donwloadimg

Download App

Log in to access Online Inquiry

What Is The SEC Form 13F?

Views 4752022.08.03

article image

Key takeaways

  • The SEC Form 13F is a quarterly reporting formrequired to be filed by all institutional investment managers with at least $100 million in assets under management

  • Congress intended to provide transparency on the holdings of the institutional investors via these filings

  • Smaller investors frequently use Form 13F as investment guidance, but there are problems with the completeness and timeliness of the data

Understanding the SEC Form 13F

The Securities and Exchange Commission (SEC)Form 13F is the quarterly reporting form required to be filed by all institutional investment managers with at least $100 million in assets under management.

Congress passed Section 13(f) of the Securities Exchange Act in 1975 to increase public access to information regarding the securities holdings held by institutional investors.Congress believed that this institutional disclosure program would increase transparency and thus liftinvestor confidence in the integrity of the United States securities markets.

The Form 13F must include the following information:

  • the issuer name of all Section 13(f) securities (which should be listed in alphabetical order);

  • a description of the class of security listed (e.g., common stock, put/call option, class A shares, convertible debenture);

  • the number of shares owned;and

  • the fair market value of the securities listed, as of the end of the calendar quarter.

The Form 13F filing is due within 45 days after the end of each quarter of the calendar year.The files can be found on the SEC website

Who must file Form 13F?

Institutional investment managers that use the United States mail (or other means or instrumentality of interstate commerce) when doing their business and that exercise investment discretion over $100 million or more in Section 13(f) securities must file Form 13F.

An institutional investment manager refers toan entity that either invests in, or buys and sells, securities for its own account. For example, banks, insurance companies, and brokers/dealers. So are corporations and pension funds that manage their own investment portfolios.

An institutional investment manager is also a natural person or an entity that exercises investment discretion over the account of any other natural person or entity. 

A trustee is an institutional investment manager, but a natural person who exercises investment discretion over his or her own account is not an institutional investment manager.

The meaning of Form 13F

The Form 13F filings provide investors with a look at the holdings of Wall Street's top stock pickers, and many smaller investors have sought to use the filings as a guide for their investment strategies. Their rationale is that the nation's largest institutional investors are not only presumably the smartest, but they also havethe power to move markets.

However, institutional investment managers are only required to report long positions, apart from their put and call options, American Depositary

Receipts (ADRs), and convertible notes.It means that Form 13F doesn't include short positions. Selective reporting can give an incomplete and even misleading picture, because some funds generate most of their returns from their short-selling, only using long positions as hedges. 

Furthermore, the holding data from Form 13F are all historical data. The institutional investment managers may have already changedtheir positions when the 13F report is published.

Trade like a pro with moomoo

Get free stock and start your professional trading today

Terms and conditions apply right-arrow
This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.Moomoo is a financial information and trading app offered by Moomoo Techonologies Inc.In the U.S., investment products and services available through the moomoo app are offered by Moomoo Financial Inc., a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and a member of Financial Industry Regulatory Authority (FINRA)/Securities Investor Protection Corporation (SIPC).In Singapore, investment products and services available through the moomoo app are offered through Moomoo Financial Singapore Pte. Ltd. ("Moomoo Financial SG") regulated by the Monetary Authority of Singapore (MAS). Moomoo Financial SG is a Capital Markets Services Licence (License No. CMS101000) holder with the Exempt Financial Adviser Status. This advertisement has not been reviewed by the Monetary Authority of Singapore.In Australia, financial products and services available through the moomoo app are provided by Futu Securities (Australia) Ltd, an Australian Financial Services Licensee (AFSL No. 224663) regulated by the Australian Securities and Investment Commission (ASIC). Please read and understand our Financial Services Guide, Terms and Conditions, Privacy Policy and other disclosure documents which are available on our websites https://www.futuau.com and https://www.moomoo.com/au. Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd. and Futu Securities (Australia) Ltd are affiliated companies.
Expand

Recommended