30 is due by August 14. It shows a new position of 1.2 million shares of Lumen Grid Software (ticker LMGS) valued at $48,000,000, or $40 per share at quarter end. By the filing date the stock trades at $46, and nothing in the filing says whether Ironbridge still holds it.

FAQ

When are 13F filings due?

Within 45 days after the end of each calendar quarter, so roughly mid-February, mid-May, mid-August and mid-November.

Do 13Fs show short positions?

No. Form 13F covers long positions in 13(f) securities only.

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Related terms

Institutional ownershipThe share of a company's stock held by institutions such as mutual funds, pensions, hedge funds and banks, usually estimated from 13F filings.Schedule 13GA short-form SEC disclosure for investors who own more than 5% of a company's voting stock but hold it passively, without intent to influence control.Schedule 13DThe SEC disclosure an investor must file after acquiring more than 5% of a company's voting stock with an active intent, such as seeking change.Beneficial ownerA person who has or shares voting or investment power over a security, directly or indirectly, even if the shares are held in another name.

Part of the Quantisnow financial glossary. For longer explainers, see the investing guides. Educational content, not investment advice.