What a 13F contains
A 13F lists the long US-listed equity and certain related positions a manager held at the end of a quarter. It reports the company, the share count and the market value at quarter end. It does not show short positions, cash, or most private holdings.
Why it is always out of date
The report describes the portfolio on a past date and is published weeks later. By the time you read it, the manager may have bought or sold. A 13F tells you what was held, not what is held today.
How to read the changes
- New positions. A stock that did not appear last quarter.
- Increases and decreases. A change in share count, which is more informative than a change in value, because value moves with the price.
- Exits. A position that disappeared, which can be as informative as a new one.
Compare several quarters before reading anything into one change, and check whether the manager has a record worth following.
How Atradian uses 13F data
Superinvestor holdings from 13F filings are one dataset within smart money tracking, shown next to regime and news. Use them as a prompt for research, and check the filing behind each item.