How to read a Form 13F information table
TL;DR
- The information table lists each reportable position a manager held as of the last day of a calendar quarter: issuer, class, CUSIP, dollar value, share count, put/call designation, and reporting period.
- A filing becomes public up to 45 days after quarter-end, so the snapshot is always stale by the time you see it.
- Filing 13F data is a regulatory disclosure, not investment advice — it omits short positions, certain derivatives, and very small holdings under a de minimis threshold.
What is an SEC Form 13F?
Section 13(f) of the Securities Exchange Act of 1934 requires institutional investment managers with discretion over $100 million or more in Section 13(f) securities to file quarterly reports. This disclosure regime increases public visibility into institutional securities holdings.
The form has two main parts: a cover page identifying the manager and an information table listing every reportable position. This article focuses on reading the information table. See our guide on /en/us-stocks for context on the underlying securities.
Not all securities qualify. Section 13(f) securities are identified on the SEC's Official List and primarily include U.S. exchange-traded stocks, closed-end investment company shares, and ETFs. Open-end mutual funds are excluded.
The information table column by column
A Form 13F information table is structured as a grid. Each row represents one position. The columns, in order, are:
| Column | What it shows | How to interpret it | Source |
|---|---|---|---|
| Name of Issuer | The company or fund that issued the security | Not the manager — the issuer. Alphabet Inc., not Berkshire Hathaway. | SEC |
| Title of Class | The specific security class held | Distinguishes Class A from Class C shares, preferred stock, or convertible debt. | SEC |
| CUSIP | The 9-character identifier assigned to the security | Ensures you are looking at the exact instrument, not a similarly named one. | SEC |
| Value (x $1,000) | Aggregate market value of the position | Expressed in thousands. A value of 152,000 means approximately $152 million. | SEC |
| Shares / PRN Amount | Number of whole shares or principal amount | For equity, this is the share count. For convertible debt, it is the principal amount. | SEC |
| Investment Discretion | Who controls the position | May indicate "sole," "shared," or reference another manager. | SEC |
| Sole Voting / Shared Voting / None Voting | Voting authority over the position | Shows whether the manager can vote the shares independently. | SEC |
| Put / Call | Whether the position is an option | "Put" or "Call" appears for options on the Official List. Left blank for outright equity positions. | SEC |
| Other Manager | Reference to a reporting manager | Used when a filing agent shares reporting responsibility. | SEC |
Reading the value column
The value column reflects the aggregate market value at quarter-end, not the filing date. The figure is expressed in thousands — 50,000 means roughly $50 million. For options, you report the value of the option position, not the underlying shares SEC.
Reading the shares column
The shares or PRN amount column records the number of shares or units held. For put and call options, report the number of shares the contracts have the right to control — not the number of contracts. One standard equity option contract covering 100 shares would appear as 100.
Understanding the put/call designation
The put/call column appears only for option positions. A manager holding a long put enters "Put"; a long call enters "Call." The SEC does not require managers to report options they have written (sold). Critically, the CUSIP listed for options matches the underlying security's CUSIP, not the option's own CUSIP.
The reporting period
Each information table corresponds to a calendar quarter. Positions are snapshot values as of the last day — March 31, June 30, September 30, or December 31. The filing deadline is 45 calendar days after quarter-end. If the deadline falls on a weekend or holiday, the due date shifts to the next business day.
The lag problem
The most important caveat when reading a 13F information table is its inherent delay. A filing reflects positions as of the end of the calendar quarter and may be filed up to 45 days later. The SEC states plainly that "the information may be stale and should not be construed as an endorsement, recommendation, or indication that the manager still holds those securities."
By the time a Q1 filing becomes public in mid-May, the manager may have bought, sold, or entirely exited positions. This lag is structural—built into the reporting schedule. Treat 13F data as a historical snapshot, never as a live portfolio. For more on interpreting institutional data correctly, see our overview of /en/us-stocks analysis methods.
What Form 13F does not tell you
Omissions and the de minimis rule
Managers may omit positions that meet both conditions: fewer than 10,000 shares and less than $200,000 aggregate market value. Both thresholds must be met for the omission to apply.
Short positions are excluded
Form 13F requires reporting long positions only. Managers do not report short positions, nor net them against long ones in the same issuer.
Mutual funds and most fixed income
Shares of open-end investment companies (mutual funds) are not Section 13(f) securities. Most bonds, money market instruments, and foreign-only securities fall outside the scope. Absence from 13F does not mean the manager holds none — only that they are not reportable.
Confidential treatment
Managers may request confidential treatment for positions being actively accumulated or disposed of. The SEC may grant confidentiality for 3–12 months. If the period expires, the manager must file an amendment within six business days.
Common errors and fixes
| Error | Cause | Fix | Source |
|---|---|---|---|
| Treating value as current market value | The value is as of quarter-end, not filing date | Cross-reference with reporting date; use the filing date as the "as of" reference | SEC FAQ |
| Confusing option contract count with share count | The shares column reports underlying shares, not contracts | One contract = typically 100 shares; read the shares column as total exposure | SEC instructions |
| Assuming missing securities means zero holdings | De minimis positions, shorts, mutual funds, and confidential positions are excluded | Check de minimis thresholds; read footnotes; supplement with other disclosures | ACN 13F FAQ |
| Treating the filing as investment advice | 13F is a regulatory disclosure, not a recommendation | SEC states holdings "should not be construed as an endorsement, recommendation, or indication that the manager still holds those securities" | SEC FAQ |
| Looking up the option CUSIP | The table lists the underlying security's CUSIP, not the option's | Identify the underlying by CUSIP; check the put/call column for designation | SEC instructions |
Locating a filing on EDGAR
EDGAR lets you look up 13F filings by company name, CIK number, or filing date. Once you open a 13F-HR (holdings report), the information table is available as an interactive viewer or downloadable XML. That XML feeds our /en/us-stocks tracker.
Practical tips for comparing filings across quarters
Comparing two 13F filings from the same manager reveals how holdings shifted. A few rules of thumb:
- Always align on reporting date, not filing date. Compare Q1 to Q1, not Q1 to Q2. Market-price changes can alter dollar values without any trade.
- Track share counts more than dollar values. A share count change is an actual transaction; a value change may just be price movement.
- Watch for new CUSIPs. A new CUSIP shows the manager initiated a new security class — a stronger signal than a value change.
- Check the put/call column. A call option has different risk characteristics than a long equity position.
Frequently asked questions (FAQ)
What does "x $1,000" mean in the value column?
Every number in that column must be multiplied by 1,000. A value of 25,000 represents approximately $25 million. The SEC specifies this denomination to keep the table compact.
Can a manager report positions they no longer hold?
The snapshot date is quarter-end. If a manager sold a position on January 15 but the quarter ended on December 31, the December 31 filing would still show that position. Post-quarter trades appear in the next filing or not at all (if de minimis).
Why are some positions missing from a filing?
Possible explanations: the position falls below the de minimis threshold, the security is not on the Official List of Section 13(f) securities, the manager holds a short position, or the position is under confidential treatment. Absence does not imply no exposure.
Does a 13F filing mean the manager recommends the security?
No. The SEC states that 13F holdings "should not be construed as an endorsement, recommendation, or indication that the manager still holds those securities." Filing is a regulatory obligation, not an opinion.
How often must managers file Form 13F?
Once the $100 million threshold is triggered, a manager files quarterly — four times per year. Each report covers positions as of quarter-end. The obligation continues for at least three quarters of the following year even if holdings drop below the threshold.
What happens if a manager files late?
The SEC does not grant extensions. Late filings increase regulatory risk and may result in enforcement action. In September 2024, the SEC charged 11 firms for filing failures with combined penalties exceeding $3.4 million, with individual penalties reaching $750,000.
Where can I find the original filing?
EDGAR, the SEC's electronic filing system, publishes 13F filings as soon as they are accepted — often the same day. You can search by company name, ticker, or CIK. The information table is available as an interactive viewer and downloadable XML.
Are derivative positions other than puts and calls reported?
Only equity options on the Official List of Section 13(f) securities may appear. Warrants and convertible debt may be reportable if on the list. Most other derivatives — swaps, futures, credit default swaps — are not reportable on Form 13F.
Sources
- SEC Form 13F — Frequently Asked Questions — Filing requirements, thresholds, column definitions, and stale-data guidance.
- SEC Form 13F Data Sets — SEC's extracted 13F data with disclaimers about freshness and accuracy.
- SEC Form 13F (PDF) — Official instructions for column specifications, put/call rules, and value denomination.
- ACN Solutions — Common 13F FAQs — Summary of SEC guidance on de minimis omissions, option reporting, confidentiality, and enforcement actions.