Hedge-Fund 13F Analysis

Read what institutional managers own, compute what changed last quarter, infer why, and cross-reference against a portfolio. 13F is a lagged snapshot, not a trade signal — treat overlap as a conviction cross-check, never as a reason to skip your own valuation work.

What a 13F is (and is NOT)

A 13F-HR is a quarterly SEC filing required of managers with >$100M in US "13(f) securities".

• Lag: due 45 days after quarter-end (Q1 → ~May 15, Q2 → ~Aug 14, Q3 → ~Nov 14, Q4 → ~Feb 14). Today's "latest" is the most recent quarter whose deadline has passed.
• Long-only US equity: shows US-listed long positions + disclosed options (puts/calls appear as notional). Does NOT show shorts, cash, bonds, commodities, non-US listings, or crypto. A "100% GOOG" 13F may be a hedged book — the filing only shows one leg.
• Stale by design: a manager may have already sold what the filing shows. Use it for thesis and direction, not timing.

Sources (primary first)