Explainer · Earnings & Analyst Ratings
Institutional ownership and 13F filings
Every quarter, large money managers tell the SEC which stocks they held. Those Form 13F reports are public and widely quoted, but they arrive weeks late and show only part of the picture.
Quick answer
Form 13F is a quarterly holdings report filed by institutional investment managers with $100 million or more in Section 13(f) securities. It is due within 45 days after each quarter ends [1], and it lists long positions only, not short positions [2].
Key points
- Managers with investment discretion over $100 million or more in Section 13(f) securities must file Form 13F every quarter [1].
- The report is due within 45 days of quarter end, so holdings can be up to 45 days old when they first appear (calculated from [1]).
- A 13F shows long positions in 13(f) securities only: no short positions [2] and no mutual fund shares [1].
- Investors who own more than 5% of a class of a company's stock file Schedule 13D or 13G, a separate report [5].
- A manager holding a stock tells you what it owned on one date, not what it thinks now or what you should do.
On this page
What is a Form 13F?#
Form 13F is a quarterly report of stock holdings filed with the SEC by large money managers. The SEC's investor site says an institutional investment manager that exercises investment discretion over $100 million or more in Section 13(f) securities must report its holdings quarterly on Form 13F [1].
"Institutional investment manager" is a broad label. It can include investment advisers, banks, insurance companies, broker-dealers, pension funds and corporations [1]. For each holding, the form lists the security's name and class, its CUSIP identifier, the number of shares and the total market value [1].
If a stock page shows "institutional ownership" or a list of top institutional holders, it helps to know what these filings do and do not cover. Our guide to SEC filings: 10-K, 10-Q and 8-K covers the reports the company itself files.
Who has to file a 13F, and when does it start?#
The $100 million test is checked at month ends. The SEC staff tells managers to calculate fair market value as of the last trading day of each month of the year to see whether they meet the threshold [2]. Once a manager crosses it, the first filing is due within 45 days after the end of the fourth quarter of that calendar year, and later filings are due within 45 days after each quarter [2].
Not every investment counts toward the test or appears on the form. Section 13(f) securities generally include exchange-traded stocks, certain equity options and warrants, shares of closed-end funds and certain convertible debt [1]. Shares of open-end funds, meaning mutual funds, are not Section 13(f) securities [1]. The SEC publishes the official list of 13(f) securities on its website after each quarter [2].
What does a 13F show, and what does it leave out?#
A 13F is a snapshot of long positions on the last day of a quarter. That makes it useful for seeing who held a stock, and easy to over-read. The SEC staff is explicit that short positions do not go on the form, and that managers should not subtract a short position from a long one in the same security; they report only the long position [2]. Here is what you will and will not find, side by side.
| Item | On a 13F? | Why it matters |
|---|---|---|
| Exchange-listed stocks held long | Yes | The core of the report: shares and market value per holding |
| Certain equity options and warrants | Yes, if on the 13(f) list | A position can be an option, not shares |
| Short positions | No | A manager can be net short and still show a long holding |
| Mutual fund shares | No | Open-end fund shares are not 13(f) securities |
| Trades made after quarter end | No | The report shows positions on one date only |
The form also says nothing about why a manager bought or sold, what price it paid, or whether a position was a hedge for something else. If you want to understand the short side of the market, see our page on short selling.
How old is the data in a 13F?#
Often weeks old. Holdings are reported as of the end of the calendar quarter [2], and the filing is due up to 45 days later [1]. For the quarter ending June 30, 2026, the deadline is August 14, 2026 (calculated). Someone reading that same report on September 30, 2026 is looking at positions that are 92 days old (calculated), and the manager may have traded since.
How is a 13F different from Form 4 and Schedule 13D?#
Three kinds of ownership reports get mixed up. Form 4 comes from company insiders: directors, officers and holders of more than 10% [3], and it is due within two business days of a trade [4]. Schedule 13D or 13G comes from any investor who beneficially owns more than 5 percent of a covered class of a company's equity [5]. The SEC's 2023 amendments shortened the initial Schedule 13D deadline from 10 days to five business days [5]. Form 13F is the broad, slow, quarterly list. Our explainer on Form 4 and insider buying and selling covers the first one in depth.
| Report | Who files | Timing |
|---|---|---|
| Form 4 | Directors, officers and more-than-10% holders of the company | Within 2 business days of a trade |
| Schedule 13D | An investor owning more than 5% of a class | Initial filing within 5 business days |
| Form 13F | Managers with $100 million or more in 13(f) securities | Quarterly, within 45 days of quarter end |
Sources: [3] [4] [5] [1]. Some more-than-5% investors file Schedule 13G instead [5].
How can a beginner use 13F data sensibly?#
Some stock pages show an "institutional ownership" percentage. We have no primary source on how each site calculates it, so treat it as an estimate and check the date it refers to. As a simple illustration, if 13F filers together reported 31.2 million shares of a hypothetical company with 50 million shares outstanding, that would be 62.4% (calculated). Compare that with the company's market cap and share count on its own filings.
- Find the filing on EDGAR
Search EDGAR with the manager's name in the Company Name field to pull up its 13F reports.
- Check the period
Note the quarter-end date the holdings refer to and how many days have passed since.
- Look at the type of position
See whether a line is shares or an option, and remember short positions are not shown.
- Compare two quarters
A change between quarters shows that the reported position changed, not why, or at what price.
- Go back to the company
Use the company's own 10-K and 10-Q to judge the business. A 13F tells you who held the stock, not whether it is a good business.
The first step comes straight from the SEC: to find a particular money manager's filings, enter the manager's name in the Company Name field on EDGAR [1]. EDGAR access is free [6].
Mistakes beginners make with 13F filings#
- Ignoring the short side
Short positions are left off the form [2], so a long holding may be part of a hedged or net-short position.
- Reading a holding as a recommendation
A manager's position reflects its own mandate, clients and timing. It is not advice for you.
- Confusing 13F with 13D
A 13F is a broad quarterly list. A Schedule 13D is filed by an investor who owns more than 5% of a class of a company's stock [5], a much more specific event.
- Expecting to see every investment
Mutual fund shares are not 13(f) securities [1], so they do not appear on the form.
Frequently asked questions#
Who has to file a 13F?
When are 13F filings due?
Within 45 days after the end of each calendar quarter [1]. For the quarter ending June 30, 2026 that is August 14, 2026 (calculated).
Do 13F filings show short positions?
No. The SEC staff says short positions should not be included and should not be netted against long positions [2].
Are 13F filings free to read?
Should I buy what big funds buy?
A 13F cannot tell you that. It shows what a manager held on one past date, without its reasons, its exit plans or its short positions. Make decisions on the company's own reports and your own risk.
The bottom line#
A 13F tells you which long positions a large manager held at the end of a quarter, up to 45 days after the fact. It does not show short positions, mutual fund shares or anything that happened after quarter end. Use it to understand who owns a stock, then go back to the company's own filings. For faster ownership reports from company insiders, read our guide to Form 4, and see the risk disclosure before acting on any of it.
Sources
- Form 13F -Reports Filed by Institutional Investment Managers.
- Frequently Asked Questions About Form 13F.
- SEC.gov | Officers, Directors and 10% Shareholders.
- 17 CFR 240.16a-3 Reporting transactions and holdings.
- SEC Adopts Amendments to Modernize Beneficial Ownership Reporting.
- Using EDGAR to Research Investments.
Education only. This page is not investment, tax or legal advice. Stocks can lose value. See our risk disclosure.
