13F holdings
Merit Financial Group, LLC portfolio
Managed by . 2,108 reported positions worth $13.4B as of 2026-03-31, filed with the SEC on 2026-04-15. Parsed from the filing itself, not a reseller.
$13.4B
Book value
2,108
Positions
18%
Top 10 weight
+265
New this quarter
-98
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 15 days old on 2026-04-15, 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 (265)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| CORO | BLACKROCK ETF TRUST | $160.2M | 4,981,377 | 1.19% |
| IJS | ISHARES TR | $11.4M | 96,173 | 0.08% |
| IWC | ISHARES TR | $6.9M | 43,071 | 0.05% |
| DISV | DIMENSIONAL ETF TRUST | $5.3M | 133,763 | 0.04% |
| DIHP | DIMENSIONAL ETF TRUST | $4.9M | 153,017 | 0.04% |
| IDEF | BLACKROCK ETF TRUST | $4.2M | 127,008 | 0.03% |
| DRKY | TIDAL TRUST III | $4.0M | 208,234 | 0.03% |
| BLCR | BLACKROCK ETF TRUST | $3.9M | 93,765 | 0.03% |
| IGBH | ISHARES U S ETF TR | $3.4M | 138,872 | 0.02% |
| AZN | ASTRAZENECA PLC | $2.6M | 13,097 | 0.02% |
| DEHP | DIMENSIONAL ETF TRUST | $2.5M | 75,419 | 0.02% |
| AVLV | AMERICAN CENTY ETF TR | $2.3M | 28,621 | 0.02% |
| DFIP | DIMENSIONAL ETF TRUST | $2.0M | 48,690 | 0.02% |
| MOH | MOLINA HEALTHCARE INC | $1.8M | 13,157 | 0.01% |
| OILK | PROSHARES TR | $1.7M | 31,989 | 0.01% |
| VUSB | VANGUARD BD INDEX FDS | $1.6M | 33,096 | 0.01% |
| ITB | ISHARES TR | $1.5M | 16,695 | 0.01% |
| PNFP | PINNACLE FINL PARTNERS INC | $1.4M | 16,668 | 0.01% |
| JIG | J P MORGAN EXCHANGE TRADED F | $1.4M | 19,192 | 0.01% |
| FENY | FIDELITY COVINGTON TRUST | $1.4M | 40,952 | 0.01% |
| FIDU | FIDELITY COVINGTON TRUST | $1.4M | 16,029 | 0.01% |
| DMXF | ISHARES TR | $1.2M | 16,496 | 0.01% |
| PCOR | PROCORE TECHNOLOGIES INC | $1.1M | 18,501 | 0.01% |
| DFGR | DIMENSIONAL ETF TRUST | $1.0M | 38,514 | 0.01% |
| IYE | ISHARES TR | $1.0M | 15,749 | 0.01% |
Closed out (98)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| SLDE | SLIDE INS HLDGS INC | $10.7M | 550,502 | 0.00% |
| AZNN | ASTRAZENECA PLC | $3.2M | 35,186 | 0.00% |
| EXK | EXACT SCIENCES CORP | $2.5M | 24,556 | 0.00% |
| GBDC | GOLUB CAP BDC INC | $2.2M | 160,434 | 0.00% |
| FIXT | TCW ETF TRUST | $1.9M | 50,158 | 0.00% |
| PINNACLE FINL PARTNERS I | PINNACLE FINL PARTNERS INC | $1.5M | 15,622 | 0.00% |
| TFX | TELEFLEX INCORPORATED | $1.2M | 9,723 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $1.1M | 2,440 | 0.00% |
| SYU1 | SYNOVUS FINL CORP | $935,695 | 18,695 | 0.00% |
| 8QR | CONFLUENT INC | $906,505 | 29,977 | 0.00% |
| SPBO | SPDR SERIES TRUST | $616,710 | 21,019 | 0.00% |
| NCDL | NUVEEN CHURCHILL DIRECT LEND | $611,386 | 45,831 | 0.00% |
| DAY | DAYFORCE INC | $519,322 | 7,509 | 0.00% |
| FGDL | FRANKLIN TEMPLETON HOLDINGS | $422,726 | 7,339 | 0.00% |
| AMCR | AMCOR PLC | $421,586 | 50,550 | 0.00% |
| GAUG | FIRST TR EXCHNG TRADED FD VI | $397,233 | 10,118 | 0.00% |
| CRBG | COREBRIDGE FINL INC | $391,907 | 12,990 | 0.00% |
| TIPX | SPDR SERIES TRUST | $368,337 | 19,305 | 0.00% |
| EMHC | SPDR SERIES TRUST | $367,498 | 14,434 | 0.00% |
| CPB | THE CAMPBELLS COMPANY | $349,009 | 12,523 | 0.00% |
| FAF | FIRST AMERN FINL CORP | $330,691 | 5,382 | 0.00% |
| U | UNITY SOFTWARE INC | $330,543 | 7,483 | 0.00% |
| CART | MAPLEBEAR INC | $323,227 | 7,186 | 0.00% |
| DBX | DROPBOX INC | $320,145 | 11,516 | 0.00% |
| SGI | SOMNIGROUP INTERNATIONAL INC | $292,761 | 3,279 | 0.00% |
Added to (1109)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| IUSG | ISHARES TR | $303.1M | 1,954,232 | 2.25% | +20% |
| QLTY | GMO ETF TRUST | $288.6M | 7,977,528 | 2.15% | +6% |
| IUSV | ISHARES TR | $285.2M | 2,788,906 | 2.12% | +7% |
| AAPL | APPLE INC | $250.0M | 985,181 | 1.86% | +9% |
| IVV | ISHARES TR | $209.9M | 321,276 | 1.56% | +11% |
| NVDA | NVIDIA CORPORATION | $199.8M | 1,145,825 | 1.49% | +18% |
| VTV | VANGUARD INDEX FDS | $195.7M | 997,691 | 1.46% | +3% |
| DYNF | BLACKROCK ETF TRUST | $195.1M | 3,352,902 | 1.45% | +15% |
| MGV | VANGUARD WORLD FD | $193.8M | 1,336,897 | 1.44% | +6% |
| SPTI | SPDR SERIES TRUST | $177.9M | 6,208,354 | 1.32% | +8% |
| EFV | ISHARES TR | $176.2M | 2,370,127 | 1.31% | +4% |
| MSFT | MICROSOFT CORP | $159.8M | 431,780 | 1.19% | +18% |
| AVNM | AMERICAN CENTY ETF TR | $154.3M | 2,026,345 | 1.15% | +4% |
| USTB | VICTORY PORTFOLIOS II | $142.8M | 2,822,911 | 1.06% | +9% |
| UBND | VICTORY PORTFOLIOS II | $139.1M | 6,387,075 | 1.03% | +10% |
Trimmed (548)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVR | NVR INC | $244,087 | 37 | 0.00% | -96% |
| HSIC | SCHEIN HENRY INC | $279,519 | 3,793 | 0.00% | -88% |
| BVE | DIAMOND HILL INVT GROUP INC | $415,709 | 2,416 | 0.00% | -86% |
| SOXL | DIREXION SHARES ETF TRUST | $867,043 | 18,097 | 0.01% | -79% |
| SCI | SERVICE CORP INTL | $629,214 | 7,626 | 0.00% | -78% |
| FPEI | FIRST TR EXCH TRADED FD III | $9.4M | 493,707 | 0.07% | -73% |
| USIG | ISHARES TR | $18.3M | 356,337 | 0.14% | -73% |
| POOL | POOL CORP | $306,473 | 1,515 | 0.00% | -71% |
| KORP | AMERICAN CENTY ETF TR | $514,933 | 11,047 | 0.00% | -70% |
| VRSK | VERISK ANALYTICS INC | $657,871 | 3,467 | 0.00% | -67% |
| IDCC | INTERDIGITAL INC | $660,781 | 2,188 | 0.00% | -66% |
| ZS | ZSCALER INC | $444,468 | 3,168 | 0.00% | -65% |
| PINS | PINTEREST INC | $417,686 | 22,775 | 0.00% | -63% |
| RDDT | REDDIT INC | $211,411 | 1,570 | 0.00% | -63% |
| LYFT | LYFT INC | $801,878 | 60,292 | 0.01% | -61% |
The book
Largest 150 of 2,108 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VUG | VANGUARD INDEX FDS | $360.0M | 824,223 | 2.68% | — |
| IUSG | ISHARES TR | $303.1M | 1,954,232 | 2.25% | — |
| QLTY | GMO ETF TRUST | $288.6M | 7,977,528 | 2.15% | — |
| IUSV | ISHARES TR | $285.2M | 2,788,906 | 2.12% | — |
| AAPL | APPLE INC | $250.0M | 985,181 | 1.86% | — |
| IVV | ISHARES TR | $209.9M | 321,276 | 1.56% | — |
| NVDA | NVIDIA CORPORATION | $199.8M | 1,145,825 | 1.49% | — |
| MGK | VANGUARD WORLD FD | $199.3M | 542,393 | 1.48% | — |
| VTV | VANGUARD INDEX FDS | $195.7M | 997,691 | 1.46% | — |
| DYNF | BLACKROCK ETF TRUST | $195.1M | 3,352,902 | 1.45% | — |
| MGV | VANGUARD WORLD FD | $193.8M | 1,336,897 | 1.44% | — |
| SPTI | SPDR SERIES TRUST | $177.9M | 6,208,354 | 1.32% | — |
| EFV | ISHARES TR | $176.2M | 2,370,127 | 1.31% | — |
| VOO | VANGUARD INDEX FDS | $164.3M | 274,941 | 1.22% | — |
| CORO | BLACKROCK ETF TRUST | $160.2M | 4,981,377 | 1.19% | — |
| MSFT | MICROSOFT CORP | $159.8M | 431,780 | 1.19% | — |
| AVNM | AMERICAN CENTY ETF TR | $154.3M | 2,026,345 | 1.15% | — |
| USTB | VICTORY PORTFOLIOS II | $142.8M | 2,822,911 | 1.06% | — |
| UBND | VICTORY PORTFOLIOS II | $139.1M | 6,387,075 | 1.03% | — |
| QQQ | INVESCO QQQ TR | $135.3M | 234,335 | 1.01% | — |
| IEMG | ISHARES INC | $131.0M | 1,878,466 | 0.97% | — |
| MBB | ISHARES TR | $129.5M | 1,363,626 | 0.96% | — |
| CWI | SPDR INDEX SHS FDS | $127.6M | 3,488,600 | 0.95% | — |
| BINC | BLACKROCK ETF TRUST II | $123.3M | 2,374,421 | 0.92% | — |
| GOVT | ISHARES TR | $120.5M | 5,260,410 | 0.90% | — |
| VFLO | VICTORY PORTFOLIOS II | $111.4M | 2,822,537 | 0.83% | — |
| AMZN | AMAZON COM INC | $104.7M | 502,724 | 0.78% | — |
| VO | VANGUARD INDEX FDS | $103.0M | 358,773 | 0.77% | — |
| GOOGL | ALPHABET INC | $97.4M | 338,760 | 0.72% | — |
| QUAL | ISHARES TR | $96.3M | 501,905 | 0.72% | — |
| CGUS | CAPITAL GROUP CORE EQUITY ET | $88.6M | 2,307,167 | 0.66% | — |
| VTI | VANGUARD INDEX FDS | $88.5M | 275,951 | 0.66% | — |
| AVGO | BROADCOM INC | $87.8M | 283,693 | 0.65% | — |
| JAAA | JANUS DETROIT STR TR | $83.5M | 1,657,452 | 0.62% | — |
| BAI | BLACKROCK ETF TRUST | $82.9M | 2,517,315 | 0.62% | — |
| MTUM | ISHARES TR | $82.9M | 345,340 | 0.62% | — |
| VB | VANGUARD INDEX FDS | $81.3M | 310,293 | 0.60% | — |
| UPS | UNITED PARCEL SVCS INC | $80.2M | 815,120 | 0.60% | — |
| BND | VANGUARD BD INDEX FDS | $77.1M | 1,047,183 | 0.57% | — |
| CGGR | CAPITAL GROUP GROWTH ETF | $76.8M | 1,910,571 | 0.57% | — |
| CGDV | CAPITAL GROUP DIVIDEND VALUE | $76.3M | 1,792,844 | 0.57% | — |
| THRO | BLACKROCK ETF TRUST | $74.8M | 2,065,477 | 0.56% | — |
| EXMOC | EXXON MOBIL CORP | $65.4M | 385,315 | 0.49% | — |
| VMBS | VANGUARD SCOTTSDALE FDS | $63.7M | 1,357,368 | 0.47% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $61.0M | 127,305 | 0.45% | — |
| GOOG | ALPHABET INC | $60.1M | 209,494 | 0.45% | — |
| VEA | VANGUARD TAX-MANAGED FDS | $59.8M | 933,569 | 0.44% | — |
| SHLD | GLOBAL X FDS | $59.4M | 839,041 | 0.44% | — |
| CGCP | CAPITAL GRP FIXED INCM ETF T | $55.6M | 2,487,719 | 0.41% | — |
| CGCB | CAPITAL GRP FIXED INCM ETF T | $55.3M | 2,107,722 | 0.41% | — |
| META | META PLATFORMS INC | $54.7M | 95,625 | 0.41% | — |
| IAU | ISHARES GOLD TR | $52.5M | 595,990 | 0.39% | — |
| SCHG | SCHWAB STRATEGIC TR | $52.5M | 1,802,481 | 0.39% | — |
| JPM | JPMORGAN CHASE & CO | $52.3M | 177,870 | 0.39% | — |
| JNJ | JOHNSON & JOHNSON | $52.2M | 213,524 | 0.39% | — |
| SPYG | SPDR SERIES TRUST | $51.9M | 529,851 | 0.39% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $51.6M | 79,392 | 0.38% | — |
| CGSD | CAPITAL GRP FIXED INCM ETF T | $51.1M | 1,982,361 | 0.38% | — |
| SCHO | SCHWAB STRATEGIC TR | $49.9M | 2,057,653 | 0.37% | — |
| IEFA | ISHARES TR | $49.0M | 541,491 | 0.36% | — |
| WMT | WALMART INC | $48.8M | 393,029 | 0.36% | — |
| BIL | SPDR SERIES TRUST | $47.4M | 517,551 | 0.35% | — |
| SCHD | SCHWAB STRATEGIC TR | $47.1M | 1,535,104 | 0.35% | — |
| IAGG | ISHARES TR | $45.3M | 905,012 | 0.34% | — |
| DFAC | DIMENSIONAL ETF TRUST | $43.7M | 1,123,648 | 0.32% | — |
| VYM | VANGUARD WHITEHALL FDS | $43.1M | 290,905 | 0.32% | — |
| COST | COSTCO WHOLESALE CORPORATION | $41.9M | 42,027 | 0.31% | — |
| CGMM | CAPITAL GROUP EQUITY ETF TR | $41.2M | 1,404,021 | 0.31% | — |
| PG | PROCTER & GAMBLE CO | $41.1M | 284,647 | 0.31% | — |
| TSLA | TESLA INC | $40.6M | 109,284 | 0.30% | — |
| LLY | ELI LILLY & CO | $40.1M | 43,559 | 0.30% | — |
| CGIC | CAPITAL GROUP INTERNATIONAL | $37.5M | 1,131,539 | 0.28% | — |
| SPYM | SPDR SERIES TRUST | $33.1M | 432,959 | 0.25% | — |
| CAT | CATERPILLAR INC | $32.8M | 46,270 | 0.24% | — |
| CVX | CHEVRON CORPORATION | $31.8M | 153,801 | 0.24% | — |
| IJR | ISHARES TR | $31.3M | 251,474 | 0.23% | — |
| VBR | VANGUARD INDEX FDS | $30.7M | 141,395 | 0.23% | — |
| FTLS | FIRST TR EXCH TRADED FD III | $29.5M | 419,457 | 0.22% | — |
| CGUI | CAPITAL GRP FIXED INCM ETF T | $29.3M | 1,160,126 | 0.22% | — |
| EFG | ISHARES TR | $28.0M | 251,742 | 0.21% | — |
| VTEB | VANGUARD MUN BD FDS | $27.7M | 554,843 | 0.21% | — |
| V | VISA INC | $27.6M | 91,458 | 0.21% | — |
| QQQI | NEOS ETF TRUST | $27.5M | 553,773 | 0.20% | — |
| IVW | ISHARES TR | $27.2M | 240,383 | 0.20% | — |
| MUB | ISHARES TR | $27.2M | 255,935 | 0.20% | — |
| HD | HOME DEPOT INC | $26.7M | 81,318 | 0.20% | — |
| IBTH | ISHARES TR | $26.6M | 1,187,645 | 0.20% | — |
| KO | COCA COLA CO | $26.3M | 345,534 | 0.20% | — |
| SEIM | SEI EXCHANGE TRADED FUNDS | $26.2M | 575,358 | 0.19% | — |
| FAST | FASTENAL CO | $26.1M | 563,331 | 0.19% | — |
| CGIE | CAPITAL GROUP INTERNATIONAL | $26.1M | 770,904 | 0.19% | — |
| SUB | ISHARES TR | $25.7M | 241,506 | 0.19% | — |
| VOOG | VANGUARD ADMIRAL FDS INC | $25.6M | 62,819 | 0.19% | — |
| SPIB | SPDR SERIES TRUST | $25.2M | 751,276 | 0.19% | — |
| IWY | ISHARES TR | $24.8M | 99,559 | 0.18% | — |
| SCHV | SCHWAB STRATEGIC TR | $24.5M | 804,791 | 0.18% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $24.3M | 165,793 | 0.18% | — |
| VBK | VANGUARD INDEX FDS | $24.1M | 79,726 | 0.18% | — |
| PTLC | PACER FDS TR | $24.0M | 458,213 | 0.18% | — |
| GE | GE AEROSPACE | $24.0M | 84,662 | 0.18% | — |
| LRCX | LAM RESEARCH CORP | $24.0M | 112,136 | 0.18% | — |
| BFC | BANK FIRST CORP | $23.9M | 176,727 | 0.18% | — |
| IGEB | ISHARES TR | $23.7M | 525,643 | 0.18% | — |
| MRK | MERCK & CO INC | $23.7M | 196,841 | 0.18% | — |
| RTX | RTX CORPORATION | $23.4M | 121,268 | 0.17% | — |
| ABBV | ABBVIE INC | $22.8M | 104,910 | 0.17% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $22.4M | 368,614 | 0.17% | — |
| PEP | PEPSICO INC | $22.3M | 143,441 | 0.17% | — |
| MO | ALTRIA GROUP INC | $22.1M | 335,656 | 0.16% | — |
| PM | PHILIP MORRIS INTL INC | $22.1M | 133,694 | 0.16% | — |
| SPDW | SPDR INDEX SHS FDS | $21.9M | 479,913 | 0.16% | — |
| IWF | ISHARES TR | $21.9M | 51,321 | 0.16% | — |
| ACWX | ISHARES TR | $21.7M | 316,932 | 0.16% | — |
| RWL | INVESCO EXCH TRADED FD TR II | $21.7M | 188,740 | 0.16% | — |
| BNDX | VANGUARD CHARLOTTE FDS | $21.5M | 446,486 | 0.16% | — |
| IVE | ISHARES TR | $21.4M | 101,369 | 0.16% | — |
| ANET | ARISTA NETWORKS INC | $21.2M | 172,832 | 0.16% | — |
| FNDX | SCHWAB STRATEGIC TR | $20.9M | 750,213 | 0.16% | — |
| SCHA | SCHWAB STRATEGIC TR | $20.3M | 698,182 | 0.15% | — |
| DIVO | AMPLIFY ETF TR | $19.2M | 428,910 | 0.14% | — |
| IUSB | ISHARES TR | $19.2M | 416,141 | 0.14% | — |
| SCHX | SCHWAB STRATEGIC TR | $19.2M | 749,201 | 0.14% | — |
| USFR | WISDOMTREE TR | $19.2M | 380,923 | 0.14% | — |
| XLK | SELECT SECTOR SPDR TR | $19.2M | 144,123 | 0.14% | — |
| MCK | MCKESSON CORP | $19.0M | 22,000 | 0.14% | — |
| NFLX | NETFLIX INC. | $19.0M | 197,645 | 0.14% | — |
| SPYI | NEOS ETF TRUST | $18.8M | 381,394 | 0.14% | — |
| RDVI | FIRST TR EXCHANGE-TRADED FD | $18.6M | 729,089 | 0.14% | — |
| CSCO | CISCO SYS INC | $18.6M | 239,687 | 0.14% | — |
| OMAH | TIDAL TRUST III | $18.6M | 1,029,862 | 0.14% | — |
| JNK | SPDR SERIES TRUST | $18.5M | 192,967 | 0.14% | — |
| GS | GOLDMAN SACHS GROUP INC | $18.3M | 21,666 | 0.14% | — |
| QDVO | AMPLIFY ETF TR | $18.3M | 687,572 | 0.14% | — |
| USIG | ISHARES TR | $18.3M | 356,337 | 0.14% | — |
| LQD | ISHARES TR | $18.2M | 166,961 | 0.14% | — |
| VIG | VANGUARD SPECIALIZED FUNDS | $17.9M | 83,151 | 0.13% | — |
| IWM | ISHARES TR | $17.5M | 70,663 | 0.13% | — |
| MA | MASTERCARD INCORPORATED | $17.3M | 34,685 | 0.13% | — |
| XLE | SELECT SECTOR SPDR TR | $17.2M | 281,329 | 0.13% | — |
| AGG | ISHARES TR | $17.2M | 173,576 | 0.13% | — |
| RSP | INVESCO EXCHANGE TRADED FD T | $16.8M | 87,282 | 0.12% | — |
| OEF | ISHARES TR | $16.7M | 52,578 | 0.12% | — |
| CGNG | CAPITAL GROUP NEW GEOGRAPHY | $16.7M | 529,723 | 0.12% | — |
| XLF | SELECT SECTOR SPDR TR | $16.6M | 336,549 | 0.12% | — |
| MS | MORGAN STANLEY | $16.5M | 100,237 | 0.12% | — |
| CB | CHUBB LTD SWITZ | $16.4M | 50,221 | 0.12% | — |
| MU | MICRON TECHNOLOGY INC | $16.4M | 48,434 | 0.12% | — |
| GLD | SPDR GOLD TR | $16.3M | 37,915 | 0.12% | — |
| CRM | SALESFORCE INC | $16.2M | 86,578 | 0.12% | — |
| SGOL | ETFS GOLD TR | $16.1M | 361,645 | 0.12% | — |
This table is the 150 largest positions by value, out of 2,108 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 7 options positions with a combined notional of $11.3M. 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 Merit Financial Group, LLC (CIK 1621225, accession 0001621225-26-000005). 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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