13F holdings
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC portfolio
Managed by . 463 reported positions worth $32.4B as of 2026-03-31, filed with the SEC on 2026-05-15. Parsed from the filing itself, not a reseller.
$32.4B
Book value
463
Positions
29%
Top 10 weight
+65
New this quarter
-64
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 45 days old on 2026-05-15, 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 (65)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| CDW | CDW CORP | $245.4M | 2,027,480 | 0.76% |
| GPC | GENUINE PARTS CO | $184.7M | 1,746,990 | 0.57% |
| ARE | ALEXANDRIA REAL ESTATE EQ IN | $56.7M | 1,221,640 | 0.18% |
| SAP | SAP SE | $43.9M | 256,495 | 0.14% |
| LSTR | LANDSTAR SYS INC | $14.7M | 91,845 | 0.05% |
| PAYC | PAYCOM SOFTWARE INC | $13.1M | 107,930 | 0.04% |
| G | GENPACT LIMITED | $13.1M | 351,062 | 0.04% |
| AN | AUTONATION INC | $13.0M | 66,800 | 0.04% |
| MOH | MOLINA HEALTHCARE INC | $12.7M | 95,524 | 0.04% |
| NPB | NORTHPOINTE BANCSHARES INC. | $12.7M | 737,370 | 0.04% |
| MTN | VAIL RESORTS INC | $12.4M | 96,853 | 0.04% |
| SRPT | SAREPTA THERAPEUTICS INC | $12.2M | 560,150 | 0.04% |
| IPAR | INTERPARFUMS INC | $12.1M | 133,260 | 0.04% |
| BRBR | BELLRING BRANDS INC | $11.9M | 739,944 | 0.04% |
| LW | LAMB WESTON HLDGS INC | $11.9M | 281,250 | 0.04% |
| KNTK | KINETIK HOLDINGS INC | $11.6M | 239,740 | 0.04% |
| WEN | WENDYS CO | $11.5M | 1,660,900 | 0.04% |
| CROX | CROCS INC | $11.3M | 135,888 | 0.03% |
| CNMD | CONMED CORP | $11.2M | 317,450 | 0.03% |
| SMPL | SIMPLY GOOD FOODS CO | $11.2M | 781,860 | 0.03% |
| RRC | RANGE RES CORP | $10.6M | 233,770 | 0.03% |
| KTB | KONTOOR BRANDS INC | $10.5M | 148,910 | 0.03% |
| VNO | VORNADO RLTY TR | $10.4M | 401,545 | 0.03% |
| HRB | BLOCK H & R INC | $10.4M | 326,650 | 0.03% |
| CHDN | CHURCHILL DOWNS INC | $10.4M | 115,350 | 0.03% |
Closed out (64)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| HCA | HCA HEALTHCARE INC | $207.3M | 444,067 | 0.00% |
| BUD | ANHEUSER BUSCH INBEV SA/NV | $96.2M | 1,501,890 | 0.00% |
| RTX | RTX CORPORATION | $96.2M | 524,431 | 0.00% |
| SNY | SANOFI SA | $93.9M | 1,938,207 | 0.00% |
| MDU | MDU RES GROUP INC | $23.0M | 1,177,200 | 0.00% |
| FLS | FLOWSERVE CORP | $16.4M | 236,103 | 0.00% |
| ADEA | ADEIA INC | $13.5M | 780,361 | 0.00% |
| COLB | COLUMBIA BKG SYS INC | $13.3M | 477,176 | 0.00% |
| CWK | CUSHMAN AND WAKEFIELD LTD | $13.3M | 819,212 | 0.00% |
| HBAN | HUNTINGTON BANCSHARES INC | $13.0M | 749,919 | 0.00% |
| 9HI | HILLENBRAND INC | $12.7M | 399,327 | 0.00% |
| FIBK | FIRST INTST BANCSYSTEM INC | $11.0M | 318,450 | 0.00% |
| QCRH | QCR HOLDINGS INC | $10.8M | 129,656 | 0.00% |
| AMPH | AMPHASTAR PHARMACEUTICALS IN | $10.8M | 402,563 | 0.00% |
| SYU1 | SYNOVUS FINL CORP | $10.7M | 214,360 | 0.00% |
| LBRT | LIBERTY ENERGY INC | $10.5M | 570,790 | 0.00% |
| HTLD | HEARTLAND EXPRESS INC | $10.4M | 1,149,008 | 0.00% |
| 8ZV | ASPEN INSURANCE HOLDINGS LTD | $10.3M | 278,410 | 0.00% |
| HBNC | HORIZON BANCORP INC | $10.2M | 602,985 | 0.00% |
| SIGI | SELECTIVE INS GROUP INC | $10.0M | 118,999 | 0.00% |
| HALO | HALOZYME THERAPEUTICS INC | $9.5M | 141,148 | 0.00% |
| MICC | MAGNUM ICE CREAM CO NV | $9.2M | 581,506 | 0.00% |
| DENN | DENNYS CORP | $9.0M | 1,442,118 | 0.00% |
| BVE | DIAMOND HILL INVT GROUP INC | $8.7M | 51,513 | 0.00% |
| TMP | TOMPKINS FINL CORP | $8.6M | 118,599 | 0.00% |
Added to (117)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| WDAY | WORKDAY INC | $1.4B | 10,655,733 | 4.28% | +58% |
| GEHC | GE HEALTHCARE TECHNOLOGIES I | $709.5M | 9,967,873 | 2.19% | +10% |
| CRM | SALESFORCE INC | $689.6M | 3,694,062 | 2.13% | +32% |
| PPG | PPG INDS INC | $658.4M | 6,159,946 | 2.03% | +5% |
| ELV | ELEVANCE HEALTH INC FORMERLY | $641.6M | 2,191,563 | 1.98% | +7% |
| CNH | CNH INDL N V | $479.9M | 43,625,356 | 1.48% | +24% |
| UNH | UNITEDHEALTH GROUP INC | $478.7M | 1,769,068 | 1.48% | +21% |
| TFC | TRUIST FINL CORP | $346.5M | 7,537,029 | 1.07% | +10% |
| FISV | FISERV INC | $325.6M | 5,835,003 | 1.01% | +170% |
| MDLZ | MONDELEZ INTL INC | $323.8M | 5,618,340 | 1.00% | +2% |
| HUM | HUMANA INC | $279.0M | 1,609,024 | 0.86% | +18% |
| ZBH | ZIMMER BIOMET HOLDINGS INC | $252.5M | 2,792,389 | 0.78% | +62% |
| FCNCA | FIRST CTZNS BANCSHARES INC D | $250.3M | 132,830 | 0.77% | +38% |
| WPP | WPP PLC NEW | $233.3M | 15,001,708 | 0.72% | +49% |
| CRBG | COREBRIDGE FINL INC | $216.7M | 9,080,180 | 0.67% | +1% |
Trimmed (231)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| BKR | BAKER HUGHES COMPANY | $757,020 | 12,400 | 0.00% | -100% |
| 8TG | THERMON GROUP HLDGS INC | $3.3M | 66,219 | 0.01% | -85% |
| GT | GOODYEAR TIRE & RUBR CO | $1.3M | 190,100 | 0.00% | -83% |
| JAZZ | JAZZ PHARMACEUTICALS PLC | $4.9M | 25,833 | 0.02% | -78% |
| NESR | NATIONAL ENERGY SERVICES REU | $3.0M | 139,220 | 0.01% | -74% |
| OBK | ORIGIN BANCORP INC | $3.2M | 76,869 | 0.01% | -72% |
| INDB | INDEPENDENT BK CORP MASS | $3.1M | 40,715 | 0.01% | -71% |
| CLB | CORE LABORATORIES INC | $3.0M | 180,135 | 0.01% | -67% |
| CFG | CITIZENS FINL GROUP INC | $138.3M | 2,306,798 | 0.43% | -65% |
| TCBK | TRICO BANCSHARES | $4.9M | 102,273 | 0.02% | -65% |
| CRI | CARTERS INC | $3.0M | 83,022 | 0.01% | -64% |
| NORTHFIELD BANCORP INC D | NORTHFIELD BANCORP INC DEL | $3.4M | 247,696 | 0.01% | -59% |
| BANC | BANC OF CALIFORNIA INC | $5.9M | 337,805 | 0.02% | -58% |
| SOLV | SOLVENTUM CORP | $45.3M | 693,060 | 0.14% | -58% |
| NWE | NORTHWESTERN ENERGY GROUP IN | $6.4M | 97,642 | 0.02% | -57% |
The book
Largest 150 of 463 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| WDAY | WORKDAY INC | $1.4B | 10,655,733 | 4.28% | — |
| APA | APA CORPORATION | $1.4B | 32,015,114 | 4.20% | — |
| FFIV | F5 INC | $1.3B | 4,579,301 | 4.09% | — |
| ERIC | TELEFONAKTIEBOLAGET LM ERICS | $927.1M | 82,262,127 | 2.87% | — |
| C | CITIGROUP INC | $796.8M | 7,025,948 | 2.46% | — |
| AIG | AMERICAN INTL GROUP INC | $769.9M | 10,230,595 | 2.38% | — |
| CMCSA | COMCAST CORP NEW | $769.4M | 26,799,751 | 2.38% | — |
| GEHC | GE HEALTHCARE TECHNOLOGIES I | $709.5M | 9,967,873 | 2.19% | — |
| D | DOMINION ENERGY INC | $701.6M | 11,349,393 | 2.17% | — |
| CRM | SALESFORCE INC | $689.6M | 3,694,062 | 2.13% | — |
| PPG | PPG INDS INC | $658.4M | 6,159,946 | 2.03% | — |
| ELV | ELEVANCE HEALTH INC FORMERLY | $641.6M | 2,191,563 | 1.98% | — |
| GM | GENERAL MTRS CO | $629.0M | 8,443,550 | 1.94% | — |
| USB | US BANCORP | $587.5M | 11,296,262 | 1.82% | — |
| SHEL | SHELL PLC | $571.6M | 6,146,649 | 1.77% | — |
| FDX | FEDEX CORP | $565.8M | 1,588,457 | 1.75% | — |
| MGA | MAGNA INTL INC | $549.4M | 9,844,971 | 1.70% | — |
| STT | STATE STR CORP | $536.1M | 4,236,091 | 1.66% | — |
| OVV | OVINTIV INC | $504.6M | 8,501,093 | 1.56% | — |
| WFC | WELLS FARGO & CO | $502.9M | 6,316,442 | 1.55% | — |
| SLB | SLB LIMITED | $498.8M | 9,706,372 | 1.54% | — |
| CNH | CNH INDL N V | $479.9M | 43,625,356 | 1.48% | — |
| UNH | UNITEDHEALTH GROUP INC | $478.7M | 1,769,068 | 1.48% | — |
| OLN | OLIN CORP | $448.5M | 15,084,224 | 1.39% | — |
| MDT | MEDTRONIC PLC | $415.1M | 4,791,090 | 1.28% | — |
| PCAR | PACCAR INC | $405.5M | 3,510,993 | 1.25% | — |
| OMC | OMNICOM GROUP INC | $404.9M | 5,376,034 | 1.25% | — |
| TFC | TRUIST FINL CORP | $346.5M | 7,537,029 | 1.07% | — |
| KHC | KRAFT HEINZ CO | $343.4M | 15,268,339 | 1.06% | — |
| CMI | CUMMINS INC | $336.8M | 626,070 | 1.04% | — |
| FISV | FISERV INC | $325.6M | 5,835,003 | 1.01% | — |
| MDLZ | MONDELEZ INTL INC | $323.8M | 5,618,340 | 1.00% | — |
| GOOGL | ALPHABET INC | $313.2M | 1,089,297 | 0.97% | — |
| NOV | NOV INC | $280.6M | 14,919,613 | 0.87% | — |
| HUM | HUMANA INC | $279.0M | 1,609,024 | 0.86% | — |
| STZ | CONSTELLATION BRANDS INC | $264.7M | 1,764,431 | 0.82% | — |
| ZBH | ZIMMER BIOMET HOLDINGS INC | $252.5M | 2,792,389 | 0.78% | — |
| FCNCA | FIRST CTZNS BANCSHARES INC D | $250.3M | 132,830 | 0.77% | — |
| CDW | CDW CORP | $245.4M | 2,027,480 | 0.76% | — |
| APTV | APTIV PLC | $237.6M | 3,421,031 | 0.73% | — |
| WPP | WPP PLC NEW | $233.3M | 15,001,708 | 0.72% | — |
| SWK | STANLEY BLACK & DECKER INC | $228.9M | 3,220,670 | 0.71% | — |
| COP | CONOCOPHILLIPS | $225.0M | 1,704,717 | 0.70% | — |
| BAC | BANK AMERICA CORP | $221.4M | 4,541,316 | 0.68% | — |
| CRBG | COREBRIDGE FINL INC | $216.7M | 9,080,180 | 0.67% | — |
| NSC | NORFOLK SOUTHN CORP | $212.9M | 741,668 | 0.66% | — |
| SJM | SMUCKER J M CO | $211.2M | 2,190,076 | 0.65% | — |
| FTV | FORTIVE CORP | $201.5M | 3,645,964 | 0.62% | — |
| CVS | CVS HEALTH CORP | $200.7M | 2,794,787 | 0.62% | — |
| LH | LABCORP HOLDINGS INC | $198.4M | 743,602 | 0.61% | — |
| PPL | PPL CORP | $193.9M | 5,076,960 | 0.60% | — |
| GSK | GSK PLC | $192.2M | 3,482,054 | 0.59% | — |
| FLR | FLUOR CORP | $187.6M | 4,021,505 | 0.58% | — |
| GPC | GENUINE PARTS CO | $184.7M | 1,746,990 | 0.57% | — |
| HIG | HARTFORD INSURANCE GROUP INC | $183.2M | 1,355,035 | 0.57% | — |
| BA | BOEING CO | $174.9M | 878,687 | 0.54% | — |
| TEL | TE CONNECTIVITY PLC | $167.2M | 799,797 | 0.52% | — |
| CTSH | COGNIZANT TECHNOLOGY SOLUTIO | $158.4M | 2,582,274 | 0.49% | — |
| TKR | TIMKEN CO | $157.5M | 1,565,862 | 0.49% | — |
| FIS | FIDELITY NATL INFORMATION SV | $150.9M | 3,217,587 | 0.47% | — |
| UL | UNILEVER PLC | $149.1M | 2,617,390 | 0.46% | — |
| DE | DEERE & CO | $147.7M | 262,210 | 0.46% | — |
| STGW | STAGWELL INC | $145.0M | 23,058,057 | 0.45% | — |
| GD | GENERAL DYNAMICS CORP | $142.7M | 415,682 | 0.44% | — |
| UHAL/B | U HAUL HOLDING COMPANY | $141.7M | 3,171,129 | 0.44% | — |
| SLM | SLM CORP | $138.9M | 6,486,188 | 0.43% | — |
| CFG | CITIZENS FINL GROUP INC | $138.3M | 2,306,798 | 0.43% | — |
| CI | THE CIGNA GROUP | $132.6M | 497,105 | 0.41% | — |
| LAD | LITHIA MTRS INC | $125.7M | 503,230 | 0.39% | — |
| BWA | BORGWARNER INC | $114.1M | 2,103,232 | 0.35% | — |
| MUR | MURPHY OIL CORP | $112.3M | 2,722,979 | 0.35% | — |
| WK | WORKIVA INC | $100.2M | 1,679,788 | 0.31% | — |
| AVT | AVNET INC | $95.0M | 1,541,616 | 0.29% | — |
| CRC | CALIFORNIA RES CORP | $87.3M | 1,260,493 | 0.27% | — |
| CNC | CENTENE CORP DEL | $87.0M | 2,658,633 | 0.27% | — |
| DOX | AMDOCS LTD | $75.8M | 1,161,166 | 0.23% | — |
| CAG | CONAGRA BRANDS INC | $75.5M | 4,804,197 | 0.23% | — |
| EEFT | EURONET WORLDWIDE INC | $74.2M | 1,118,669 | 0.23% | — |
| ECVT | ECOVYST INC | $69.6M | 5,413,862 | 0.22% | — |
| FHB | FIRST HAWAIIAN INC | $68.9M | 2,797,272 | 0.21% | — |
| VAC | MARRIOTT VACATIONS WORLDWIDE | $64.7M | 992,884 | 0.20% | — |
| BPOP | POPULAR INC | $62.4M | 465,340 | 0.19% | — |
| RUSHA | RUSH ENTERPRISES INC | $57.8M | 873,911 | 0.18% | — |
| ARE | ALEXANDRIA REAL ESTATE EQ IN | $56.7M | 1,221,640 | 0.18% | — |
| KOS | KOSMOS ENERGY LTD | $55.7M | 20,051,601 | 0.17% | — |
| OGE | OGE ENERGY CORP | $52.4M | 1,092,186 | 0.16% | — |
| ADNT | ADIENT PLC | $46.7M | 2,312,700 | 0.14% | — |
| BCO | BRINKS CO | $46.5M | 448,923 | 0.14% | — |
| SOLV | SOLVENTUM CORP | $45.3M | 693,060 | 0.14% | — |
| SAP | SAP SE | $43.9M | 256,495 | 0.14% | — |
| UHS | UNIVERSAL HLTH SVCS INC | $42.5M | 237,218 | 0.13% | — |
| SF | STIFEL FINL CORP | $42.3M | 571,756 | 0.13% | — |
| NTB | BANK OF N T BUTTERFIELD & SO | $42.2M | 804,730 | 0.13% | — |
| HII | HUNTINGTON INGALLS INDS INC | $40.1M | 105,570 | 0.12% | — |
| JLL | JONES LANG LASALLE INC | $39.1M | 128,617 | 0.12% | — |
| WEX | WEX INC | $36.2M | 236,598 | 0.11% | — |
| LIVN | LIVANOVA PLC | $35.4M | 556,554 | 0.11% | — |
| LEA | LEAR CORP | $35.1M | 289,939 | 0.11% | — |
| CRGY | CRESCENT ENERGY COMPANY | $34.6M | 2,565,285 | 0.11% | — |
| RHI | ROBERT HALF INC. | $34.1M | 1,341,963 | 0.11% | — |
| AVA | AVISTA CORP | $33.7M | 838,829 | 0.10% | — |
| ASB | ASSOCIATED BANC-CORP | $32.2M | 1,245,978 | 0.10% | — |
| MSFT | MICROSOFT CORP | $29.9M | 80,889 | 0.09% | — |
| EFOR | ASGN INC | $26.6M | 686,129 | 0.08% | — |
| ZION | ZIONS BANCORPORATION NATL AS | $24.9M | 432,975 | 0.08% | — |
| GBLI | GLOBAL INDEMNITY GROUP LLC | $24.8M | 910,113 | 0.08% | — |
| BKH | BLACK HILLS CORP | $24.5M | 352,573 | 0.08% | — |
| NCMI | NATIONAL CINEMEDIA INC | $24.1M | 7,897,853 | 0.07% | — |
| MLR | MILLER INDS INC TENN | $23.7M | 520,971 | 0.07% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $23.4M | 69,193 | 0.07% | — |
| HMN | HORACE MANN EDUCATORS CORP N | $23.0M | 539,257 | 0.07% | — |
| EXPRO GROUP HOLDINGS NV | EXPRO GROUP HOLDINGS NV | $22.7M | 1,301,646 | 0.07% | — |
| VNT | VONTIER CORPORATION | $21.2M | 598,137 | 0.07% | — |
| GBX | GREENBRIER COS INC | $21.1M | 399,939 | 0.07% | — |
| HUN | HUNTSMAN CORP | $16.9M | 1,268,362 | 0.05% | — |
| ARW | ARROW ELECTRS INC | $16.7M | 116,694 | 0.05% | — |
| WAFD | WAFD INC | $16.7M | 532,001 | 0.05% | — |
| WFRD | WEATHERFORD INTL PLC | $16.1M | 170,706 | 0.05% | — |
| SM | SM ENERGY COMPANY | $15.7M | 504,884 | 0.05% | — |
| SAH | SONIC AUTOMOTIVE INC | $14.9M | 217,386 | 0.05% | — |
| LSTR | LANDSTAR SYS INC | $14.7M | 91,845 | 0.05% | — |
| VGLT | VANGUARD SCOTTSDALE FDS | $14.6M | 264,300 | 0.05% | — |
| NEXT | NEXTDECADE CORP | $14.5M | 1,899,050 | 0.04% | — |
| NWN | NORTHWEST NAT HLDG CO | $14.4M | 269,965 | 0.04% | — |
| PLAB | PHOTRONICS INC | $14.2M | 351,709 | 0.04% | — |
| PBF | PBF ENERGY INC | $14.2M | 297,395 | 0.04% | — |
| LNTH | LANTHEUS HLDGS INC | $14.1M | 186,197 | 0.04% | — |
| BBT | BEACON FINANCIAL CORP. | $14.1M | 469,780 | 0.04% | — |
| NJR | NEW JERSEY RES CORP | $14.1M | 256,372 | 0.04% | — |
| PARR | PAR PAC HOLDINGS INC | $14.0M | 223,468 | 0.04% | — |
| ACT | ENACT HLDGS INC | $14.0M | 341,891 | 0.04% | — |
| CNOB | CONNECTONE BANCORP INC | $13.8M | 516,892 | 0.04% | — |
| FHI | FEDERATED HERMES INC | $13.7M | 242,020 | 0.04% | — |
| REX | REX AMERICAN RES CORP | $13.7M | 301,082 | 0.04% | — |
| BFH | BREAD FINANCIAL HOLDINGS INC | $13.7M | 182,623 | 0.04% | — |
| POR | PORTLAND GEN ELEC CO | $13.7M | 259,050 | 0.04% | — |
| ST | SENSATA TECHNOLOGIES HLDG PL | $13.6M | 385,128 | 0.04% | — |
| SR | SPIRE INC | $13.4M | 148,216 | 0.04% | — |
| RDN | RADIAN GROUP INC | $13.3M | 403,272 | 0.04% | — |
| UPBD | UPBOUND GROUP INC | $13.3M | 737,660 | 0.04% | — |
| WTM | WHITE MTNS INS GROUP LTD | $13.3M | 6,048 | 0.04% | — |
| DCOM | DIME CMNTY BANCSHARES INC | $13.3M | 392,744 | 0.04% | — |
| PUMP | PROPETRO HLDG CORP | $13.2M | 919,385 | 0.04% | — |
| KALU | KAISER ALUMINIUM CORPORATION | $13.2M | 109,830 | 0.04% | — |
| TNL | TRAVEL PLUS LEISURE CO | $13.2M | 190,803 | 0.04% | — |
| BUSE | FIRST BUSEY CORP | $13.2M | 521,416 | 0.04% | — |
| PAYC | PAYCOM SOFTWARE INC | $13.1M | 107,930 | 0.04% | — |
| MSM | MSC INDL DIRECT INC | $13.1M | 141,925 | 0.04% | — |
| G | GENPACT LIMITED | $13.1M | 351,062 | 0.04% | — |
| CNO | CNO FINL GROUP INC | $13.1M | 318,304 | 0.04% | — |
This table is the 150 largest positions by value, out of 463 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 2 options positions with a combined notional of $63.7M. 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 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC (CIK 1164833, accession 0001172661-26-002350). 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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