Form 13F provides a view of certain securities reported by institutional investment managers. It is a source for holdings research, but the boundaries of the form matter.
What can appear
The SEC's official list primarily includes U.S. exchange-traded stocks, exchange-traded funds and shares of closed-end investment companies. Certain convertible debt securities, equity options and warrants may also be included. A description of the data as only ordinary U.S. shares is too narrow.
What the form leaves out
Short positions are not included. The SEC also explains that shares trading on non-U.S. exchanges should not be reported on the form. These limitations alone make the disclosure unsuitable as a complete picture of an investment manager's portfolio.
Compare holdings carefully
Two reporting dates show two snapshots. They do not reveal every trade between those dates. A difference in the reported market value can reflect price changes, position changes or other factors; it is not a calculation of the manager's investment return.
A research interface can accurately describe a reported holding, a change in reported share count or concentration within the disclosed securities. It should preserve the filing date and period, distinguish amendments, and avoid relabeling the disclosed total as the firm's overall assets.
The Review's approach
A future holdings tracker will identify the reporting entity, source filing and period. Family office classifications will need separate evidence. The founding edition does not yet include an automated holdings tracker or computed performance series.
Source
SEC: Frequently Asked Questions About Form 13F, particularly questions 7–8 and 40–43.