Education Hub
Master the art of analyzing institutional investment data
Understanding the 13F Timeline
13F filings are always looking backward. Here's what you need to know about data freshness.
Fresh Data: We're still within the filing window. Not all funds have filed yet.
Key Insight
13F data is always backward-looking. When you see a fund's positions, you're looking at what they owned at the end of last quarter, not what they own today. Smart money may have already moved on.
Common Mistakes to Avoid
Learn from others' errors. These are the most common misunderstandings about 13F data.
Assuming 13F Data is Real-Time
Many investors believe 13F filings show current holdings, but the data can be up to 135 days old.
Ignoring Options Positions
13F filings only show long positions in stocks and certain derivatives. Put options, short positions, and many other instruments are not disclosed.
Overanalyzing Small Positions
Positions under $200,000 or less than 10,000 shares don't need to be reported. Small positions you see might be remnants or rounding errors.
Copying Trades Without Context
Blindly following institutional trades ignores their investment timeline, risk management, and overall strategy.
Misunderstanding Quarter Boundaries
Trades shown in 13F filings could have happened anytime during the quarter, not at quarter-end.
Missing Confidential Holdings
Funds can request confidential treatment for certain positions, which delays their disclosure or hides them entirely.
Ignoring Market Impact Differences
Large funds face constraints that retail investors don't - they can't easily enter or exit positions without moving the market.
Focusing Only on Successful Funds
People tend to follow famous successful funds, ignoring that many institutional investors underperform.
Pro Tip
The best way to use 13F data is as a starting point for your own research. Think of it as seeing what the "smart money" was interested in last quarter, then do your own analysis to see if those opportunities still exist today.
Video Tutorials
Visual learner? Watch our comprehensive video guides on 13F analysis.
Introduction to 13F Filings
Learn the basics of 13F filings, what they contain, and why they matter for investors.
How to Read a 13F Filing
Step-by-step guide to understanding every section of a 13F filing document.
Understanding 13F Data Limitations
Critical limitations you must know before making investment decisions based on 13F data.
Analyzing Hedge Fund Strategies
How to identify patterns and strategies from quarterly 13F filings.
Getting Started with HedgeRecon
Complete walkthrough of HedgeRecon features and how to use them effectively.
Tracking Institutional Portfolio Changes
Learn how to monitor and analyze quarter-over-quarter portfolio changes.
More Videos Coming Soon
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Financial Glossary
Confused by the jargon? Find clear definitions of all financial terms used in 13F analysis.
13F Filing
A quarterly report required by the SEC for institutional investment managers with over $100 million in assets under management. Filed within 45 days after each quarter end.
Assets Under Management
The total market value of investments that an institution manages on behalf of clients. Managers with >$100M AUM must file 13F reports.
High Conviction
When an investor has strong confidence in an investment, often shown by large position sizes (>5% of portfolio) or concentrated bets.
Data Lag
The delay between when trades occur and when they're publicly disclosed. Can be up to 135 days due to quarterly reporting.
Decreased Position
When a fund owns fewer shares of a stock compared to the previous quarter, indicating they sold some but not all.
EDGAR Database
Electronic Data Gathering, Analysis, and Retrieval system - the SEC's public database where all 13F filings are published.
Filing Deadline
Institutional investors must file their 13F reports within 45 days after the end of each calendar quarter.
Hedge Fund
A pooled investment fund that employs various strategies to earn returns for investors. Typically requires high minimum investments and charges performance fees.
Holdings
The complete list of securities (stocks, ETFs, etc.) owned by an institutional investor at the end of a quarter.
Increased Position
When a fund owns more shares of a stock compared to the previous quarter, indicating they bought more.
Institutional Investor
Organizations that invest large sums of money on behalf of others, including hedge funds, mutual funds, pension funds, and insurance companies.
Market Value
The total value of a position calculated by multiplying the number of shares by the stock price at quarter end.
New Position
A stock that appears in a fund's holdings for the first time, indicating they bought it during the quarter.
Options
Derivative contracts that give the right to buy (calls) or sell (puts) a stock at a specific price. Must be disclosed in 13F filings.
Portfolio Value
The total market value of all holdings at the end of the reporting period. Calculated using quarter-end closing prices.
Position
An investment holding in a specific security. Can be a new position (recently bought), increased, decreased, or sold out completely.
Position Size
The percentage of a portfolio that a specific holding represents. Large positions (>5%) often indicate high conviction.
Quarter End
The last day of a calendar quarter when portfolio snapshots are taken. Q1: Mar 31, Q2: Jun 30, Q3: Sep 30, Q4: Dec 31.
Securities and Exchange Commission
The U.S. federal agency that regulates the stock market and requires institutional investors to file 13F reports.
Sold Out Position
A stock that was in the previous quarter's holdings but is completely absent in the current filing, indicating the fund sold all shares.
📝 Missing a Term?
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