13F holdings
MetLife Investment Management, LLC portfolio
Managed by . 2,765 reported positions worth $19.6B as of 2026-03-31, filed with the SEC on 2026-05-14. Parsed from the filing itself, not a reseller.
$19.6B
Book value
2,765
Positions
28%
Top 10 weight
+68
New this quarter
-111
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 44 days old on 2026-05-14, 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 (68)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| SPHY | STATE STREET SPDR PORTFOLIO HIGH Y | $39.1M | 1,674,673 | 0.20% |
| AZN | ASTRAZENECA PLC | $28.6M | 147,386 | 0.15% |
| SSB | SOUTHSTATE BANK CORP | $25.5M | 276,053 | 0.13% |
| PNFP | PINNACLE FINANCIAL PARTNERS INC | $22.2M | 257,751 | 0.11% |
| TRV | TRAVELERS COMPANIES INC | $14.7M | 50,540 | 0.08% |
| TGT | TARGET CORP | $12.8M | 105,829 | 0.07% |
| SPXC | SPX TECHNOLOGIES INC | $10.3M | 51,581 | 0.05% |
| VRSN | VERISIGN INC | $4.8M | 19,293 | 0.02% |
| AMCR | AMCOR PLC | $4.3M | 107,941 | 0.02% |
| PIPR | PIPER SANDLER COMPANIES | $2.9M | 37,744 | 0.01% |
| SUNB | SUNBELT RENTALS HOLDINGS INC | $2.5M | 39,821 | 0.01% |
| INDV | INDIVIOR PHARMACEUTICALS INC | $2.1M | 67,559 | 0.01% |
| TSEM | TOWER SEMICONDUCTOR LTD | $1.8M | 10,837 | 0.01% |
| DFTX | DEFINIUM THERAPEUTICS INC | $1.0M | 54,261 | 0.01% |
| QGEN | QIAGEN NV | $998,811 | 24,949 | 0.01% |
| XERS | XERIS BIOPHARMA HOLDINGS INC | $445,225 | 76,763 | 0.00% |
| BBUC | BROOKFIELD BUSINESS CORP CLASS A | $439,005 | 13,875 | 0.00% |
| UHT | UNIVERSAL HEALTH REALTY INCOME TRU | $304,496 | 7,524 | 0.00% |
| ASST | STRIVE INC CLASS A | $292,233 | 29,165 | 0.00% |
| CDNL | CARDINAL INFRASTRUCTURE GROUP INC | $286,428 | 7,223 | 0.00% |
| BETA | BETA TECHNOLOGIES INC CLASS A | $274,052 | 18,643 | 0.00% |
| AMBQ | AMBIQ MICRO INC | $258,394 | 10,169 | 0.00% |
| MDLN | MEDLINE INC CLASS A | $236,429 | 5,313 | 0.00% |
| OMDA | OMADA HEALTH INC | $234,581 | 18,662 | 0.00% |
| YSS | YORK SPACE SYSTEMS INC | $224,826 | 10,141 | 0.00% |
Closed out (111)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| SOUTHSTATE BANK CORP | SOUTHSTATE BANK CORP | $21.6M | 229,479 | 0.00% |
| SYU1 | SYNOVUS FINANCIAL CORP | $21.0M | 418,832 | 0.00% |
| TRAVELERS COMPANIES INC | TRAVELERS COMPANIES INC | $15.5M | 53,466 | 0.00% |
| PCH | POTLATCHDELTIC CORP | $15.4M | 388,282 | 0.00% |
| STEVANATO GROUP | STEVANATO GROUP | $13.1M | 650,811 | 0.00% |
| TARGET CORP | TARGET CORP | $10.6M | 108,929 | 0.00% |
| SPX TECHNOLOGIES INC | SPX TECHNOLOGIES INC | $10.4M | 51,768 | 0.00% |
| CADE | CADENCE BANK | $8.2M | 190,755 | 0.00% |
| CMA | COMERICA INC | $5.4M | 62,417 | 0.00% |
| VERISIGN INC | VERISIGN INC | $4.9M | 19,996 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARENT INC | $4.7M | 122,218 | 0.00% |
| AMCR | AMCOR PLC | $4.6M | 553,309 | 0.00% |
| RNAGBP | AVIDITY BIOSCIENCES INC | $4.6M | 63,711 | 0.00% |
| PINNACLE FINANCIAL PARTN | PINNACLE FINANCIAL PARTNERS INC | $3.6M | 37,829 | 0.00% |
| 62C | PIPER SANDLER COMPANIES | $3.3M | 9,579 | 0.00% |
| DAY | DAYFORCE INC | $2.7M | 38,949 | 0.00% |
| INDV | INDIVIOR PLC | $2.4M | 67,247 | 0.00% |
| CDTX | CIDARA THERAPEUTICS INC | $2.4M | 10,799 | 0.00% |
| TGNA | TEGNA INC | $1.7M | 88,916 | 0.00% |
| 1RG | REV GROUP INC | $1.7M | 27,369 | 0.00% |
| HYG | ISHARES IBOXX $ HIGH YIELD CORPORA | $1.4M | 17,500 | 0.00% |
| JNK | STATE STREET SPDR BLOOMBERG HIGH Y | $1.4M | 14,500 | 0.00% |
| BKLN | INVESCO SENIOR LOAN ETF | $1.4M | 67,000 | 0.00% |
| 9HI | HILLENBRAND INC | $1.2M | 39,332 | 0.00% |
| QGEN | QIAGEN NV | $1.1M | 24,601 | 0.00% |
Added to (604)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| SPY | STATE STREET SPDR S&P ETF TRUST | $196.1M | 301,550 | 1.00% | +44% |
| EFA | ISHARES MSCI EAFE ETF | $49.0M | 504,000 | 0.25% | +133% |
| INTC | INTEL CORPORATION CORP | $48.2M | 1,092,476 | 0.25% | +2% |
| IWF | ISHARES RUSSELL GROWTH | $38.7M | 90,800 | 0.20% | +5% |
| PANW | PALO ALTO NETWORKS INC | $37.6M | 234,680 | 0.19% | +20% |
| MDY | STATE STREET SPDR S&P MIDCAP ETF | $34.4M | 55,700 | 0.18% | +7% |
| AEIS | ADVANCED ENERGY INDUSTRIES INC | $32.2M | 99,863 | 0.16% | +20% |
| AR | ANTERO RESOURCES CORP | $30.9M | 729,042 | 0.16% | +33% |
| ONB | OLD NATIONAL BANCORP | $28.9M | 1,308,537 | 0.15% | +266% |
| CDE | COEUR MINING INC | $26.9M | 1,432,503 | 0.14% | +26% |
| VRT | VERTIV HOLDINGS CLASS A | $26.7M | 106,524 | 0.14% | +334% |
| PRAX | PRAXIS PRECISION MEDICINES INC | $26.1M | 80,930 | 0.13% | +551% |
| KTB | KONTOOR BRANDS INC | $24.9M | 354,655 | 0.13% | +28% |
| JBTM | JBT MAREL CORP | $23.6M | 184,535 | 0.12% | +12% |
| VOYA | VOYA FINANCIAL INC | $23.1M | 337,948 | 0.12% | +627% |
Trimmed (1259)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| WW | WW INTERNATIONAL INC | $14 | 1 | 0.00% | -100% |
| UWMC | UWM HOLDINGS CORP CLASS A | $17,318 | 4,784 | 0.00% | -100% |
| FWRG | FIRST WATCH RESTAURANT GROUP INC | $337,487 | 32,203 | 0.00% | -97% |
| GTM | ZOOMINFO TECHNOLOGIES INC | $25,427 | 4,252 | 0.00% | -97% |
| KMPR | KEMPER CORP | $29,093 | 952 | 0.00% | -97% |
| QDEL | QUIDELORTHO CORP | $626,969 | 38,160 | 0.00% | -95% |
| WABC | WESTAMERICA BANCORPORATION | $664,130 | 12,735 | 0.00% | -94% |
| LW | LAMB WESTON HOLDINGS INC | $93,141 | 2,204 | 0.00% | -93% |
| MTCH | MATCH GROUP INC | $118,448 | 3,857 | 0.00% | -93% |
| DX | DYNEX CAPITAL REIT INC | $1.4M | 108,876 | 0.01% | -91% |
| BANR | BANNER CORP | $1.2M | 19,931 | 0.01% | -91% |
| FG | F&G ANNUITIES AND LIFE INC | $542,861 | 21,440 | 0.00% | -90% |
| OI | O I GLASS INC | $837,542 | 79,690 | 0.00% | -90% |
| CNDT | CONDUENT INC | $6,624 | 5,175 | 0.00% | -89% |
| CATALYST PHARMACEUTICALS | CATALYST PHARMACEUTICALS INC | $1.6M | 65,910 | 0.01% | -89% |
The book
Largest 150 of 2,765 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORP | $1.1B | 6,543,607 | 5.82% | — |
| AAPL | APPLE INC | $1.0B | 3,971,879 | 5.14% | — |
| MSFT | MICROSOFT CORP | $747.7M | 2,019,849 | 3.81% | — |
| AMZN | AMAZON COM INC | $530.5M | 2,547,175 | 2.71% | — |
| GOOGL | ALPHABET INC CLASS A | $433.8M | 1,508,450 | 2.21% | — |
| AVGO | BROADCOM INC | $400.5M | 1,294,054 | 2.04% | — |
| GOOG | ALPHABET INC CLASS C | $348.4M | 1,214,375 | 1.78% | — |
| META | META PLATFORMS INC CLASS A | $334.5M | 584,643 | 1.71% | — |
| TSLA | TESLA INC | $287.7M | 773,884 | 1.47% | — |
| BRK/B | BERKSHIRE HATHAWAY INC CLASS B | $205.4M | 428,650 | 1.05% | — |
| LLY | ELI LILLY | $203.7M | 221,464 | 1.04% | — |
| SPY | STATE STREET SPDR S&P ETF TRUST | $196.1M | 301,550 | 1.00% | — |
| JPM | JPMORGAN CHASE | $185.4M | 630,335 | 0.95% | — |
| BSV | VANGUARD SHORT-TERM BOND INDEX FUN | $178.3M | 2,274,500 | 0.91% | — |
| EXMOC | EXXON MOBIL CORP | $165.8M | 977,222 | 0.85% | — |
| V | VISA INC CLASS A | $141.7M | 468,826 | 0.72% | — |
| JNJ | JOHNSON & JOHNSON | $137.6M | 563,045 | 0.70% | — |
| WMT | WALMART INC | $129.7M | 1,043,359 | 0.66% | — |
| COST | COSTCO WHOLESALE CORP | $123.3M | 123,754 | 0.63% | — |
| NFLX | NETFLIX INC | $113.3M | 1,178,112 | 0.58% | — |
| MA | MASTERCARD INC CLASS A | $113.1M | 226,444 | 0.58% | — |
| ABBV | ABBVIE INC | $107.2M | 493,002 | 0.55% | — |
| PLTR | PALANTIR TECHNOLOGIES INC CLASS A | $92.3M | 630,714 | 0.47% | — |
| CVX | CHEVRON CORP | $90.6M | 437,986 | 0.46% | — |
| MU | MICRON TECHNOLOGY INC | $88.8M | 262,856 | 0.45% | — |
| HD | HOME DEPOT INC | $87.8M | 266,866 | 0.45% | — |
| AMD | ADVANCED MICRO DEVICES INC | $86.1M | 423,156 | 0.44% | — |
| GE | GE AEROSPACE | $82.8M | 291,875 | 0.42% | — |
| CAT | CATERPILLAR INC | $78.8M | 111,257 | 0.40% | — |
| PG | PROCTER & GAMBLE | $78.5M | 543,436 | 0.40% | — |
| BAC | BANK OF AMERICA CORP | $76.7M | 1,572,900 | 0.39% | — |
| KO | COCA-COLA | $75.3M | 990,664 | 0.38% | — |
| LRCX | LAM RESEARCH CORP | $74.5M | 348,574 | 0.38% | — |
| CSCO | CISCO SYSTEMS INC | $71.7M | 923,696 | 0.37% | — |
| MRK | MERCK & CO INC | $69.8M | 580,004 | 0.36% | — |
| ORCL | ORACLE CORP | $69.4M | 471,999 | 0.35% | — |
| AMAT | APPLIED MATERIAL INC | $66.9M | 195,613 | 0.34% | — |
| GEV | GE VERNOVA INC | $65.6M | 75,175 | 0.33% | — |
| RTX | RTX CORP | $60.5M | 313,567 | 0.31% | — |
| PM | PHILIP MORRIS INTERNATIONAL INC | $60.1M | 363,757 | 0.31% | — |
| GS | GOLDMAN SACHS GROUP INC | $59.8M | 70,698 | 0.31% | — |
| WFC | WELLS FARGO | $57.5M | 722,691 | 0.29% | — |
| UNH | UNITEDHEALTH GROUP INC | $57.3M | 211,728 | 0.29% | — |
| LIN | LINDE PLC | $54.1M | 109,153 | 0.28% | — |
| KLAC | KLA CORP | $53.9M | 36,580 | 0.27% | — |
| IBM | INTERNATIONAL BUSINESS MACHINES CO | $52.9M | 218,342 | 0.27% | — |
| MCD | MCDONALDS CORP | $52.3M | 168,273 | 0.27% | — |
| PEP | PEPSICO INC | $50.9M | 327,860 | 0.26% | — |
| AMGN | AMGEN INC | $50.6M | 143,722 | 0.26% | — |
| VZ | VERIZON COMMUNICATIONS INC | $49.5M | 985,457 | 0.25% | — |
| EFA | ISHARES MSCI EAFE ETF | $49.0M | 504,000 | 0.25% | — |
| INTC | INTEL CORPORATION CORP | $48.2M | 1,092,476 | 0.25% | — |
| C | CITIGROUP INC | $47.9M | 422,054 | 0.24% | — |
| LQD | ISHARES IBOXX $ INV GRADE CORPORAT | $47.4M | 434,940 | 0.24% | — |
| T | AT&T INC | $47.4M | 1,634,303 | 0.24% | — |
| MS | MORGAN STANLEY | $46.1M | 279,988 | 0.23% | — |
| ISRG | INTUITIVE SURGICAL INC | $45.6M | 98,878 | 0.23% | — |
| TJX | TJX INC | $45.5M | 284,845 | 0.23% | — |
| NEE | NEXTERA ENERGY INC | $45.2M | 486,683 | 0.23% | — |
| TXN | TEXAS INSTRUMENT INC | $44.4M | 228,863 | 0.23% | — |
| APH | AMPHENOL CORP CLASS A | $43.2M | 342,145 | 0.22% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $43.2M | 87,821 | 0.22% | — |
| GILD | GILEAD SCIENCES INC | $42.5M | 305,106 | 0.22% | — |
| ABT | ABBOTT LABORATORIES | $41.7M | 406,187 | 0.21% | — |
| CRM | SALESFORCE INC | $41.7M | 223,136 | 0.21% | — |
| UBER | UBER TECHNOLOGIES INC | $41.1M | 571,040 | 0.21% | — |
| AXP | AMERICAN EXPRESS | $40.3M | 133,206 | 0.21% | — |
| DIS | WALT DISNEY | $39.9M | 414,014 | 0.20% | — |
| SPHY | STATE STREET SPDR PORTFOLIO HIGH Y | $39.1M | 1,674,673 | 0.20% | — |
| IWF | ISHARES RUSSELL GROWTH | $38.7M | 90,800 | 0.20% | — |
| COP | CONOCOPHILLIPS | $37.8M | 286,472 | 0.19% | — |
| PANW | PALO ALTO NETWORKS INC | $37.6M | 234,680 | 0.19% | — |
| BKNG | BOOKING HOLDINGS INC | $37.6M | 8,919 | 0.19% | — |
| BA | BOEING | $37.4M | 187,808 | 0.19% | — |
| PFE | PFIZER INC | $37.3M | 1,328,456 | 0.19% | — |
| SCHW | CHARLES SCHWAB CORP | $37.3M | 396,868 | 0.19% | — |
| ADI | ANALOG DEVICES INC | $36.3M | 114,177 | 0.19% | — |
| WELL | WELLTOWER INC | $36.1M | 182,612 | 0.18% | — |
| ANET | ARISTA NETWORKS INC | $35.3M | 287,826 | 0.18% | — |
| IWM | ISHARES RUSSELL ETF | $34.7M | 139,721 | 0.18% | — |
| MDY | STATE STREET SPDR S&P MIDCAP ETF | $34.4M | 55,700 | 0.18% | — |
| UNP | UNION PACIFIC CORP | $34.2M | 140,860 | 0.17% | — |
| HONGBP | HONEYWELL INTERNATIONAL INC | $33.5M | 148,365 | 0.17% | — |
| QCOM | QUALCOMM INC | $33.5M | 260,387 | 0.17% | — |
| INTU | INTUIT INC | $33.4M | 77,262 | 0.17% | — |
| DE | DEERE | $33.1M | 58,780 | 0.17% | — |
| BLK | BLACKROCK INC | $32.6M | 33,852 | 0.17% | — |
| ETN | EATON PLC | $32.5M | 90,812 | 0.17% | — |
| AEIS | ADVANCED ENERGY INDUSTRIES INC | $32.2M | 99,863 | 0.16% | — |
| PLD | PROLOGIS REIT INC | $32.2M | 243,466 | 0.16% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $31.6M | 70,804 | 0.16% | — |
| LOW | LOWES COMPANIES INC | $31.0M | 131,064 | 0.16% | — |
| AR | ANTERO RESOURCES CORP | $30.9M | 729,042 | 0.16% | — |
| NOW | SERVICENOW INC | $30.5M | 291,520 | 0.16% | — |
| SPGI | S&P GLOBAL INC | $30.4M | 71,455 | 0.15% | — |
| LMT | LOCKHEED MARTIN CORP | $30.2M | 49,966 | 0.15% | — |
| BMY | BRISTOL MYERS SQUIBB | $29.9M | 493,565 | 0.15% | — |
| APP | APPLOVIN CORP CLASS A | $29.3M | 73,552 | 0.15% | — |
| MCK | MCKESSON CORP | $29.2M | 33,790 | 0.15% | — |
| ONB | OLD NATIONAL BANCORP | $28.9M | 1,308,537 | 0.15% | — |
| AZN | ASTRAZENECA PLC | $28.6M | 147,386 | 0.15% | — |
| ACN | ACCENTURE PLC CLASS A | $28.5M | 143,772 | 0.15% | — |
| DHR | DANAHER CORP | $27.9M | 147,013 | 0.14% | — |
| ADBE | ADOBE INC | $27.8M | 114,410 | 0.14% | — |
| SYK | STRYKER CORP | $27.8M | 84,470 | 0.14% | — |
| CB | CHUBB | $27.7M | 85,019 | 0.14% | — |
| NEM | NEWMONT | $27.6M | 255,105 | 0.14% | — |
| ITT | ITT INC | $27.5M | 144,275 | 0.14% | — |
| PGR | PROGRESSIVE CORP | $27.4M | 138,272 | 0.14% | — |
| CRWD | CROWDSTRIKE HOLDINGS INC CLASS A | $27.3M | 69,989 | 0.14% | — |
| CDE | COEUR MINING INC | $26.9M | 1,432,503 | 0.14% | — |
| VRT | VERTIV HOLDINGS CLASS A | $26.7M | 106,524 | 0.14% | — |
| COF | CAPITAL ONE FINANCIAL CORP | $26.6M | 145,885 | 0.14% | — |
| PH | PARKER-HANNIFIN CORP | $26.4M | 29,500 | 0.13% | — |
| PRAX | PRAXIS PRECISION MEDICINES INC | $26.1M | 80,930 | 0.13% | — |
| MDT | MEDTRONIC PLC | $26.0M | 299,560 | 0.13% | — |
| MO | ALTRIA GROUP INC | $25.9M | 392,372 | 0.13% | — |
| AXSM | AXSOME THERAPEUTICS INC | $25.8M | 152,645 | 0.13% | — |
| HWM | HOWMET AEROSPACE INC | $25.8M | 111,783 | 0.13% | — |
| TT | TRANE TECHNOLOGIES PLC | $25.8M | 61,806 | 0.13% | — |
| SSB | SOUTHSTATE BANK CORP | $25.5M | 276,053 | 0.13% | — |
| ZION | ZIONS BANCORPORATION | $25.2M | 438,057 | 0.13% | — |
| EQIX | EQUINIX REIT INC | $25.2M | 25,732 | 0.13% | — |
| KTB | KONTOOR BRANDS INC | $24.9M | 354,655 | 0.13% | — |
| CME | CME GROUP INC CLASS A | $24.9M | 84,243 | 0.13% | — |
| SO | SOUTHERN | $24.8M | 257,296 | 0.13% | — |
| GLW | CORNING INC | $24.8M | 182,425 | 0.13% | — |
| SBUX | STARBUCKS CORP | $24.5M | 272,966 | 0.12% | — |
| HALO | HALOZYME THERAPEUTICS INC | $24.2M | 374,931 | 0.12% | — |
| CMCSA | COMCAST CORP CLASS A | $24.1M | 838,897 | 0.12% | — |
| BX | BLACKSTONE INC | $24.0M | 208,301 | 0.12% | — |
| DUK | DUKE ENERGY CORP | $23.8M | 181,710 | 0.12% | — |
| WM | WASTE MANAGEMENT INC | $23.8M | 103,384 | 0.12% | — |
| HWC | HANCOCK WHITNEY CORP | $23.7M | 372,621 | 0.12% | — |
| JBTM | JBT MAREL CORP | $23.6M | 184,535 | 0.12% | — |
| TMUS | T MOBILE US INC | $23.3M | 110,839 | 0.12% | — |
| VOYA | VOYA FINANCIAL INC | $23.1M | 337,948 | 0.12% | — |
| LFUS | LITTELFUSE INC | $22.8M | 67,235 | 0.12% | — |
| ADP | AUTOMATIC DATA PROCESSING INC | $22.5M | 110,966 | 0.11% | — |
| AMT | AMERICAN TOWER REIT CORP | $22.5M | 130,493 | 0.11% | — |
| BSX | BOSTON SCIENTIFIC CORP | $22.5M | 357,894 | 0.11% | — |
| ATR | APTARGROUP INC | $22.3M | 177,129 | 0.11% | — |
| PNFP | PINNACLE FINANCIAL PARTNERS INC | $22.2M | 257,751 | 0.11% | — |
| POR | PORTLAND GENERAL ELECTRIC | $22.0M | 416,820 | 0.11% | — |
| PWR | QUANTA SERVICES INC | $21.9M | 39,964 | 0.11% | — |
| SNDK | SANDISK CORP | $21.9M | 34,417 | 0.11% | — |
| MRCY | MERCURY SYSTEMS INC | $21.6M | 295,739 | 0.11% | — |
| ACIW | ACI WORLDWIDE INC | $21.5M | 523,795 | 0.11% | — |
| WDC | WESTERN DIGITAL CORP | $21.4M | 79,241 | 0.11% | — |
| ORLY | O REILLY AUTOMOTIVE INC | $21.4M | 231,672 | 0.11% | — |
This table is the 150 largest positions by value, out of 2,765 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 MetLife Investment Management, LLC (CIK 1529735, accession 0001628280-26-035183). 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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