Form 13F

What Is a Form 13F?

Form 13F is a quarterly report that large institutional investors file with the Securities and Exchange Commission (SEC). It lists the equity securities the filer held on the last day of a calendar quarter. Filers include investment advisers, banks, insurance companies, and pension funds, among others. The requirement applies to managers that exercise investment discretion over a minimum level of qualifying assets, a threshold set in SEC rules. It stems from Section 13(f) of the Securities Exchange Act of 1934.

How It Works

Filers report their holdings of "13(f) securities," a category that generally includes equity shares traded on a national exchange or on Nasdaq, certain exchange-traded funds, and some listed options. Each position is listed by issuer, class, number of shares or contracts, and reported value. Filings are submitted electronically through EDGAR, the SEC's online filing system, and are due within 45 days after the end of each calendar quarter. Anyone can search and read the filings there.

For example, if a manager held 1,000 shares of a company on March 31, that position would appear in the Form 13F for the first quarter, which is due by mid-May. Because the deadline runs from quarter end, the information is always somewhat dated when it becomes public.

Why It Matters to Investors

Form 13F filings are widely followed because they show how large managers have positioned themselves. They also have clear limits. A Form 13F covers only the reportable securities, so it omits short positions, holdings not traded on U.S. exchanges, and many other assets. It is also a snapshot from a single date, so it does not show trades made during the quarter. The report does not explain why a manager holds a position or what it plans to do next. Changes between consecutive filings can be informative, but they should be read with care, since they reflect only the reported holdings and not the full strategy behind them.