What is a 13F Filing?

SEC Form 13F is a quarterly report filed with the United States Securities and Exchange Commission (SEC) by institutional investment managers who exercise investment discretion over $100 million or more in Section 13(f) securities. The filing requirement was established under Section 13(f) of the Securities Exchange Act of 1934.

The 13F filing provides transparency into the holdings of the largest institutional investors in the United States. By requiring these disclosures, the SEC aims to give the public insight into the investment decisions of major market participants, including hedge funds, mutual funds, pension funds, insurance companies, and banks.

Each quarter, qualifying investment managers must disclose their long positions in U.S.-listed equities, exchange-traded funds (ETFs), and certain other securities. This includes the name of the issuer, the class of the security, the CUSIP number, the number of shares held, and the total market value of the position. You can browse the latest filings on our filings page.

Any institutional investment manager with investment discretion over $100 million or more in Section 13(f) securities is required to file Form 13F. This threshold is based on the fair market value of the qualifying securities held at the end of any month during the calendar year. Once the threshold is met, the manager must continue to file for all subsequent quarters in that calendar year and the following calendar year.

The types of institutions that commonly file 13F reports include:

• Hedge funds — Including well-known firms like Bridgewater Associates, Renaissance Technologies, and Citadel. Track major hedge funds on our largest funds ranking.
• Mutual fund companies — Major asset managers like Vanguard, BlackRock, Fidelity, and State Street.
• Pension funds — Including state pension funds and corporate retirement plans managing over $100 million.
• Insurance companies — Firms that invest policyholder premiums in equity markets.
• Bank trust departments — Banks that manage investment portfolios on behalf of clients.
• Endowments and foundations — University endowments and charitable foundations with large investment portfolios.

Individual investors, family offices (with certain exceptions), and foreign institutions without a U.S. business presence are generally not required to file 13F reports. However, some choose to file voluntarily.

Each 13F filing contains a detailed table of the manager's holdings in Section 13(f) securities. For each position, the filing includes:

Section 13(f) securities include U.S.-listed equities, ETFs, closed-end funds, and certain convertible debt securities. Notably, 13F filings do not include short positions, fixed income securities, foreign-listed securities, commodity futures, or private placements. See our trends page to see what stocks are being bought and sold.

13F filings must be submitted to the SEC within 45 calendar days after the end of each calendar quarter. The filing deadlines are:

This 45-day delay is one of the most important factors to consider when analyzing 13F data. By the time a filing becomes public, the positions may have already changed significantly. A manager could have bought or sold their entire position in the weeks between the quarter end and the filing date.

Most large institutional investors file their 13F within a few weeks of the deadline. You can monitor the latest filings as they come in on our latest filings feed.

While 13F filings are an invaluable source of institutional ownership data, they come with several important limitations that investors should understand:

Despite its limitations, 13F data is a powerful research tool when used correctly. Here are some effective ways to incorporate 13F analysis into your investment process:

1. Track Conviction Positions

Look at positions that represent a large percentage of a fund's portfolio. When a top manager allocates 10% or more of their portfolio to a single stock, it signals high conviction. Our most concentrated funds ranking helps you identify these high-conviction investors.

2. Follow the Smart Money

Monitor funds with strong long-term track records. When multiple respected managers are buying the same stock, it can be a bullish signal. Use our trends page to see which stocks are being accumulated by institutional investors.

3. Identify Crowded Trades

When too many hedge funds own the same stock, it can create crowding risk. If sentiment shifts, the exit can be crowded as well. Check our institutional trends to see which positions are becoming crowded.

4. Monitor Portfolio Changes

Compare quarter-over-quarter changes to understand how managers are adjusting their portfolios. New positions, increased positions, and closed positions all tell a story about the manager's outlook. The most active funds ranking shows which managers are making the biggest changes.

5. Sector and Macro Analysis

Aggregate 13F data across many filers to identify sector-level trends. If institutional investors as a group are rotating from technology into healthcare, it may signal a broader shift in market sentiment. Our sector rotation chart on the trends page visualizes these shifts.

6. Due Diligence for Individual Stocks

Before investing in a stock, check its institutional ownership profile. Knowing which funds hold a stock, how concentrated the ownership is, and whether institutions are buying or selling can provide valuable context for your investment decision. Search for any stock on HedgeTrace to see its institutional ownership profile.