13F holdings
Legal & General Group Plc portfolio
Managed by . 3,362 reported positions worth $432.4B as of 2026-03-31, filed with the SEC on 2026-05-08. Parsed from the filing itself, not a reseller.
$432.4B
Book value
3,362
Positions
32%
Top 10 weight
+49
New this quarter
-75
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 38 days old on 2026-05-08, 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 (49)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| AZN | ASTRAZENECA PLC | $5.0B | 25,849,978 | 1.16% |
| SUNB | SUNBELT RENTALS HOLDINGS INC | $179.3M | 2,857,761 | 0.04% |
| AMCR | AMCOR PLC | $118.9M | 2,990,081 | 0.03% |
| PNFP | PINNACLE FINL PARTNERS INC | $31.8M | 368,859 | 0.01% |
| VSNT | VERSANT MEDIA GROUP INC | $27.3M | 737,853 | 0.01% |
| PIPR | PIPER SANDLER COMPANIES | $12.3M | 160,991 | 0.00% |
| INDV | INDIVIOR PHARMACEUTICALS INC | $8.9M | 291,344 | 0.00% |
| MDA | MDA SPACE LTD | $3.1M | 121,004 | 0.00% |
| QGEN | QIAGEN NV | $2.8M | 69,526 | 0.00% |
| AXTI | AXT INC | $2.1M | 36,019 | 0.00% |
| VGNT | VERSIGENT LTD | $1.6M | 50,527 | 0.00% |
| GILT | GILAT SATELLITE NETWORKS LTD | $1.3M | 86,906 | 0.00% |
| HYMC | HYCROFT MINING HOLDING CORP | $1.2M | 33,522 | 0.00% |
| DFTX | DEFINIUM THERAPEUTICS INC | $1.1M | 59,799 | 0.00% |
| BBUC | BROOKFIELD BUSINESS CORP | $777,611 | 24,718 | 0.00% |
| CTMX | CYTOMX THERAPEUTICS INC. | $666,896 | 141,893 | 0.00% |
| WBI | WATERBRIDGE INFRASTRUCTURE L | $666,186 | 24,867 | 0.00% |
| NAK | NORTHERN DYNASTY MINERALS LT | $655,802 | 471,755 | 0.00% |
| FPS | FORGENT POWER SOLUTIONS INC | $553,665 | 18,919 | 0.00% |
| MANE | VERADERMICS INC | $448,681 | 7,105 | 0.00% |
| ATAI | ATAIBECKLEY INC | $373,951 | 105,636 | 0.00% |
| NTSK | NETSKOPE INC | $322,841 | 38,026 | 0.00% |
| RGC | REGENCELL BIOSCIENCE HLDGS L | $251,833 | 9,903 | 0.00% |
| FUBO | FUBOTV INC | $209,254 | 22,120 | 0.00% |
| MWH | SOLV ENERGY INC | $150,148 | 5,000 | 0.00% |
Closed out (75)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| CYBR | CYBERARK SOFTWARE LTD | $238.0M | 533,566 | 0.00% |
| AMCR | AMCOR PLC | $122.2M | 14,647,689 | 0.00% |
| PCH | POTLATCHDELTIC CORPORATION | $118.5M | 2,979,286 | 0.00% |
| QGEN | QIAGEN NV | $63.6M | 1,396,187 | 0.00% |
| EXK | EXACT SCIENCES CORP | $31.7M | 312,104 | 0.00% |
| IGSB | ISHARES TR | $30.1M | 570,062 | 0.00% |
| AZNN | ASTRAZENECA PLC | $27.2M | 296,215 | 0.00% |
| GRTUF | GRANITE REAL ESTATE INVT TR | $21.6M | 362,472 | 0.00% |
| CMA | COMERICA INC | $19.3M | 222,041 | 0.00% |
| DAY | DAYFORCE INC | $17.9M | 258,400 | 0.00% |
| NGDN | NEW GOLD INC CDA | $16.9M | 1,934,108 | 0.00% |
| 62C | PIPER SANDLER COMPANIES | $14.8M | 43,549 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARE | $14.4M | 377,777 | 0.00% |
| MESO | MESOBLAST LTD | $12.2M | 679,023 | 0.00% |
| CADE | CADENCE BANK | $11.9M | 278,329 | 0.00% |
| ELME | ELME COMMUNITIES | $11.9M | 681,734 | 0.00% |
| INDV | INDIVIOR PLC | $10.8M | 307,650 | 0.00% |
| ALEX | ALEXANDER & BALDWIN INC NEW | $10.5M | 510,250 | 0.00% |
| PINNACLE FINL PARTNERS I | PINNACLE FINL PARTNERS INC | $10.2M | 106,545 | 0.00% |
| 8QR | CONFLUENT INC | $8.8M | 291,414 | 0.00% |
| TGNA | TEGNA INC | $8.2M | 424,991 | 0.00% |
| RNAGBP | AVIDITY BIOSCIENCES INC | $8.1M | 112,756 | 0.00% |
| 9HI | HILLENBRAND INC | $5.7M | 178,263 | 0.00% |
| SYU1 | SYNOVUS FINL CORP | $4.6M | 92,684 | 0.00% |
| DVAX | DYNAVAX TECHNOLOGIES CORP | $3.9M | 250,669 | 0.00% |
Added to (606)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| LLY | ELI LILLY & CO | $4.9B | 5,379,364 | 1.14% | +2% |
| JNJ | JOHNSON & JOHNSON | $4.7B | 19,347,862 | 1.09% | +3% |
| V | VISA INC | $3.8B | 12,550,826 | 0.88% | +1% |
| MA | MASTERCARD INCORPORATED | $2.9B | 5,884,139 | 0.68% | +2% |
| NFLX | NETFLIX INC. | $2.6B | 27,064,774 | 0.60% | +2% |
| MU | MICRON TECHNOLOGY INC | $2.5B | 7,365,733 | 0.58% | +2% |
| LRCX | LAM RESEARCH CORP | $2.4B | 11,050,912 | 0.55% | +2% |
| CAT | CATERPILLAR INC | $2.0B | 2,772,592 | 0.45% | +2% |
| GS | GOLDMAN SACHS GROUP INC | $1.8B | 2,083,178 | 0.41% | +2% |
| GEV | GE VERNOVA INC | $1.5B | 1,763,731 | 0.36% | +1% |
| MCD | MCDONALDS CORP | $1.5B | 4,745,243 | 0.34% | +1% |
| GILD | GILEAD SCIENCES INC | $1.5B | 10,464,889 | 0.34% | +1% |
| AMGN | AMGEN INC | $1.4B | 3,870,863 | 0.31% | +2% |
| PM | PHILIP MORRIS INTL INC | $1.3B | 7,942,545 | 0.30% | +4% |
| ADI | ANALOG DEVICES INC | $1.3B | 3,986,176 | 0.29% | +4% |
Trimmed (2074)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| INN | SUMMIT HOTEL PPTYS | $40,642 | 9,195 | 0.00% | -96% |
| BMBL | BUMBLE INC | $21,646 | 6,640 | 0.00% | -93% |
| MGPI | MGP INGREDIENTS INC NEW | $23,558 | 1,281 | 0.00% | -92% |
| KLC | KINDERCARE LEARNING COMPANIE | $6,303 | 2,865 | 0.00% | -91% |
| RC | READY CAPITAL CORP | $21,585 | 13,324 | 0.00% | -91% |
| AKBA | AKEBIA THREAPEUTICS INC | $29,874 | 21,492 | 0.00% | -91% |
| RBBN | RIBBON COMMUNICATIONS INC | $17,876 | 8,432 | 0.00% | -91% |
| ASPN | ASPEN AEROGELS INC | $20,640 | 6,035 | 0.00% | -91% |
| AIV | APARTMENT INVT & MGMT CO | $252,275 | 61,984 | 0.00% | -89% |
| AQST | AQUESTIVE THERAPEUTICS INC | $38,761 | 9,340 | 0.00% | -89% |
| CTEV | CLARITEV CORPORATION | $11,536 | 706 | 0.00% | -88% |
| HPP | HUDSON PACIFIC PROPERTIES IN | $216,932 | 36,706 | 0.00% | -87% |
| NFE | NEW FORTRESS ENERGY INC | $9,088 | 15,404 | 0.00% | -86% |
| TCI | TRANSCONTINENTAL RLTY INVS | $837 | 24 | 0.00% | -86% |
| LMRI | LUMEXA IMAGING HOLDINGS INC | $19,031 | 2,209 | 0.00% | -85% |
The book
Largest 150 of 3,362 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $29.5B | 169,227,527 | 6.83% | — |
| AAPL | APPLE INC | $27.4B | 108,127,380 | 6.35% | — |
| MSFT | MICROSOFT CORP | $18.6B | 50,263,312 | 4.30% | — |
| AMZN | AMAZON COM INC | $11.6B | 55,539,603 | 2.68% | — |
| GOOGL | ALPHABET INC | $10.9B | 37,758,891 | 2.51% | — |
| AVGO | BROADCOM INC | $10.0B | 32,172,300 | 2.30% | — |
| GOOG | ALPHABET INC | $8.8B | 30,850,189 | 2.05% | — |
| META | META PLATFORMS INC | $8.2B | 14,290,304 | 1.89% | — |
| TSLA | TESLA INC | $7.5B | 20,200,373 | 1.74% | — |
| JPM | JPMORGAN CHASE & CO | $5.5B | 18,847,278 | 1.28% | — |
| AZN | ASTRAZENECA PLC | $5.0B | 25,849,978 | 1.16% | — |
| LLY | ELI LILLY & CO | $4.9B | 5,379,364 | 1.14% | — |
| JNJ | JOHNSON & JOHNSON | $4.7B | 19,347,862 | 1.09% | — |
| V | VISA INC | $3.8B | 12,550,826 | 0.88% | — |
| WMT | WALMART INC | $3.3B | 26,927,577 | 0.77% | — |
| EXMOC | EXXON MOBIL CORP | $3.3B | 19,438,857 | 0.76% | — |
| MA | MASTERCARD INCORPORATED | $2.9B | 5,884,139 | 0.68% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $2.8B | 5,895,041 | 0.65% | — |
| CSCO | CISCO SYS INC | $2.7B | 34,386,428 | 0.62% | — |
| ABBV | ABBVIE INC | $2.6B | 12,159,427 | 0.61% | — |
| NFLX | NETFLIX INC. | $2.6B | 27,064,774 | 0.60% | — |
| COST | COSTCO WHOLESALE CORPORATION | $2.5B | 2,504,233 | 0.58% | — |
| MU | MICRON TECHNOLOGY INC | $2.5B | 7,365,733 | 0.58% | — |
| LRCX | LAM RESEARCH CORP | $2.4B | 11,050,912 | 0.55% | — |
| MRK | MERCK & CO INC | $2.4B | 19,538,545 | 0.54% | — |
| PG | PROCTER & GAMBLE CO | $2.3B | 16,204,029 | 0.54% | — |
| AMD | ADVANCED MICRO DEVICES INC | $2.3B | 11,262,769 | 0.53% | — |
| AMAT | APPLIED MATLS INC | $2.2B | 6,411,792 | 0.51% | — |
| BAC | BANK AMERICA CORP | $2.2B | 44,875,806 | 0.51% | — |
| CVX | CHEVRON CORPORATION | $2.1B | 10,105,540 | 0.48% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $2.0B | 13,878,136 | 0.47% | — |
| KO | COCA COLA CO | $2.0B | 26,525,153 | 0.47% | — |
| HD | HOME DEPOT INC | $2.0B | 6,131,269 | 0.47% | — |
| CAT | CATERPILLAR INC | $2.0B | 2,772,592 | 0.45% | — |
| GE | GE AEROSPACE | $1.8B | 6,327,185 | 0.42% | — |
| GS | GOLDMAN SACHS GROUP INC | $1.8B | 2,083,178 | 0.41% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $1.7B | 6,914,053 | 0.39% | — |
| UNH | UNITEDHEALTH GROUP INC | $1.7B | 6,119,044 | 0.38% | — |
| WFC | WELLS FARGO & CO | $1.6B | 20,590,156 | 0.38% | — |
| C | CITIGROUP INC | $1.5B | 13,623,331 | 0.36% | — |
| NEE | NEXTERA ENERGY INC | $1.5B | 16,610,766 | 0.36% | — |
| GEV | GE VERNOVA INC | $1.5B | 1,763,731 | 0.36% | — |
| KLAC | KLA CORP | $1.5B | 1,034,404 | 0.35% | — |
| ORCL | ORACLE CORP | $1.5B | 10,265,005 | 0.35% | — |
| PLD | PROLOGIS INC. | $1.5B | 11,188,239 | 0.34% | — |
| MCD | MCDONALDS CORP | $1.5B | 4,745,243 | 0.34% | — |
| INTC | INTEL CORP | $1.5B | 33,148,414 | 0.34% | — |
| GILD | GILEAD SCIENCES INC | $1.5B | 10,464,889 | 0.34% | — |
| LIN | LINDE PLC | $1.4B | 2,915,809 | 0.33% | — |
| WELL | WELLTOWER INC | $1.4B | 7,239,197 | 0.33% | — |
| VZ | VERIZON COMMUNICATIONS INC | $1.4B | 28,112,647 | 0.33% | — |
| RY | ROYAL BK CDA | $1.4B | 8,645,599 | 0.32% | — |
| T | AT&T INC | $1.4B | 48,005,654 | 0.32% | — |
| PEP | PEPSICO INC | $1.4B | 8,894,774 | 0.32% | — |
| MS | MORGAN STANLEY | $1.4B | 8,295,263 | 0.32% | — |
| AMGN | AMGEN INC | $1.4B | 3,870,863 | 0.31% | — |
| RTX | RTX CORPORATION | $1.4B | 7,048,943 | 0.31% | — |
| TTE | TOTALENERGIES SE | $1.3B | 14,303,349 | 0.31% | — |
| PM | PHILIP MORRIS INTL INC | $1.3B | 7,942,545 | 0.30% | — |
| ADI | ANALOG DEVICES INC | $1.3B | 3,986,176 | 0.29% | — |
| ABT | ABBOTT LABORATORIES | $1.3B | 12,285,529 | 0.29% | — |
| TXN | TEXAS INSTRS INC | $1.2B | 6,339,925 | 0.28% | — |
| QCOM | QUALCOMM INC | $1.2B | 9,548,539 | 0.28% | — |
| PFE | PFIZER INC | $1.2B | 43,505,563 | 0.28% | — |
| CRM | SALESFORCE INC | $1.2B | 6,350,886 | 0.27% | — |
| EQIX | EQUINIX INC | $1.2B | 1,196,096 | 0.27% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $1.2B | 2,370,531 | 0.27% | — |
| ISRG | INTUITIVE SURGICAL INC | $1.1B | 2,483,660 | 0.26% | — |
| AXP | AMERICAN EXPRESS CO | $1.1B | 3,676,164 | 0.26% | — |
| DIS | DISNEY WALT CO | $1.1B | 11,371,877 | 0.25% | — |
| UBER | UBER TECHNOLOGIES INC | $1.1B | 14,895,782 | 0.25% | — |
| ACN | ACCENTURE PLC IRELAND | $1.1B | 5,388,952 | 0.25% | — |
| UNP | UNION PAC CORP | $1.0B | 4,299,101 | 0.24% | — |
| APH | AMPHENOL CORP | $1.0B | 8,114,004 | 0.24% | — |
| ENB | ENBRIDGE INC | $1.0B | 18,969,741 | 0.24% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $1.0B | 16,877,626 | 0.24% | — |
| PANW | PALO ALTO NETWORKS INC | $1.0B | 6,251,637 | 0.23% | — |
| BKNG | BOOKING HOLDINGS INC | $993.4M | 235,935 | 0.23% | — |
| TD | TORONTO DOMINION BK ONT | $965.2M | 10,367,941 | 0.22% | — |
| SCHW | SCHWAB CHARLES CORP | $946.6M | 10,072,164 | 0.22% | — |
| ANET | ARISTA NETWORKS INC | $916.6M | 7,465,485 | 0.21% | — |
| SPGI | S&P GLOBAL INC | $910.5M | 2,140,599 | 0.21% | — |
| NEM | NEWMONT CORP | $909.1M | 8,398,038 | 0.21% | — |
| COP | CONOCOPHILLIPS | $906.0M | 6,863,857 | 0.21% | — |
| TJX | TJX COS INC NEW | $900.2M | 5,636,625 | 0.21% | — |
| UBS | UBS GROUP AG | $895.0M | 23,402,544 | 0.21% | — |
| MDT | MEDTRONIC PLC | $894.0M | 10,316,815 | 0.21% | — |
| LOW | LOWES COS INC | $887.2M | 3,755,028 | 0.21% | — |
| INTU | INTUIT | $885.8M | 2,048,554 | 0.20% | — |
| DE | DEERE & CO | $874.3M | 1,552,117 | 0.20% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $873.3M | 1,955,764 | 0.20% | — |
| BLK | BLACKROCK INC | $869.0M | 903,637 | 0.20% | — |
| DHR | DANAHER CORP DEL | $859.8M | 4,535,025 | 0.20% | — |
| PGR | PROGRESSIVE CORP | $854.7M | 4,311,378 | 0.20% | — |
| ETN | EATON CORP PLC | $842.4M | 2,355,307 | 0.19% | — |
| CB | CHUBB LTD SWITZ | $840.3M | 2,578,293 | 0.19% | — |
| AMT | AMERICAN TOWER CORP | $832.9M | 4,825,921 | 0.19% | — |
| DUK | DUKE ENERGY CORP NEW | $808.5M | 6,174,653 | 0.19% | — |
| MCK | MCKESSON CORP | $793.3M | 916,736 | 0.18% | — |
| HONGBP | HONEYWELL INTL INC | $792.1M | 3,504,364 | 0.18% | — |
| SYK | STRYKER CORPORATION | $780.2M | 2,374,415 | 0.18% | — |
| ADBE | ADOBE INC | $765.8M | 3,150,459 | 0.18% | — |
| CRWD | CROWDSTRIKE HLDGS INC | $760.9M | 1,948,906 | 0.18% | — |
| SO | SOUTHERN CO | $757.5M | 7,848,282 | 0.18% | — |
| SHOP | SHOPIFY INC | $750.2M | 6,344,182 | 0.17% | — |
| TMUS | T-MOBILE US INC | $735.7M | 3,502,746 | 0.17% | — |
| COF | CAPITAL ONE FINL CORP | $730.8M | 4,005,935 | 0.17% | — |
| NOW | SERVICENOW INC | $712.1M | 6,810,859 | 0.16% | — |
| CMCSA | COMCAST CORP NEW | $699.7M | 24,372,610 | 0.16% | — |
| CME | CME GROUP INC | $698.2M | 2,363,927 | 0.16% | — |
| DLR | DIGITAL RLTY TR INC | $697.1M | 3,868,379 | 0.16% | — |
| SPG | SIMON PPTY GROUP INC NEW | $688.2M | 3,689,236 | 0.16% | — |
| BNY | ANK OF NEW YORK MELLON CORP P | $687.4M | 5,794,259 | 0.16% | — |
| PH | PARKER-HANNIFIN CORP | $683.5M | 763,534 | 0.16% | — |
| CVS | CVS HEALTH CORP | $683.4M | 9,515,723 | 0.16% | — |
| CSX | CSX CORP | $675.4M | 16,453,681 | 0.16% | — |
| WMB | WILLIAMS COS INC | $671.6M | 9,228,073 | 0.16% | — |
| AEM | AGNICO EAGLE MINES LTD | $666.5M | 3,294,218 | 0.15% | — |
| TT | TRANE TECHNOLOGIES PLC | $666.2M | 1,598,539 | 0.15% | — |
| BSX | BOSTON SCIENTIFIC CORP | $665.2M | 10,600,766 | 0.15% | — |
| GLW | CORNING INC | $664.4M | 4,886,436 | 0.15% | — |
| BA | BOEING CO | $654.8M | 3,289,906 | 0.15% | — |
| MO | ALTRIA GROUP INC | $648.2M | 9,822,049 | 0.15% | — |
| EXC | EXELON CORP | $646.0M | 13,178,232 | 0.15% | — |
| O | REALTY INCOME CORP | $644.7M | 10,537,731 | 0.15% | — |
| CM | CANADIAN IMPERIAL BANK OF CO | $638.9M | 6,762,827 | 0.15% | — |
| SBUX | STARBUCKS CORP | $629.7M | 7,028,885 | 0.15% | — |
| AEP | AMERICAN ELEC PWR CO INC | $626.0M | 4,776,043 | 0.14% | — |
| BMO | BANK MONTREAL MEDIUM | $621.5M | 4,603,151 | 0.14% | — |
| JCI | JOHNSON CONTROLS INTERNATION | $613.9M | 4,688,264 | 0.14% | — |
| NET | CLOUDFLARE INC | $609.6M | 2,954,174 | 0.14% | — |
| WM | WASTE MGMT INC DEL | $607.8M | 2,644,872 | 0.14% | — |
| LMT | LOCKHEED MARTIN CORP | $600.0M | 992,654 | 0.14% | — |
| SRE | SEMPRA | $594.7M | 6,120,329 | 0.14% | — |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | $593.4M | 1,514,617 | 0.14% | — |
| APP | APPLOVIN CORP | $588.5M | 1,478,558 | 0.14% | — |
| GM | GENERAL MTRS CO | $580.4M | 7,790,092 | 0.13% | — |
| BNS | BANK NOVA SCOTIA B C | $580.3M | 8,395,184 | 0.13% | — |
| SLB | SLB LIMITED | $578.8M | 11,263,449 | 0.13% | — |
| WDC | WESTERN DIGITAL CORP | $575.9M | 2,129,170 | 0.13% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $575.3M | 1,701,611 | 0.13% | — |
| ICE | INTERCONTINENTAL EXCHANGE IN | $566.8M | 3,603,831 | 0.13% | — |
| REGN | REGENERON PHARMACEUTICALS | $565.6M | 732,054 | 0.13% | — |
| BX | BLACKSTONE INC | $562.3M | 4,890,077 | 0.13% | — |
| CP | CANADIAN PACIFIC KANSAS CITY | $560.8M | 7,147,286 | 0.13% | — |
| MRVL | MARVELL TECHNOLOGY INC | $557.4M | 5,627,016 | 0.13% | — |
| CI | THE CIGNA GROUP | $554.1M | 2,077,170 | 0.13% | — |
| PNC | PNC FINL SVCS GROUP INC | $552.3M | 2,654,355 | 0.13% | — |
| ELV | ELEVANCE HEALTH INC FORMERLY | $551.0M | 1,882,311 | 0.13% | — |
| ADP | AUTOMATIC DATA PROCESSING IN | $548.7M | 2,700,713 | 0.13% | — |
This table is the 150 largest positions by value, out of 3,362 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 Legal & General Group Plc (CIK 764068, accession 0000764068-26-000011). 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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