13F holdings
MANNING & NAPIER ADVISORS LLC portfolio
Managed by . 616 reported positions worth $7.1B as of 2026-03-31, filed with the SEC on 2026-04-30. Parsed from the filing itself, not a reseller.
$7.1B
Book value
616
Positions
34%
Top 10 weight
+84
New this quarter
-20
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 30 days old on 2026-04-30, 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 (84)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| SPOT | SPOTIFY TECHNOLOGY SA | $102.8M | 211,906 | 1.45% |
| WY | WEYERHAEUSER CO | $102.0M | 4,173,935 | 1.44% |
| MOH | MOLINA HEALTHCARE INC | $73.1M | 545,417 | 1.03% |
| BKNG | BOOKING HOLDINGS INC | $53.5M | 12,698 | 0.75% |
| DPZ | DOMINO'S PIZZA | $48.3M | 134,634 | 0.68% |
| MCK | MCKESSON CORP | $26.3M | 30,397 | 0.37% |
| COR | CENCORA CORP | $25.5M | 81,156 | 0.36% |
| BX | BLACKSTONE GROUP LP | $10.2M | 88,740 | 0.14% |
| TTE | TOTALENERGIES SE | $10.1M | 110,743 | 0.14% |
| WCN | WASTE CONNECTIONS INC | $7.5M | 46,114 | 0.11% |
| DESCARTES SYSTEMS GRP/TH | DESCARTES SYSTEMS GRP/THE | $4.3M | 59,929 | 0.06% |
| DX | DYNEX CAP INC COM | $2.6M | 200,000 | 0.04% |
| OVV | OVINTIV INC | $2.2M | 37,708 | 0.03% |
| SSTK | SHUTTERSTOCK INC | $1.7M | 100,000 | 0.02% |
| LAZ | LAZARD LTD-CL A | $1.3M | 30,000 | 0.02% |
| EQT | EQT CORP | $472,925 | 7,339 | 0.01% |
| DHI | DR HORTON INC | $403,564 | 2,941 | 0.01% |
| EXE | CHESAPEAKE ENERGY CORP | $365,890 | 3,283 | 0.01% |
| CATH | GLOBAL X S&P 500 CA VAL ETF | $282,422 | 3,720 | 0.00% |
| HIMU | iShares High Yield Muni Active ETF | $255,058 | 5,346 | 0.00% |
| BR | BROADRIDGE FINANCIAL SOLUTIONS | $247,938 | 1,517 | 0.00% |
| FTNT | FORTINET INC | $237,150 | 3,000 | 0.00% |
| SNX | SYNNEX CORP | $214,599 | 1,272 | 0.00% |
| SPTM | SPDR PORTFOLIO S&P 1500 COMP | $176,778 | 2,300 | 0.00% |
| CEFA | GLOBAL X S&P CATH VAL DEVEL | $125,071 | 3,489 | 0.00% |
Closed out (20)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| AZNN | ASTRAZENECA | $142.6M | 1,541,423 | 0.00% |
| AQN | ALGONQUIN POWER & UTILITIES | $8.5M | 1,375,000 | 0.00% |
| LBRT | LIBERTY OILFIELD SERVICES -A | $8.0M | 435,456 | 0.00% |
| CLBT | CELLEBRITE DI LTD | $2.6M | 145,541 | 0.00% |
| DE | DEERE & CO | $861,400 | 1,833 | 0.00% |
| PSX | PHILLIPS 66 | $528,475 | 4,079 | 0.00% |
| STLD | STEEL DYNAMICS INC | $314,182 | 1,837 | 0.00% |
| RBA | RB GLOBAL INC | $255,436 | 2,439 | 0.00% |
| IWD | ISHARES RUSSELL 1000 VALUE | $236,737 | 1,117 | 0.00% |
| SWKS | SKYWORKS SOLUTIONS INC | $147,678 | 2,291 | 0.00% |
| WLK | WESTLAKE CHEMICAL CORP | $130,666 | 1,745 | 0.00% |
| VGSH | VANGUARD SHORT-TERM GOV BND | $120,282 | 2,047 | 0.00% |
| DT | DYNATRACE INC | $5,689 | 129 | 0.00% |
| Z | ZILLOW GROUP INC | $5,271 | 76 | 0.00% |
| 1RG | REV GROUP INC | $4,463 | 73 | 0.00% |
| LPX | LOUISIANA-PACIFIC CORP | $3,540 | 43 | 0.00% |
| FISV | FISERV INC | $1,824 | 27 | 0.00% |
| HO1 | HOLOGIC INC | $745 | 10 | 0.00% |
| NLOP | NET LEASE OFFICE PROPERTY | $671 | 26 | 0.00% |
| ACHR | ARCHER AVIATION INC-A | $604 | 80 | 0.00% |
Added to (220)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORP | $376.7M | 2,159,921 | 5.31% | +10% |
| MSFT | MICROSOFT CORP | $350.1M | 945,896 | 4.94% | +31% |
| MA | MASTERCARD INC-CLASS A | $228.5M | 457,236 | 3.22% | +9% |
| META | META PLATFORMS INC | $210.2M | 367,335 | 2.96% | +29% |
| V | VISA INC - CLASS A SHARES | $193.2M | 639,378 | 2.72% | +22% |
| UPS | UNITED PARCEL SERVICE | $182.3M | 1,852,919 | 2.57% | +1% |
| ELV | ELEVANCE HEALTH INC | $139.1M | 475,201 | 1.96% | +29% |
| MELI | MERCADOLIBRE INC | $104.8M | 60,610 | 1.48% | +35% |
| VOO | VANGUARD S&P 500 ETF | $97.0M | 162,275 | 1.37% | +10% |
| NOW | SERVICENOW INC | $92.9M | 885,241 | 1.31% | +19% |
| GPK | GRAPHIC PACKAGING HOLDING CO | $84.3M | 8,481,670 | 1.19% | +6289% |
| ROL | ROLLINS INC | $80.5M | 1,506,599 | 1.13% | +28% |
| HEI/A | HEICO CORP-CL A | $74.7M | 353,872 | 1.05% | +56% |
| SNY | SANOFI-AVENTIS-ADR | $57.5M | 1,194,305 | 0.81% | +728135% |
| VEA | VANGUARD FTSE DEVELOPED MARKETS | $42.8M | 667,370 | 0.60% | +13% |
Trimmed (225)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| CWAN | CLEARWATER ANALYTICS HLDGS I | $369,460 | 15,622 | 0.01% | -99% |
| MMM | 3M CO | $5,416 | 38 | 0.00% | -99% |
| SQM | QUIMICA Y MINERA - ADR | $1.8M | 22,711 | 0.03% | -99% |
| SPGI | S&P GLOBAL INC | $819,210 | 1,926 | 0.01% | -99% |
| VCR | VANGUARD CONSUMER DISCRE ETF | $3,231 | 9 | 0.00% | -99% |
| WDAY | WORKDAY INC-CLASS A | $458,358 | 3,528 | 0.01% | -99% |
| ALB | ALBEMARLE CORP | $2.6M | 14,387 | 0.04% | -99% |
| HDB | HDFC BANK LTD-ADR | $311,622 | 12,525 | 0.00% | -97% |
| USIG | ISHARES BROAD USD INVESTMENT | $467,474 | 9,125 | 0.01% | -97% |
| CVX | CHEVRON CORP | $70,588 | 335 | 0.00% | -97% |
| DTE | DTE ENERGY COMPANY | $438 | 3 | 0.00% | -96% |
| LHX | L3HARRIS TECHNOLOGIES INC | $7.2M | 20,969 | 0.10% | -95% |
| PSO | PEARSON PLC-SPONSORED ADR | $218 | 17 | 0.00% | -92% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $257 | 2 | 0.00% | -91% |
| DKNG | DRAFTKINGS INC - CL A | $314 | 15 | 0.00% | -90% |
The book
Largest 150 of 616 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORP | $376.7M | 2,159,921 | 5.31% | — |
| MSFT | MICROSOFT CORP | $350.1M | 945,896 | 4.94% | — |
| AMZN | AMAZON.COM INC | $264.4M | 1,269,514 | 3.73% | — |
| TSM | TAIWAN SEMICONDUCTOR - SP ADR | $248.9M | 736,382 | 3.51% | — |
| MA | MASTERCARD INC-CLASS A | $228.5M | 457,236 | 3.22% | — |
| META | META PLATFORMS INC | $210.2M | 367,335 | 2.96% | — |
| GOOGL | ALPHABET INC-CL A | $194.7M | 676,946 | 2.74% | — |
| V | VISA INC - CLASS A SHARES | $193.2M | 639,378 | 2.72% | — |
| UPS | UNITED PARCEL SERVICE | $182.3M | 1,852,919 | 2.57% | — |
| NU | NU HOLDINGS LTD/CAYMAN ISL-A | $153.3M | 10,667,236 | 2.16% | — |
| ELV | ELEVANCE HEALTH INC | $139.1M | 475,201 | 1.96% | — |
| AMAT | APPLIED MATERIALS INC | $116.1M | 339,637 | 1.64% | — |
| ASML | ASML HOLDING NV-NY REG SHS | $114.8M | 86,911 | 1.62% | — |
| TJX | TJX COMPANIES INC | $114.2M | 715,106 | 1.61% | — |
| MELI | MERCADOLIBRE INC | $104.8M | 60,610 | 1.48% | — |
| BLK | BLACKROCK INC | $103.3M | 107,392 | 1.46% | — |
| COO | COOPER COS INC/THE | $103.2M | 1,443,901 | 1.46% | — |
| CDNS | CADENCE DESIGN SYS INC | $102.8M | 369,915 | 1.45% | — |
| SPOT | SPOTIFY TECHNOLOGY SA | $102.8M | 211,906 | 1.45% | — |
| WY | WEYERHAEUSER CO | $102.0M | 4,173,935 | 1.44% | — |
| CBRE | CBRE GROUP INC - A | $100.3M | 740,194 | 1.41% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $98.5M | 220,589 | 1.39% | — |
| VOO | VANGUARD S&P 500 ETF | $97.0M | 162,275 | 1.37% | — |
| WFG | WEST FRASER TIMBER CO LTD | $95.5M | 1,462,481 | 1.35% | — |
| NOW | SERVICENOW INC | $92.9M | 885,241 | 1.31% | — |
| TRU | TRANSUNION | $87.0M | 1,257,357 | 1.23% | — |
| GPK | GRAPHIC PACKAGING HOLDING CO | $84.3M | 8,481,670 | 1.19% | — |
| LRCX | LAM RESEARCH CORP | $80.8M | 378,000 | 1.14% | — |
| ROL | ROLLINS INC | $80.5M | 1,506,599 | 1.13% | — |
| SBS | CIA SANEAMENTO BASICO SE ADR | $80.1M | 2,626,012 | 1.13% | — |
| HEI/A | HEICO CORP-CL A | $74.7M | 353,872 | 1.05% | — |
| MOH | MOLINA HEALTHCARE INC | $73.1M | 545,417 | 1.03% | — |
| UNH | UNITEDHEALTH GROUP INC | $70.3M | 259,824 | 0.99% | — |
| SPTI | SPDR BARCLAYS CAPITAL INTERE | $65.6M | 2,288,911 | 0.92% | — |
| APH | AMPHENOL CORP CL A | $60.0M | 474,682 | 0.85% | — |
| NDAQ | NASDAQ STOCK MARKET INC | $57.7M | 679,564 | 0.81% | — |
| SNY | SANOFI-AVENTIS-ADR | $57.5M | 1,194,305 | 0.81% | — |
| FAF | FIRST AMERICAN CORPORATION | $57.5M | 953,168 | 0.81% | — |
| SHW | SHERWIN WILLIAMS CO | $54.4M | 169,723 | 0.77% | — |
| BKNG | BOOKING HOLDINGS INC | $53.5M | 12,698 | 0.75% | — |
| MCO | MOODY'S CORPORATION | $53.1M | 121,671 | 0.75% | — |
| MUB | ISHARES S&P NAT AMT-FREE MUN | $52.3M | 492,741 | 0.74% | — |
| ICE | INTERCONTINENTALEXCHANGE INC | $50.6M | 321,482 | 0.71% | — |
| DPZ | DOMINO'S PIZZA | $48.3M | 134,634 | 0.68% | — |
| BSY | BENTLEY SYSTEMS INC - CLASS B | $44.9M | 1,277,419 | 0.63% | — |
| VEA | VANGUARD FTSE DEVELOPED MARKETS | $42.8M | 667,370 | 0.60% | — |
| VGIT | VANGUARD INTERMEDIATE -TERM T | $41.2M | 692,666 | 0.58% | — |
| BND | VANGUARD TOTAL BOND MARKET | $39.6M | 538,041 | 0.56% | — |
| VGLT | VANGUARD LONG-TERM TREASURY | $36.0M | 650,596 | 0.51% | — |
| VMBS | VANGUARD MORTGAGE-BACKED SEC | $33.3M | 708,755 | 0.47% | — |
| EXMOC | EXXON MOBIL CORP | $32.3M | 188,653 | 0.46% | — |
| VTEB | VANGUARD TAX-EXEMPT BOND ETF | $32.0M | 641,610 | 0.45% | — |
| RSP | INVESCO S&P 500 EQUAL WEIGHT | $30.0M | 156,514 | 0.42% | — |
| JPM | JP MORGAN CHASE & CO | $29.8M | 101,330 | 0.42% | — |
| VTI | VANGUARD TOTAL STOCK MKT ETF | $28.3M | 88,187 | 0.40% | — |
| CAH | CARDINAL HEALTH INC | $27.3M | 129,206 | 0.38% | — |
| SCHD | SCHWAB US DVD EQUITY ETF | $27.3M | 889,136 | 0.38% | — |
| VWO | VANGUARD EMERGING MARKET ETF | $27.3M | 504,599 | 0.38% | — |
| JNJ | JOHNSON & JOHNSON | $27.2M | 111,439 | 0.38% | — |
| MCK | MCKESSON CORP | $26.3M | 30,397 | 0.37% | — |
| COR | CENCORA CORP | $25.5M | 81,156 | 0.36% | — |
| VB | VANGUARD SMALL-CAP ETF | $25.1M | 95,944 | 0.35% | — |
| TEAM | ATLASSIAN CORP PLC-CLASS A | $24.5M | 359,192 | 0.35% | — |
| SPB | SPECTRUM BRANDS HOLDINGS INC | $23.6M | 320,000 | 0.33% | — |
| CAT | CATERPILLAR INC | $22.1M | 31,261 | 0.31% | — |
| ET | ENERGY TRANSFER EQUITY LP | $21.2M | 1,100,000 | 0.30% | — |
| MRK | MERCK & CO INC | $21.2M | 176,281 | 0.30% | — |
| SPIB | SPDR PORTFOLIO INTERMEDIATE | $21.1M | 628,376 | 0.30% | — |
| SGOV | ISHARES 0-3 MONTH TREASURY B | $20.3M | 201,645 | 0.29% | — |
| RMOP | ROCKEFELLER OPPORT MUNI ETF | $19.7M | 793,086 | 0.28% | — |
| MBB | ISHARES BARCLAYS MBS BOND FD | $18.5M | 195,078 | 0.26% | — |
| SPSB | SPDR PORT SHRT TRM CORP BND | $18.5M | 615,348 | 0.26% | — |
| BAC | BANK OF AMERICA CORP | $18.3M | 375,943 | 0.26% | — |
| USHY | ISHARES BROAD USD HIGH YIELD | $17.7M | 481,267 | 0.25% | — |
| C | CITIGROUP INC | $17.6M | 155,134 | 0.25% | — |
| VTRS | VIATRIS INC | $17.3M | 1,280,796 | 0.24% | — |
| WFC | WELLS FARGO COMPANY | $17.0M | 213,143 | 0.24% | — |
| SPTS | SPDR PORT SHRT TRM TRSRY | $16.5M | 564,748 | 0.23% | — |
| WEST FRASER TIMBER CO LT | WEST FRASER TIMBER CO LTD | $15.8M | 242,243 | 0.22% | — |
| SCHH | SCHWAB US REIT ETF | $15.2M | 709,478 | 0.21% | — |
| COP | CONOCOPHILLIPS | $14.6M | 110,118 | 0.21% | — |
| GILD | GILEAD SCIENCES INC | $14.4M | 103,065 | 0.20% | — |
| OR | OSISKO GOLD ROYALTIES LTD | $14.3M | 375,846 | 0.20% | — |
| GIGB | GOLDMAN SACHS INV GRD CORP | $13.6M | 297,071 | 0.19% | — |
| SPY | S & P 500 DEPOSITORY RECEIPT | $13.5M | 20,735 | 0.19% | — |
| GSIE | GOLDMAN SACHS ACTIVEBETA INT | $13.2M | 306,393 | 0.19% | — |
| GSK | GLAXOSMITHKLINE PLC -ADR | $13.0M | 235,477 | 0.18% | — |
| NVS | NOVARTIS AG- REG | $13.0M | 84,943 | 0.18% | — |
| VO | VANGUARD ETF MIDCAP | $12.3M | 42,758 | 0.17% | — |
| SHEL | SHELL PLC- ADR | $12.1M | 129,867 | 0.17% | — |
| SCCO | SOUTHERN COPPER CORPORATION | $11.7M | 68,252 | 0.17% | — |
| QCOM | QUALCOMM INC | $11.6M | 90,221 | 0.16% | — |
| BMY | BRISTOL MYERS SQUIBB CO | $11.1M | 183,155 | 0.16% | — |
| AAPL | APPLE COMPUTER INC | $10.9M | 42,922 | 0.15% | — |
| NEM | NEWMONT GOLDCORP CORP | $10.8M | 100,190 | 0.15% | — |
| VCIT | VANGUARD INTERMEDIATE-TERM C | $10.5M | 127,106 | 0.15% | — |
| O | REALTY INCOME CORP | $10.5M | 171,540 | 0.15% | — |
| BX | BLACKSTONE GROUP LP | $10.2M | 88,740 | 0.14% | — |
| TTE | TOTALENERGIES SE | $10.1M | 110,743 | 0.14% | — |
| LMT | LOCKHEED MARTIN CORP | $10.1M | 16,738 | 0.14% | — |
| HYDB | ISHARES HIGH YIELD SYSTEMATI | $10.0M | 217,378 | 0.14% | — |
| WWW | WOLVERINE WORLD WIDE INC | $9.8M | 599,577 | 0.14% | — |
| PGR | PROGRESSIVE CORP | $9.7M | 48,234 | 0.14% | — |
| BTI | BRITISH AMERICAN TOB-SP ADR | $9.5M | 163,072 | 0.13% | — |
| FCPT | FOUR CORNERS PROPERTY TRUST | $9.4M | 399,486 | 0.13% | — |
| FDX | FEDEX CORPORATION | $9.4M | 26,519 | 0.13% | — |
| MPC | MARATHON PETROLEUM CORP | $9.2M | 37,416 | 0.13% | — |
| BHP | BHP GROUP LTD | $9.0M | 123,779 | 0.13% | — |
| FCX | FREEPORT-MCMORAN INC | $8.9M | 152,065 | 0.13% | — |
| EOG | EOG RESOURCES INC | $8.8M | 58,847 | 0.12% | — |
| USB | U.S. BANCORP | $8.8M | 168,269 | 0.12% | — |
| GEL | GENESIS ENERGY L.P. | $8.6M | 484,963 | 0.12% | — |
| PNC | PNC FINANCIAL SERVICES GROUP | $8.6M | 41,328 | 0.12% | — |
| VLO | VALERO ENERGY | $8.1M | 32,497 | 0.11% | — |
| CMI | CUMMINS INC | $8.1M | 15,055 | 0.11% | — |
| SLB | SCHLUMBERGER LTD | $8.1M | 156,399 | 0.11% | — |
| PRDO | PERDOCEO EDUCATION CORP | $8.0M | 216,066 | 0.11% | — |
| OXY | OCCIDENTAL PETROLEUM CORP | $7.9M | 119,688 | 0.11% | — |
| MTCH | MATCH GROUP INC | $7.7M | 252,287 | 0.11% | — |
| TRV | TRAVELLERS COS INC | $7.5M | 25,671 | 0.11% | — |
| WCN | WASTE CONNECTIONS INC | $7.5M | 46,114 | 0.11% | — |
| BKR | BAKER HUGHES CO | $7.4M | 120,864 | 0.10% | — |
| LHX | L3HARRIS TECHNOLOGIES INC | $7.2M | 20,969 | 0.10% | — |
| APO | APOLLO GLOBAL MANAGMENT - A | $7.2M | 64,554 | 0.10% | — |
| MDT | MEDTRONIC INC | $7.2M | 82,859 | 0.10% | — |
| TFC | TRUIST FINANCIAL CORP | $7.0M | 152,960 | 0.10% | — |
| IXUS | ISHARES CORE INTL STOCK ETF | $6.9M | 79,884 | 0.10% | — |
| AVGO | BROADCOM INC | $6.9M | 22,323 | 0.10% | — |
| CNQ | CANADIAN NATURAL RESOURCES | $6.6M | 133,848 | 0.09% | — |
| OWL | BLUE OWL CAPITAL INC | $6.6M | 722,460 | 0.09% | — |
| CSX | CSX CORP | $6.5M | 158,495 | 0.09% | — |
| VYM | VANGUARD HIGH DVD YIELD ETF | $6.5M | 43,558 | 0.09% | — |
| ALL | ALLSTATE CORPORATION | $6.4M | 31,049 | 0.09% | — |
| UDR | UDR INC | $6.4M | 189,195 | 0.09% | — |
| NVO | NOVO-NORDISK A S | $6.4M | 173,167 | 0.09% | — |
| EXR | EXTRA SPACE STORAGE INC | $6.2M | 47,500 | 0.09% | — |
| E | ENI SPA- SPONSORED ADR | $6.2M | 108,986 | 0.09% | — |
| UL | UNILEVER PLC - ADR | $6.2M | 102,850 | 0.09% | — |
| EMR | EMERSON ELEC CO | $6.2M | 47,035 | 0.09% | — |
| SSNC | SS&C TECHNOLOGIES HOLDINGS | $6.1M | 90,329 | 0.09% | — |
| VCLT | VANGUARD LONG-TERM CORP BOND | $6.1M | 81,471 | 0.09% | — |
| MSCI | MSCI INC | $6.1M | 11,232 | 0.09% | — |
| MDLZ | MONDELEZ INTERNATIONAL INC | $5.9M | 101,775 | 0.08% | — |
| KR | KROGER CO | $5.6M | 76,516 | 0.08% | — |
| SU | SUNCOR ENERGY INC | $5.6M | 84,839 | 0.08% | — |
| GPN | GLOBAL PAYMENTS INC | $5.6M | 82,680 | 0.08% | — |
| JMST | JPM ULTRA-SHORT MUNI INCOME | $5.5M | 107,150 | 0.08% | — |
| B | BARRICK MINING CORP | $5.2M | 127,564 | 0.07% | — |
| VYMI | VANGUARD INT HIGH DVD YLD IN | $5.2M | 54,912 | 0.07% | — |
| HAL | HALLIBURTON CO | $5.1M | 130,180 | 0.07% | — |
This table is the 150 largest positions by value, out of 616 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 MANNING & NAPIER ADVISORS LLC (CIK 62039, accession 0001999371-26-009545). 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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