13F holdings
Fiera Capital Corp portfolio
Managed by . 412 reported positions worth $29.2B as of 2026-03-31, filed with the SEC on 2026-05-12. Parsed from the filing itself, not a reseller.
$29.2B
Book value
412
Positions
35%
Top 10 weight
+41
New this quarter
-46
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 42 days old on 2026-05-12, 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 (41)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| SUNB | SUNBELT RENTALS HOLDINGS INC | $81.3M | 1,249,410 | 0.28% |
| RACE | FERRARI N V | $45.0M | 132,863 | 0.15% |
| CTAS | CINTAS CORP | $39.4M | 232,759 | 0.13% |
| 430 | TERNS PHARMACEUTICALS INC | $37.5M | 711,326 | 0.13% |
| AM | ANTERO MIDSTREAM CORP | $35.9M | 1,574,150 | 0.12% |
| PIPR | PIPER SANDLER COMPANIES | $34.2M | 446,244 | 0.12% |
| INTU | INTUIT | $32.9M | 76,086 | 0.11% |
| GILD | GILEAD SCIENCES INC | $26.1M | 187,420 | 0.09% |
| DYN | DYNE THERAPEUTICS INC | $25.0M | 1,380,620 | 0.09% |
| AZN | ASTRAZENECA PLC | $24.4M | 123,765 | 0.08% |
| MRK | MERCK & CO INC | $24.4M | 202,612 | 0.08% |
| BBIO | BRIDGEBIO PHARMA INC | $24.0M | 322,690 | 0.08% |
| COGT | COGENT BIOSCIENCES INC | $21.5M | 558,252 | 0.07% |
| PI | IMPINJ INC | $20.9M | 203,105 | 0.07% |
| VZ | VERIZON COMMUNICATIONS INC | $19.8M | 393,976 | 0.07% |
| WWD | WOODWARD INC | $16.5M | 46,064 | 0.06% |
| AR | ANTERO RESOURCES CORP | $5.6M | 131,685 | 0.02% |
| NAD | NUVEEN QUALITY MUNCP INCOME | $2.5M | 221,624 | 0.01% |
| XNEAX | NUVEEN AMT FREE QLTY MUN INC | $2.2M | 198,441 | 0.01% |
| NVG | NUVEEN AMT FREE MUN CR INC F | $2.0M | 162,248 | 0.01% |
| FAST | FASTENAL CO | $1.7M | 36,927 | 0.01% |
| DSM | BNY MELLON STRATEGIC MUN BD | $1.6M | 268,640 | 0.01% |
| VMO | INVESCO MUN OPPORTUNIT TR | $1.6M | 167,172 | 0.01% |
| VKQ | INVESCO MUNICIPAL TRUST | $1.6M | 165,965 | 0.01% |
| LEO | BNY MELLON STRATEGIC MUNS IN | $1.1M | 170,221 | 0.00% |
Closed out (46)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| VEEV | VEEVA SYS INC | $57.3M | 256,465 | 0.00% |
| WING | WINGSTOP INC | $54.4M | 228,076 | 0.00% |
| AJG | GALLAGHER ARTHUR J & CO | $41.6M | 160,603 | 0.00% |
| MNDY | MONDAY COM LTD | $40.4M | 273,530 | 0.00% |
| BSY | BENTLEY SYS INC | $37.0M | 968,800 | 0.00% |
| 62C | PIPER SANDLER COMPANIES | $36.7M | 108,167 | 0.00% |
| AGI | ALAMOS GOLD INC NEW | $15.9M | 412,867 | 0.00% |
| CIGI | COLLIERS INTL GROUP INC | $13.0M | 88,208 | 0.00% |
| OR | OR ROYALTIES INC. | $12.4M | 349,922 | 0.00% |
| RJF | RAYMOND JAMES FINL INC | $9.0M | 56,312 | 0.00% |
| EFXT | ENERFLEX LTD | $8.3M | 536,529 | 0.00% |
| ACWV | ISHARES INC | $8.0M | 67,230 | 0.00% |
| ORLA MNG LTD NEW | ORLA MNG LTD NEW | $7.3M | 539,966 | 0.00% |
| PSX | PHILLIPS 66 | $5.4M | 41,953 | 0.00% |
| NRK | NUVEEN NEW YORK AMT QLT MUNI | $4.6M | 460,804 | 0.00% |
| AUNA | AUNA S A | $4.5M | 914,396 | 0.00% |
| XLU | SELECT SECTOR SPDR TR | $3.8M | 88,225 | 0.00% |
| BLE | BLACKROCK MUNI INCOME TR II | $3.0M | 284,854 | 0.00% |
| BLACKROCK MUN INCOME TR | BLACKROCK MUN INCOME TR | $3.0M | 296,425 | 0.00% |
| XMYDX | BLACKROCK MUNIYIELD FD INC | $3.0M | 282,496 | 0.00% |
| BLACKROCK MUN INCOME QUA | BLACKROCK MUN INCOME QUALITY | $3.0M | 270,319 | 0.00% |
| XMVFX | BLACKROCK MUNIVEST FD INC | $2.9M | 423,343 | 0.00% |
| BLACKROCK MUNIHLDGS NY Q | BLACKROCK MUNIHLDGS NY QLTY | $2.9M | 283,421 | 0.00% |
| XBFZX | BLACKROCK CALIF MUN INCOME T | $2.9M | 268,230 | 0.00% |
| XBNYX | BLACKROCK N Y MUN INCOME TRU | $2.6M | 260,122 | 0.00% |
Added to (148)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| MSFT | MICROSOFT CORP | $1.2B | 3,289,871 | 4.17% | +1% |
| MA | MASTERCARD INCORPORATED | $934.0M | 1,869,288 | 3.20% | +11% |
| CME | CME GROUP INC | $793.6M | 2,687,105 | 2.72% | +2% |
| MSCI | MSCI INC | $529.1M | 981,698 | 1.81% | +2% |
| MTD | METTLER TOLEDO INTERNATIONAL | $396.5M | 314,354 | 1.36% | +1% |
| LIN | LINDE PLC | $375.2M | 756,862 | 1.28% | +81% |
| CPRT | COPART INC | $299.2M | 9,012,247 | 1.02% | +2% |
| RCI | ROGERS COMMUNICATIONS INC | $285.6M | 7,437,822 | 0.98% | +3% |
| AMZN | AMAZON COM INC | $268.2M | 1,287,850 | 0.92% | +11% |
| SU | SUNCOR ENERGY INC NEW | $223.6M | 3,386,302 | 0.76% | +147% |
| CNQ | CANADIAN NAT RES LTD MED TER | $216.1M | 4,437,467 | 0.74% | +243% |
| TRI4EUR | THOMSON REUTERS CORP | $191.9M | 2,133,045 | 0.66% | +19% |
| AON | AON PLC | $177.6M | 550,287 | 0.61% | +3% |
| STN | STANTEC INC | $174.0M | 2,016,034 | 0.60% | +2% |
| INSM | INSMED INC | $167.1M | 1,021,970 | 0.57% | +3% |
Trimmed (157)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| ORCL | ORACLE CORP | $2.2M | 14,991 | 0.01% | -99% |
| IWO | ISHARES TR | $2.3M | 7,309 | 0.01% | -88% |
| MUJ | BLACKROCK MUNIHLDGS NJ QLTY | $603,514 | 52,162 | 0.00% | -87% |
| IWF | ISHARES TR | $353,912 | 830 | 0.00% | -84% |
| PFF | ISHARES TR | $680,653 | 22,449 | 0.00% | -78% |
| CSCO | CISCO SYS INC | $221,209 | 2,851 | 0.00% | -71% |
| MIY | BLACKROCK MUNIYIELD MICH QU | $989,461 | 83,288 | 0.00% | -67% |
| HDB | HDFC BANK LTD | $71.8M | 2,884,136 | 0.25% | -66% |
| MMU | WESTERN ASSET MANAGED MUNS F | $1.6M | 156,264 | 0.01% | -65% |
| PMO | PUTNAM MUN OPPORTUNITIES TR | $1.0M | 98,624 | 0.00% | -65% |
| ZTS | ZOETIS INC | $16.1M | 136,520 | 0.06% | -64% |
| FTDR | FRONTDOOR INC | $19.7M | 373,396 | 0.07% | -61% |
| WIW | WESTERN AST INFL LKD OPP & I | $94,904 | 11,218 | 0.00% | -58% |
| HIO | WESTERN ASSET HIGH INCOME OP | $65,097 | 17,933 | 0.00% | -58% |
| BHK | BLACKROCK CORE BD TR | $93,111 | 10,165 | 0.00% | -58% |
The book
Largest 150 of 412 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $1.8B | 5,210,034 | 6.02% | — |
| GOOGL | ALPHABET INC | $1.6B | 5,632,241 | 5.54% | — |
| MSFT | MICROSOFT CORP | $1.2B | 3,289,871 | 4.17% | — |
| MCO | MOODYS CORP | $1.0B | 2,356,454 | 3.52% | — |
| MA | MASTERCARD INCORPORATED | $934.0M | 1,869,288 | 3.20% | — |
| AZO | AUTOZONE INC | $881.7M | 261,043 | 3.02% | — |
| CME | CME GROUP INC | $793.6M | 2,687,105 | 2.72% | — |
| TJX | TJX COS INC NEW | $753.2M | 4,716,647 | 2.58% | — |
| RY | ROYAL BK CDA | $681.0M | 4,220,026 | 2.33% | — |
| CNI | CANADIAN NATL RY CO | $636.2M | 6,191,510 | 2.18% | — |
| SHW | SHERWIN WILLIAMS CO | $569.0M | 1,775,226 | 1.95% | — |
| JNJ | JOHNSON & JOHNSON | $547.6M | 2,240,155 | 1.87% | — |
| MSCI | MSCI INC | $529.1M | 981,698 | 1.81% | — |
| QSR | RESTAURANT BRANDS INTL INC | $494.4M | 6,692,221 | 1.69% | — |
| BMO | BANK MONTREAL MEDIUM | $471.4M | 3,486,620 | 1.61% | — |
| CP | CANADIAN PACIFIC KANSAS CITY | $463.9M | 5,905,413 | 1.59% | — |
| QQQ | INVESCO QQQ TR | $439.3M | 761,153 | 1.50% | — |
| PEP | PEPSICO INC | $421.7M | 2,715,499 | 1.44% | — |
| WCN | WASTE CONNECTIONS INC | $413.1M | 2,547,069 | 1.41% | — |
| MTD | METTLER TOLEDO INTERNATIONAL | $396.5M | 314,354 | 1.36% | — |
| CARR | CARRIER GLOBAL CORPORATION | $375.4M | 6,666,102 | 1.28% | — |
| LIN | LINDE PLC | $375.2M | 756,862 | 1.28% | — |
| OTIS | OTIS WORLDWIDE CORP | $375.1M | 4,866,896 | 1.28% | — |
| GIB | CGI INC | $366.3M | 5,019,479 | 1.25% | — |
| RBA | RB GLOBAL INC | $353.5M | 3,692,061 | 1.21% | — |
| GGG | GRACO INC | $333.4M | 3,938,901 | 1.14% | — |
| CPRT | COPART INC | $299.2M | 9,012,247 | 1.02% | — |
| RCI | ROGERS COMMUNICATIONS INC | $285.6M | 7,437,822 | 0.98% | — |
| AMZN | AMAZON COM INC | $268.2M | 1,287,850 | 0.92% | — |
| UNH | UNITEDHEALTH GROUP INC | $243.2M | 898,935 | 0.83% | — |
| SU | SUNCOR ENERGY INC NEW | $223.6M | 3,386,302 | 0.76% | — |
| VOO | VANGUARD INDEX FDS | $220.3M | 368,608 | 0.75% | — |
| CNQ | CANADIAN NAT RES LTD MED TER | $216.1M | 4,437,467 | 0.74% | — |
| TU | TELUS CORPORATION | $208.7M | 16,258,624 | 0.71% | — |
| SPGI | S&P GLOBAL INC | $202.7M | 476,622 | 0.69% | — |
| TRI4EUR | THOMSON REUTERS CORP | $191.9M | 2,133,045 | 0.66% | — |
| ADI | ANALOG DEVICES INC | $180.9M | 568,658 | 0.62% | — |
| AON | AON PLC | $177.6M | 550,287 | 0.61% | — |
| STN | STANTEC INC | $174.0M | 2,016,034 | 0.60% | — |
| INSM | INSMED INC | $167.1M | 1,021,970 | 0.57% | — |
| ARGX | ARGENX SE | $158.6M | 217,198 | 0.54% | — |
| HLT | HILTON WORLDWIDE HLDGS INC | $157.1M | 516,571 | 0.54% | — |
| ALC | ALCON AG | $155.3M | 2,060,804 | 0.53% | — |
| BWXT | BWX TECHNOLOGIES INC | $149.1M | 729,269 | 0.51% | — |
| SLF | SUN LIFE FINANCIAL INC. | $144.0M | 2,301,995 | 0.49% | — |
| LOW | LOWES COS INC | $140.5M | 594,741 | 0.48% | — |
| AAPL | APPLE INC | $139.3M | 549,008 | 0.48% | — |
| CW | CURTISS WRIGHT CORP | $139.3M | 204,498 | 0.48% | — |
| V | VISA INC | $124.6M | 412,263 | 0.43% | — |
| FROG | JFROG LTD | $109.2M | 2,326,298 | 0.37% | — |
| FIX | COMFORT SYS USA INC | $106.0M | 76,892 | 0.36% | — |
| ENTG | ENTEGRIS INC | $104.1M | 888,194 | 0.36% | — |
| LSCC | LATTICE SEMICONDUCTOR CORP | $99.4M | 1,071,828 | 0.34% | — |
| ANET | ARISTA NETWORKS INC | $99.3M | 808,951 | 0.34% | — |
| MSI | MOTOROLA SOLUTIONS INC | $98.8M | 227,754 | 0.34% | — |
| EME | EMCOR GROUP INC | $95.6M | 129,480 | 0.33% | — |
| MDGL | MADRIGAL PHARMACEUTICALS INC | $91.1M | 174,011 | 0.31% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $90.9M | 139,759 | 0.31% | — |
| SF | STIFEL FINL CORP | $90.6M | 1,225,145 | 0.31% | — |
| CL | COLGATE PALMOLIVE CO | $88.1M | 1,033,739 | 0.30% | — |
| KLAC | KLA CORP | $86.0M | 58,407 | 0.29% | — |
| NBIX | NEUROCRINE BIOSCIENCES INC | $85.8M | 651,255 | 0.29% | — |
| EQT | EQT CORP | $85.6M | 1,345,167 | 0.29% | — |
| IDYA | IDEAYA BIOSCIENCES INC | $84.2M | 2,527,076 | 0.29% | — |
| SUNB | SUNBELT RENTALS HOLDINGS INC | $81.3M | 1,249,410 | 0.28% | — |
| HUBB | HUBBELL INC | $78.4M | 159,856 | 0.27% | — |
| LECO | LINCOLN ELEC HLDGS INC | $77.3M | 310,283 | 0.26% | — |
| WTFC | WINTRUST FINL CORP | $76.2M | 548,112 | 0.26% | — |
| COST | COSTCO WHOLESALE CORPORATION | $75.5M | 75,752 | 0.26% | — |
| APH | AMPHENOL CORP | $74.8M | 592,245 | 0.26% | — |
| SHOP | SHOPIFY INC | $72.1M | 609,013 | 0.25% | — |
| WPM | WHEATON PRECIOUS METALS CORP | $72.0M | 549,624 | 0.25% | — |
| HDB | HDFC BANK LTD | $71.8M | 2,884,136 | 0.25% | — |
| FNV | FRANCO NEV CORP | $71.6M | 289,772 | 0.25% | — |
| MOD | MODINE MFG CO | $70.9M | 327,178 | 0.24% | — |
| CHWY | CHEWY INC | $70.0M | 2,593,763 | 0.24% | — |
| DG | DOLLAR GEN CORP | $69.6M | 586,070 | 0.24% | — |
| MUSA | MURPHY USA INC | $68.9M | 139,502 | 0.24% | — |
| EXPE | EXPEDIA GROUP INC | $68.6M | 296,913 | 0.23% | — |
| MLI | MUELLER INDS INC | $67.5M | 609,104 | 0.23% | — |
| NDSN | NORDSON CORP | $65.9M | 247,829 | 0.23% | — |
| AIT | APPLIED INDL TECHNOLOGIES IN | $65.7M | 247,606 | 0.22% | — |
| META | META PLATFORMS INC | $63.1M | 110,345 | 0.22% | — |
| NKE | NIKE INC | $62.8M | 1,189,195 | 0.21% | — |
| CAE | CAE INC | $59.9M | 2,300,829 | 0.20% | — |
| DSGX | DESCARTES SYS GROUP INC | $59.9M | 837,190 | 0.20% | — |
| SNPS | SYNOPSYS INC | $59.7M | 150,587 | 0.20% | — |
| FDS | FACTSET RESH SYS INC | $57.8M | 266,521 | 0.20% | — |
| BLDR | BUILDERS FIRSTSOURCE INC | $56.6M | 686,889 | 0.19% | — |
| EWBC | EAST WEST BANCORP INC | $56.4M | 528,327 | 0.19% | — |
| TXN | TEXAS INSTRS INC | $56.1M | 288,777 | 0.19% | — |
| HEI/A | HEICO CORP NEW | $55.5M | 263,011 | 0.19% | — |
| ABBV | ABBVIE INC | $53.5M | 246,062 | 0.18% | — |
| AXP | AMERICAN EXPRESS CO | $53.2M | 175,974 | 0.18% | — |
| HLI | HOULIHAN LOKEY INC | $51.9M | 361,609 | 0.18% | — |
| BLD* | TOPBUILD COR | $51.8M | 147,366 | 0.18% | — |
| PCOR | PROCORE TECHNOLOGIES INC | $51.4M | 900,890 | 0.18% | — |
| AVGO | BROADCOM INC | $50.8M | 164,267 | 0.17% | — |
| C | CITIGROUP INC | $50.8M | 447,554 | 0.17% | — |
| HUBS | HUBSPOT INC | $50.6M | 207,299 | 0.17% | — |
| DLB | DOLBY LABORATORIES INC | $50.1M | 834,188 | 0.17% | — |
| MTSI | MACOM TECH SOLUTIONS HLDGS I | $49.9M | 224,740 | 0.17% | — |
| TYL | TYLER TECHNOLOGIES INC | $49.1M | 143,318 | 0.17% | — |
| EFA | ISHARES TR | $49.1M | 505,139 | 0.17% | — |
| PEGA | PEGASYSTEMS INC | $48.8M | 1,146,653 | 0.17% | — |
| LII | LENNOX INTL INC | $48.5M | 104,467 | 0.17% | — |
| TW | TRADEWEB MKTS INC | $48.0M | 407,659 | 0.16% | — |
| NTR | NUTRIEN LTD | $47.5M | 630,354 | 0.16% | — |
| ORLY | OREILLY AUTOMOTIVE INC | $47.3M | 512,187 | 0.16% | — |
| KVYO | KLAVIYO INC | $46.7M | 2,399,260 | 0.16% | — |
| H | HYATT HOTELS CORP | $46.7M | 324,461 | 0.16% | — |
| ROL | ROLLINS INC | $46.4M | 868,380 | 0.16% | — |
| BKNG | BOOKING HOLDINGS INC | $46.3M | 274,775 | 0.16% | — |
| DORM | DORMAN PRODS INC | $46.2M | 442,897 | 0.16% | — |
| TD | TORONTO DOMINION BK ONT | $45.4M | 487,391 | 0.16% | — |
| IMO | IMPERIAL OIL LTD | $45.2M | 345,818 | 0.15% | — |
| RACE | FERRARI N V | $45.0M | 132,863 | 0.15% | — |
| MDB | MONGODB INC | $44.8M | 183,091 | 0.15% | — |
| FTS | FORTIS INC | $44.6M | 800,638 | 0.15% | — |
| CFR | CULLEN FROST BANKERS INC | $44.0M | 320,712 | 0.15% | — |
| MOH | MOLINA HEALTHCARE INC | $44.0M | 329,799 | 0.15% | — |
| BOOT | BOOT BARN HLDGS INC | $43.2M | 294,874 | 0.15% | — |
| ETSY | ETSY INC | $43.1M | 862,211 | 0.15% | — |
| ISRG | INTUITIVE SURGICAL INC | $42.8M | 92,812 | 0.15% | — |
| PATK | PATRICK INDS INC | $41.8M | 376,631 | 0.14% | — |
| LLY | ELI LILLY & CO | $41.8M | 45,418 | 0.14% | — |
| PBA | PEMBINA PIPELINE CORP | $41.6M | 930,749 | 0.14% | — |
| DDOG | DATADOG INC | $41.5M | 351,714 | 0.14% | — |
| XENE | XENON PHARMACEUTICALS INC | $41.3M | 709,529 | 0.14% | — |
| IDXX | IDEXX LABS INC | $40.0M | 71,207 | 0.14% | — |
| CTAS | CINTAS CORP | $39.4M | 232,759 | 0.13% | — |
| RBRK | RUBRIK INC. | $39.1M | 797,830 | 0.13% | — |
| AEM | AGNICO EAGLE MINES LTD | $38.3M | 189,082 | 0.13% | — |
| UBER | UBER TECHNOLOGIES INC | $38.1M | 530,366 | 0.13% | — |
| GTLB | GITLAB INC | $37.9M | 1,750,944 | 0.13% | — |
| 430 | TERNS PHARMACEUTICALS INC | $37.5M | 711,326 | 0.13% | — |
| EYE | NATIONAL VISION HLDGS INC | $37.4M | 1,445,328 | 0.13% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $37.0M | 75,286 | 0.13% | — |
| LRN | STRIDE INC | $36.9M | 418,766 | 0.13% | — |
| AM | ANTERO MIDSTREAM CORP | $35.9M | 1,574,150 | 0.12% | — |
| TOST | TOAST INC | $35.8M | 1,350,340 | 0.12% | — |
| LRCX | LAM RESEARCH CORP | $35.3M | 165,211 | 0.12% | — |
| BFAM | BRIGHT HORIZONS FAM SOL IN D | $34.9M | 424,843 | 0.12% | — |
| APPF | APPFOLIO INC | $34.8M | 220,357 | 0.12% | — |
| FCX | FREEPORT MCMORAN INC | $34.4M | 585,046 | 0.12% | — |
| PIPR | PIPER SANDLER COMPANIES | $34.2M | 446,244 | 0.12% | — |
| EPAM | EPAM SYS INC | $34.1M | 251,571 | 0.12% | — |
| INTU | INTUIT | $32.9M | 76,086 | 0.11% | — |
| ADSK | AUTODESK INC | $32.7M | 136,781 | 0.11% | — |
| CDNS | CADENCE DESIGN SYSTEM INC | $32.6M | 117,317 | 0.11% | — |
This table is the 150 largest positions by value, out of 412 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 Fiera Capital Corp (CIK 1505817, accession 0001505817-26-000007). 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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