How to Read SEC Form 13F Filings

A practical guide to understanding institutional ownership disclosures from the SEC.

What Is Form 13F?

SEC Form 13F is a quarterly filing required of institutional investment managers with at least $100 million in qualifying assets under management. The filing discloses the manager's long positions in publicly traded US equity securities as of the end of each calendar quarter.

These filings are public record and provide a window into what the largest institutional investors — hedge funds, mutual funds, pension funds, and investment advisors — are holding in their portfolios.

What Data Does 13F Include?

Security Name (Name of Issuer)
The company whose shares are held
CUSIP Number
A unique 9-character identifier for the security
Share Count (sshPrnamt)
Number of shares or principal amount held
Market Value
Value in thousands of dollars at quarter end
Investment Discretion
Whether the manager has sole, shared, or defined discretion
Voting Authority
Whether the manager has sole, shared, or no voting authority
Put/Call Indicator
For options positions — whether put or call options

Key Limitations to Understand

⏰ 45-Day Delay
Filings are due 45 days after quarter end. By the time you see the data, positions may have changed significantly.
📉 Long Positions Only
13F only covers long equity positions. Short positions, bonds, derivatives (except certain options), and foreign securities are not required to be disclosed.
💰 $100M Threshold
Only managers with $100M+ in qualifying assets must file. Smaller funds are invisible in this data.
🔢 Aggregated Positions
Multiple accounts managed by one firm are aggregated. A single 13F may represent hundreds of underlying client accounts.
🌍 US Securities Only
Only securities listed on US exchanges (or convertibles and certain warrants) are required to be reported.

FAQ

When are 13F filings due?

Within 45 calendar days after the end of each quarter. Q1 (March 31) → due by May 15. Q2 (June 30) → due by August 14. Q3 (September 30) → due by November 14. Q4 (December 31) → due by February 14.

Who must file Form 13F?

Institutional investment managers that exercise investment discretion over $100 million or more in Section 13(f) securities. This includes mutual funds, hedge funds, pension funds, banks, insurance companies, and investment advisors.

Can I use 13F data for investment decisions?

Institutional ownership data can be one signal among many, but it has significant limitations (45-day delay, no shorts disclosed, aggregated data). Always consult a licensed financial advisor before making investment decisions.

Not Investment Advice: PlainFundData presents SEC 13F data for informational purposes only. This is not investment advice. Always consult a licensed financial advisor.