13F holdings
Baird Financial Group, Inc. portfolio
Managed by . 1,826 reported positions worth $64.0B as of 2026-03-31, filed with the SEC on 2026-05-14. Parsed from the filing itself, not a reseller.
$64.0B
Book value
1,826
Positions
25%
Top 10 weight
+146
New this quarter
-106
Exited
134 days
Age today
How old this actually is
Every position on this page is a snapshot of 2026-03-31. It was already 44 days old on 2026-05-14, the day it first became public. Today it is 134 days old.
That lag is the law, not a service level — Rule 13f-1 gives managers 45 days after quarter end to file, and no product can shorten it. A fund can have sold every share below before you read this sentence. Treat it as a record of what happened, never as a position you can follow.
What changed
Positions opened and closed
Against its 2025-12-31 filing. This is the part worth reading — the holdings table below is mostly years old.
New positions (146)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| AZN | ASTRAZENECA PLC | $26.3M | 133,378 | 0.04% |
| JHMM | JOHN HANCOCK EXCHANGE TRADED | $20.0M | 297,509 | 0.03% |
| VG | VENTURE GLOBAL INC | $15.5M | 984,948 | 0.02% |
| MFSI | MFS ACTIVE EXCHANGE TRADED F | $12.8M | 431,711 | 0.02% |
| TTEQ | T ROWE PRICE ETF INC | $12.8M | 423,263 | 0.02% |
| RDW | REDWIRE CORPORATION | $10.9M | 1,287,833 | 0.02% |
| FENI | FIDELITY COVINGTON TRUST | $8.9M | 240,058 | 0.01% |
| RNG | RINGCENTRAL INC | $8.8M | 236,212 | 0.01% |
| BRKR | BRUKER CORP | $8.3M | 228,672 | 0.01% |
| FEGE | RBB FUND TRUST | $7.1M | 151,666 | 0.01% |
| FTHI | FIRST TR EXCHANGE TRADED FD | $6.7M | 292,101 | 0.01% |
| EDV | VANGUARD WORLD FD | $6.2M | 95,457 | 0.01% |
| AVB | AVALONBAY CMNTYS INC | $5.9M | 36,279 | 0.01% |
| IDMO | INVESCO EXCH TRADED FD TR II | $5.5M | 100,759 | 0.01% |
| IONQ | IONQ INC | $5.2M | 179,248 | 0.01% |
| AGNC | AGNC INVT CORP | $4.3M | 430,725 | 0.01% |
| PATH | UIPATH INC | $4.3M | 387,392 | 0.01% |
| AMRC | AMERESCO INC | $3.8M | 150,521 | 0.01% |
| CRCL | CIRCLE INTERNET GROUP INC | $3.5M | 36,581 | 0.01% |
| FXN | FIRST TR EXCHANGE TRADED FD | $3.5M | 154,367 | 0.01% |
| VBIL | VANGUARD INSTL INDEX FD | $3.4M | 44,838 | 0.01% |
| PFFD | GLOBAL X FDS | $3.3M | 181,630 | 0.01% |
| FTAI | FTAI AVIATION LTD | $3.1M | 12,469 | 0.00% |
| DBMF | LITMAN GREGORY FDS TR | $2.9M | 96,748 | 0.00% |
| CGMM | CAPITAL GROUP EQUITY ETF TR | $2.8M | 94,707 | 0.00% |
Closed out (106)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| HDB | HDFC BANK LTD SPONSORED ADS | $94.6M | 2,587,809 | 0.00% |
| TEAM | ATLASSIAN CORPORATION CL A | $66.2M | 408,007 | 0.00% |
| PEN | PENUMBRA INC COM | $45.3M | 145,675 | 0.00% |
| EXK | EXACT SCIENCES CORP COM | $31.4M | 309,269 | 0.00% |
| ELF | E L F BEAUTY INC COM | $26.8M | 352,150 | 0.00% |
| EPAM | EPAM SYS INC COM | $26.2M | 127,663 | 0.00% |
| AZNN | ASTRAZENECA PLC SPONSORED ADR | $24.6M | 268,089 | 0.00% |
| TREX | TREX CO INC COM | $12.4M | 354,436 | 0.00% |
| UAL | UNITED AIRLS HLDGS INC COM | $9.1M | 81,209 | 0.00% |
| WRBY | WARBY PARKER INC CL A COM | $7.9M | 364,724 | 0.00% |
| CADE | CADENCE BANK COM | $7.4M | 172,211 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD SHS | $4.8M | 10,767 | 0.00% |
| CRDO | CREDO TECHNOLOGY GROUP HOLDI ORDIN | $4.1M | 28,804 | 0.00% |
| BXP | BXP INC COM | $3.7M | 54,419 | 0.00% |
| EXLS | EXLSERVICE HOLDINGS INC COM | $3.4M | 81,097 | 0.00% |
| SES | SES AI CORPORATION CL A COM | $3.4M | 1,911,548 | 0.00% |
| DT | DYNATRACE INC COM NEW | $3.3M | 76,228 | 0.00% |
| PCH | POTLATCHDELTIC CORPORATION COM | $3.2M | 80,477 | 0.00% |
| ARRY | ARRAY TECHNOLOGIES INC COM SHS | $3.0M | 330,772 | 0.00% |
| MOO | VANECK ETF TRUST AGRIBUSINESS ETF | $3.0M | 41,376 | 0.00% |
| XSD | SPDR SERIES TRUST STATE STREET SPD | $2.7M | 8,441 | 0.00% |
| GH | GUARDANT HEALTH INC COM | $2.7M | 26,518 | 0.00% |
| GRAL | GRAIL INC COM | $2.7M | 31,074 | 0.00% |
| SHLS | SHOALS TECHNOLOGIES GROUP IN CL A | $2.5M | 288,840 | 0.00% |
| MNDY | MONDAY COM LTD SHS | $2.4M | 16,311 | 0.00% |
Added to (779)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| AAPL | APPLE INC | $2.5B | 10,001,362 | 3.97% | +1% |
| MSFT | MICROSOFT CORP | $2.1B | 5,782,718 | 3.34% | +2% |
| JPM | JPMORGAN CHASE CO | $2.0B | 6,687,348 | 3.07% | +2% |
| VEA | VANGUARD TAX MANAGED FDS | $1.4B | 21,484,114 | 2.15% | +7% |
| IWD | ISHARES TR | $1.3B | 6,026,778 | 2.01% | +3% |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $1.3B | 2,666,968 | 2.00% | +3% |
| IWF | ISHARES TR | $1.2B | 2,806,999 | 1.87% | +3% |
| AMZN | AMAZON COM INC | $1.1B | 5,461,894 | 1.78% | +27% |
| JNJ | JOHNSON JOHNSON | $1.1B | 4,524,578 | 1.73% | +4% |
| HD | HOME DEPOT INC | $958.9M | 2,915,642 | 1.50% | +4% |
| META | META PLATFORMS INC | $954.3M | 1,668,044 | 1.49% | +4% |
| IWR | ISHARES TR | $872.1M | 8,969,908 | 1.36% | +3% |
| NVDA | NVIDIA CORPORATION | $853.2M | 4,892,044 | 1.33% | +2% |
| PGR | PROGRESSIVE CORP | $820.6M | 4,139,552 | 1.28% | +7% |
| IJR | ISHARES TR | $803.5M | 6,464,078 | 1.26% | +5% |
Trimmed (628)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| CENX | CENTURY ALUM CO | $321,210 | 5,473 | 0.00% | -98% |
| FOUR | SHIFT4 PMTS INC | $275,849 | 6,308 | 0.00% | -98% |
| SMTI | SANARA MEDTECH INC | $362,069 | 21,075 | 0.00% | -97% |
| PTC | PTC INC | $613,277 | 4,304 | 0.00% | -97% |
| RDDT | REDDIT INC | $217,460 | 1,615 | 0.00% | -96% |
| XMLV | INVESCO EXCH TRADED FD TR II | $900,534 | 14,301 | 0.00% | -91% |
| ZBRA | ZEBRA TECHNOLOGIES CORPORATI | $1.6M | 7,686 | 0.00% | -91% |
| DNL | WISDOMTREE TR | $299,828 | 7,427 | 0.00% | -90% |
| ACI | ALBERTSONS COS INC | $265,994 | 15,610 | 0.00% | -89% |
| DWAS | INVESCO EXCH TRADED FD TR II | $366,122 | 3,718 | 0.00% | -88% |
| BMI | BADGER METER INC | $399,919 | 2,625 | 0.00% | -87% |
| SCHA | SCHWAB STRATEGIC TR | $1.1M | 36,247 | 0.00% | -87% |
| BURL | BURLINGTON STORES INC | $491,650 | 1,511 | 0.00% | -87% |
| CGCB | CAPITAL GRP FIXED INCM ETF T | $271,029 | 10,321 | 0.00% | -87% |
| PGX | INVESCO EXCH TRADED FD TR II | $244,767 | 22,497 | 0.00% | -87% |
The book
Largest 150 of 1,826 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| AAPL | APPLE INC | $2.5B | 10,001,362 | 3.97% | — |
| MSFT | MICROSOFT CORP | $2.1B | 5,782,718 | 3.34% | — |
| JPM | JPMORGAN CHASE CO | $2.0B | 6,687,348 | 3.07% | — |
| GOOG | ALPHABET INC | $1.9B | 6,757,501 | 3.03% | — |
| VEA | VANGUARD TAX MANAGED FDS | $1.4B | 21,484,114 | 2.15% | — |
| IWD | ISHARES TR | $1.3B | 6,026,778 | 2.01% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $1.3B | 2,666,968 | 2.00% | — |
| GEV | GE VERNOVA INC | $1.2B | 1,373,039 | 1.87% | — |
| IWF | ISHARES TR | $1.2B | 2,806,999 | 1.87% | — |
| AMZN | AMAZON COM INC | $1.1B | 5,461,894 | 1.78% | — |
| JNJ | JOHNSON JOHNSON | $1.1B | 4,524,578 | 1.73% | — |
| GE | GE AEROSPACE | $987.6M | 3,480,286 | 1.54% | — |
| HD | HOME DEPOT INC | $958.9M | 2,915,642 | 1.50% | — |
| META | META PLATFORMS INC | $954.3M | 1,668,044 | 1.49% | — |
| IWR | ISHARES TR | $872.1M | 8,969,908 | 1.36% | — |
| NVDA | NVIDIA CORPORATION | $853.2M | 4,892,044 | 1.33% | — |
| PGR | PROGRESSIVE CORP | $820.6M | 4,139,552 | 1.28% | — |
| IJR | ISHARES TR | $803.5M | 6,464,078 | 1.26% | — |
| SCHW | SCHWAB CHARLES CORP | $793.7M | 8,445,361 | 1.24% | — |
| PH | PARKER HANNIFIN CORP | $783.6M | 875,351 | 1.22% | — |
| FAST | FASTENAL CO | $713.5M | 15,377,769 | 1.11% | — |
| TJX | TJX COS INC NEW | $696.0M | 4,358,195 | 1.09% | — |
| TEL | TE CONNECTIVITY PLC | $654.0M | 3,128,894 | 1.02% | — |
| ORLY | OREILLY AUTOMOTIVE INC | $631.6M | 6,841,844 | 0.99% | — |
| COST | COSTCO WHOLESALE CORPORATION | $613.0M | 615,148 | 0.96% | — |
| AVGO | BROADCOM INC | $596.4M | 1,926,756 | 0.93% | — |
| VGSH | VANGUARD SCOTTSDALE FDS | $594.4M | 10,154,088 | 0.93% | — |
| VOO | VANGUARD INDEX FDS | $572.5M | 958,001 | 0.89% | — |
| IVV | ISHARES TR | $564.3M | 863,829 | 0.88% | — |
| IEFA | ISHARES TR | $558.9M | 6,173,951 | 0.87% | — |
| GOOGL | ALPHABET INC | $557.9M | 1,939,965 | 0.87% | — |
| VCIT | VANGUARD SCOTTSDALE FDS | $551.8M | 6,668,337 | 0.86% | — |
| UNP | UNION PAC CORP | $503.8M | 2,076,555 | 0.79% | — |
| DIS | DISNEY WALT CO | $479.6M | 4,976,161 | 0.75% | — |
| WFC | WELLS FARGO CO | $476.3M | 5,982,815 | 0.74% | — |
| BIV | VANGUARD BD INDEX FDS | $431.9M | 5,596,477 | 0.67% | — |
| ABBV | ABBVIE INC | $424.1M | 1,950,203 | 0.66% | — |
| SPY | STATE STR SPDR SP 500 ETF T | $404.7M | 622,227 | 0.63% | — |
| DHR | DANAHER CORP DEL | $403.1M | 2,125,922 | 0.63% | — |
| UBER | UBER TECHNOLOGIES INC | $398.2M | 5,535,270 | 0.62% | — |
| VWO | VANGUARD INTL EQUITY INDEX F | $379.9M | 7,028,898 | 0.59% | — |
| OMC | OMNICOM GROUP INC | $354.7M | 4,710,039 | 0.55% | — |
| CVX | CHEVRON CORPORATION | $347.4M | 1,679,158 | 0.54% | — |
| V | VISA INC | $334.7M | 1,107,291 | 0.52% | — |
| BAC | BANK AMERICA CORP | $333.1M | 6,833,405 | 0.52% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $315.5M | 933,556 | 0.49% | — |
| EXPD | EXPEDITORS INTL WASH INC | $312.5M | 2,181,842 | 0.49% | — |
| VTV | VANGUARD INDEX FDS | $296.5M | 1,511,322 | 0.46% | — |
| VTI | VANGUARD INDEX FDS | $290.0M | 903,864 | 0.45% | — |
| VEU | VANGUARD INTL EQUITY INDEX F | $286.1M | 3,810,156 | 0.45% | — |
| WMT | WALMART INC | $284.7M | 2,291,058 | 0.44% | — |
| VUG | VANGUARD INDEX FDS | $280.2M | 641,405 | 0.44% | — |
| MA | MASTERCARD INCORPORATED | $265.1M | 530,614 | 0.41% | — |
| LLY | ELI LILLY CO | $260.7M | 283,474 | 0.41% | — |
| IEF | ISHARES TR | $260.0M | 2,724,472 | 0.41% | — |
| IJH | ISHARES TR | $239.0M | 3,539,416 | 0.37% | — |
| EXMOC | EXXON MOBIL CORP | $230.1M | 1,356,023 | 0.36% | — |
| PG | PROCTER GAMBLE CO | $223.4M | 1,546,922 | 0.35% | — |
| QQQ | INVESCO QQQ TR | $221.7M | 384,148 | 0.35% | — |
| CAT | CATERPILLAR INC | $217.4M | 306,859 | 0.34% | — |
| VB | VANGUARD INDEX FDS | $212.4M | 810,773 | 0.33% | — |
| CSCO | CISCO SYS INC | $208.6M | 2,688,589 | 0.33% | — |
| EFV | ISHARES TR | $201.9M | 2,716,112 | 0.32% | — |
| MCD | MCDONALDS CORP | $185.9M | 598,104 | 0.29% | — |
| SPSB | SPDR SERIES TRUST | $180.3M | 5,995,308 | 0.28% | — |
| VO | VANGUARD INDEX FDS | $180.0M | 626,685 | 0.28% | — |
| ABT | ABBOTT LABORATORIES | $178.0M | 1,733,915 | 0.28% | — |
| DFAC | DIMENSIONAL ETF TRUST | $171.5M | 4,414,037 | 0.27% | — |
| IEMG | ISHARES INC | $169.7M | 2,432,761 | 0.27% | — |
| ETN | EATON CORP PLC | $167.1M | 467,195 | 0.26% | — |
| ASML | ASML HLDG NV | $162.2M | 122,814 | 0.25% | — |
| PEP | PEPSICO INC | $158.9M | 1,023,213 | 0.25% | — |
| BLK | BLACKROCK INC | $157.3M | 163,584 | 0.25% | — |
| APH | AMPHENOL CORP | $150.0M | 1,187,029 | 0.23% | — |
| EFA | ISHARES TR | $146.9M | 1,511,924 | 0.23% | — |
| IWM | ISHARES TR | $143.9M | 580,208 | 0.22% | — |
| VYM | VANGUARD WHITEHALL FDS | $141.5M | 955,524 | 0.22% | — |
| ADI | ANALOG DEVICES INC | $141.2M | 443,864 | 0.22% | — |
| MRK | MERCK CO INC | $139.9M | 1,163,093 | 0.22% | — |
| RTX | RTX CORPORATION | $138.8M | 719,785 | 0.22% | — |
| VIG | VANGUARD SPECIALIZED FUNDS | $134.1M | 623,599 | 0.21% | — |
| KMX | CARMAX INC | $127.6M | 3,068,452 | 0.20% | — |
| SYK | STRYKER CORPORATION | $125.4M | 381,606 | 0.20% | — |
| VZ | VERIZON COMMUNICATIONS INC | $124.6M | 2,481,311 | 0.19% | — |
| WCN | WASTE CONNECTIONS INC | $123.9M | 762,965 | 0.19% | — |
| BEPC | BROOKFIELD RENEWABLE CORP | $119.3M | 2,995,014 | 0.19% | — |
| IAU | ISHARES GOLD TR | $118.9M | 1,348,186 | 0.19% | — |
| TSLA | TESLA INC | $117.8M | 316,798 | 0.18% | — |
| AMGN | AMGEN INC | $117.6M | 334,329 | 0.18% | — |
| LRCX | LAM RESEARCH CORP | $116.4M | 544,962 | 0.18% | — |
| KO | COCA COLA CO | $107.1M | 1,408,533 | 0.17% | — |
| SBUX | STARBUCKS CORP | $106.5M | 1,188,947 | 0.17% | — |
| PCAR | PACCAR INC | $105.4M | 912,155 | 0.16% | — |
| CP | CANADIAN PACIFIC KANSAS CITY | $104.7M | 1,330,716 | 0.16% | — |
| LIN | LINDE PLC | $104.2M | 210,217 | 0.16% | — |
| ONC | BEONE MEDICINES LTD | $103.8M | 349,651 | 0.16% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $101.7M | 207,003 | 0.16% | — |
| GLD | SPDR GOLD TR | $101.6M | 236,225 | 0.16% | — |
| IVW | ISHARES TR | $100.0M | 883,779 | 0.16% | — |
| TCAF | T ROWE PRICE ETF INC | $98.2M | 2,758,226 | 0.15% | — |
| ADP | AUTOMATIC DATA PROCESSING IN | $96.1M | 473,159 | 0.15% | — |
| EMR | EMERSON ELEC CO | $94.6M | 722,256 | 0.15% | — |
| DE | DEERE CO | $93.2M | 165,515 | 0.15% | — |
| DUK | DUKE ENERGY CORP NEW | $92.5M | 706,338 | 0.14% | — |
| MDT | MEDTRONIC PLC | $92.3M | 1,064,898 | 0.14% | — |
| MU | MICRON TECHNOLOGY INC | $92.2M | 273,015 | 0.14% | — |
| ECL | ECOLAB INC | $91.8M | 345,093 | 0.14% | — |
| GS | GOLDMAN SACHS GROUP INC | $90.7M | 107,170 | 0.14% | — |
| USB | US BANCORP | $89.6M | 1,723,048 | 0.14% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $89.3M | 368,617 | 0.14% | — |
| EOG | EOG RES INC | $89.0M | 615,691 | 0.14% | — |
| BABA | ALIBABA GROUP HLDG LTD | $88.7M | 707,391 | 0.14% | — |
| TXN | TEXAS INSTRS INC | $85.9M | 442,271 | 0.13% | — |
| QCOM | QUALCOMM INC | $85.4M | 662,914 | 0.13% | — |
| VTEB | VANGUARD MUN BD FDS | $85.2M | 1,707,796 | 0.13% | — |
| PNC | PNC FINL SVCS GROUP INC | $84.2M | 404,438 | 0.13% | — |
| BEKE | KE HLDGS INC | $84.1M | 5,617,800 | 0.13% | — |
| AEP | AMERICAN ELEC PWR CO INC | $84.0M | 641,112 | 0.13% | — |
| CGDV | CAPITAL GROUP DIVIDEND VALUE | $83.0M | 1,952,007 | 0.13% | — |
| ICE | INTERCONTINENTAL EXCHANGE IN | $82.6M | 525,354 | 0.13% | — |
| CME | CME GROUP INC | $82.5M | 279,264 | 0.13% | — |
| IWB | ISHARES TR | $81.7M | 229,201 | 0.13% | — |
| MPWR | MONOLITHIC PWR SYS INC | $81.2M | 74,271 | 0.13% | — |
| WM | WASTE MGMT INC DEL | $81.0M | 352,562 | 0.13% | — |
| CGGR | CAPITAL GROUP GROWTH ETF | $80.4M | 1,999,359 | 0.13% | — |
| NEE | NEXTERA ENERGY INC | $80.1M | 862,126 | 0.13% | — |
| LHX | L3HARRIS TECHNOLOGIES INC | $79.4M | 230,046 | 0.12% | — |
| PANW | PALO ALTO NETWORKS INC | $78.1M | 487,293 | 0.12% | — |
| ITW | ILLINOIS TOOL WKS INC | $77.4M | 297,191 | 0.12% | — |
| CASY | CASEYS GEN STORES INC | $77.2M | 106,070 | 0.12% | — |
| RDVY | FIRST TR EXCHANGE TRADED FD | $76.9M | 1,126,899 | 0.12% | — |
| SPGI | SP GLOBAL INC | $76.6M | 180,209 | 0.12% | — |
| VCSH | VANGUARD SCOTTSDALE FDS | $74.8M | 943,634 | 0.12% | — |
| SHW | SHERWIN WILLIAMS CO | $74.2M | 231,422 | 0.12% | — |
| NFLX | NETFLIX INC. | $73.1M | 760,152 | 0.11% | — |
| BA | BOEING CO | $72.7M | 365,437 | 0.11% | — |
| PAYX | PAYCHEX INC | $70.9M | 770,007 | 0.11% | — |
| DFIC | DIMENSIONAL ETF TRUST | $69.9M | 1,967,806 | 0.11% | — |
| RYAAY | RYANAIR HOLDINGS PLC | $69.2M | 1,197,176 | 0.11% | — |
| SE | SEA LTD | $68.6M | 828,142 | 0.11% | — |
| CB | CHUBB LTD SWITZ | $66.8M | 204,951 | 0.10% | — |
| XLE | SELECT SECTOR SPDR TR | $66.8M | 1,089,625 | 0.10% | — |
| SDVY | FIRST TR EXCHANGE TRADED FD | $66.6M | 1,689,276 | 0.10% | — |
| DGRO | ISHARES TR | $65.0M | 926,648 | 0.10% | — |
| PFE | PFIZER INC | $64.9M | 2,310,997 | 0.10% | — |
| WEC | WEC ENERGY GROUP INC | $64.1M | 553,929 | 0.10% | — |
| ORCL | ORACLE CORP | $63.7M | 433,339 | 0.10% | — |
| MSCI | MSCI INC | $63.4M | 117,605 | 0.10% | — |
| COWZ | PACER FDS TR | $62.2M | 994,456 | 0.10% | — |
| RGLD | ROYAL GOLD INC | $62.0M | 243,661 | 0.10% | — |
This table is the 150 largest positions by value, out of 1,826 reported. The search box only searches what is on this page — a name absent from it may still be in the filing further down the book. The full info table is here.
Rows are aggregated by CUSIP — a manager files the same security multiple times when different internal desks hold it. Tickers link to our own backtest of that asset where we cover it.
Read the original
This page was built from one document: the 2026-03-31 Form 13F info table filed by Baird Financial Group, Inc. (CIK 1648711, accession 0001648711-26-000004). Every other 13F site is reading the same file.
If anything here disagrees with it, the filing wins — and we would want to know. All 13F filings by this manager
What a 13F cannot show you
A 13F is a long-only equity snapshot, and the holes in it are structural. Anyone selling you this data as "what the smart money is doing" is selling you one leg of a position:
- No short positions. None, ever. A fund shown here as bullish may be net short the same name through a book you cannot see.
- No cash, bonds, FX, commodities or non-US listings. A macro fund's entire thesis can be invisible.
- No intra-quarter round trips. Bought and sold inside the same quarter means it never appears at all.
- Options are notional, not ownership. We keep puts and calls in a separate bucket rather than adding their notional into a fund's book size, which is how a $2B fund gets reported as a $20B one.
- Confidential treatment. Managers can ask the SEC to withhold a position while they build it. Those holdings are legally absent from the filing, so a "new" position may be months old.
Tested and published by IndicatorEdge · backtest grid generated 2026-06-25 · base rates recomputed 2026-07-31 · how we test
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