13F holdings
MERCER GLOBAL ADVISORS INC /ADV portfolio
Managed by . 3,217 reported positions worth $67.6B as of 2026-03-31, filed with the SEC on 2026-05-15. Parsed from the filing itself, not a reseller.
$67.6B
Book value
3,217
Positions
37%
Top 10 weight
+550
New this quarter
-173
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 (550)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| TBLL | INVESCO EXCH TRADED FD TR II | $116.0M | 1,098,902 | 0.17% |
| AZN | ASTRAZENECA PLC | $15.1M | 76,396 | 0.02% |
| CAPR | CAPRICOR THERAPEUTICS INC | $12.3M | 402,999 | 0.02% |
| BUFD | FIRST TR EXCHNG TRADED FD VI | $8.9M | 317,488 | 0.01% |
| ISHG | ISHARES TR | $8.8M | 118,045 | 0.01% |
| UL | UNILEVER PLC | $7.4M | 130,749 | 0.01% |
| TTE | TOTALENERGIES SE | $6.7M | 73,157 | 0.01% |
| ORMP | ORAMED PHARMACEUTICALS INC | $6.5M | 1,910,540 | 0.01% |
| PNFP | PINNACLE FINL PARTNERS INC | $6.3M | 72,559 | 0.01% |
| BPRE | BLUEROCK PVT REAL ESTATE FD | $5.0M | 302,422 | 0.01% |
| DFEV | DIMENSIONAL ETF TRUST | $4.8M | 133,786 | 0.01% |
| IDGT | ISHARES TR | $4.7M | 47,582 | 0.01% |
| FBT | FIRST TR EXCHANGE-TRADED FD | $3.9M | 19,486 | 0.01% |
| DEHP | DIMENSIONAL ETF TRUST | $3.6M | 106,976 | 0.01% |
| KRMN | KARMAN HLDGS INC | $3.2M | 39,977 | 0.00% |
| Q | QNITY ELECTRONICS INC | $3.2M | 27,496 | 0.00% |
| FYX | FIRST TR EXCHANGE-TRADED ALP | $2.5M | 20,673 | 0.00% |
| FTCB | FIRST TR EXCHANGE-TRADED FD | $2.3M | 107,605 | 0.00% |
| JIRE | J P MORGAN EXCHANGE TRADED F | $2.2M | 29,528 | 0.00% |
| MLPX | GLOBAL X FDS | $2.2M | 29,387 | 0.00% |
| FXL | FIRST TR EXCHANGE-TRADED FD | $2.0M | 12,896 | 0.00% |
| VSNT | VERSANT MEDIA GROUP INC | $2.0M | 53,602 | 0.00% |
| SPMB | SPDR SERIES TRUST | $1.9M | 86,650 | 0.00% |
| SOLS | SOLSTICE ADVANCED MATLS INC | $1.8M | 23,929 | 0.00% |
| DCOR | DIMENSIONAL ETF TRUST | $1.8M | 24,528 | 0.00% |
Closed out (173)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| VPC | ETFIS SER TR I | $71.8M | 115,005 | 0.00% |
| 8QR | CONFLUENT INC | $39.0M | 1,289,720 | 0.00% |
| AZNN | ASTRAZENECA PLC | $11.8M | 129,278 | 0.00% |
| EXK | EXACT SCIENCES CORP | $10.4M | 102,425 | 0.00% |
| UNILEVER PLC | UNILEVER PLC | $7.1M | 107,819 | 0.00% |
| PINNACLE FINL PARTNERS I | PINNACLE FINL PARTNERS INC | $4.3M | 45,403 | 0.00% |
| SYU1 | SYNOVUS FINL CORP | $3.7M | 74,099 | 0.00% |
| XTEN | BONDBLOXX ETF TRUST | $2.8M | 59,799 | 0.00% |
| THRO | BLACKROCK ETF TRUST | $2.7M | 70,642 | 0.00% |
| BAI | BLACKROCK ETF TRUST | $2.3M | 67,761 | 0.00% |
| CGMU | CAPITAL GRP FIXED INCM ETF T | $2.0M | 74,774 | 0.00% |
| EMNT | PIMCO ETF TR | $1.9M | 20,312 | 0.00% |
| IAUM | ISHARES GOLD TR | $1.9M | 43,465 | 0.00% |
| DAY | DAYFORCE INC | $1.5M | 21,282 | 0.00% |
| SOXL | DIREXION SHS ETF TR | $1.3M | 30,770 | 0.00% |
| UMAC | UNUSUAL MACHS INC | $1.3M | 101,206 | 0.00% |
| EBC | EASTERN BANKSHARES INC | $1.2M | 64,752 | 0.00% |
| AMCR | AMCOR PLC | $1.2M | 142,427 | 0.00% |
| CORP | PIMCO ETF TR | $1.1M | 11,289 | 0.00% |
| BMAR | INNOVATOR ETFS TRUST | $1.0M | 19,024 | 0.00% |
| QTUM | ETF SER SOLUTIONS | $948,589 | 8,650 | 0.00% |
| 1RG | REV GROUP INC | $885,382 | 14,560 | 0.00% |
| IBDQ | ISHARES TR | $842,720 | 34,690 | 0.00% |
| FLIN | FRANKLIN TEMPLETON ETF TR | $839,796 | 21,762 | 0.00% |
| 62C | PIPER SANDLER COMPANIES | $792,566 | 14,837 | 0.00% |
Added to (1593)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| AGG | ISHARES TR | $3.9B | 39,348,759 | 5.78% | +9% |
| BSV | VANGUARD BD INDEX FDS | $3.6B | 45,430,446 | 5.27% | +10% |
| DFAC | DIMENSIONAL ETF TRUST | $2.7B | 70,292,321 | 4.04% | +9% |
| VEA | VANGUARD TAX-MANAGED FDS | $2.3B | 35,738,763 | 3.39% | +3% |
| DFUV | DIMENSIONAL ETF TRUST | $2.1B | 42,337,032 | 3.04% | +6% |
| MTUM | ISHARES TR | $2.0B | 8,388,874 | 2.98% | +7% |
| DUHP | DIMENSIONAL ETF TRUST | $1.8B | 48,730,938 | 2.65% | +9% |
| BNDX | VANGUARD CHARLOTTE FDS | $1.7B | 36,281,536 | 2.58% | +4% |
| DFIC | DIMENSIONAL ETF TRUST | $1.4B | 38,461,411 | 2.02% | +4% |
| NVDA | NVIDIA CORPORATION | $1.2B | 7,173,521 | 1.81% | +20% |
| DFIV | DIMENSIONAL ETF TRUST | $1.2B | 22,261,639 | 1.74% | +3% |
| IMTM | ISHARES TR | $1.2B | 24,007,785 | 1.71% | +5% |
| DIHP | DIMENSIONAL ETF TRUST | $1.0B | 32,330,961 | 1.54% | +7% |
| MUB | ISHARES TR | $993.3M | 9,357,674 | 1.47% | +9% |
| SUB | ISHARES TR | $979.4M | 9,196,615 | 1.45% | +8% |
Trimmed (904)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| BUFF | INNOVATOR ETFS TRUST | $3.0M | 60,386 | 0.00% | -92% |
| WLDN | WILLDAN GROUP INC | $694,782 | 9,075 | 0.00% | -91% |
| BSCT | INVESCO EXCH TRD SLF IDX FD | $1.8M | 94,459 | 0.00% | -89% |
| UTZ | UTZ BRANDS INC | $95,134 | 12,012 | 0.00% | -88% |
| TJUL | INNOVATOR ETFS TRUST | $2.6M | 89,849 | 0.00% | -88% |
| BKNG | BOOKING HOLDINGS INC | $23.1M | 5,480 | 0.03% | -88% |
| BSCV | INVESCO EXCH TRD SLF IDX FD | $1.3M | 77,365 | 0.00% | -87% |
| BSCW | INVESCO EXCH TRD SLF IDX FD | $3.7M | 182,079 | 0.01% | -86% |
| TLH | ISHARES TR | $378,600 | 3,759 | 0.00% | -84% |
| SRLN | SSGA ACTIVE ETF TR | $647,916 | 16,141 | 0.00% | -84% |
| SPTL | SPDR SERIES TRUST | $4.2M | 161,345 | 0.01% | -83% |
| TFX | TELEFLEX INCORPORATED | $324,087 | 2,710 | 0.00% | -83% |
| SPTI | SPDR SERIES TRUST | $7.3M | 253,049 | 0.01% | -83% |
| TEM | TEMPUS AI INC | $210,280 | 4,650 | 0.00% | -82% |
| FLEXTRONICS INTL LTD | FLEXTRONICS INTL LTD | $6.6M | 100,814 | 0.01% | -81% |
The book
Largest 150 of 3,217 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| AGG | ISHARES TR | $3.9B | 39,348,759 | 5.78% | — |
| BSV | VANGUARD BD INDEX FDS | $3.6B | 45,430,446 | 5.27% | — |
| VOO | VANGUARD INDEX FDS | $3.1B | 5,258,941 | 4.65% | — |
| DFAC | DIMENSIONAL ETF TRUST | $2.7B | 70,292,321 | 4.04% | — |
| VEA | VANGUARD TAX-MANAGED FDS | $2.3B | 35,738,763 | 3.39% | — |
| DFUV | DIMENSIONAL ETF TRUST | $2.1B | 42,337,032 | 3.04% | — |
| MTUM | ISHARES TR | $2.0B | 8,388,874 | 2.98% | — |
| DUHP | DIMENSIONAL ETF TRUST | $1.8B | 48,730,938 | 2.65% | — |
| BNDX | VANGUARD CHARLOTTE FDS | $1.7B | 36,281,536 | 2.58% | — |
| AAPL | APPLE INC | $1.7B | 6,666,360 | 2.48% | — |
| DFIC | DIMENSIONAL ETF TRUST | $1.4B | 38,461,411 | 2.02% | — |
| NVDA | NVIDIA CORPORATION | $1.2B | 7,173,521 | 1.81% | — |
| DFIV | DIMENSIONAL ETF TRUST | $1.2B | 22,261,639 | 1.74% | — |
| IMTM | ISHARES TR | $1.2B | 24,007,785 | 1.71% | — |
| DIHP | DIMENSIONAL ETF TRUST | $1.0B | 32,330,961 | 1.54% | — |
| MUB | ISHARES TR | $993.3M | 9,357,674 | 1.47% | — |
| SUB | ISHARES TR | $979.4M | 9,196,615 | 1.45% | — |
| AVSC | AMERICAN CENTY ETF TR | $925.4M | 14,853,773 | 1.37% | — |
| VWO | VANGUARD INTL EQUITY INDEX F | $896.9M | 16,593,473 | 1.33% | — |
| VB | VANGUARD INDEX FDS | $871.9M | 3,328,890 | 1.29% | — |
| AVEM | AMERICAN CENTY ETF TR | $796.9M | 9,889,366 | 1.18% | — |
| MSFT | MICROSOFT CORP | $745.1M | 2,018,956 | 1.10% | — |
| VTI | VANGUARD INDEX FDS | $664.0M | 2,070,334 | 0.98% | — |
| VTEB | VANGUARD MUN BD FDS | $540.4M | 10,832,376 | 0.80% | — |
| IVV | ISHARES TR | $504.7M | 772,663 | 0.75% | — |
| AMZN | AMAZON COM INC | $461.0M | 2,218,763 | 0.68% | — |
| GOOGL | ALPHABET INC | $443.4M | 1,541,986 | 0.66% | — |
| IEFA | ISHARES TR | $419.9M | 4,638,138 | 0.62% | — |
| GOOG | ALPHABET INC | $404.3M | 1,411,064 | 0.60% | — |
| VYM | VANGUARD WHITEHALL FDS | $400.9M | 2,706,655 | 0.59% | — |
| AVGO | BROADCOM INC | $363.6M | 1,182,352 | 0.54% | — |
| DFCA | DIMENSIONAL ETF TRUST | $350.3M | 7,027,020 | 0.52% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $324.2M | 505,779 | 0.48% | — |
| IWB | ISHARES TR | $279.8M | 784,742 | 0.41% | — |
| VXF | VANGUARD INDEX FDS | $276.0M | 1,340,917 | 0.41% | — |
| META | META PLATFORMS INC | $271.1M | 475,030 | 0.40% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $270.3M | 564,071 | 0.40% | — |
| EXMOC | EXXON MOBIL CORP | $267.1M | 1,574,584 | 0.40% | — |
| SCHX | SCHWAB STRATEGIC TR | $254.6M | 9,928,543 | 0.38% | — |
| JPM | JPMORGAN CHASE & CO | $245.9M | 837,325 | 0.36% | — |
| DFUS | DIMENSIONAL ETF TRUST | $240.7M | 3,394,161 | 0.36% | — |
| WMT | WALMART INC | $233.3M | 1,876,855 | 0.35% | — |
| QUAL | ISHARES TR | $222.8M | 1,161,409 | 0.33% | — |
| JNJ | JOHNSON & JOHNSON | $222.7M | 911,019 | 0.33% | — |
| SCHF | SCHWAB STRATEGIC TR | $220.3M | 8,901,238 | 0.33% | — |
| TSLA | TESLA INC | $217.1M | 587,117 | 0.32% | — |
| QQQ | INVESCO QQQ TR | $200.1M | 347,140 | 0.30% | — |
| EAGG | ISHARES TR | $182.0M | 3,828,027 | 0.27% | — |
| IWF | ISHARES TR | $174.0M | 408,111 | 0.26% | — |
| IEMG | ISHARES INC | $168.6M | 2,417,521 | 0.25% | — |
| VLUE | ISHARES TR | $168.1M | 1,182,249 | 0.25% | — |
| IDV | ISHARES TR | $164.9M | 3,874,687 | 0.24% | — |
| IJR | ISHARES TR | $164.8M | 1,325,549 | 0.24% | — |
| LLY | ELI LILLY & CO | $161.0M | 175,063 | 0.24% | — |
| EFA | ISHARES TR | $158.6M | 1,632,778 | 0.23% | — |
| NFLX | NETFLIX INC. | $155.3M | 1,614,850 | 0.23% | — |
| COST | COSTCO WHOLESALE CORPORATION | $150.2M | 150,708 | 0.22% | — |
| IVLU | ISHARES TR | $138.3M | 3,485,787 | 0.20% | — |
| ESGD | ISHARES TR | $137.0M | 1,432,910 | 0.20% | — |
| LRCX | LAM RESEARCH CORP | $136.2M | 637,244 | 0.20% | — |
| MU | MICRON TECHNOLOGY INC | $134.7M | 398,651 | 0.20% | — |
| VTES | VANGUARD WELLINGTON FD | $134.4M | 1,329,333 | 0.20% | — |
| IBDT | ISHARES TR | $133.9M | 5,285,024 | 0.20% | — |
| CVX | CHEVRON CORPORATION | $133.3M | 647,038 | 0.20% | — |
| IJH | ISHARES TR | $131.0M | 1,939,554 | 0.19% | — |
| IWM | ISHARES TR | $128.4M | 519,587 | 0.19% | — |
| IQLT | ISHARES TR | $126.2M | 2,729,373 | 0.19% | — |
| IBDS | ISHARES TR | $126.1M | 5,201,127 | 0.19% | — |
| VIG | VANGUARD SPECIALIZED FUNDS | $125.9M | 585,433 | 0.19% | — |
| HD | HOME DEPOT INC | $125.0M | 380,093 | 0.18% | — |
| ITOT | ISHARES TR | $118.5M | 831,680 | 0.18% | — |
| VUG | VANGUARD INDEX FDS | $118.1M | 272,219 | 0.17% | — |
| IBDV | ISHARES TR | $117.6M | 5,374,232 | 0.17% | — |
| CSCO | CISCO SYS INC | $117.1M | 1,509,344 | 0.17% | — |
| IBDU | ISHARES TR | $117.1M | 5,033,782 | 0.17% | — |
| VGT | VANGUARD WORLD FD | $117.0M | 167,682 | 0.17% | — |
| TBLL | INVESCO EXCH TRADED FD TR II | $116.0M | 1,098,902 | 0.17% | — |
| INTC | INTEL CORP | $111.1M | 2,517,998 | 0.16% | — |
| CAT | CATERPILLAR INC | $111.0M | 156,746 | 0.16% | — |
| AVUS | AMERICAN CENTY ETF TR | $110.5M | 994,329 | 0.16% | — |
| RJF | RAYMOND JAMES FINL INC | $106.0M | 731,819 | 0.16% | — |
| IBDR | ISHARES TR | $103.6M | 4,273,058 | 0.15% | — |
| ABBV | ABBVIE INC | $102.8M | 472,644 | 0.15% | — |
| IWV | ISHARES TR | $102.2M | 275,736 | 0.15% | — |
| XLK | SELECT SECTOR SPDR TR | $100.9M | 760,006 | 0.15% | — |
| USMV | ISHARES TR | $100.0M | 1,077,889 | 0.15% | — |
| V | VISA INC | $99.6M | 329,387 | 0.15% | — |
| APH | AMPHENOL CORP | $97.3M | 769,693 | 0.14% | — |
| DFAT | DIMENSIONAL ETF TRUST | $97.0M | 1,552,638 | 0.14% | — |
| DFAS | DIMENSIONAL ETF TRUST | $96.6M | 1,358,745 | 0.14% | — |
| KLAC | KLA CORP | $95.3M | 64,701 | 0.14% | — |
| AMAT | APPLIED MATLS INC | $95.1M | 278,364 | 0.14% | — |
| VO | VANGUARD INDEX FDS | $95.1M | 331,136 | 0.14% | — |
| MRK | MERCK & CO INC | $94.5M | 785,937 | 0.14% | — |
| VTV | VANGUARD INDEX FDS | $94.4M | 481,121 | 0.14% | — |
| DFAI | DIMENSIONAL ETF TRUST | $93.1M | 2,390,117 | 0.14% | — |
| PG | PROCTER & GAMBLE CO | $92.2M | 638,639 | 0.14% | — |
| BND | VANGUARD BD INDEX FDS | $82.2M | 1,115,685 | 0.12% | — |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | $80.4M | 112 | 0.12% | — |
| SUSL | ISHARES TR | $80.3M | 706,838 | 0.12% | — |
| FTEC | FIDELITY COVINGTON TRUST | $79.0M | 379,870 | 0.12% | — |
| QCOM | QUALCOMM INC | $77.8M | 606,464 | 0.12% | — |
| BIL | SPDR SERIES TRUST | $77.6M | 846,918 | 0.11% | — |
| NUSC | NUSHARES ETF TR | $77.6M | 1,721,326 | 0.11% | — |
| ORCL | ORACLE CORP | $77.0M | 523,694 | 0.11% | — |
| SHYG | ISHARES TR | $75.9M | 1,795,049 | 0.11% | — |
| FDX | FEDEX CORP | $75.4M | 211,784 | 0.11% | — |
| GLD | SPDR GOLD TR | $75.2M | 175,770 | 0.11% | — |
| C | CITIGROUP INC | $74.6M | 657,994 | 0.11% | — |
| SHM | SPDR SERIES TRUST | $73.9M | 1,545,743 | 0.11% | — |
| EOG | EOG RES INC | $72.0M | 497,839 | 0.11% | — |
| TJX | TJX COS INC NEW | $70.9M | 443,784 | 0.10% | — |
| SCHD | SCHWAB STRATEGIC TR | $70.5M | 2,297,170 | 0.10% | — |
| PWZ | INVESCO EXCH TRADED FD TR II | $70.2M | 2,939,392 | 0.10% | — |
| APGE | APOGEE THERAPEUTICS INC | $70.0M | 831,428 | 0.10% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $69.7M | 287,639 | 0.10% | — |
| HCA | HCA HEALTHCARE INC | $69.4M | 146,637 | 0.10% | — |
| SPYM | SPDR SERIES TRUST | $68.2M | 891,129 | 0.10% | — |
| WFC | WELLS FARGO & CO | $67.9M | 853,010 | 0.10% | — |
| BNY | BANK NEW YORK MELLON CORP | $66.5M | 560,582 | 0.10% | — |
| PEP | PEPSICO INC | $65.3M | 420,299 | 0.10% | — |
| GE | GE AEROSPACE | $64.8M | 228,206 | 0.10% | — |
| BAC | BANK AMERICA CORP | $63.7M | 1,307,577 | 0.09% | — |
| SCHB | SCHWAB STRATEGIC TR | $63.5M | 2,531,564 | 0.09% | — |
| USIG | ISHARES TR | $62.4M | 1,218,554 | 0.09% | — |
| RTX | RTX CORPORATION | $61.8M | 320,176 | 0.09% | — |
| SPOT | SPOTIFY TECHNOLOGY S A | $60.2M | 124,162 | 0.09% | — |
| IAU | ISHARES GOLD TR | $60.2M | 682,470 | 0.09% | — |
| T | AT&T INC | $59.1M | 2,038,654 | 0.09% | — |
| XLE | SELECT SECTOR SPDR TR | $58.5M | 954,974 | 0.09% | — |
| SCHA | SCHWAB STRATEGIC TR | $58.4M | 2,008,641 | 0.09% | — |
| XLI | SELECT SECTOR SPDR TR | $57.9M | 357,763 | 0.09% | — |
| IBTG | ISHARES TR | $57.8M | 2,523,496 | 0.09% | — |
| BGRN | ISHARES TR | $57.6M | 1,213,301 | 0.09% | — |
| KTOS | KRATOS DEFENSE & SEC SOLUTIO | $57.5M | 815,062 | 0.09% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $57.0M | 168,975 | 0.08% | — |
| AMD | ADVANCED MICRO DEVICES INC | $56.7M | 278,990 | 0.08% | — |
| IAGG | ISHARES TR | $56.5M | 1,128,239 | 0.08% | — |
| MO | ALTRIA GROUP INC | $55.7M | 843,678 | 0.08% | — |
| MCD | MCDONALDS CORP | $55.6M | 179,008 | 0.08% | — |
| ABT | ABBOTT LABORATORIES | $55.4M | 539,567 | 0.08% | — |
| IBTH | ISHARES TR | $55.3M | 2,467,661 | 0.08% | — |
| AGGY | WISDOMTREE TR | $54.7M | 1,258,475 | 0.08% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $54.1M | 369,963 | 0.08% | — |
| LMT | LOCKHEED MARTIN CORP | $54.1M | 89,478 | 0.08% | — |
| GS | GOLDMAN SACHS GROUP INC | $53.8M | 63,644 | 0.08% | — |
| IBTI | ISHARES TR | $53.6M | 2,405,511 | 0.08% | — |
| SUSA | ISHARES TR | $52.5M | 397,779 | 0.08% | — |
| IBMQ | ISHARES TR | $52.5M | 2,055,854 | 0.08% | — |
| IBTK | ISHARES TR | $52.3M | 2,652,137 | 0.08% | — |
This table is the 150 largest positions by value, out of 3,217 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 MERCER GLOBAL ADVISORS INC /ADV (CIK 853758, accession 0000853758-26-000014). 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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