13F holdings
Ethic Inc. portfolio
Managed by . 1,235 reported positions worth $6.4B as of 2026-03-31, filed with the SEC on 2026-04-27. Parsed from the filing itself, not a reseller.
$6.4B
Book value
1,235
Positions
31%
Top 10 weight
+129
New this quarter
-104
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 27 days old on 2026-04-27, 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 (129)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| UBER 0.875 12/01/28 2028 | UBER TECHNOLOGIES INC | $16.2M | 224,902 | 0.25% |
| VEXC | VANGUARD WORLD FD ESG US STK E | $14.8M | 131,998 | 0.23% |
| ESGD | ISHARES ESG AWARE MSCI EAFE ET | $6.5M | 67,579 | 0.10% |
| LITE 0.5 12/15/26 | LUMENTUM HOLDINGS INC | $4.9M | 6,987 | 0.08% |
| MKC/V | MCCORMICK & CO INC NON VTG | $3.9M | 76,549 | 0.06% |
| MCHP 7.5 03/15/28 | MICROCHIP TECHNOLOGY INC | $3.7M | 57,965 | 0.06% |
| TAP/A | MOLSON COORS BEVERAGE CO CL B | $2.9M | 68,003 | 0.05% |
| UGI 5 06/01/28 | UGI CORP | $2.9M | 78,547 | 0.04% |
| EFXT | FLEX LTD | $2.4M | 36,321 | 0.04% |
| SLVP | FIRST CITIZENS BANCSHARES INC | $2.2M | 1,157 | 0.03% |
| FTAI | FTAI AVIATION LTD | $2.1M | 8,373 | 0.03% |
| DUK 4.125 04/15/26 | DUKE ENERGY CORP NEW | $2.0M | 15,545 | 0.03% |
| UHAL | U HAUL HOLDING COMPANY | $1.8M | 40,378 | 0.03% |
| ESGE | ISHARES ESG AWARE MSCI EM ETF | $1.7M | 36,340 | 0.03% |
| QUS | STATE STREET SPDR MSCI USA STR | $1.6M | 9,439 | 0.03% |
| ARES | ARES MANAGEMENT CORPORATION CL | $1.6M | 14,332 | 0.02% |
| LLYVA | LIBERTY LIVE HOLDINGS INC SER | $1.5M | 16,200 | 0.02% |
| IESC | SS&C TECHNOLOGIES HOLDINGS INC | $1.5M | 21,657 | 0.02% |
| SUNB | SUNBELT RENTALS HOLDINGS INC C | $1.4M | 21,130 | 0.02% |
| DAR | DARLING INGREDIENTS INC | $1.2M | 19,927 | 0.02% |
| BANK MONTREAL QUE | BANK MONTREAL QUE | $1.1M | 8,322 | 0.02% |
| WSO/B | WATSCO INC | $1.0M | 2,850 | 0.02% |
| GWRE 1.25 11/01/29 | GUIDEWIRE SOFTWARE INC | $987,395 | 6,602 | 0.02% |
| TTEK 2.25 08/15/28 | TETRA TECH INC | $941,334 | 31,253 | 0.01% |
| SPYM | SPDR PORTFOLIO S&P 500 ETF | $860,208 | 11,239 | 0.01% |
Closed out (104)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| GOOGL | ALPHABET INC CAP STOCK CL A | $185.5M | 592,811 | 0.00% |
| UBER | UBER TECHNOLOGIES INC | $18.6M | 227,244 | 0.00% |
| MKC | MCCORMICK & CO INC NON VTG | $4.8M | 71,164 | 0.00% |
| NSC | NORFOLK SOUTHERN CORP | $4.3M | 14,853 | 0.00% |
| MCHP | MICROCHIP TECHNOLOGY INC | $4.1M | 63,894 | 0.00% |
| FOX | FOX CORP CL B | $3.2M | 49,841 | 0.00% |
| HEI/A | HEICO CORP CL A | $3.2M | 12,648 | 0.00% |
| LITE | LUMENTUM HOLDINGS INC | $3.1M | 8,540 | 0.00% |
| UGI | UGI CORP | $3.0M | 79,319 | 0.00% |
| FLEX LTD | FLEX LTD | $2.8M | 45,901 | 0.00% |
| TAP | MOLSON COORS BEVERAGE CO CL B | $2.7M | 57,870 | 0.00% |
| CMA | COMERICA INC | $2.7M | 31,042 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $2.5M | 5,635 | 0.00% |
| FCNCA | FIRST CITIZENS BANCSHARES INC | $2.5M | 1,155 | 0.00% |
| SSNC | SS&C TECHNOLOGIES HOLDINGS INC | $2.1M | 23,579 | 0.00% |
| TELFY | TELEFONICA SA SP ADR | $2.0M | 497,839 | 0.00% |
| UHAL/B | U HAUL HOLDING COMPANY SER N | $1.8M | 39,307 | 0.00% |
| GWRE | GUIDEWIRE SOFTWARE INC | $1.8M | 9,016 | 0.00% |
| DUK | DUKE ENERGY CORP NEW | $1.8M | 15,155 | 0.00% |
| LEN/B | LENNAR CORP CL B | $1.6M | 16,531 | 0.00% |
| BF/B | BROWN FORMAN CORP CL B | $1.2M | 46,152 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARENT | $1.2M | 31,344 | 0.00% |
| WSO | WATSCO INC | $949,830 | 2,819 | 0.00% |
| ZBRA | ZEBRA TECHNOLOGIES CORPORATION | $858,126 | 3,534 | 0.00% |
| BMO | BANK MONTREAL QUE | $819,884 | 6,317 | 0.00% |
Added to (599)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $426.7M | 2,446,417 | 6.68% | +2% |
| AAPL | APPLE INC | $378.8M | 1,492,645 | 5.93% | +1% |
| GOOG | ALPHABET INC CAP STOCK CL A | $336.6M | 1,172,068 | 5.27% | +107% |
| MSFT | MICROSOFT CORP | $264.0M | 713,147 | 4.13% | +1% |
| AMZN | AMAZON.COM INC | $163.7M | 786,167 | 2.56% | +3% |
| META | META PLATFORMS INC CL A | $91.8M | 160,496 | 1.44% | +2% |
| LLY | ELI LILLY & CO | $77.8M | 84,534 | 1.22% | +4% |
| TSLA | TESLA INC | $66.3M | 178,381 | 1.04% | +4% |
| V | VISA INC CL A | $56.5M | 186,799 | 0.88% | +3% |
| NFLX | NETFLIX INC | $49.1M | 510,430 | 0.77% | +5% |
| MA | MASTERCARD INCORPORATED CL A | $45.4M | 90,878 | 0.71% | +2% |
| GS | GOLDMAN SACHS GROUP INC | $42.4M | 50,066 | 0.66% | +3% |
| CSCO | CISCO SYSTEMS INC | $40.3M | 518,983 | 0.63% | +3% |
| MRK | MERCK & CO INC | $39.3M | 326,297 | 0.61% | +3% |
| MS | MORGAN STANLEY | $32.8M | 199,266 | 0.51% | +1% |
Trimmed (432)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| AMCR | AMCOR PLC | $795,994 | 20,025 | 0.01% | -91% |
| AZNN | ASTRAZENECA PLC | $7.0M | 35,606 | 0.11% | -63% |
| VLO | VALERO ENERGY CORP | $4.1M | 16,608 | 0.06% | -63% |
| TOST | TOAST INC CL A | $215,823 | 8,141 | 0.00% | -58% |
| THO | THOR INDUSTRIES INC | $339,696 | 4,252 | 0.01% | -57% |
| PSKY | PARAMOUNT SKYDANCE CORP CL B | $164,261 | 18,211 | 0.00% | -56% |
| MTRN | MATERION CORP | $563,847 | 3,898 | 0.01% | -56% |
| PKE | PARK AEROSPACE CORP | $578,410 | 21,125 | 0.01% | -54% |
| XPO | XPO INC | $610,498 | 3,138 | 0.01% | -54% |
| FIS | FIDELITY NATL INFORMATION SERV | $1.4M | 28,828 | 0.02% | -53% |
| JANUS HENDERSON GROUP PL | JANUS HENDERSON GROUP PLC | $304,635 | 5,930 | 0.00% | -53% |
| TEAM | ATLASSIAN CORPORATION CL A | $205,705 | 3,014 | 0.00% | -52% |
| RHI | ROBERT HALF INC | $297,352 | 11,707 | 0.00% | -50% |
| VVX | V2X INC | $675,410 | 9,860 | 0.01% | -49% |
| ACTG | ACACIA RESEARCH CORP | $96,344 | 20,030 | 0.00% | -49% |
The book
Largest 150 of 1,235 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $426.7M | 2,446,417 | 6.68% | — |
| AAPL | APPLE INC | $378.8M | 1,492,645 | 5.93% | — |
| GOOG | ALPHABET INC CAP STOCK CL A | $336.6M | 1,172,068 | 5.27% | — |
| MSFT | MICROSOFT CORP | $264.0M | 713,147 | 4.13% | — |
| AMZN | AMAZON.COM INC | $163.7M | 786,167 | 2.56% | — |
| AVGO | BROADCOM INC | $111.2M | 359,152 | 1.74% | — |
| META | META PLATFORMS INC CL A | $91.8M | 160,496 | 1.44% | — |
| LLY | ELI LILLY & CO | $77.8M | 84,534 | 1.22% | — |
| TSLA | TESLA INC | $66.3M | 178,381 | 1.04% | — |
| V | VISA INC CL A | $56.5M | 186,799 | 0.88% | — |
| NFLX | NETFLIX INC | $49.1M | 510,430 | 0.77% | — |
| MA | MASTERCARD INCORPORATED CL A | $45.4M | 90,878 | 0.71% | — |
| MU | MICRON TECHNOLOGY INC | $42.5M | 125,702 | 0.67% | — |
| GS | GOLDMAN SACHS GROUP INC | $42.4M | 50,066 | 0.66% | — |
| CSCO | CISCO SYSTEMS INC | $40.3M | 518,983 | 0.63% | — |
| CAT | CATERPILLAR INC | $39.8M | 56,155 | 0.62% | — |
| MRK | MERCK & CO INC | $39.3M | 326,297 | 0.61% | — |
| AMAT | APPLIED MATERIALS INC | $37.0M | 108,317 | 0.58% | — |
| LRCX | LAM RESEARCH CORP NEW | $36.7M | 171,923 | 0.58% | — |
| HD | HOME DEPOT INC | $33.2M | 100,997 | 0.52% | — |
| MS | MORGAN STANLEY | $32.8M | 199,266 | 0.51% | — |
| AMD | ADVANCED MICRO DEVICES INC | $32.6M | 160,133 | 0.51% | — |
| ORCL | ORACLE CORP | $31.6M | 214,855 | 0.50% | — |
| IBM | INTL BUSINESS MACHINES | $30.7M | 126,485 | 0.48% | — |
| T | AT&T INC | $30.1M | 1,036,952 | 0.47% | — |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD S | $29.1M | 85,984 | 0.46% | — |
| VZ | VERIZON COMMUNICATIONS INC | $28.3M | 563,472 | 0.44% | — |
| GEV | GE VERNOVA INC | $28.1M | 32,152 | 0.44% | — |
| TJX | TJX COS INC | $27.8M | 173,844 | 0.43% | — |
| VOTE | TCW TRANSFORM 500 ETF | $26.4M | 346,335 | 0.41% | — |
| ASML | ASML HOLDING NV NY REGISTRY | $26.3M | 19,928 | 0.41% | — |
| BRK/B | BERKSHIRE HATHAWAY INC CL B NE | $25.6M | 53,522 | 0.40% | — |
| JNJ | JOHNSON & JOHNSON | $25.3M | 103,413 | 0.40% | — |
| UNH | UNITEDHEALTH GROUP INC | $25.2M | 93,211 | 0.40% | — |
| KLAC | KLA CORP NEW | $25.0M | 17,003 | 0.39% | — |
| AXP | AMERICAN EXPRESS CO | $24.6M | 81,455 | 0.39% | — |
| JPM | JPMORGAN CHASE & CO | $24.6M | 83,705 | 0.39% | — |
| BNY | BANK NEW YORK MELLON CORP | $24.1M | 202,881 | 0.38% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $23.7M | 48,230 | 0.37% | — |
| ABT | ABBOTT LABORATORIES | $23.1M | 224,621 | 0.36% | — |
| CB | CHUBB LIMITED | $22.9M | 70,221 | 0.36% | — |
| BAC | BANK OF AMERICA CORP | $22.8M | 468,172 | 0.36% | — |
| PFE | PFIZER INC | $22.5M | 800,505 | 0.35% | — |
| CRM | SALESFORCE INC | $21.9M | 117,376 | 0.34% | — |
| WELL | WELLTOWER INC | $21.8M | 110,503 | 0.34% | — |
| WMT | WAL-MART INC | $21.6M | 173,884 | 0.34% | — |
| DIS | DISNEY WALT CO | $20.8M | 215,517 | 0.33% | — |
| INTC | INTEL CORP | $20.7M | 470,162 | 0.32% | — |
| BKNG | BOOKING HOLDINGS INC | $20.6M | 4,884 | 0.32% | — |
| GLW | CORNING INC | $20.4M | 150,019 | 0.32% | — |
| LOW | LOWES COS INC | $20.3M | 85,979 | 0.32% | — |
| COST | COSTCO WHOLESALE CORP | $19.8M | 19,848 | 0.31% | — |
| CME | CME GROUP INC | $19.8M | 66,949 | 0.31% | — |
| ISRG | INTUITIVE SURGICAL INC NEW | $19.7M | 42,798 | 0.31% | — |
| ED | CONSOLIDATED EDISON INC | $18.7M | 164,899 | 0.29% | — |
| SPGI | S&P GLOBAL INC | $18.3M | 43,047 | 0.29% | — |
| SYK | STRYKER CORPORATION | $18.2M | 55,439 | 0.29% | — |
| AMGN | AMGEN INC | $17.8M | 50,540 | 0.28% | — |
| PNC | PNC FINANCIAL SERVICES GROUP I | $17.6M | 84,626 | 0.28% | — |
| EXC | EXELON CORP | $17.6M | 358,659 | 0.28% | — |
| DE | DEERE & CO | $17.6M | 31,208 | 0.28% | — |
| EXMOC | EXXON MOBILE CORP | $17.6M | 103,593 | 0.28% | — |
| ABBV | ABBVIE INC | $17.6M | 80,720 | 0.27% | — |
| SCHW | CHARLES SCHWAB CORP | $17.5M | 186,662 | 0.27% | — |
| TMUS | T-MOBILE US INC | $17.1M | 81,565 | 0.27% | — |
| TXN | TEXAS INSTRUMENTS INC | $17.1M | 88,062 | 0.27% | — |
| PLTR | PALANTIR TECHNOLOGIES INC CL A | $16.9M | 115,565 | 0.26% | — |
| PWR | QUANTA SERVICES INC | $16.4M | 29,925 | 0.26% | — |
| ETN | EATON CORP PLC | $16.4M | 45,837 | 0.26% | — |
| UBER 0.875 12/01/28 2028 | UBER TECHNOLOGIES INC | $16.2M | 224,902 | 0.25% | — |
| GE | GENERAL ELECTRIC CO NEW | $16.2M | 56,936 | 0.25% | — |
| NVS | NOVARTIS AG SP ADR | $15.8M | 103,551 | 0.25% | — |
| JCI | JOHNSON CONTROLS INTL PLC | $15.6M | 119,079 | 0.24% | — |
| PLD | PROLOGIS INC | $15.6M | 117,803 | 0.24% | — |
| PGR | PROGRESSIVE CORP | $15.5M | 78,392 | 0.24% | — |
| AWK | AMERICAN WATER WKS CO INC | $15.5M | 113,760 | 0.24% | — |
| TRV | TRAVELERS COMPANIES INC | $14.9M | 51,026 | 0.23% | — |
| VEXC | VANGUARD WORLD FD ESG US STK E | $14.8M | 131,998 | 0.23% | — |
| COF | CAPITAL ONE FINANCIAL CORP | $14.7M | 80,373 | 0.23% | — |
| PANW | PALO ALTO NETWORKS INC | $14.6M | 91,331 | 0.23% | — |
| C | CITIGROUP INC NEW | $14.5M | 127,928 | 0.23% | — |
| ADP | AUTOMATIC DATA PROCESSING INC | $14.5M | 71,353 | 0.23% | — |
| AFL | AFLAC INC | $14.5M | 131,780 | 0.23% | — |
| NOW | SERVICENOW INC | $14.3M | 136,637 | 0.22% | — |
| BSX | BOSTON SCIENTIFIC CORP | $14.3M | 227,217 | 0.22% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $14.0M | 231,638 | 0.22% | — |
| PCAR | PACCAR INC | $13.7M | 118,769 | 0.21% | — |
| HAL | HALLIBURTON CO | $13.7M | 350,303 | 0.21% | — |
| USB | US BANCORP DEL | $13.6M | 262,405 | 0.21% | — |
| L | LOEWS CORP | $13.6M | 126,958 | 0.21% | — |
| RTX | RTX CORPORATION | $13.4M | 69,316 | 0.21% | — |
| WDC | WESTERN DIGITAL CORP | $13.4M | 49,359 | 0.21% | — |
| INTU | INTUIT | $13.4M | 30,877 | 0.21% | — |
| HSBC | HSBC HOLDINGS PLC SP ADR NEW | $13.1M | 158,702 | 0.21% | — |
| VRT | VERTIV HOLDINGS CO CL A | $12.9M | 51,673 | 0.20% | — |
| QCOM | QUALCOMM INC | $12.9M | 100,053 | 0.20% | — |
| PH | PARKER-HANNIFIN CORP | $12.7M | 14,213 | 0.20% | — |
| WAB | WABTEC | $12.7M | 50,623 | 0.20% | — |
| APH | AMPHENOL CORP CL A | $12.6M | 99,998 | 0.20% | — |
| MDT | MEDTRONIC PLC | $12.6M | 145,754 | 0.20% | — |
| ANET | ARISTA NETWORKS INC | $12.3M | 99,795 | 0.19% | — |
| ECL | ECOLAB INC | $12.2M | 45,976 | 0.19% | — |
| SAP | SAP SE SP ADR | $12.2M | 71,173 | 0.19% | — |
| ITW | ILLINOIS TOOL WORKS INC | $12.1M | 46,614 | 0.19% | — |
| DHR | DANAHER CORPORATION | $12.1M | 63,943 | 0.19% | — |
| CTAS | CINTAS CORP | $12.0M | 70,818 | 0.19% | — |
| RGLD | ROYAL GOLD INC | $12.0M | 47,028 | 0.19% | — |
| GILD | GILEAD SCIENCES INC | $12.0M | 85,798 | 0.19% | — |
| PEP | PEPSICO INC | $11.9M | 76,336 | 0.19% | — |
| SRE | SEMPRA | $11.8M | 120,976 | 0.18% | — |
| ACN | ACCENTURE PLC IRELAND CLASS A | $11.7M | 59,036 | 0.18% | — |
| CI | THE CIGNA GROUP | $11.6M | 43,529 | 0.18% | — |
| REGN | REGENERON PHARMACEUTICALS | $11.6M | 15,017 | 0.18% | — |
| EBAY | EBAY INC | $11.6M | 127,403 | 0.18% | — |
| ADI | ANALOG DEVICES INC | $11.5M | 36,231 | 0.18% | — |
| CMCSA | COMCAST CORP CL A | $11.4M | 397,351 | 0.18% | — |
| ICE | INTERCONTINENTAL EXCHANGE INC | $11.4M | 72,209 | 0.18% | — |
| EMR | EMERSON ELECTRIC CO | $11.3M | 85,961 | 0.18% | — |
| CL | COLGATE PALMOLIVE CO | $11.2M | 131,150 | 0.18% | — |
| MDLZ | MONDELEZ INTL INC CL A | $11.2M | 193,749 | 0.17% | — |
| ALL | ALLSTATE CORP | $11.1M | 53,589 | 0.17% | — |
| HCA | HCA HEALTHCARE INC | $11.0M | 23,300 | 0.17% | — |
| BBVA | BANCO BILBAO VIZCAYA ARGENTARI | $11.0M | 507,076 | 0.17% | — |
| TT | TRANE TECHNOLOGIES PLC | $11.0M | 26,313 | 0.17% | — |
| MRSH | MARSH COM | $10.6M | 61,137 | 0.17% | — |
| SPG | SIMON PROPERTY GROUP INC | $10.5M | 56,328 | 0.16% | — |
| RS | RELIANCE STEEL & ALUMINUM CO | $10.5M | 34,420 | 0.16% | — |
| CTVA | CORTEVA INC | $10.4M | 124,765 | 0.16% | — |
| SPOT | SPOTIFY TECHNOLOGY SA | $10.3M | 21,330 | 0.16% | — |
| SONY | SONY GROUP CORP SP ADR | $10.3M | 496,565 | 0.16% | — |
| OKE | ONEOK INC | $10.3M | 113,554 | 0.16% | — |
| FITB | FIFTH THIRD BANCORP | $10.3M | 220,714 | 0.16% | — |
| HWM | HOWMET AEROSPACE INC | $10.1M | 43,859 | 0.16% | — |
| CRWD | CROWDSTRIKE HOLDINGS INC CL A | $10.0M | 25,615 | 0.16% | — |
| MNST | MONSTER BEVERAGE CORP | $10.0M | 138,003 | 0.16% | — |
| PEG | PUBLIC SERVICE ENTERPRISE GROU | $9.9M | 122,284 | 0.16% | — |
| BLK | BLACKROCK INC | $9.9M | 10,245 | 0.15% | — |
| ES | EVERSOURCE ENERGY | $9.8M | 141,098 | 0.15% | — |
| ADBE | ADOBE INC | $9.6M | 39,671 | 0.15% | — |
| XYL | XYLEM INC | $9.6M | 80,475 | 0.15% | — |
| ELV | ELEVANCE HEALTH INC | $9.6M | 32,820 | 0.15% | — |
| AMT | AMERICAN TOWER CORP | $9.6M | 55,612 | 0.15% | — |
| CBRE | CBRE GROUP INC CL A | $9.6M | 70,668 | 0.15% | — |
| EQIX | EQUINIX INC | $9.5M | 9,712 | 0.15% | — |
| GSK | GSK PLC SP ADR | $9.2M | 166,531 | 0.14% | — |
| CDNS | CADENCE DESIGN SYSTEM INC | $9.2M | 32,938 | 0.14% | — |
| STT | STATE STREET CORP | $9.1M | 72,073 | 0.14% | — |
| CVX | CHEVRON CORP | $9.0M | 43,622 | 0.14% | — |
| SHW | SHERWIN WILLIAMS CO | $8.9M | 27,853 | 0.14% | — |
| NMR | NOMURA HOLDINGS INC SP ADR | $8.9M | 1,123,117 | 0.14% | — |
This table is the 150 largest positions by value, out of 1,235 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 Ethic Inc. (CIK 1780570, accession 0001780570-26-000004). 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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