13F holdings
First Eagle Investment Management, LLC portfolio
Managed by . 421 reported positions worth $59.0B as of 2026-03-31, filed with the SEC on 2026-05-14. This period was amended after its original filing; we use the latest document on file. Parsed from the filing itself, not a reseller.
$59.0B
Book value
421
Positions
28%
Top 10 weight
+38
New this quarter
-39
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 (38)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| ADP | AUTOMATIC DATA PROCESSING IN | $579.0M | 2,849,784 | 0.98% |
| BRO | BROWN & BROWN INC | $575.4M | 8,823,162 | 0.98% |
| WAT | WATERS CORP | $469.1M | 1,575,187 | 0.80% |
| FISV | FISERV INC | $418.2M | 7,495,234 | 0.71% |
| CFR | CULLEN FROST BANKERS INC | $310.6M | 2,265,874 | 0.53% |
| VSNT | VERSANT MEDIA GROUP INC | $59.1M | 1,597,299 | 0.10% |
| RELX | RELX PLC | $26.6M | 802,136 | 0.05% |
| MSTR 0 12/01/29 | STRATEGY INC | $16.6M | 20,000,000 | 0.03% |
| FUL | FULLER H B CO | $14.1M | 228,587 | 0.02% |
| PLXS | PLEXUS CORP | $13.7M | 67,541 | 0.02% |
| KWR | QUAKER HOUGHTON | $11.7M | 94,538 | 0.02% |
| SPY | STATE STR SPDR S&P 500 ETF T | $11.1M | 17,000 | 0.02% |
| LAD | LITHIA MTRS INC | $10.9M | 43,700 | 0.02% |
| CBT | CABOT CORP | $10.3M | 136,650 | 0.02% |
| HUN | HUNTSMAN CORP | $10.3M | 770,135 | 0.02% |
| HRI | HERC HLDGS INC | $9.9M | 99,033 | 0.02% |
| IIIV | I3 VERTICALS INC | $8.5M | 382,137 | 0.01% |
| TALO | TALOS ENERGY INC | $7.9M | 503,900 | 0.01% |
| CVLG | COVENANT LOGISTICS GROUP INC | $6.7M | 248,154 | 0.01% |
| OLN | OLIN CORP | $6.4M | 213,752 | 0.01% |
| CROSS CTRY HEALTHCARE IN | CROSS CTRY HEALTHCARE INC | $5.5M | 589,713 | 0.01% |
| EXTR | EXTREME NETWORKS INC | $5.3M | 349,540 | 0.01% |
| BRZE | BRAZE INC | $3.7M | 158,500 | 0.01% |
| STEVANATO GROUP S P A | STEVANATO GROUP S P A | $2.2M | 157,500 | 0.00% |
| TNC | TENNANT CO | $2.1M | 32,056 | 0.00% |
Closed out (39)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| WBS | WEBSTER FINL CORP | $14.3M | 227,302 | 0.00% |
| MTG | MGIC INVT CORP WIS | $12.0M | 412,253 | 0.00% |
| FG | F&G ANNUITIES & LIFE INC | $11.3M | 366,671 | 0.00% |
| TFX | TELEFLEX INCORPORATED | $10.3M | 84,300 | 0.00% |
| CUBI | CUSTOMERS BANCORP INC | $10.2M | 139,293 | 0.00% |
| KTOS | KRATOS DEFENSE & SEC SOLUTIO | $10.1M | 133,063 | 0.00% |
| MHO | M/I HOMES INC | $7.7M | 60,100 | 0.00% |
| FIVN | FIVE9 INC | $7.3M | 363,000 | 0.00% |
| YETI | YETI HLDGS INC | $5.9M | 134,500 | 0.00% |
| THRY | THRYV HLDGS INC | $5.1M | 842,943 | 0.00% |
| SMWB | SIMILARWEB LTD | $4.8M | 645,647 | 0.00% |
| EMBC | EMBECTA CORP | $4.7M | 391,594 | 0.00% |
| TMCI | TREACE MED CONCEPTS INC | $3.6M | 1,462,983 | 0.00% |
| MAC | MACERICH CO | $3.1M | 170,610 | 0.00% |
| AL | AIR LEASE CORP | $2.8M | 43,522 | 0.00% |
| LAW | CS DISCO INC | $2.6M | 328,719 | 0.00% |
| SVCO | SILVACO GROUP INC | $2.5M | 627,211 | 0.00% |
| RBBN | RIBBON COMMUNICATIONS INC | $2.5M | 862,528 | 0.00% |
| SANM | SANMINA CORPORATION | $2.3M | 15,377 | 0.00% |
| FUBOGBP | FUBOTV INC | $2.0M | 803,533 | 0.00% |
| ASPN | ASPEN AEROGELS INC | $1.8M | 622,487 | 0.00% |
| CLW | CLEARWATER PAPER CORP | $1.4M | 82,609 | 0.00% |
| FEOE | RBB FUND TRUST | $1.3M | 27,780 | 0.00% |
| FEGE | RBB FUND TRUST | $1.3M | 27,635 | 0.00% |
| TIC | TIC SOLUTIONS INC | $909,900 | 90,000 | 0.00% |
Added to (217)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| BDX | BECTON DICKINSON & CO | $1.9B | 11,928,111 | 3.18% | +2% |
| META | META PLATFORMS INC | $1.8B | 3,193,098 | 3.10% | +1% |
| SLB | SLB LIMITED | $1.5B | 28,376,167 | 2.47% | +2% |
| FMX | FOMENTO ECONOMICO MEXICANO S | $1.4B | 12,902,253 | 2.43% | +3% |
| FNV | FRANCO NEV CORP | $1.3B | 5,274,537 | 2.21% | +3% |
| WTW | WILLIS TOWERS WATSON PLC LTD | $1.3B | 4,339,361 | 2.14% | +2% |
| ORCL | ORACLE CORP | $1.2B | 8,435,178 | 2.10% | +2% |
| ELV | ELEVANCE HEALTH INC FORMERLY | $1.2B | 4,132,291 | 2.05% | +3% |
| BNY | BANK NEW YORK MELLON CORP | $1.2B | 9,868,077 | 1.98% | +1% |
| CRM | SALESFORCE INC | $1.1B | 6,132,564 | 1.94% | +42% |
| WY | WEYERHAEUSER CO | $1.1B | 46,293,464 | 1.92% | +23% |
| CMCSA | COMCAST CORP NEW | $1.1B | 37,780,637 | 1.84% | +4% |
| OKE | ONEOK INC NEW | $1.1B | 11,679,175 | 1.79% | +3% |
| ABEV | AMBEV SA | $1.0B | 346,984,557 | 1.72% | +3% |
| WDAY | WORKDAY INC | $988.5M | 7,608,713 | 1.68% | +75% |
Trimmed (112)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| ADI | ANALOG DEVICES INC | $15,271 | 48 | 0.00% | -100% |
| ROST | ROSS STORES INC | $3.5M | 16,209 | 0.01% | -99% |
| GD | GENERAL DYNAMICS CORP | $33,292 | 97 | 0.00% | -99% |
| CIEN | CIENA CORP | $1.0M | 2,600 | 0.00% | -94% |
| VPG | VISHAY PRECISION GROUP INC | $3.1M | 72,500 | 0.01% | -70% |
| TALK | TALKSPACE INC | $3.4M | 665,884 | 0.01% | -70% |
| NCMI | NATIONAL CINEMEDIA INC | $1.3M | 435,618 | 0.00% | -65% |
| WRBY | WARBY PARKER INC | $2.8M | 135,090 | 0.00% | -62% |
| HL | HECLA MINING COMPANY | $9.1M | 487,500 | 0.02% | -61% |
| CRNT | CERAGON NETWORKS LTD | $555,092 | 256,987 | 0.00% | -57% |
| CDE | COEUR MNG INC | $10.1M | 535,930 | 0.02% | -56% |
| IDA | IDACORP INC | $5.9M | 41,573 | 0.01% | -54% |
| ASIX | ADVANSIX INC | $2.0M | 82,460 | 0.00% | -53% |
| EYE | NATIONAL VISION HLDGS INC | $5.7M | 221,552 | 0.01% | -51% |
| XRX | XEROX HOLDINGS CORP | $1.4M | 1,099,635 | 0.00% | -50% |
The book
Largest 150 of 421 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| GOOG | ALPHABET INC | $2.1B | 7,404,648 | 3.60% | — |
| BDX | BECTON DICKINSON & CO | $1.9B | 11,928,111 | 3.18% | — |
| WPM | WHEATON PRECIOUS METALS CORP | $1.9B | 14,156,511 | 3.14% | — |
| IMO | IMPERIAL OIL LTD | $1.8B | 13,972,305 | 3.10% | — |
| META | META PLATFORMS INC | $1.8B | 3,193,098 | 3.10% | — |
| HCA | HCA HEALTHCARE INC | $1.5B | 3,254,570 | 2.61% | — |
| SLB | SLB LIMITED | $1.5B | 28,376,167 | 2.47% | — |
| FMX | FOMENTO ECONOMICO MEXICANO S | $1.4B | 12,902,253 | 2.43% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $1.3B | 3,902,137 | 2.24% | — |
| FNV | FRANCO NEV CORP | $1.3B | 5,274,537 | 2.21% | — |
| NEM | NEWMONT CORP | $1.3B | 12,022,368 | 2.21% | — |
| WTW | WILLIS TOWERS WATSON PLC LTD | $1.3B | 4,339,361 | 2.14% | — |
| ORCL | ORACLE CORP | $1.2B | 8,435,178 | 2.10% | — |
| ELV | ELEVANCE HEALTH INC FORMERLY | $1.2B | 4,132,291 | 2.05% | — |
| BNY | BANK NEW YORK MELLON CORP | $1.2B | 9,868,077 | 1.98% | — |
| CRM | SALESFORCE INC | $1.1B | 6,132,564 | 1.94% | — |
| WY | WEYERHAEUSER CO | $1.1B | 46,293,464 | 1.92% | — |
| CMCSA | COMCAST CORP NEW | $1.1B | 37,780,637 | 1.84% | — |
| EXMOC | EXXON MOBIL CORP | $1.1B | 6,237,614 | 1.79% | — |
| GLD | SPDR GOLD TR | $1.1B | 2,455,741 | 1.79% | — |
| OKE | ONEOK INC NEW | $1.1B | 11,679,175 | 1.79% | — |
| AEM | AGNICO EAGLE MINES LTD | $1.1B | 5,193,057 | 1.79% | — |
| ABEV | AMBEV SA | $1.0B | 346,984,557 | 1.72% | — |
| WDAY | WORKDAY INC | $988.5M | 7,608,713 | 1.68% | — |
| PM | PHILIP MORRIS INTL INC | $974.3M | 5,892,458 | 1.65% | — |
| CHRW | C H ROBINSON WORLDWIDE IN | $951.6M | 5,729,983 | 1.61% | — |
| MDT | MEDTRONIC PLC | $870.4M | 10,044,695 | 1.48% | — |
| EXPD | EXPEDITORS INTL WASH INC | $851.5M | 5,945,185 | 1.44% | — |
| B | BARRICK MNG CORP | $839.1M | 20,571,232 | 1.42% | — |
| UHS | UNIVERSAL HLTH SVCS INC | $791.8M | 4,424,281 | 1.34% | — |
| CHTR | CHARTER COMMUNICATIONS INC | $772.9M | 3,580,160 | 1.31% | — |
| NTR | NUTRIEN LTD | $753.8M | 9,988,867 | 1.28% | — |
| BIO | BIO RAD LABS INC | $725.5M | 2,602,772 | 1.23% | — |
| TXN | TEXAS INSTRS INC | $713.3M | 3,674,253 | 1.21% | — |
| CL | COLGATE PALMOLIVE CO | $691.8M | 8,116,782 | 1.17% | — |
| PPG | PPG INDS INC | $687.8M | 6,435,076 | 1.17% | — |
| NOV | NOV INC | $684.8M | 36,408,359 | 1.16% | — |
| IFF | INTERNATIONAL FLAVORS&FRAGRA | $675.8M | 9,314,670 | 1.15% | — |
| NE | NOBLE CORP PLC | $665.5M | 13,561,846 | 1.13% | — |
| ADP | AUTOMATIC DATA PROCESSING IN | $579.0M | 2,849,784 | 0.98% | — |
| BRO | BROWN & BROWN INC | $575.4M | 8,823,162 | 0.98% | — |
| EQR | EQUITY RESIDENTIAL | $560.1M | 9,469,693 | 0.95% | — |
| OMC | OMNICOM GROUP INC | $550.0M | 7,303,113 | 0.93% | — |
| DG | DOLLAR GEN CORP | $529.0M | 4,455,622 | 0.90% | — |
| IPGP | IPG PHOTONICS CORP | $526.4M | 4,593,349 | 0.89% | — |
| DIS | DISNEY WALT CO | $506.4M | 5,254,083 | 0.86% | — |
| EXR | EXTRA SPACE STORAGE INC | $503.4M | 3,838,691 | 0.85% | — |
| AXP | AMERICAN EXPRESS CO | $502.9M | 1,662,628 | 0.85% | — |
| MSFT | MICROSOFT CORP | $490.5M | 1,325,098 | 0.83% | — |
| BXP | BXP INC | $485.0M | 9,344,461 | 0.82% | — |
| WAT | WATERS CORP | $469.1M | 1,575,187 | 0.80% | — |
| USB | US BANCORP | $469.0M | 9,018,084 | 0.79% | — |
| FISV | FISERV INC | $418.2M | 7,495,234 | 0.71% | — |
| CMI | CUMMINS INC | $412.8M | 767,231 | 0.70% | — |
| FNF | FIDELITY NATL FINL INC | $411.9M | 8,880,108 | 0.70% | — |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | $405.7M | 565 | 0.69% | — |
| GOOGL | ALPHABET INC | $344.6M | 1,198,237 | 0.58% | — |
| MICC | MAGNUM ICE CREAM CO NV | $333.7M | 22,709,344 | 0.57% | — |
| CFR | CULLEN FROST BANKERS INC | $310.6M | 2,265,874 | 0.53% | — |
| DE | DEERE & CO | $300.3M | 533,025 | 0.51% | — |
| AGI | ALAMOS GOLD INC | $274.5M | 6,169,791 | 0.47% | — |
| CSL | CARLISLE COS INC | $264.6M | 793,165 | 0.45% | — |
| RGLD | ROYAL GOLD INC | $233.5M | 917,616 | 0.40% | — |
| KGC | KINROSS GOLD CORP | $217.9M | 7,140,993 | 0.37% | — |
| CCU | COMPANIA CERVECERIAS UNIDAS | $183.0M | 16,120,458 | 0.31% | — |
| XRAY | DENTSPLY SIRONA INC | $175.5M | 15,127,933 | 0.30% | — |
| GFI | GOLD FIELDS LTD | $160.5M | 3,535,804 | 0.27% | — |
| FERG | FERGUSON ENTERPRISES INC | $147.7M | 633,309 | 0.25% | — |
| AU | ANGLOGOLD ASHANTI PLC | $145.1M | 1,490,679 | 0.25% | — |
| PAAS | PAN AMERN SILVER CORP | $132.3M | 2,417,389 | 0.22% | — |
| DEI | DOUGLAS EMMETT INC | $131.5M | 13,958,053 | 0.22% | — |
| BIL | SPDR SERIES TRUST | $124.9M | 1,363,410 | 0.21% | — |
| SHEL | SHELL PLC | $98.3M | 1,057,021 | 0.17% | — |
| BTI | BRITISH AMERN TOB PLC | $97.6M | 1,668,522 | 0.17% | — |
| NG | NOVAGOLD RESOURCES INC | $82.4M | 9,172,929 | 0.14% | — |
| ORLA MNG LTD NEW | ORLA MNG LTD NEW | $76.7M | 4,767,826 | 0.13% | — |
| EPD | ENTERPRISE PRODS PARTNERS L | $73.5M | 1,941,481 | 0.12% | — |
| VSNT | VERSANT MEDIA GROUP INC | $59.1M | 1,597,299 | 0.10% | — |
| UL | UNILEVER PLC | $45.9M | 805,940 | 0.08% | — |
| BTG | B2GOLD CORP | $44.1M | 9,702,684 | 0.07% | — |
| HLN | HALEON PLC | $40.4M | 4,032,643 | 0.07% | — |
| KOF | COCA-COLA FEMSA SAB DE CV | $38.3M | 392,739 | 0.06% | — |
| LYG | LLOYDS BANKING GROUP PLC | $37.2M | 7,404,153 | 0.06% | — |
| BAC 7.25 PERP L | BANK AMERICA CORP | $35.3M | 29,641 | 0.06% | — |
| WFC 7.5 PERP L | WELLS FARGO & CO | $29.7M | 25,741 | 0.05% | — |
| LINC | LINCOLN EDL SVCS CORP | $27.9M | 685,230 | 0.05% | — |
| ITUB | ITAU UNIBANCO HLDG S A | $27.8M | 3,312,310 | 0.05% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $27.6M | 57,603 | 0.05% | — |
| UCTT | ULTRA CLEAN HLDGS INC | $27.0M | 434,100 | 0.05% | — |
| RELX | RELX PLC | $26.6M | 802,136 | 0.05% | — |
| AEIS | ADVANCED ENERGY INDS | $26.4M | 81,818 | 0.04% | — |
| BKD | BROOKDALE SR LIVING INC | $25.5M | 1,865,584 | 0.04% | — |
| CAE | CAE INC | $24.4M | 935,036 | 0.04% | — |
| OIS | OIL STS INTL INC | $23.8M | 2,043,709 | 0.04% | — |
| TEL | TE CONNECTIVITY PLC | $22.1M | 105,800 | 0.04% | — |
| TTMI | TTM TECHNOLOGIES INC | $21.9M | 224,471 | 0.04% | — |
| ABCB | AMERIS BANCORP | $19.3M | 247,471 | 0.03% | — |
| VSH | VISHAY INTERTECHNOLOGY INC | $19.1M | 1,063,572 | 0.03% | — |
| SIMO | SILICON MOTION TECHNOLOGY CO | $18.9M | 168,439 | 0.03% | — |
| MAMA | MAMAS CREATIONS INC | $18.8M | 1,223,470 | 0.03% | — |
| DCO | DUCOMMUN INC DEL | $18.8M | 153,776 | 0.03% | — |
| VIAV | VIAVI SOLUTIONS INC | $18.6M | 559,800 | 0.03% | — |
| ACN | ACCENTURE PLC IRELAND | $17.9M | 90,244 | 0.03% | — |
| STNG | SCORPIO TANKERS INC | $17.6M | 235,068 | 0.03% | — |
| CMC | COMMERCIAL METALS CO | $17.5M | 285,546 | 0.03% | — |
| NPO | ENPRO INC | $17.5M | 69,855 | 0.03% | — |
| FORM | FORMFACTOR INC | $17.4M | 179,848 | 0.03% | — |
| ADTN | ADTRAN HOLDINGS INC | $17.2M | 1,368,707 | 0.03% | — |
| SPB | SPECTRUM BRANDS HOLDINGS INC | $17.1M | 232,272 | 0.03% | — |
| UTI | UNIVERSAL TECHNICAL INST INC | $17.0M | 472,135 | 0.03% | — |
| GHM | GRAHAM CORP | $17.0M | 215,513 | 0.03% | — |
| IBP | INSTALLED BLDG PRODS INC | $16.9M | 63,843 | 0.03% | — |
| LPX | LOUISIANA PAC CORP | $16.9M | 231,910 | 0.03% | — |
| HD | HOME DEPOT INC | $16.7M | 50,835 | 0.03% | — |
| BHE | BENCHMARK ELECTRS INC | $16.6M | 296,569 | 0.03% | — |
| MSTR 0 12/01/29 | STRATEGY INC | $16.6M | 20,000,000 | 0.03% | — |
| LXU | LSB INDS INC | $16.2M | 1,085,000 | 0.03% | — |
| ONB | OLD NATL BANCORP IND | $15.4M | 696,784 | 0.03% | — |
| 8TG | THERMON GROUP HLDGS INC | $15.4M | 305,373 | 0.03% | — |
| SBCF | SEACOAST BKG CORP FLA | $15.3M | 505,065 | 0.03% | — |
| LNC | LINCOLN NATL CORP IND | $15.2M | 428,310 | 0.03% | — |
| OTIS | OTIS WORLDWIDE CORP | $15.1M | 196,033 | 0.03% | — |
| NAVIGATOR HLDGS LTD | NAVIGATOR HLDGS LTD | $15.1M | 780,619 | 0.03% | — |
| GLNG | GOLAR LNG LTD | $15.0M | 277,472 | 0.03% | — |
| MTRN | MATERION CORP | $14.7M | 101,950 | 0.02% | — |
| CCS | CENTURY COMMUNITIES INC | $14.7M | 256,716 | 0.02% | — |
| COHU | COHU INC | $14.5M | 474,068 | 0.02% | — |
| CECO | CECO ENVIRONMENTAL CORP | $14.4M | 242,511 | 0.02% | — |
| OUT | OUTFRONT MEDIA INC | $14.4M | 542,535 | 0.02% | — |
| AMRC | AMERESCO INC | $14.2M | 555,334 | 0.02% | — |
| ROG | ROGERS CORP | $14.1M | 131,818 | 0.02% | — |
| FUL | FULLER H B CO | $14.1M | 228,587 | 0.02% | — |
| ASTE | ASTEC INDS INC | $14.0M | 260,250 | 0.02% | — |
| AX | AXOS FINANCIAL INC | $14.0M | 164,612 | 0.02% | — |
| WCC | WESCO INTL INC | $14.0M | 51,158 | 0.02% | — |
| TMHC* | TAYLOR MORRISON HOME CORP | $14.0M | 240,154 | 0.02% | — |
| PLXS | PLEXUS CORP | $13.7M | 67,541 | 0.02% | — |
| DORIAN LPG LTD | DORIAN LPG LTD | $13.5M | 394,925 | 0.02% | — |
| ACA | ARCOSA INC | $13.4M | 126,636 | 0.02% | — |
| TITN | TITAN MACHY INC | $13.4M | 801,199 | 0.02% | — |
| TRN | TRINITY INDS INC | $13.4M | 415,619 | 0.02% | — |
| BZH | BEAZER HOMES USA INC | $13.4M | 694,671 | 0.02% | — |
| KALU | KAISER ALUMINIUM CORPORATION | $13.3M | 110,761 | 0.02% | — |
| VECO | VEECO INSTRS INC DEL | $13.3M | 391,381 | 0.02% | — |
| PNTG | PENNANT GROUP INC | $13.1M | 431,000 | 0.02% | — |
| RELY | REMITLY GLOBAL INC | $13.0M | 831,454 | 0.02% | — |
| HNGE | HINGE HEALTH INC | $13.0M | 336,942 | 0.02% | — |
| BCC | BOISE CASCADE CO DEL | $12.9M | 170,308 | 0.02% | — |
| ATRO | ASTRONICS CORP | $12.8M | 192,326 | 0.02% | — |
| IIIN | INSTEEL INDS INC | $12.8M | 380,954 | 0.02% | — |
This table is the 150 largest positions by value, out of 421 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 4 options positions with a combined notional of $0. 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 First Eagle Investment Management, LLC (CIK 1325447, accession 0001325447-26-000018). 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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