13F holdings
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS portfolio
Managed by . 1,755 reported positions worth $19.6B as of 2026-03-31, filed with the SEC on 2026-05-01. Parsed from the filing itself, not a reseller.
$19.6B
Book value
1,755
Positions
25%
Top 10 weight
+117
New this quarter
-81
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 31 days old on 2026-05-01, 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 (117)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| IEMG | ISHARES INC | $259.4M | 3,718,473 | 1.32% |
| ASTS | AST SPACEMOBILE INC | $23.9M | 288,122 | 0.12% |
| VRT | VERTIV HOLDINGS CO | $22.3M | 89,113 | 0.11% |
| PBR | PETROLEO BRASILEIRO S A | $12.2M | 586,761 | 0.06% |
| SUNB | SUNBELT RENTALS HOLDINGS INC | $6.2M | 95,116 | 0.03% |
| CCXI | CHURCHILL CAP CORP XI | $5.1M | 500,000 | 0.03% |
| MAREX GROUP PLC | MAREX GROUP PLC | $4.3M | 96,439 | 0.02% |
| AMCR | AMCOR PLC | $4.3M | 107,630 | 0.02% |
| SZZL | SIZZLE ACQUISITION CORP. II | $4.1M | 400,000 | 0.02% |
| CLBR/U | COLOMBIER ACQUISITION CORP I | $4.1M | 400,000 | 0.02% |
| JENA | JENA ACQUISITION CORP II | $4.0M | 395,400 | 0.02% |
| ARCIU | ARCHIMEDES TECH SPAC PTNRS I | $4.0M | 400,000 | 0.02% |
| SCII | SC II ACQUISITION CORP | $4.0M | 400,000 | 0.02% |
| HCAC | HALL CHADWICK ACQUISITION CO | $4.0M | 400,000 | 0.02% |
| LFAC | LEAPFROG ACQUISITION CORP | $4.0M | 400,000 | 0.02% |
| BIXI | BITCOIN INFRASTRUCTURE ACQUI | $4.0M | 400,000 | 0.02% |
| DSAC | DAEDALUS SPL ACQUISITION COR | $4.0M | 400,000 | 0.02% |
| CRAN | CRANE HBR ACQUISITION CORP I | $4.0M | 400,000 | 0.02% |
| AEAQ | ACTIVATE ENERGY ACQUISIT COR | $4.0M | 400,000 | 0.02% |
| TWLV | TWELVE SEAS INVT CO III | $3.9M | 400,000 | 0.02% |
| KBON | KARBON CAP PARTNERS CORP | $3.5M | 350,000 | 0.02% |
| ALUB | ALUSSA ENERGY ACQUISIT CORP | $3.5M | 349,998 | 0.02% |
| ZKP | LAFAYETTE DIGITAL ACQUISITIO | $3.5M | 350,000 | 0.02% |
| PNFP | PINNACLE FINL PARTNERS INC | $3.2M | 37,719 | 0.02% |
| SAAQU | SPACE ASSET ACQUISITION CORP | $3.1M | 300,000 | 0.02% |
Closed out (81)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| ENPH 0 03/01/26 | ENPHASE ENERGY INC | $15.4M | 15,610,000 | 0.00% |
| DAY | DAYFORCE INC | $9.5M | 137,225 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARE | $8.1M | 212,645 | 0.00% |
| RNG 0 03/15/26 | RINGCENTRAL INC | $7.5M | 7,630,000 | 0.00% |
| CPNG | COUPANG INC | $7.5M | 317,888 | 0.00% |
| MGNI 0.25 03/15/26 | MAGNITE INC | $7.1M | 7,148,000 | 0.00% |
| TWLVU | TWELVE SEAS INVT CO III | $6.0M | 600,000 | 0.00% |
| ATKR | ATKORE INC | $5.9M | 94,000 | 0.00% |
| GLOB | GLOBANT S A | $5.2M | 79,987 | 0.00% |
| CCXIU | CHURCHILL CAP CORP XI | $5.1M | 500,000 | 0.00% |
| CRANU | CRANE HBR ACQUISITION CORP I | $5.0M | 500,000 | 0.00% |
| TGNA | TEGNA INC | $5.0M | 259,360 | 0.00% |
| VAC 0 01/15/26 | MARRIOTT VACATIONS WORLDWIDE | $4.6M | 4,635,000 | 0.00% |
| AMCR | AMCOR PLC | $4.5M | 536,937 | 0.00% |
| SIMA | SIM ACQUISITION CORP. I | $4.2M | 400,000 | 0.00% |
| CMA | COMERICA INC | $4.2M | 48,041 | 0.00% |
| DRDB | ROMAN DBDR ACQUISITION CORP | $4.2M | 400,000 | 0.00% |
| EGHA | EGH ACQUISITION CORP. | $4.1M | 400,000 | 0.00% |
| IGF | ISHARES TR | $3.8M | 61,230 | 0.00% |
| 9HI | HILLENBRAND INC | $3.7M | 117,451 | 0.00% |
| 8ZV | ASPEN INSURANCE HOLDINGS LTD | $3.7M | 100,000 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $3.7M | 8,216 | 0.00% |
| REAL ASSET ACQUISITION C | REAL ASSET ACQUISITION CORP | $3.6M | 354,563 | 0.00% |
| ALUB/U | ALUSSA ENERGY ACQUISITION CO | $3.5M | 350,000 | 0.00% |
| ABNB 0 03/15/26 | AIRBNB INC | $3.5M | 3,560,000 | 0.00% |
Added to (205)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| SPY | STATE STR SPDR S&P 500 ETF T | $276.1M | 424,569 | 1.41% | +713% |
| WELL | WELLTOWER INC | $94.0M | 475,209 | 0.48% | +24% |
| PLD | PROLOGIS INC. | $84.4M | 638,325 | 0.43% | +23% |
| EQIX | EQUINIX INC | $73.4M | 74,890 | 0.37% | +22% |
| CEG | CONSTELLATION ENERGY CORP | $49.9M | 178,690 | 0.25% | +146% |
| INTC | INTEL CORP | $48.3M | 1,093,736 | 0.25% | +5% |
| SBAC | SBA COMMUNICATIONS CORP | $46.1M | 267,659 | 0.23% | +6% |
| MELI | MERCADOLIBRE INC | $42.5M | 24,553 | 0.22% | +6% |
| DLR | DIGITAL RLTY TR INC | $41.8M | 231,677 | 0.21% | +23% |
| SPG | SIMON PPTY GROUP INC NEW | $41.6M | 223,079 | 0.21% | +23% |
| O | REALTY INCOME CORP | $38.6M | 630,652 | 0.20% | +23% |
| EVRG | EVERGY INC | $38.6M | 470,889 | 0.20% | +9% |
| PANW | PALO ALTO NETWORKS INC | $30.2M | 188,235 | 0.15% | +18% |
| PSA | PUBLIC STORAGE OPER CO | $29.4M | 108,612 | 0.15% | +23% |
| SE | SEA LTD | $29.1M | 351,580 | 0.15% | +16% |
Trimmed (300)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| CPRI | CAPRI HOLDINGS LIMITED | $526,080 | 29,857 | 0.00% | -89% |
| GPAT | GP-ACT III ACQUISITION CORP | $584,276 | 53,900 | 0.00% | -87% |
| MNDY | MONDAY COM LTD | $452,187 | 6,543 | 0.00% | -87% |
| CCOI | COGENT COMM HOLDINGS INC | $221,144 | 11,738 | 0.00% | -86% |
| BHF | BRIGHTHOUSE FINL INC | $857,961 | 14,328 | 0.00% | -84% |
| CRAC | CROWN RESV ACQUISITION CORP | $614,614 | 61,400 | 0.00% | -80% |
| GOTU | GAOTU TECHEDU INC | $52,532 | 26,802 | 0.00% | -80% |
| BACCR | BLUE ACQUISITION CORP. | $15,638 | 52,126 | 0.00% | -79% |
| JANUS HENDERSON GROUP PL | JANUS HENDERSON GROUP PLC | $1.6M | 30,884 | 0.01% | -78% |
| CIGI | COLLIERS INTL GROUP INC | $356,157 | 3,332 | 0.00% | -67% |
| RANG | RANGE CAP ACQUISITION CORP | $1.1M | 100,000 | 0.01% | -50% |
| RSP | INVESCO EXCHANGE TRADED FD T | $348.8M | 1,817,211 | 1.78% | -49% |
| MBVIW | M3-BRIGADE ACQUISITION VI CO | $13,171 | 38,177 | 0.00% | -47% |
| EVAC/WS | EQV VENTURES AC CORP. II | $35,208 | 113,573 | 0.00% | -43% |
| TME | TENCENT MUSIC ENTMT GROUP | $5.7M | 610,581 | 0.03% | -42% |
The book
Largest 150 of 1,755 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $987.2M | 5,660,509 | 5.03% | — |
| AAPL | APPLE INC | $867.9M | 3,419,865 | 4.42% | — |
| MSFT | MICROSOFT CORP | $640.3M | 1,729,747 | 3.26% | — |
| AMZN | AMAZON COM INC | $473.9M | 2,275,566 | 2.41% | — |
| GOOGL | ALPHABET INC | $390.0M | 1,356,193 | 1.99% | — |
| RSP | INVESCO EXCHANGE TRADED FD T | $348.8M | 1,817,211 | 1.78% | — |
| AVGO | BROADCOM INC | $341.8M | 1,104,445 | 1.74% | — |
| NEE | NEXTERA ENERGY INC | $337.3M | 3,631,835 | 1.72% | — |
| GOOG | ALPHABET INC | $312.5M | 1,089,399 | 1.59% | — |
| META | META PLATFORMS INC | $291.5M | 509,487 | 1.49% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $276.1M | 424,569 | 1.41% | — |
| IEMG | ISHARES INC | $259.4M | 3,718,473 | 1.32% | — |
| TSLA | TESLA INC | $243.5M | 655,137 | 1.24% | — |
| UNP | UNION PAC CORP | $226.0M | 931,625 | 1.15% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $204.7M | 427,155 | 1.04% | — |
| SO | SOUTHERN CO | $188.7M | 1,955,065 | 0.96% | — |
| JPM | JPMORGAN CHASE & CO | $184.8M | 628,060 | 0.94% | — |
| DUK | DUKE ENERGY CORP NEW | $180.7M | 1,380,385 | 0.92% | — |
| LLY | ELI LILLY & CO | $169.8M | 184,588 | 0.86% | — |
| EXMOC | EXXON MOBIL CORP | $165.2M | 973,468 | 0.84% | — |
| AMT | AMERICAN TOWER CORP | $158.5M | 918,264 | 0.81% | — |
| WMB | WILLIAMS COS INC | $142.3M | 1,954,680 | 0.72% | — |
| JNJ | JOHNSON & JOHNSON | $137.2M | 561,369 | 0.70% | — |
| WMT | WALMART INC | $126.9M | 1,021,126 | 0.65% | — |
| AEP | AMERICAN ELEC PWR CO INC | $124.6M | 950,691 | 0.63% | — |
| CSX | CSX CORP | $120.6M | 2,937,185 | 0.61% | — |
| V | VISA INC | $118.4M | 391,599 | 0.60% | — |
| SRE | SEMPRA | $112.5M | 1,158,276 | 0.57% | — |
| COST | COSTCO WHOLESALE CORPORATION | $103.0M | 103,396 | 0.52% | — |
| KMI | KINDER MORGAN INC DEL | $102.3M | 3,050,303 | 0.52% | — |
| NSC | NORFOLK SOUTHN CORP | $101.5M | 353,729 | 0.52% | — |
| LNG | CHENIERE ENERGY INC | $96.7M | 340,728 | 0.49% | — |
| MA | MASTERCARD INCORPORATED | $94.8M | 189,708 | 0.48% | — |
| NFLX | NETFLIX INC. | $94.6M | 983,522 | 0.48% | — |
| WELL | WELLTOWER INC | $94.0M | 475,209 | 0.48% | — |
| D | DOMINION ENERGY INC | $93.6M | 1,514,488 | 0.48% | — |
| OKE | ONEOK INC NEW | $90.8M | 1,004,077 | 0.46% | — |
| CVX | CHEVRON CORPORATION | $90.3M | 436,655 | 0.46% | — |
| ABBV | ABBVIE INC | $89.5M | 411,700 | 0.46% | — |
| ETR | ENTERGY CORP NEW | $89.2M | 793,663 | 0.45% | — |
| MU | MICRON TECHNOLOGY INC | $88.6M | 262,179 | 0.45% | — |
| EXC | EXELON CORP | $88.1M | 1,796,401 | 0.45% | — |
| TRGP | TARGA RES CORP | $85.5M | 340,948 | 0.44% | — |
| PLD | PROLOGIS INC. | $84.4M | 638,325 | 0.43% | — |
| XEL | XCEL ENERGY INC | $83.4M | 1,050,096 | 0.43% | — |
| PCG | PG&E CORP | $80.0M | 4,554,193 | 0.41% | — |
| PG | PROCTER & GAMBLE CO | $78.2M | 541,359 | 0.40% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $77.8M | 532,119 | 0.40% | — |
| AMD | ADVANCED MICRO DEVICES INC | $77.3M | 379,791 | 0.39% | — |
| CAT | CATERPILLAR INC | $76.8M | 108,385 | 0.39% | — |
| HD | HOME DEPOT INC | $76.3M | 231,897 | 0.39% | — |
| PEG | PUBLIC SVC ENTERPRISE GROUP | $76.2M | 941,071 | 0.39% | — |
| BAC | BANK AMERICA CORP | $75.4M | 1,545,684 | 0.38% | — |
| CCI | CROWN CASTLE INC | $75.3M | 926,055 | 0.38% | — |
| EQIX | EQUINIX INC | $73.4M | 74,890 | 0.37% | — |
| ED | CONSOLIDATED EDISON INC | $72.4M | 639,705 | 0.37% | — |
| CSCO | CISCO SYS INC | $71.4M | 920,379 | 0.36% | — |
| MRK | MERCK & CO INC | $69.5M | 578,169 | 0.35% | — |
| GE | GE AEROSPACE | $69.3M | 244,313 | 0.35% | — |
| KO | COCA COLA CO | $68.6M | 901,826 | 0.35% | — |
| WEC | WEC ENERGY GROUP INC | $66.9M | 577,719 | 0.34% | — |
| AMAT | APPLIED MATLS INC | $63.2M | 184,892 | 0.32% | — |
| LRCX | LAM RESEARCH CORP | $62.2M | 290,892 | 0.32% | — |
| RTX | RTX CORPORATION | $60.3M | 312,676 | 0.31% | — |
| PM | PHILIP MORRIS INTL INC | $60.0M | 362,617 | 0.31% | — |
| AEE | AMEREN CORP | $59.3M | 539,744 | 0.30% | — |
| GS | GOLDMAN SACHS GROUP INC | $59.1M | 69,866 | 0.30% | — |
| ORCL | ORACLE CORP | $58.1M | 395,004 | 0.30% | — |
| WFC | WELLS FARGO & CO | $57.4M | 720,399 | 0.29% | — |
| UNH | UNITEDHEALTH GROUP INC | $57.1M | 211,009 | 0.29% | — |
| ATO | ATMOS ENERGY CORP | $55.8M | 301,973 | 0.28% | — |
| GEV | GE VERNOVA INC | $54.8M | 62,785 | 0.28% | — |
| LIN | LINDE PLC | $53.9M | 108,772 | 0.27% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $52.8M | 217,740 | 0.27% | — |
| EIX | EDISON INTL | $52.3M | 714,712 | 0.27% | — |
| MCD | MCDONALDS CORP | $51.6M | 165,891 | 0.26% | — |
| PPL | PPL CORP | $50.2M | 1,313,180 | 0.26% | — |
| CNP | CENTERPOINT ENERGY INC | $49.9M | 1,156,481 | 0.25% | — |
| CEG | CONSTELLATION ENERGY CORP | $49.9M | 178,690 | 0.25% | — |
| PEP | PEPSICO INC | $49.4M | 318,351 | 0.25% | — |
| VZ | VERIZON COMMUNICATIONS INC | $49.3M | 982,320 | 0.25% | — |
| FE | FIRSTENERGY CORP | $49.0M | 966,951 | 0.25% | — |
| INTC | INTEL CORP | $48.3M | 1,093,736 | 0.25% | — |
| T | AT&T INC | $47.3M | 1,630,734 | 0.24% | — |
| AWK | AMERICAN WTR WKS CO INC NEW | $47.0M | 345,683 | 0.24% | — |
| C | CITIGROUP INC | $46.2M | 407,067 | 0.24% | — |
| ES | EVERSOURCE ENERGY | $46.2M | 666,235 | 0.24% | — |
| MS | MORGAN STANLEY | $46.1M | 280,249 | 0.23% | — |
| SBAC | SBA COMMUNICATIONS CORP | $46.1M | 267,659 | 0.23% | — |
| KLAC | KLA CORP | $45.0M | 30,533 | 0.23% | — |
| AMGN | AMGEN INC | $44.1M | 125,435 | 0.22% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $43.0M | 87,518 | 0.22% | — |
| MELI | MERCADOLIBRE INC | $42.5M | 24,553 | 0.22% | — |
| DLR | DIGITAL RLTY TR INC | $41.8M | 231,677 | 0.21% | — |
| CMS | CMS ENERGY CORP | $41.7M | 537,889 | 0.21% | — |
| SPG | SIMON PPTY GROUP INC NEW | $41.6M | 223,079 | 0.21% | — |
| ABT | ABBOTT LABORATORIES | $41.6M | 405,058 | 0.21% | — |
| TJX | TJX COS INC NEW | $41.3M | 258,675 | 0.21% | — |
| TXN | TEXAS INSTRS INC | $41.0M | 211,407 | 0.21% | — |
| CRM | SALESFORCE INC | $40.7M | 218,267 | 0.21% | — |
| GILD | GILEAD SCIENCES INC | $40.3M | 289,007 | 0.21% | — |
| DIS | DISNEY WALT CO | $39.8M | 412,663 | 0.20% | — |
| NI | NISOURCE INC | $39.5M | 846,932 | 0.20% | — |
| LNT | ALLIANT ENERGY CORP | $39.2M | 546,580 | 0.20% | — |
| O | REALTY INCOME CORP | $38.6M | 630,652 | 0.20% | — |
| EVRG | EVERGY INC | $38.6M | 470,889 | 0.20% | — |
| ISRG | INTUITIVE SURGICAL INC | $38.1M | 82,725 | 0.19% | — |
| AXP | AMERICAN EXPRESS CO | $37.7M | 124,755 | 0.19% | — |
| COP | CONOCOPHILLIPS | $37.7M | 285,394 | 0.19% | — |
| PFE | PFIZER INC | $37.2M | 1,324,445 | 0.19% | — |
| SCHW | SCHWAB CHARLES CORP | $36.6M | 389,089 | 0.19% | — |
| BA | BOEING CO | $36.4M | 182,941 | 0.19% | — |
| ADI | ANALOG DEVICES INC | $36.2M | 113,822 | 0.18% | — |
| APH | AMPHENOL CORP | $36.2M | 286,337 | 0.18% | — |
| UBER | UBER TECHNOLOGIES INC | $34.5M | 479,423 | 0.18% | — |
| HONGBP | HONEYWELL INTL INC | $33.4M | 147,892 | 0.17% | — |
| DE | DEERE & CO | $33.1M | 58,725 | 0.17% | — |
| ETN | EATON CORP PLC | $32.4M | 90,475 | 0.16% | — |
| BLK | BLACKROCK INC | $32.3M | 33,611 | 0.16% | — |
| QCOM | QUALCOMM INC | $32.0M | 248,550 | 0.16% | — |
| BKNG | BOOKING HOLDINGS INC | $31.6M | 7,509 | 0.16% | — |
| LOW | LOWES COS INC | $30.9M | 130,669 | 0.16% | — |
| SPGI | S&P GLOBAL INC | $30.3M | 71,280 | 0.15% | — |
| PANW | PALO ALTO NETWORKS INC | $30.2M | 188,235 | 0.15% | — |
| ANET | ARISTA NETWORKS INC | $29.5M | 240,540 | 0.15% | — |
| PSA | PUBLIC STORAGE OPER CO | $29.4M | 108,612 | 0.15% | — |
| SE | SEA LTD | $29.1M | 351,580 | 0.15% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $28.8M | 474,382 | 0.15% | — |
| LMT | LOCKHEED MARTIN CORP | $28.5M | 47,164 | 0.15% | — |
| ACN | ACCENTURE PLC IRELAND | $28.4M | 143,331 | 0.14% | — |
| INTU | INTUIT | $28.0M | 64,822 | 0.14% | — |
| DHR | DANAHER CORP DEL | $27.8M | 146,554 | 0.14% | — |
| CB | CHUBB LTD SWITZ | $27.6M | 84,727 | 0.14% | — |
| NEM | NEWMONT CORP | $27.5M | 254,202 | 0.14% | — |
| PGR | PROGRESSIVE CORP | $27.1M | 136,528 | 0.14% | — |
| COF | CAPITAL ONE FINL CORP | $26.6M | 145,614 | 0.14% | — |
| VTR | VENTAS INC | $26.5M | 323,545 | 0.13% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $26.4M | 59,167 | 0.13% | — |
| SYK | STRYKER CORPORATION | $26.4M | 80,230 | 0.13% | — |
| PH | PARKER-HANNIFIN CORP | $26.3M | 29,401 | 0.13% | — |
| MDT | MEDTRONIC PLC | $25.9M | 298,636 | 0.13% | — |
| MO | ALTRIA GROUP INC | $25.8M | 391,034 | 0.13% | — |
| NOW | SERVICENOW INC | $25.5M | 243,658 | 0.13% | — |
| APP | APPLOVIN CORP | $25.1M | 63,128 | 0.13% | — |
| VST | VISTRA CORP | $25.1M | 166,691 | 0.13% | — |
| CME | CME GROUP INC | $24.8M | 83,998 | 0.13% | — |
| GLW | CORNING INC | $24.7M | 181,866 | 0.13% | — |
| MCK | MCKESSON CORP | $24.7M | 28,532 | 0.13% | — |
| CMCSA | COMCAST CORP NEW | $24.0M | 835,892 | 0.12% | — |
| ASTS | AST SPACEMOBILE INC | $23.9M | 288,122 | 0.12% | — |
This table is the 150 largest positions by value, out of 1,755 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 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS (CIK 1083190, accession 0001083190-26-000004). 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.
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