Institutional holdings

What Form 13F contains

An institutional investment manager must generally file Form 13F when it exercises investment discretion over at least $100 million in securities on the SEC's official Section 13(f) list. The report describes the manager's reportable holdings at the end of a calendar quarter.

A holdings report has three main parts:

1. Cover information identifies the filing manager, report period, report type, amendment details, and other managers named in the filing
2. Summary information gives the number of information-table entries and their total market value
3. The information table lists each reported holding

Which securities count

The SEC publishes an official list each quarter that tells managers which securities count toward the $100 million filing threshold and belong in the information table. It primarily covers US exchange-traded stocks, shares of exchange-traded and closed-end funds, and certain convertible debt, equity options, and warrants.

Securities outside the list should not appear on Form 13F. This excludes open-end mutual funds and securities traded only on non-US exchanges, among other assets. The list can change from one quarter to the next, so a security disappearing from a 13F does not by itself show that the manager sold it.

The SEC's Form 13F FAQ explains the filing threshold, reportable securities, and common exceptions.

Reading a holding

Each information-table row describes one reported holding at quarter end. Read the row through these groups of information:

• Security: the issuer name, security class, CUSIP, and an optional put or call designation
• Position: the reported quantity, quantity type, and market value
• Investment discretion: whether the filing manager has sole discretion or shares it with other managers
• Voting authority: the quantity for which the manager reports sole, shared, or no voting authority

The quantity type tells you whether the amount is a share count or a principal amount. Principal amount is the face or principal amount of an instrument, such as some debt or convertible securities.

For a put or call, most fields describe the underlying security. The quantity is the number of underlying shares represented by the option position, not the number of option contracts.

Investment discretion and voting authority answer different questions, so their values do not need to match. A row can also point to other managers named in the filing when they share investment discretion.

The manager holdings endpoint returns the current set of reported rows for a manager and quarter after applying amendments. The manager positions endpoint adds together rows for the same security and position type. For example, three Apple common-stock rows become one Apple common-stock position, while Apple put and call positions remain separate.

Reports, notices, and amendments

Form 13F uses different submission types for holdings and notices:

• 13F-HR is a holdings report with an information table
• 13F-NT is a notice that one or more other managers report the securities; it has no information table of its own
• 13F-HR/A and 13F-NT/A amend those filings

A filer labels a holdings amendment as either a restatement, which supplies a complete corrected information table, or new holdings, which adds entries omitted from an earlier report. Chadwin follows that designation when it builds the manager's current holdings for the quarter.

A holdings report can also name other managers and include positions reported for them. Those relationships come from the filing; they do not mean that each named manager filed the same information table separately.

Important details

• Form 13F is a quarter-end snapshot, not a trade record. It does not state when the manager acquired a security or show purchases and sales made during the quarter.
• It is not the manager's full portfolio. Form 13F omits securities outside the quarterly list and short positions. A manager can also omit a position when it is both under 10,000 shares and under $200,000, and confidential treatment can delay public disclosure of some positions.
• Old and new filings use different value units. Chadwin converts the thousands-of-dollars values used before January 3, 2023 to whole US dollars so values remain comparable across periods.
• Company links are derived. Form 13F identifies a security but does not supply the issuer's SEC CIK. Chadwin maps a security to a listed company only when it has a confident match; no match does not mean the security is missing from the filing.