Who must file Form 13F?
Institutional investment managers that exercise investment discretion over at least $100 million in securities on the SEC’s official 13F list generally must file. Managers can include investment advisers, banks, insurance companies, pension funds and corporations managing their own portfolios.
The filing identifies the manager and lists reportable securities with issuer, class, CUSIP, value and share or principal amount. Additional fields can indicate discretion, other managers and voting authority.
When are 13F filings due?
Form 13F is generally due within 45 days after the end of each calendar quarter. That means the market may not see a December 31 position until mid-February. A manager can trade before or after the reporting date, so the disclosed holding may already be smaller, larger or closed when the filing appears.
Confidential-treatment requests and later amendments can create additional gaps or changes. Accurate research distinguishes the quarter-end report date, filing timestamp and the date a comparison page was last refreshed.
- Q1 holdings: generally due in mid-May.
- Q2 holdings: generally due in mid-August.
- Q3 holdings: generally due in mid-November.
- Q4 holdings: generally due in mid-February of the following year.
What 13F does not show
A 13F is not the manager’s entire book. It generally omits short positions, cash, many foreign securities, private investments and numerous derivative exposures. Reported put and call positions do not reveal the full strategy or underlying hedge. Market value can change because of price movement even when share count stays constant.
Analyze share changes across consecutive quarters, position weight within the disclosed book and corporate actions such as splits or mergers. Use the result to generate research questions, then check current company information rather than copying a delayed snapshot.
Primary sources
Definitions, source details and material claims were checked against these primary references.