Understand 13F in five minutes
What is 13F? How to assist investment decision-making?
Us Stock Intelligence Agent | Debby
In the past two weeks, quarterly 13F reports have been released one after another.
Buffett (Berkshire), Qiaoshui, Soros, Temasek, Hillhouse, Jinglin. Various immortals at home and abroad "show their powers" to disclose the position report and capital flow of their management funds in the third quarter.
In this process, the editor found an interesting phenomenon. The 13F report has not received much attention in overseas media, and we can't even find many detailed position interpretation reports, but the domestic reports can be described as "overwhelming".
Why is there such a difference?
The 13F report is an institutional position report, which accounts for a large proportion of institutional investors in the US stock market, while individual investors widely participate in the domestic market.It has become a necessary lesson for domestic investors to study mainstream institutional positions and decrypt the logic and trend of institutional investment.
What is 13F?
The official explanation of SEC:
Source:SEC
The above mandarin, as a small loose, feel comfortable all over.
To put it simply13F is the report that institutional investors should submit in accordance with the law.FormThe aim is to increase public understanding of the securities held by institutional investors Congress believes that the agency disclosure plan will increase investor confidence in the integrity of the U. S. securities market.
It is reasonable that the US capital market is indeed developed, and the requirements for information disclosure are also very strict. this is also a measure to protect medium and small investors and the US stock market, and it is also the basis for US stocks to achieve healthy growth for more than a decade.
It is worth noting that13F is generally disclosed within 45 days of the end of each quarter.
Source: SEC
In other words, the 13F quarterly position report for the third quarter of this year should be disclosed by November 16.(of course, during the actual implementation, the concealment of position information, delay in release and so on all exist.)
Who must submit 13F?
The official explanation of SEC:
Source: SEC
To put it simply, it is to invest in the US capital market and the size of the assets is more thanInstitutional investors of $100 million or moreThe 13F report needs to be disclosed.
It is worth noting that Chinese institutions such as Hillhouse and Jinglin also need to disclose because their investments involve some business terms in the United States.
How to define institutional investors?
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 shall belong to institutional investors.
Trustees also belong to institutional investors.
Where can I check 13F?
SEC official website
Third-party website Whalewisdom
The editor of this website is more commonly used and has a better experience.
What's the point of 13F?
The information that must be disclosed in the 13F report is
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 has to be pointed out.13F is a position report, so it is only necessary to disclose the securities purchased (including the buying of put / call options) and there is no need to disclose short positions in the 13F report.
We also mentioned earlier.There is a large information asymmetry between institutional and individual investors, and such reports are designed to bridge the gap as much as possible.
The 13F report can be used as an important basis for us to spy on the flow of smart money. Without paying, you can learn about the asset allocation strategies of Wall Street bosses.(note: it is the position data of the last quarter, not the latest position of the current quarter)
However, while the 13F report is a review of historical data, the logic behind mainstream institutional operations is not fleeting, such as Hillhouse bullish on healthcare, Buffett bullish on Apple Inc and Dario's heavy holdings in China. This logic is not only reflected in the single-quarter 13F report, but also in the investment layout that runs through multiple quarters or even years.
Learn the investment logic of the boss and be friends of time. This is the help that 13F can bring to us.