Fund Holdings (13F)

Fund Holdings (13F)

Fund Holdings (13F): Method

What it does

An institutional investment manager (a fund company, a bank, an insurer, a pension fund, a hedge fund) that has investment discretion over 100 million dollars or more of U.S. listed securities must report its positions to the U.S. Securities and Exchange Commission (SEC) four times a year on Form 13F. The reports are public. This page shows the latest report of one of 25 large managers: every position kept on this site with its value, its share of the reported total, the number of shares, and the change in the number of shares from the report of the quarter before. It also shows the ten largest positions and, for a company you type, which of the 25 managers report its shares.

The data is a copy of the SEC's quarterly Form 13F data sets held on this site. Nothing is fetched when you open the page. The page describes what was reported. It gives no opinion on a manager or a security and is not a list of ideas to copy.

The method

The managers. One rule chose them. Of all Forms 13F-HR for the latest quarter in the SEC's data set, each manager's report in force is taken (the original report, or the latest amendment that restates the whole report). A report is used only when the total value it states agrees with the sum of its lines within 1 %. The 25 reports with the largest stated total are the list. The same managers' reports for the quarter before are loaded for the changes.

A position. A report can list one security on several lines (by sub-manager or by kind of discretion). Lines of one report with the same security identifier and the same put or call mark are added into one position. The 500 largest positions of each report are kept.

The columns.

value = market value at the quarter end as reported, in dollars (shown in millions)
of total = value / reported total of the report
change in shares = shares now − shares in the report of the quarter before
change = shares now / shares before − 1

A position is marked new when the security is not in the prior report. Where the prior report had more than 500 positions the page cannot tell a new position from one that was below the 500 largest, and says so. The same holds, the other way round, for positions that are no longer listed.

Concentration.

c₁₀ = 100 × (value of the ten largest positions) / (reported total)

Managers reporting a company. A position is tied to a company on this site when the issuer name written in the filings matches the company's name on file with the SEC and no other company's. The shares of all matched share classes are added for each manager. Option lines are not counted as shares.

What it assumes

• The reports are taken as filed, with the manager's own issuer names, classes and values.
• Values are in dollars. Form 13F has required values rounded to the nearest dollar for every report filed from 3 January 2023; before that they were in thousands of dollars. Both quarters on this site fall under the dollar rule.
• An amendment that only adds holdings to a report is not merged in.
• A change in shares is a difference between two quarter-end counts. It is not adjusted for stock splits.

When it misleads

• Long positions only. Short positions are not reported and not netted. A long position that is one half of a hedge looks like a plain holding.
• Not the whole portfolio. Only securities on the SEC's official list are reported: mostly U.S. listed shares and funds, some options, warrants and convertible debt. Cash, bonds, foreign-listed shares, private assets, futures and swaps are absent.
• Old by the time you read it. The positions are those of the last day of the quarter; the report is due within 45 days after it. A manager may also be granted confidential treatment and leave positions out for a time.
• Options are reported at the value of the underlying shares. For a market maker or an options trading firm these lines make the total many times larger than the money invested, and they push such firms up a ranking by size.
• The manager is not one fund. A large report adds index funds, client accounts and trading books. Its changes mostly follow money flowing in and out and index changes, not decisions about a company.
• Name matching. The company view finds positions by the issuer name in the filings. A company written differently there is missed, and the 25 managers are a small part of all holders.

Worked example

BlackRock, Inc., Form 13F for the quarter ended 30 June 2026 (filed 7 August 2026). The report states a total value of 6,729,538,649,155 dollars in 5,696 positions. Its largest position is NVIDIA Corporation common stock: 1,941,918,386 shares valued at 388,558,449,933 dollars.

of total = 388,558,449,933 / 6,729,538,649,155 = 5.77 %

The report for 31 March 2026 listed 1,925,533,174 NVIDIA shares:

change in shares = 1,941,918,386 − 1,925,533,174 = +16,385,212
change = 1,941,918,386 / 1,925,533,174 − 1 = +0.9 %

The ten largest positions add up to 1,884,619,646,468 dollars:

c₁₀ = 100 × 1,884,619,646,468 / 6,729,538,649,155 = 28.0 %

Read with the limits above: the report adds up every account the manager has discretion over, index funds included, and the count is that of one day. A change of under one percent in a share count is a difference between two quarter ends and nothing more.