Questions / Funds and 13F
Funds and 13F: questions answered
Funds and other large holders disclose in three main ways. Managers with at least $100 million in listed equities file a Form 13F of their long positions within 45 days after each quarter. Anyone who owns more than 5 percent of a listed company files a Schedule 13D or 13G. Broker-dealers report short positions to FINRA, which publishes the short interest data.
Each is a different filing from a different filer with a different delay, and the articles below keep them apart.
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What is the difference between Schedule 13D and 13G?
Anyone who beneficially owns more than 5 percent of a listed company's stock must file Schedule 13D or 13G. An investor with control intent files the longer Schedule 13D, within five business days. Passive investors and certain institutions file the shorter Schedule 13G, with deadlines that differ by type of holder.
What does a Form 13F show?
A Form 13F is a quarter-end snapshot of the long positions in SEC-listed securities held by an institutional investment manager with at least $100 million of them, filed within 45 days after the quarter. It has no trade dates, no short positions and no foreign-listed shares.
What does a Form 13F leave out?
A Form 13F lists a manager's long positions in certain US-listed equity securities on the last day of a quarter. It leaves out short positions, shares listed only abroad, anything not on the SEC's official list, and the dates and prices of trades. It is a snapshot, filed up to 45 days later.
What is short interest, and where does FINRA publish it?
Short interest is the total of short positions in a security that broker-dealers report to FINRA. Under FINRA Rule 4560, member firms report gross short positions for each account as of a settlement date set by FINRA, within two business days. FINRA publishes the reports for exchange-listed and over-the-counter equities on its data pages.
How long after quarter end do funds file a 13F?
Within 45 days. Rule 13f-1 gives a manager 45 days after the end of each calendar quarter to file Form 13F, so holdings at 31 March are due by 15 May, 30 June by 14 August, 30 September by 14 November, and 31 December by 14 February. The positions shown are a quarter-end snapshot.
Pillar guides
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All questions · Anyone who beneficially owns more than 5 percent of a listed company's stock must file Schedule 13D or 13G.
This explains public filings in plain words. It is not legal or investment advice. Corrections: contact page.