13f Filings: A Comprehensive Analysis for Serious Investors
13F filings are quarterly SEC reports that every institutional investment manager with over $100 million in equity assets under management must submit within 45 days of quarter-end. The filing discloses every long equity position held at quarter-end, including shares held, market value, and security type. It does not disclose short positions, options sold, bonds, cash, or any foreign-listed securities. Understanding what 13F filings do and do not show is the starting point for using them effectively.
As of April 2026, the SEC processes over 5,000 13F filings per quarter. Together they cover several hundred institutional managers whose disclosed holdings represent a significant portion of U.S. equity market float.
Key Takeaways
- 13F filings are filed 45 days after quarter-end, meaning the data you see is at least 45 days old and in some cases three and a half months old.
- The filing covers long equity positions only. Short positions, fixed income, cash, derivatives written, and non-U.S. securities are not disclosed.
- Any manager with $100 million or more in Section 13(f) securities under management must file, covering hedge funds, mutual funds, pension funds, endowments, and registered investment advisers.
- The most valuable use of 13F filings is identifying concentrated new positions opened by managers with strong long-term track records, not tracking the full portfolio of every filer.
- Berkshire Hathaway's 13F is among the most followed in the world because Warren Buffett's disclosed picks have historically produced strong long-term returns.
- Our guru tracker aggregates 13F data and overlays fundamental scoring so you can see not just what top managers hold but whether those positions still meet quality thresholds today.
What 13F Filings Are Required to Include
The SEC requires filers to report each position across a defined list of security types, called Section 13(f) securities. These include exchange-listed equities, equity options (calls held long), convertible bonds, and certain warrants. The form requires the filer to state the number of shares, the aggregate fair market value at quarter-end, and whether the investment discretion is sole, shared, or held by other managers in a sub-advisory arrangement.
What is excluded matters at least as much as what is included. Short positions are never disclosed on a 13F. When you look at a hedge fund that runs a long-short strategy, you are seeing only half the portfolio, the longs. A manager who is net short the market but disclosed as having $2 billion in long positions looks like a bull. They may be a significant bear.
The 45-day filing deadline creates a second limitation. By the time you read a 13F, the disclosed positions represent where the manager was at quarter-end, not where they are today. A position opened in early October and sold in late November will never appear on a filing at all. In fast-moving situations, the informational value of a 13F can be close to zero.
Who Files 13Fs and Why It Matters
| Filer Type | Representative Examples | Typical Use of 13F Data |
|---|---|---|
| Hedge funds | Bridgewater, Pershing Square, Ackman | Identify conviction long positions |
| Value funds | Baupost Group, Third Avenue, Tweedy Browne | Find cheap stocks passing quality screens |
| Growth funds | Fisher Investments, Baillie Gifford | Identify high-ROIC growth compounders |
| Warren Buffett | Berkshire Hathaway (BRK.B, P/B ~1.5) | Broad market signal from the highest-profile filer |
| Mutual funds | Fidelity, Vanguard active funds | Less useful; too diversified to extract signal |
| Pension funds | Calpers, state retirement systems | Portfolio construction, not stock picking signal |
The most investable signals come from managers with three characteristics: a long and verifiable track record, concentrated portfolios (under 30 positions), and a clear and consistent investment philosophy. Tracking a fund that holds 400 names tells you almost nothing about conviction. Tracking a fund that holds 15 names and opens a new position tells you something meaningful.
How to Read a 13F Filing Directly
Every 13F filing is publicly available on the SEC EDGAR database at sec.gov. You search by manager name or CIK number, then filter for form type 13F-HR. The filing is structured in two parts: the cover page with basic filer information and the information table with the position-by-position disclosure.
The information table columns are:
- Name of issuer
- Title of class (common stock, call option, etc.)
- CUSIP number
- Fair market value (in thousands)
- Number of shares
- Investment discretion (sole, shared, other)
- Voting authority (sole, shared, none)
The raw filing is machine-readable XML, which is why aggregator tools like our guru tracker are more practical than reading the SEC EDGAR raw data manually. The tracker converts the XML into a clean portfolio view with quarter-over-quarter changes highlighted.
The Berkshire Hathaway 13F as a Case Study
Berkshire Hathaway files its 13F under BRK's CIK number. The filing is one of the most analyzed documents in finance, and rightly so, because Buffett's equity portfolio decisions have a multi-decade track record of outperformance.
As of late 2025, the publicly disclosed Berkshire equity portfolio was concentrated in five names that together represented over 70% of disclosed value: Apple (AAPL), American Express (AXP), Coca-Cola (KO), Chevron (CVX), and Bank of America (BAC). Berkshire's P/B ratio near 1.5 against this portfolio quality implies that the holding company is priced at a modest premium to book, not to the intrinsic value of the businesses it holds.
Three analytical steps for using the Berkshire 13F:
- Identify positions that are new or significantly increased versus the prior quarter
- Run those names through fundamental screens: P/E history, ROIC, free cash flow yield, Piotroski F-Score
- Compare current price against the Graham Number to check whether the position has become expensive since Berkshire's entry
Coca-Cola illustrates the third step well. KO yields around 3.0% as of April 2026, carries a P/E near 24, and has grown its dividend for over 60 consecutive years. At Berkshire's cost basis, the yield on original investment is far higher. New investors buying today at KO's current P/E of 24 are paying for a quality business at a fair price, not a bargain. The 13F tells you Buffett owns it; the fundamentals tell you what it is worth to you today.
What 13F Filings Reveal About Market Sentiment
Aggregating 13F data across hundreds of institutional filers creates a picture of collective institutional positioning. This aggregate view has limited value for stock picking but some value for understanding market-wide risk appetite.
Three signals worth watching:
Position concentration. When the largest institutional holders become more concentrated in fewer names, market breadth is typically narrowing. Narrow breadth has historically preceded corrections.
New position clustering. When multiple independent managers with different strategies all open new positions in the same stock in the same quarter, that clustering is a stronger signal than any single manager's move. Disagreement between good investors is not disqualifying, but agreement is worth noting.
Sell patterns in quality names. When managers with 10+ year track records reduce positions in high-quality compounders like AAPL (P/E 28.3, ROIC 45.1%) or MSFT (P/E 32.1, ROIC 35.2%), the question is whether they are raising cash for macro reasons or have found a better use of capital. The answer matters for how you interpret the signal.
13F Filings and the VMCI Score Framework
The VMCI Score we apply in the ValueMarkers screener weights five pillars: Value (35%), Quality (30%), Integrity (15%), Growth (12%), and Risk (8%). When evaluating a stock surfaced by 13F analysis, running it through these five pillars gives you a framework for assessing whether the institutional conviction is justified by current fundamentals.
A stock flagged by three or more quality-oriented 13F filers that also carries a VMCI Score above 7.5 is a genuine research priority. A stock flagged only by macro-oriented or quantitative filers, with a VMCI below 6, is a data point, not an investment thesis.
The Integrity pillar (15% weight) is particularly relevant to 13F-sourced ideas. The Piotroski F-Score, one of the primary integrity signals in our screener, checks for earnings quality, debt trends, and operating efficiency. A stock flagged in multiple 13Fs but carrying a Piotroski F-Score below 4 is sending a mixed signal that warrants caution before acting.
How to Build a Research Process Around 13F Data
The most effective workflow for individual investors combines 13F data with independent fundamental analysis in a three-stage process.
Stage 1: Filter the universe. Use the guru tracker to identify stocks that appear in three or more concentrated, quality-oriented superinvestor portfolios simultaneously. This narrows the starting universe from thousands of securities to a list of 20-40 genuinely high-conviction names worth investigating.
Stage 2: Apply fundamental screens. Run each name through the ValueMarkers screener with these base criteria: ROIC above 12%, Piotroski F-Score above 6, EPS growth positive over both 1 and 3 years, and P/E below the 10-year sector average. Stocks that pass this filter have institutional conviction and independent fundamental support.
Stage 3: Build the thesis independently. For the stocks that survive Stage 2, read the last 4-8 earnings call transcripts, the most recent annual report, and at least one long-form superinvestor letter or public interview discussing the position. The goal is to understand the thesis well enough to articulate when it would be wrong. If you cannot state the conditions under which you would sell, you do not understand the position well enough to own it.
This three-stage process turns 13F data from a noise source into a disciplined research accelerator.
Analyzing 13F Data With the VMCI Score Framework
The VMCI Score weights five pillars: Value (35%), Quality (30%), Integrity (15%), Growth (12%), and Risk (8%). When evaluating a stock surfaced by 13F analysis, running it through these five pillars gives you a framework for assessing whether the institutional conviction is justified by current fundamentals.
A stock flagged by three or more quality-oriented 13F filers that also carries a VMCI Score above 7.5 is a genuine research priority. A stock flagged only by macro-oriented or quantitative filers, with a VMCI below 6, is a data point, not an investment thesis.
The Integrity pillar (15% weight) is particularly relevant to 13F-sourced ideas. The Piotroski F-Score component checks for earnings quality, debt trends, and operating efficiency. A stock flagged in multiple 13Fs but carrying a Piotroski F-Score below 4 is sending a mixed signal that warrants caution before acting.
Apple (AAPL) illustrates the ideal outcome of this combined approach. It appears in multiple quality-oriented 13F portfolios, including Berkshire Hathaway's largest disclosed position. Its VMCI scores high on Quality (ROIC 45.1%, expanding margins) and Integrity (strong Piotroski reading, declining share count). The P/E of 28.3 is the one tension point: the Value pillar gives it a lower score than the Quality pillar would suggest. That tension is exactly what the VMCI framework is designed to surface.
13F Filing History: From Obscure Regulation to Market Intelligence
The 13F requirement was established under the Securities Exchange Act of 1934, but it was not actively enforced until the SEC formalized the reporting rules in 1975. The original intent was to give the SEC visibility into large institutional equity positions for systemic risk monitoring, not to create a public market intelligence tool.
Individual investors did not have practical access to 13F data until the mid-1990s when EDGAR became publicly searchable online. Before that, the filings existed but required physical access to SEC reading rooms in Washington, D.C. The shift to electronic filing democratized the data and created the entire industry of 13F aggregation tools that exists today.
The current reporting threshold of $100 million in Section 13(f) securities has not been adjusted for inflation since 1975. In 1975 dollars, $100 million represented a very significant asset manager. In 2026 dollars, the same threshold captures tens of thousands of filers, many of whom are small boutique managers or family offices with no meaningful institutional following. The quantity of filings has expanded dramatically while the quality of signal from any individual filing has declined proportionally. Filtering for managers with strong long-term track records is more important today than it was when the filing universe was smaller.
Common Mistakes Investors Make With 13F Data
Copying positions without checking current price. The 13F shows where a manager entered. If the stock has doubled since that entry, the risk-reward is entirely different. Always evaluate the current price independently.
Treating all filers as equal. The SEC does not rank managers by quality. A pension fund with 1,000 positions has the same filing obligation as a concentrated value fund with 12 positions. The signal quality is not remotely equivalent.
Ignoring what is not filed. A long-only 13F from a manager who actually runs a long-short strategy is showing you the long book in isolation. Without knowing the short book, you cannot assess net exposure or conviction.
Over-weighting recent trades. A manager who reduced a position by 5% may have done so for reasons completely unrelated to the stock, including client redemptions, portfolio rebalancing, or tax-loss harvesting. Reading too much into small position changes produces false signals.
Missing the filing latency. Positions disclosed on a February 14th filing reflect December 31st holdings. In volatile markets, a lot can change in six to seven weeks.
Further reading: SEC EDGAR · Investopedia
Why institutional investor holdings Matters
This section anchors the discussion on institutional investor holdings. The detailed treatment, formula, and worked examples appear in the body of this article above. The points below summarize the most important takeaways for value investors who want to apply institutional investor holdings in real portfolio decisions. ValueMarkers exposes the underlying data on every covered ticker via the screener and stock profile pages, so the concepts in this article translate directly into actionable filters.
Key inputs for institutional investor holdings
See the main discussion of institutional investor holdings in the sections above for the full treatment, including the inputs, the calculation methodology, the typical sector benchmarks, and the most common pitfalls to avoid. The ValueMarkers screener lets value investors filter the full universe of 100,000+ stocks across 73 exchanges using institutional investor holdings alongside the rest of the 120-indicator composite, with sector percentiles and historical trends shown on every stock profile.
Sector benchmarks for institutional investor holdings
See the main discussion of institutional investor holdings in the sections above for the full treatment, including the inputs, the calculation methodology, the typical sector benchmarks, and the most common pitfalls to avoid. The ValueMarkers screener lets value investors filter the full universe of 100,000+ stocks across 73 exchanges using institutional investor holdings alongside the rest of the 120-indicator composite, with sector percentiles and historical trends shown on every stock profile.
Related ValueMarkers Resources
- Graham Number — Graham Number captures how cheaply a stock trades relative to its fundamentals
- Pb Ratio — Glossary entry for Pb Ratio
- Pe Ratio — Glossary entry for Pe Ratio
- 13f Filing Analysis — related ValueMarkers analysis
- 13f Tracking Tools — related ValueMarkers analysis
- Cheap Stocks To Buy Today — related ValueMarkers analysis
Frequently Asked Questions
how to find 13f filing using crd
The CRD (Central Registration Depository) number is a FINRA identifier for registered investment advisers, while 13F filings live on the SEC EDGAR system under a different identifier called the CIK (Central Index Key). To find a specific manager's 13F, go to sec.gov/cgi-bin/browse-edgar, search by company name, and filter for form type 13F-HR. If you have the manager's CRD number, you can cross-reference it with their SEC registration to find their CIK.
what is a 13f filing
A 13F filing is a quarterly SEC disclosure required from any institutional investment manager that exercises investment discretion over $100 million or more in Section 13(f) securities. The filing lists every long equity position held at quarter-end, including the number of shares and fair market value. It does not include short positions, fixed income, cash, or non-U.S. securities, which means it shows only a partial picture of most institutional portfolios.
when is next 13f filing
13F filings are due 45 days after the end of each calendar quarter. The four quarterly deadlines are February 14 (Q4 data), May 15 (Q1 data), August 14 (Q2 data), and November 14 (Q3 data). When those dates fall on a weekend or holiday, the deadline shifts to the next business day.
when is berkshire hathaway next 13f filing
Berkshire Hathaway files its 13F on the same schedule as all other institutional managers: 45 days after quarter-end. The next filing date follows the standard quarterly calendar: February 14 for Q4 holdings, May 15 for Q1 holdings, August 14 for Q2 holdings, and November 14 for Q3 holdings. The SEC EDGAR page for Berkshire Hathaway (CIK 0001067983) publishes the filing within minutes of submission.
where can i find 13f filings
All 13F filings are publicly available on the SEC EDGAR full-text search system at efts.sec.gov, or through the company search at sec.gov/cgi-bin/browse-edgar. Third-party tools including the ValueMarkers guru tracker, WhaleWisdom, and Dataroma aggregate the raw filings into readable portfolio views with quarter-over-quarter changes. The SEC EDGAR system is free and authoritative; aggregator tools add convenience and trend analysis on top of the raw data.
What is 13f filings?
A 13F filing is the SEC form that large institutional investment managers use to disclose their equity holdings each quarter. The form covers any manager with $100 million or more in Section 13(f) securities and must be filed within 45 days of quarter-end. Investors follow 13F filings to track what major hedge funds, value funds, and growth managers are buying and selling, using that disclosure as one input, among many, in their own research process.
See which stocks the world's best-documented investors hold right now, with quarter-over-quarter position changes and full fundamental overlays, in our guru tracker.
Written by Javier Sanz, Founder of ValueMarkers. Last updated April 2026.
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