What is the 13F report?
Core points
The 13F report refers to the quarterly position reports of US institutional investors with more than $100 million in equity assets under management.
The US Congress believes that the 13F report will increase the transparency of securities market information and enhance investors' confidence in the integrity of the US securities market.
Small and medium-sized investors usually use 13F report as a reference for investment decisions, but they should pay attention to its integrity and timeliness.
Detailed explanation of concept
13F report (English name 13Filings or SEC Form 13F) refers to the position report that large institutional investors in the United States need to disclose every quarter.
The US Securities Regulatory Commission (SEC) requires institutional investors investing in US capital markets with assets of more than $100m to submit a 13F report to the CSRC within 45 days after the end of each quarter to disclose their current US equity holdings and provide the whereabouts of the funds.
The 13F report facilitates the public to understand the securities held by institutional investors. The US Congress believes that this institutional disclosure plan will increase the transparency of securities market information and enhance investors' confidence in the integrity of the US securities market.
13F the information that must be disclosed in the report includes:
Description of all listed securities, including common stocks, put / call options, Class A stocks, convertible bonds, etc.
Number of shares held
The fair value of securities as of the end of the quarter.
It is important to note that 13F is a position report, so you only need to disclose the securities bought (including put / call options), but you do not need to disclose short positions in the 13F report.
13F Quarterly position report can be obtained throughThe website of the Securities and Exchange Commission (SEC)Search.
Who must submit 13F?
Institutional investors investing in US capital markets with assets of more than US $100 million or more are required to disclose form 13F reports.
The definition of institutional investor as defined by the Securities and Exchange Commission (SEC) is as follows:
Entities that invest or buy or sell securities for their accounts, such as banks, insurance companies, brokers / dealers, enterprises and pension funds, are institutional investors
A natural person or entity that exercises the right to make investment decisions over other natural persons or entities belongs to institutional investors
Trustees also belong to institutional investors.
These institutional investors include Buffett's Berkshire, Bridge Water Fund, JPMorgan Chase & Co, Blackrock, domestic Hillhouse, Jinglin and so on.
How to treat 13F report
The 13F quarterly position report can help medium and small investors who lack data analysis to see the investment direction of large investment institutions and provide guidance for the investment decisions of medium and small investors, so 13F report is often called "stock market vane". Copying the positions of large institutions has become a stock selection strategy adopted by many entry-level investors.
However, the following issues should also be noted when referring to the 13F report:
First, the 13F report only requires institutional investors to disclose their long positions, while many institutions hold both long and short positions of the same company for risk management purposes.
Second, some institutional investors will also apply to SEC to conceal some of their shareholdings in order to protect their positions.
The third is the issue of timeliness. According to the regulations of the US Securities and Exchange Commission, agencies are required to publish 13F reports within 45 days after the end of each quarter. Thus it can be seen that this report is not very timely.