Form 13F
Institutional investors managing more than $100 million must file Form 13F with the SEC within 45 days after each quarter ends, disclosing their long positions in U.S. stocks. It is a public window into what well-known funds are doing.
How to read it
Comparing the 13Fs from two consecutive quarters shows which stocks an institution initiated, added to, trimmed or sold out of entirely.
13Fs from institutions with concentrated, low-turnover portfolios (Berkshire Hathaway, for example) are highly informative. High-frequency and quant funds change positions so quickly that a quarterly snapshot means little.
Common pitfalls
- The data lags by up to 45 days, and the institution may already have repositioned by the time you see it.
- A 13F discloses only long equity positions and some options. It leaves out short positions, bonds, cash and non-U.S. assets, so you never see the whole portfolio.
On FinDog
The Institutions page tracks the latest 13Fs from a group of well-known institutions and sorts their moves into new positions, additions, reductions and exits. Each stock page shows which well-known institutions hold the stock.
See institutional holdings →Related terms
- Insider Transactions (Form 4)When a company's executives, directors or shareholders owning more than 10% buy or sell the company's stock, they must disclose the trade on Form 4 within two business days. This refers to legal, publicly disclosed trades, not the illegal practice of trading on inside information.
- Market CapitalizationMarket capitalization is the share price multiplied by total shares outstanding: the price the market puts on all of a company's equity. To compare the size of companies, look at market cap, not share price.