The Securities and Exchange Commission's (SEC) Form 13F is a quarterly report that is required to be filed by all institutional investment managers with at least $100 million in assets under management. It discloses their equity holdings and can provide insights into what the smart money is doing in the market.
Hedge funds are required to file Form 13F within 45 days after the last day of the calendar quarter. Most funds wait until the end of this period in order to conceal their investment strategy from competitors and the public. "13F release days" are the days when the bulk of the portfolio filings is released, i.e. Feb 14, May 15, Aug 14, Nov 14.
The site provides additional functionality to compare 13Fs across periods, view a manager's holding history for a specific investment, and list all managers who reported holding a particular company within a given quarter.
The app mostly passes data through from the SEC's website "as is", though it attempts to correct some market values that appear to be overstated or understated by a factor of 1,000.
Section 16 is a rule within the Securities Exchange Act of 1934 (SEA) that articulates the regulatory filing responsibilities that directors, officers, and principal stockholders are legally required to adhere to.
Section 16 imposes filing standards for "insiders," and defines insiders as any officers, directors, or stockholders who possess stock that directly or indirectly results in beneficial ownership of more than 10% of the company's common stock or other class of equity.
The site provides additional functionality to compare holdings value across periods, view an insider's holding history for a specific investment, and list all insiders who reported holding a particular company within a given period
There are many caveats about SEC data, but perhaps the most important is the notice that the SEC puts at the top of every filing on its site, which basically says that nobody has done any checking to see if the data is accurate:
The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete
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