13F holdings
Empirical Financial Services, LLC d.b.a. Empirical Wealth Management portfolio
Managed by . 984 reported positions worth $5.8B as of 2026-03-31, filed with the SEC on 2026-05-04. Parsed from the filing itself, not a reseller.
$5.8B
Book value
984
Positions
40%
Top 10 weight
+146
New this quarter
-53
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 34 days old on 2026-05-04, 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 |
|---|---|---|---|---|
| DFMC | DFA INVT DIMENSIONS GROUP IN | $58.7M | 1,154,128 | 1.02% |
| RELY | REMITLY GLOBAL INC | $2.0M | 129,664 | 0.04% |
| JKHY | HENRY JACK & ASSOC INC | $1.0M | 6,359 | 0.02% |
| IDCC | INTERDIGITAL INC | $783,690 | 2,595 | 0.01% |
| AZN | ASTRAZENECA PLC | $737,406 | 3,739 | 0.01% |
| MTCH | MATCH GROUP INC NEW | $688,887 | 22,432 | 0.01% |
| TOL | TOLL BROTHERS INC | $677,029 | 4,961 | 0.01% |
| PTC | PTC INC | $659,302 | 4,627 | 0.01% |
| RF | REGIONS FINANCIAL CORP NEW | $630,224 | 24,128 | 0.01% |
| BKLN | INVESCO EXCH TRADED FD TR II | $577,726 | 28,306 | 0.01% |
| GWRE | GUIDEWIRE SOFTWARE INC | $552,774 | 3,696 | 0.01% |
| VMI | VALMONT INDS INC | $543,816 | 1,361 | 0.01% |
| CUZ | COUSINS PPTYS INC | $538,453 | 23,857 | 0.01% |
| RNG | RINGCENTRAL INC | $503,032 | 13,526 | 0.01% |
| ZBH | ZIMMER BIOMET HOLDINGS INC | $501,651 | 5,548 | 0.01% |
| MKSI | MKS INC. | $497,540 | 2,165 | 0.01% |
| VRSN | VERISIGN INC | $491,095 | 1,977 | 0.01% |
| NDSN | NORDSON CORP | $482,102 | 1,812 | 0.01% |
| WCC | WESCO INTL INC | $471,996 | 1,725 | 0.01% |
| GGG | GRACO INC | $468,792 | 5,538 | 0.01% |
| SAM | BOSTON BEER INC | $465,178 | 2,019 | 0.01% |
| O | REALTY INCOME CORP | $434,682 | 7,105 | 0.01% |
| VIS | VANGUARD WORLD FD | $427,461 | 1,369 | 0.01% |
| DFIC | DIMENSIONAL ETF TRUST | $424,193 | 11,939 | 0.01% |
| JANUS HENDERSON GROUP PL | JANUS HENDERSON GROUP PLC | $424,112 | 8,256 | 0.01% |
Closed out (53)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| 1RG | REV GROUP INC | $1.9M | 31,546 | 0.00% |
| CRVS | CORVUS PHARMACEUTICALS INC | $1.3M | 167,400 | 0.00% |
| BND | VANGUARD BD INDEX FDS | $1.0M | 14,012 | 0.00% |
| AZNN | ASTRAZENECA PLC | $876,880 | 9,539 | 0.00% |
| ROP | ROPER TECHNOLOGIES INC | $742,033 | 1,667 | 0.00% |
| TQQQ | PROSHARES TR | $551,030 | 10,452 | 0.00% |
| SLB | SLB LIMITED | $543,475 | 14,160 | 0.00% |
| TRMB | TRIMBLE INC | $510,608 | 6,517 | 0.00% |
| HEI | HEICO CORP NEW | $468,116 | 1,447 | 0.00% |
| T86 | TRI POINTE HOMES INC | $458,455 | 14,568 | 0.00% |
| IVES | WEDBUSH SER TR | $443,805 | 14,040 | 0.00% |
| U | UNITY SOFTWARE INC | $425,005 | 9,622 | 0.00% |
| AKAM | AKAMAI TECHNOLOGIES INC | $424,646 | 4,867 | 0.00% |
| APO | APOLLO GLOBAL MGMT INC | $407,067 | 2,812 | 0.00% |
| RPM | RPM INTL INC | $382,096 | 3,674 | 0.00% |
| CVCO | CAVCO INDS INC DEL | $354,444 | 600 | 0.00% |
| W | WAYFAIR INC | $352,440 | 3,510 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $335,438 | 752 | 0.00% |
| TELFY | TELEFONICA S A | $319,448 | 78,876 | 0.00% |
| VCR | VANGUARD WORLD FD | $318,893 | 810 | 0.00% |
| AAON | AAON INC | $306,831 | 4,024 | 0.00% |
| 62C | PIPER SANDLER COMPANIES | $294,529 | 867 | 0.00% |
| GEN | GEN DIGITAL INC | $283,604 | 10,430 | 0.00% |
| JNK | SPDR SERIES TRUST | $274,631 | 2,825 | 0.00% |
| AN | AUTONATION INC | $269,457 | 1,305 | 0.00% |
Added to (504)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $341.4M | 1,957,352 | 5.93% | +12% |
| IQLT | ISHARES TR | $316.2M | 6,839,909 | 5.50% | +6% |
| VTIP | VANGUARD MALVERN FDS | $244.3M | 4,890,809 | 4.25% | +5% |
| VCSH | VANGUARD SCOTTSDALE FDS | $217.1M | 2,738,923 | 3.77% | +13% |
| DFUV | DIMENSIONAL ETF TRUST | $154.8M | 3,194,495 | 2.69% | +4% |
| EFV | ISHARES TR | $149.4M | 2,009,214 | 2.60% | +4% |
| IEMG | ISHARES INC | $138.4M | 1,984,690 | 2.41% | +2% |
| VCIT | VANGUARD SCOTTSDALE FDS | $115.2M | 1,391,592 | 2.00% | +2% |
| VGSH | VANGUARD SCOTTSDALE FDS | $67.3M | 1,150,169 | 1.17% | +4% |
| AVDV | AMERICAN CENTY ETF TR | $63.0M | 630,579 | 1.09% | +3% |
| QGRW | WISDOMTREE TR | $54.6M | 1,021,046 | 0.95% | +41% |
| GOOG | ALPHABET INC | $48.9M | 170,449 | 0.85% | +13% |
| AVUV | AMERICAN CENTY ETF TR | $45.8M | 414,659 | 0.80% | +5% |
| VNQ | VANGUARD INDEX FDS | $40.4M | 455,462 | 0.70% | +6% |
| SCHC | SCHWAB STRATEGIC TR | $40.1M | 857,100 | 0.70% | +10% |
Trimmed (227)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| AKRE | PROFESIONALLY MANAGED PORTFO | $218,165 | 4,128 | 0.00% | -85% |
| AMT | AMERICAN TOWER CORP | $289,418 | 1,677 | 0.01% | -78% |
| SLV | ISHARES SILVER TR | $107,457 | 1,577 | 0.00% | -71% |
| CIG | CIA ENERGETICA DE MINAS GERA | $47,076 | 19,697 | 0.00% | -67% |
| VRTX | VERTEX PHARMACEUTICALS INC | $294,271 | 659 | 0.01% | -64% |
| FLO | FLOWERS FOODS INC | $97,197 | 11,926 | 0.00% | -62% |
| NOW | SERVICENOW INC | $423,638 | 4,052 | 0.01% | -58% |
| SJNK | SPDR SERIES TRUST | $37.2M | 1,487,531 | 0.65% | -58% |
| ACN | ACCENTURE PLC IRELAND | $806,050 | 4,065 | 0.01% | -58% |
| HYS | PIMCO ETF TR | $845,586 | 9,066 | 0.01% | -55% |
| SO | SOUTHERN CO | $610,478 | 6,325 | 0.01% | -51% |
| ZTS | ZOETIS INC | $397,578 | 3,363 | 0.01% | -50% |
| ISRG | INTUITIVE SURGICAL INC | $639,855 | 1,388 | 0.01% | -50% |
| UPS | UNITED PARCEL SVCS INC | $429,922 | 4,370 | 0.01% | -49% |
| WCN | WASTE CONNECTIONS INC | $405,452 | 2,496 | 0.01% | -49% |
The book
Largest 150 of 984 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $341.4M | 1,957,352 | 5.93% | — |
| QUAL | ISHARES TR | $338.9M | 1,766,694 | 5.89% | — |
| IQLT | ISHARES TR | $316.2M | 6,839,909 | 5.50% | — |
| VTIP | VANGUARD MALVERN FDS | $244.3M | 4,890,809 | 4.25% | — |
| MTUM | ISHARES TR | $230.5M | 960,399 | 4.01% | — |
| VCSH | VANGUARD SCOTTSDALE FDS | $217.1M | 2,738,923 | 3.77% | — |
| AAPL | APPLE INC | $155.4M | 612,419 | 2.70% | — |
| DFUV | DIMENSIONAL ETF TRUST | $154.8M | 3,194,495 | 2.69% | — |
| EFV | ISHARES TR | $149.4M | 2,009,214 | 2.60% | — |
| IEMG | ISHARES INC | $138.4M | 1,984,690 | 2.41% | — |
| VCIT | VANGUARD SCOTTSDALE FDS | $115.2M | 1,391,592 | 2.00% | — |
| DFIV | DIMENSIONAL ETF TRUST | $94.2M | 1,785,481 | 1.64% | — |
| MSFT | MICROSOFT CORP | $81.7M | 220,717 | 1.42% | — |
| VGSH | VANGUARD SCOTTSDALE FDS | $67.3M | 1,150,169 | 1.17% | — |
| VTV | VANGUARD INDEX FDS | $66.7M | 340,165 | 1.16% | — |
| AVDV | AMERICAN CENTY ETF TR | $63.0M | 630,579 | 1.09% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $62.7M | 96,441 | 1.09% | — |
| AMZN | AMAZON COM INC | $61.6M | 295,610 | 1.07% | — |
| META | META PLATFORMS INC | $60.6M | 105,894 | 1.05% | — |
| DFMC | DFA INVT DIMENSIONS GROUP IN | $58.7M | 1,154,128 | 1.02% | — |
| VEA | VANGUARD TAX-MANAGED FDS | $57.6M | 898,925 | 1.00% | — |
| DFAT | DIMENSIONAL ETF TRUST | $57.1M | 914,073 | 0.99% | — |
| QGRW | WISDOMTREE TR | $54.6M | 1,021,046 | 0.95% | — |
| GOOG | ALPHABET INC | $48.9M | 170,449 | 0.85% | — |
| AVUV | AMERICAN CENTY ETF TR | $45.8M | 414,659 | 0.80% | — |
| VNQ | VANGUARD INDEX FDS | $40.4M | 455,462 | 0.70% | — |
| SCHC | SCHWAB STRATEGIC TR | $40.1M | 857,100 | 0.70% | — |
| SJNK | SPDR SERIES TRUST | $37.2M | 1,487,531 | 0.65% | — |
| CSCO | CISCO SYS INC | $36.9M | 475,778 | 0.64% | — |
| AVGO | BROADCOM INC | $30.6M | 98,751 | 0.53% | — |
| VSS | VANGUARD INTL EQUITY INDEX F | $30.1M | 206,351 | 0.52% | — |
| TSLA | TESLA INC | $29.3M | 78,722 | 0.51% | — |
| SCHF | SCHWAB STRATEGIC TR | $28.0M | 1,132,786 | 0.49% | — |
| VBR | VANGUARD INDEX FDS | $27.9M | 128,493 | 0.49% | — |
| DFAC | DIMENSIONAL ETF TRUST | $27.6M | 710,928 | 0.48% | — |
| SCHX | SCHWAB STRATEGIC TR | $27.0M | 1,052,984 | 0.47% | — |
| ESGD | ISHARES TR | $26.9M | 281,817 | 0.47% | — |
| JPM | JPMORGAN CHASE & CO | $25.5M | 86,802 | 0.44% | — |
| DUHP | DIMENSIONAL ETF TRUST | $24.9M | 678,278 | 0.43% | — |
| VTI | VANGUARD INDEX FDS | $24.8M | 77,227 | 0.43% | — |
| GOOGL | ALPHABET INC | $24.3M | 84,338 | 0.42% | — |
| MO | ALTRIA GROUP INC | $23.7M | 359,259 | 0.41% | — |
| DFAS | DIMENSIONAL ETF TRUST | $22.6M | 317,343 | 0.39% | — |
| IWC | ISHARES TR | $22.5M | 140,664 | 0.39% | — |
| FPE | FIRST TR EXCH TRADED FD III | $22.0M | 1,239,522 | 0.38% | — |
| WMT | WALMART INC | $21.9M | 176,267 | 0.38% | — |
| JNJ | JOHNSON & JOHNSON | $21.8M | 89,256 | 0.38% | — |
| VFMO | VANGUARD WELLINGTON FD | $21.5M | 109,211 | 0.37% | — |
| COST | COSTCO WHOLESALE CORPORATION | $21.4M | 21,521 | 0.37% | — |
| MGC | VANGUARD WORLD FD | $21.1M | 89,419 | 0.37% | — |
| BNY | BANK NEW YORK MELLON CORP | $20.6M | 173,975 | 0.36% | — |
| VNQI | VANGUARD INTL EQUITY INDEX F | $20.1M | 453,233 | 0.35% | — |
| MGK | VANGUARD WORLD FD | $19.2M | 52,217 | 0.33% | — |
| EFG | ISHARES TR | $19.2M | 172,116 | 0.33% | — |
| FEM | FIRST TR EXCH TRD ALPHDX FD | $18.5M | 617,179 | 0.32% | — |
| CMI | CUMMINS INC | $18.4M | 34,118 | 0.32% | — |
| NULV | NUSHARES ETF TR | $18.3M | 401,443 | 0.32% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $18.1M | 37,692 | 0.31% | — |
| STIP | ISHARES TR | $17.6M | 170,271 | 0.31% | — |
| MGV | VANGUARD WORLD FD | $17.6M | 121,428 | 0.31% | — |
| VV | VANGUARD INDEX FDS | $16.5M | 55,294 | 0.29% | — |
| EXMOC | EXXON MOBIL CORP | $16.5M | 96,976 | 0.29% | — |
| IJR | ISHARES TR | $16.4M | 131,622 | 0.28% | — |
| QQQ | INVESCO QQQ TR | $16.2M | 28,152 | 0.28% | — |
| LRCX | LAM RESEARCH CORP | $16.2M | 75,637 | 0.28% | — |
| VOO | VANGUARD INDEX FDS | $16.1M | 26,894 | 0.28% | — |
| VWO | VANGUARD INTL EQUITY INDEX F | $15.8M | 292,524 | 0.27% | — |
| PM | PHILIP MORRIS INTL INC | $15.0M | 90,971 | 0.26% | — |
| LLY | ELI LILLY & CO | $15.0M | 16,309 | 0.26% | — |
| T | AT&T INC | $15.0M | 516,511 | 0.26% | — |
| SCHE | SCHWAB STRATEGIC TR | $14.8M | 450,361 | 0.26% | — |
| IVV | ISHARES TR | $14.6M | 22,371 | 0.25% | — |
| GLW | CORNING INC | $14.1M | 104,000 | 0.25% | — |
| DELL | DELL TECHNOLOGIES INC | $14.1M | 85,872 | 0.24% | — |
| PWR | QUANTA SVCS INC | $14.0M | 25,574 | 0.24% | — |
| VB | VANGUARD INDEX FDS | $14.0M | 53,331 | 0.24% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $13.8M | 57,052 | 0.24% | — |
| OZ | BELPOINTE PREP LLC | $13.1M | 246,631 | 0.23% | — |
| VOE | VANGUARD INDEX FDS | $13.0M | 70,773 | 0.23% | — |
| CVX | CHEVRON CORPORATION | $12.9M | 62,155 | 0.22% | — |
| SCHA | SCHWAB STRATEGIC TR | $12.5M | 429,202 | 0.22% | — |
| ESML | ISHARES TR | $12.3M | 262,528 | 0.21% | — |
| ESGE | ISHARES INC | $12.3M | 271,331 | 0.21% | — |
| WDC | WESTERN DIGITAL CORP | $12.1M | 44,864 | 0.21% | — |
| GILD | GILEAD SCIENCES INC | $12.0M | 85,969 | 0.21% | — |
| NFLX | NETFLIX INC. | $11.8M | 123,240 | 0.21% | — |
| EWX | SPDR INDEX SHS FDS | $11.8M | 177,987 | 0.20% | — |
| CAT | CATERPILLAR INC | $11.5M | 16,237 | 0.20% | — |
| SCHV | SCHWAB STRATEGIC TR | $11.4M | 373,616 | 0.20% | — |
| AMD | ADVANCED MICRO DEVICES INC | $11.3M | 55,543 | 0.20% | — |
| MU | MICRON TECHNOLOGY INC | $10.9M | 32,405 | 0.19% | — |
| SCHW | SCHWAB CHARLES CORP | $10.9M | 116,301 | 0.19% | — |
| VYM | VANGUARD WHITEHALL FDS | $10.9M | 73,375 | 0.19% | — |
| EBI | RBB FUND TRUST | $10.9M | 187,741 | 0.19% | — |
| ADI | ANALOG DEVICES INC | $10.8M | 34,066 | 0.19% | — |
| V | VISA INC | $10.8M | 35,611 | 0.19% | — |
| NUMV | NUSHARES ETF TR | $10.4M | 267,291 | 0.18% | — |
| ADP | AUTOMATIC DATA PROCESSING IN | $10.3M | 50,923 | 0.18% | — |
| TJX | TJX COS INC NEW | $10.3M | 64,483 | 0.18% | — |
| DWX | SPDR INDEX SHS FDS | $10.0M | 220,321 | 0.17% | — |
| VOT | VANGUARD INDEX FDS | $10.0M | 38,802 | 0.17% | — |
| AZO | AUTOZONE INC | $9.6M | 2,833 | 0.17% | — |
| ESGU | ISHARES TR | $9.5M | 67,280 | 0.17% | — |
| PG | PROCTER & GAMBLE CO | $9.4M | 64,800 | 0.16% | — |
| AMAT | APPLIED MATLS INC | $9.2M | 26,788 | 0.16% | — |
| FNDF | SCHWAB STRATEGIC TR | $8.9M | 182,750 | 0.16% | — |
| RTX | RTX CORPORATION | $8.9M | 46,264 | 0.16% | — |
| FTSL | FIRST TR EXCHANGE-TRADED FD | $8.8M | 195,571 | 0.15% | — |
| MCK | MCKESSON CORP | $8.6M | 9,942 | 0.15% | — |
| NEM | NEWMONT CORP | $8.5M | 78,935 | 0.15% | — |
| ABBV | ABBVIE INC | $8.3M | 37,968 | 0.14% | — |
| SHM | SPDR SERIES TRUST | $8.1M | 168,403 | 0.14% | — |
| ETN | EATON CORP PLC | $8.0M | 22,408 | 0.14% | — |
| VUG | VANGUARD INDEX FDS | $8.0M | 18,299 | 0.14% | — |
| TXN | TEXAS INSTRS INC | $8.0M | 41,013 | 0.14% | — |
| ORCL | ORACLE CORP | $7.9M | 53,635 | 0.14% | — |
| HYMB | SPDR SERIES TRUST | $7.8M | 315,994 | 0.14% | — |
| HD | HOME DEPOT INC | $7.8M | 23,670 | 0.14% | — |
| TMUS | T-MOBILE US INC | $7.2M | 34,054 | 0.12% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $7.1M | 21,103 | 0.12% | — |
| UAL | UNITED AIRLS HLDGS INC | $7.1M | 77,233 | 0.12% | — |
| BKR | BAKER HUGHES COMPANY | $6.9M | 113,729 | 0.12% | — |
| SPIB | SPDR SERIES TRUST | $6.8M | 202,653 | 0.12% | — |
| HPE | HEWLETT PACKARD ENTERPRISE C | $6.7M | 283,119 | 0.12% | — |
| ORLY | OREILLY AUTOMOTIVE INC | $6.4M | 69,858 | 0.11% | — |
| PAYX | PAYCHEX INC | $6.4M | 69,865 | 0.11% | — |
| DEM | WISDOMTREE TR | $6.2M | 125,189 | 0.11% | — |
| MCD | MCDONALDS CORP | $6.1M | 19,698 | 0.11% | — |
| VSGX | VANGUARD WORLD FD | $6.0M | 83,687 | 0.10% | — |
| GE | GE AEROSPACE | $5.8M | 20,321 | 0.10% | — |
| MPWR | MONOLITHIC PWR SYS INC | $5.7M | 5,235 | 0.10% | — |
| KR | KROGER CO | $5.7M | 79,095 | 0.10% | — |
| EME | EMCOR GROUP INC | $5.7M | 7,738 | 0.10% | — |
| SPSB | SPDR SERIES TRUST | $5.7M | 188,946 | 0.10% | — |
| MUB | ISHARES TR | $5.7M | 53,422 | 0.10% | — |
| SUB | ISHARES TR | $5.6M | 52,599 | 0.10% | — |
| SCHB | SCHWAB STRATEGIC TR | $5.5M | 218,927 | 0.10% | — |
| GRMN | GARMIN LTD | $5.5M | 23,584 | 0.10% | — |
| MRK | MERCK & CO INC | $5.4M | 45,169 | 0.09% | — |
| BAC | BANK AMERICA CORP | $5.4M | 111,224 | 0.09% | — |
| BLK | BLACKROCK INC | $5.2M | 5,419 | 0.09% | — |
| LPLA | LPL FINL HLDGS INC | $5.1M | 17,115 | 0.09% | — |
| ANET | ARISTA NETWORKS INC | $5.1M | 41,579 | 0.09% | — |
| ADBE | ADOBE INC | $5.1M | 20,886 | 0.09% | — |
| IJS | ISHARES TR | $5.0M | 42,541 | 0.09% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $5.0M | 82,927 | 0.09% | — |
| INTC | INTEL CORP | $4.9M | 112,083 | 0.09% | — |
| ETR | ENTERGY CORP NEW | $4.9M | 43,752 | 0.09% | — |
| FNDE | SCHWAB STRATEGIC TR | $4.8M | 126,608 | 0.08% | — |
| VT | VANGUARD INTL EQUITY INDEX F | $4.8M | 34,822 | 0.08% | — |
This table is the 150 largest positions by value, out of 984 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.
This manager also disclosed 12 options positions with a combined notional of $30.7M. Notional is not ownership, so it is excluded from the book value above rather than folded in to make the fund look bigger.
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 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management (CIK 1510434, accession 0001085146-26-000381). 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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