13F holdings
NATIONAL BANK OF CANADA /FI/ portfolio
Managed by . 2,634 reported positions worth $97.7B as of 2026-03-31, filed with the SEC on 2026-05-15. Parsed from the filing itself, not a reseller.
$97.7B
Book value
2,634
Positions
33%
Top 10 weight
+318
New this quarter
-261
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 (318)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| AZN | ASTRAZENECA PLC | $417.6M | 2,137,511 | 0.43% |
| RVMD | REVOLUTION MEDICINES INC | $170.1M | 1,749,000 | 0.17% |
| IREN | IREN LIMITED | $57.6M | 1,680,000 | 0.06% |
| ONDS | ONDAS INC | $38.2M | 4,221,620 | 0.04% |
| FTAI | FTAI AVIATION LTD | $33.9M | 138,203 | 0.03% |
| CGGR | CAPITAL GROUP GROWTH ETF | $32.2M | 800,000 | 0.03% |
| BIO | BIO RAD LABS INC | $25.1M | 90,000 | 0.03% |
| ASCENDIS PHARMA A/S | ASCENDIS PHARMA A/S | $18.3M | 80,017 | 0.02% |
| MINV | MATTHEWS ASIA FDS | $18.1M | 477,341 | 0.02% |
| NBJP | NEUBERGER BERMAN ETF TRUST | $17.2M | 537,119 | 0.02% |
| MDA | MDA SPACE LTD | $16.3M | 644,509 | 0.02% |
| ITT | ITT INC | $14.3M | 74,800 | 0.01% |
| FOXF | FOX FACTORY HLDG CORP | $13.2M | 800,000 | 0.01% |
| JIRE | J P MORGAN EXCHANGE TRADED F | $9.9M | 130,600 | 0.01% |
| AXS | AXIS CAP HLDGS LTD | $9.2M | 90,414 | 0.01% |
| TS | TENARIS S A | $8.5M | 145,855 | 0.01% |
| PEN | PENUMBRA INC | $7.2M | 22,000 | 0.01% |
| LUNR | INTUITIVE MACHINES INC | $7.1M | 382,227 | 0.01% |
| JEMA | J P MORGAN EXCHANGE TRADED F | $6.6M | 127,500 | 0.01% |
| PR | PERMIAN RESOURCES CORP | $6.5M | 303,456 | 0.01% |
| DQ | DAQO NEW ENERGY CORP | $6.5M | 303,700 | 0.01% |
| FDEC | FIRST TR EXCHNG TRADED FD VI | $6.3M | 127,221 | 0.01% |
| WH | WYNDHAM HOTELS & RESORTS INC | $5.8M | 70,800 | 0.01% |
| TFLO | ISHARES TR | $5.6M | 110,020 | 0.01% |
| FOUR | SHIFT4 PMTS INC | $5.4M | 124,546 | 0.01% |
Closed out (261)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| AZNN | ASTRAZENECA PLC | $205.6M | 2,236,063 | 0.00% |
| REXR | REXFORD INDL RLTY INC | $81.2M | 2,098,000 | 0.00% |
| EWJ | ISHARES INC | $48.6M | 601,400 | 0.00% |
| BOX | BOX INC | $17.9M | 600,000 | 0.00% |
| WFRD | WEATHERFORD INTL PLC | $16.6M | 212,142 | 0.00% |
| EDU | NEW ORIENTAL ED & TECHNOLOGY | $14.8M | 268,400 | 0.00% |
| BRX | BRIXMOR PPTY GROUP INC | $14.6M | 556,430 | 0.00% |
| NGDN | NEW GOLD INC CDA | $14.0M | 1,625,662 | 0.00% |
| GRTUF | GRANITE REAL ESTATE INVT TR | $13.3M | 225,133 | 0.00% |
| HCC | WARRIOR MET COAL INC | $7.5M | 85,404 | 0.00% |
| AMCR | AMCOR PLC | $7.3M | 874,495 | 0.00% |
| DAY | DAYFORCE INC | $6.7M | 96,995 | 0.00% |
| ANGL | VANECK ETF TRUST | $5.8M | 198,374 | 0.00% |
| EXK | EXACT SCIENCES CORP | $5.8M | 57,152 | 0.00% |
| MANH | MANHATTAN ASSOCIATES INC | $4.5M | 26,168 | 0.00% |
| SGML | SIGMA LITHIUM CORPORATION | $4.4M | 336,600 | 0.00% |
| AEHR | AEHR TEST SYS | $4.2M | 206,011 | 0.00% |
| CAPR | CAPRICOR THERAPEUTICS INC | $4.1M | 143,500 | 0.00% |
| TIGR | UP FINTECH HLDG LTD | $4.1M | 430,920 | 0.00% |
| BJRI | BJS RESTAURANTS INC | $3.9M | 100,000 | 0.00% |
| LW | LAMB WESTON HLDGS INC | $3.7M | 88,548 | 0.00% |
| R | RYDER SYS INC | $3.7M | 19,094 | 0.00% |
| BROOKFIELD BUSINESS PART | BROOKFIELD BUSINESS PARTNERS | $3.1M | 90,533 | 0.00% |
| APLD | APPLIED DIGITAL CORP | $3.0M | 121,000 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARE | $2.7M | 71,258 | 0.00% |
Added to (903)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $7.0B | 39,888,153 | 7.12% | +48% |
| AAPL | APPLE INC | $4.6B | 17,998,880 | 4.67% | +26% |
| MSFT | MICROSOFT CORP | $4.4B | 11,902,573 | 4.51% | +20% |
| GOOGL | ALPHABET INC | $3.1B | 10,746,678 | 3.16% | +10% |
| TD | TORONTO DOMINION BK ONT | $2.6B | 27,422,403 | 2.62% | +7% |
| AMZN | AMAZON COM INC | $2.4B | 11,718,509 | 2.50% | +9% |
| GOOG | ALPHABET INC | $2.2B | 7,639,013 | 2.24% | +21% |
| SHOP | SHOPIFY INC | $1.5B | 12,811,918 | 1.55% | +36% |
| MU | MICRON TECHNOLOGY INC | $1.5B | 4,323,263 | 1.49% | +26% |
| JPM | JPMORGAN CHASE & CO | $1.1B | 3,696,591 | 1.11% | +33% |
| UNH | UNITEDHEALTH GROUP INC | $1.0B | 3,826,523 | 1.06% | +63% |
| BN | BROOKFIELD CORP | $979.4M | 24,212,041 | 1.00% | +5% |
| AMD | ADVANCED MICRO DEVICES INC | $919.0M | 4,517,318 | 0.94% | +141% |
| MFC | MANULIFE FINL CORP | $899.7M | 26,160,388 | 0.92% | +19% |
| WMT | WALMART INC | $790.2M | 6,358,346 | 0.81% | +43% |
Trimmed (909)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| MLCO | MELCO RESORTS AND ENTMNT LTD | $6 | 1 | 0.00% | -100% |
| ETSY | ETSY INC | $100 | 2 | 0.00% | -100% |
| CZR | CAESARS ENTERTAINMENT INC NE | $238 | 9 | 0.00% | -100% |
| PRMB | PRIMO BRANDS CORPORATION | $1,186 | 63 | 0.00% | -100% |
| MOH | MOLINA HEALTHCARE INC | $666 | 5 | 0.00% | -100% |
| OFFERPAD SOLUTIONS INC | OFFERPAD SOLUTIONS INC | $13 | 20 | 0.00% | -100% |
| OLAPLEX HLDGS INC | OLAPLEX HLDGS INC | $343 | 173 | 0.00% | -100% |
| AI | C3 AI INC | $9,988 | 1,188 | 0.00% | -100% |
| WGS | GENEDX HOLDINGS CORP | $2,312 | 36 | 0.00% | -100% |
| RXRX | RECURSION PHARMACEUTICALS IN | $5,621 | 1,837 | 0.00% | -100% |
| KGEI | KOLIBRI GLOBAL ENERGY INC | $2,133 | 403 | 0.00% | -100% |
| AUR | AURORA INNOVATION INC | $36,718 | 8,944 | 0.00% | -100% |
| XLE | SELECT SECTOR SPDR TR | $10,784 | 182 | 0.00% | -100% |
| HTZ | HERTZ GLOBAL HLDGS INC | $548 | 119 | 0.00% | -100% |
| JBBB | JANUS DETROIT STR TR | $1,676 | 36 | 0.00% | -100% |
The book
Largest 150 of 2,634 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $7.0B | 39,888,153 | 7.12% | — |
| AAPL | APPLE INC | $4.6B | 17,998,880 | 4.67% | — |
| MSFT | MICROSOFT CORP | $4.4B | 11,902,573 | 4.51% | — |
| GOOGL | ALPHABET INC | $3.1B | 10,746,678 | 3.16% | — |
| RY | ROYAL BK CDA | $2.6B | 16,182,381 | 2.67% | — |
| TD | TORONTO DOMINION BK ONT | $2.6B | 27,422,403 | 2.62% | — |
| AMZN | AMAZON COM INC | $2.4B | 11,718,509 | 2.50% | — |
| GOOG | ALPHABET INC | $2.2B | 7,639,013 | 2.24% | — |
| TSLA | TESLA INC | $2.0B | 5,341,342 | 2.03% | — |
| AVGO | BROADCOM INC | $1.9B | 6,006,872 | 1.90% | — |
| META | META PLATFORMS INC | $1.7B | 2,978,516 | 1.74% | — |
| SHOP | SHOPIFY INC | $1.5B | 12,811,918 | 1.55% | — |
| MU | MICRON TECHNOLOGY INC | $1.5B | 4,323,263 | 1.49% | — |
| BMO | BANK MONTREAL MEDIUM | $1.5B | 10,760,298 | 1.49% | — |
| CM | CANADIAN IMPERIAL BANK OF CO | $1.2B | 12,952,062 | 1.25% | — |
| BNS | BANK NOVA SCOTIA B C | $1.1B | 16,409,996 | 1.16% | — |
| JPM | JPMORGAN CHASE & CO | $1.1B | 3,696,591 | 1.11% | — |
| ENB | ENBRIDGE INC | $1.1B | 19,496,834 | 1.08% | — |
| UNH | UNITEDHEALTH GROUP INC | $1.0B | 3,826,523 | 1.06% | — |
| BN | BROOKFIELD CORP | $979.4M | 24,212,041 | 1.00% | — |
| AMD | ADVANCED MICRO DEVICES INC | $919.0M | 4,517,318 | 0.94% | — |
| MFC | MANULIFE FINL CORP | $899.7M | 26,160,388 | 0.92% | — |
| WMT | WALMART INC | $790.2M | 6,358,346 | 0.81% | — |
| AEM | AGNICO EAGLE MINES LTD | $739.4M | 3,664,691 | 0.76% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $690.3M | 4,719,275 | 0.71% | — |
| CNI | CANADIAN NATL RY CO | $685.8M | 6,685,129 | 0.70% | — |
| SU | SUNCOR ENERGY INC NEW | $677.0M | 10,249,189 | 0.69% | — |
| COST | COSTCO WHOLESALE CORPORATION | $659.7M | 662,080 | 0.68% | — |
| HONGBP | HONEYWELL INTL INC | $649.1M | 2,871,751 | 0.66% | — |
| TRP | TC ENERGY CORP | $641.0M | 10,335,091 | 0.66% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $591.1M | 1,749,057 | 0.60% | — |
| CNQ | CANADIAN NAT RES LTD MED TER | $579.6M | 12,004,421 | 0.59% | — |
| CSCO | CISCO SYS INC | $572.8M | 7,382,173 | 0.59% | — |
| LLY | ELI LILLY & CO | $570.5M | 620,178 | 0.58% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $568.5M | 1,186,389 | 0.58% | — |
| CP | CANADIAN PACIFIC KANSAS CITY | $554.9M | 7,080,217 | 0.57% | — |
| BCE | BCE INC | $535.4M | 21,250,639 | 0.55% | — |
| LRCX | LAM RESEARCH CORP | $528.7M | 2,474,441 | 0.54% | — |
| NFLX | NETFLIX INC. | $511.3M | 5,317,300 | 0.52% | — |
| BAC | BANK AMERICA CORP | $489.9M | 10,049,780 | 0.50% | — |
| ORCL | ORACLE CORP | $434.0M | 2,950,290 | 0.44% | — |
| JNJ | JOHNSON & JOHNSON | $423.1M | 1,731,044 | 0.43% | — |
| RCI | ROGERS COMMUNICATIONS INC | $419.8M | 10,957,289 | 0.43% | — |
| AZN | ASTRAZENECA PLC | $417.6M | 2,137,511 | 0.43% | — |
| SLF | SUN LIFE FINANCIAL INC. | $417.1M | 6,679,041 | 0.43% | — |
| WPM | WHEATON PRECIOUS METALS CORP | $415.6M | 3,175,087 | 0.43% | — |
| INTC | INTEL CORP | $406.8M | 9,217,072 | 0.42% | — |
| AMAT | APPLIED MATLS INC | $399.4M | 1,168,471 | 0.41% | — |
| MA | MASTERCARD INCORPORATED | $395.1M | 790,706 | 0.40% | — |
| HD | HOME DEPOT INC | $393.6M | 1,196,798 | 0.40% | — |
| FTS | FORTIS INC | $377.6M | 6,783,283 | 0.39% | — |
| WBD | WARNER BROS DISCOVERY INC | $365.2M | 13,299,527 | 0.37% | — |
| CCJ | CAMECO CORP | $347.0M | 3,222,244 | 0.36% | — |
| PG | PROCTER & GAMBLE CO | $344.8M | 2,386,923 | 0.35% | — |
| NTR | NUTRIEN LTD | $341.9M | 4,559,271 | 0.35% | — |
| ADBE | ADOBE INC | $341.5M | 1,404,690 | 0.35% | — |
| PEP | PEPSICO INC | $332.7M | 2,142,689 | 0.34% | — |
| FNV | FRANCO NEV CORP | $331.4M | 1,353,107 | 0.34% | — |
| WCN | WASTE CONNECTIONS INC | $323.7M | 1,998,395 | 0.33% | — |
| TU | TELUS CORPORATION | $307.2M | 23,930,150 | 0.31% | — |
| V | VISA INC | $298.0M | 986,253 | 0.30% | — |
| KGC | KINROSS GOLD CORP | $272.1M | 8,920,887 | 0.28% | — |
| UBER | UBER TECHNOLOGIES INC | $270.3M | 3,757,685 | 0.28% | — |
| BA | BOEING CO | $269.8M | 1,355,604 | 0.28% | — |
| QSR | RESTAURANT BRANDS INTL INC | $259.8M | 3,553,001 | 0.27% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $257.3M | 395,472 | 0.26% | — |
| PBA | PEMBINA PIPELINE CORP | $256.2M | 5,754,268 | 0.26% | — |
| QQQ | INVESCO QQQ TR | $250.3M | 433,674 | 0.26% | — |
| EXMOC | EXXON MOBIL CORP | $249.8M | 1,472,420 | 0.26% | — |
| PM | PHILIP MORRIS INTL INC | $248.3M | 1,501,531 | 0.25% | — |
| NOW | SERVICENOW INC | $247.4M | 2,366,262 | 0.25% | — |
| KO | COCA COLA CO | $246.4M | 3,239,438 | 0.25% | — |
| GDX | VANECK ETF TRUST | $242.6M | 2,643,749 | 0.25% | — |
| GS | GOLDMAN SACHS GROUP INC | $237.0M | 280,146 | 0.24% | — |
| MRK | MERCK & CO INC | $235.9M | 1,961,390 | 0.24% | — |
| CVE | CENOVUS ENERGY INC | $233.2M | 8,804,505 | 0.24% | — |
| RTX | RTX CORPORATION | $232.1M | 1,203,154 | 0.24% | — |
| GILD | GILEAD SCIENCES INC | $225.0M | 1,614,500 | 0.23% | — |
| MCD | MCDONALDS CORP | $224.7M | 723,154 | 0.23% | — |
| BKNG | BOOKING HOLDINGS INC | $216.9M | 51,511 | 0.22% | — |
| CLS | CELESTICA INC | $215.1M | 765,395 | 0.22% | — |
| CRWD | CROWDSTRIKE HLDGS INC | $214.5M | 549,528 | 0.22% | — |
| DLTR | DOLLAR TREE INC | $210.3M | 1,920,239 | 0.22% | — |
| KLAC | KLA CORP | $208.0M | 141,258 | 0.21% | — |
| MS | MORGAN STANLEY | $205.2M | 1,247,157 | 0.21% | — |
| GIB | CGI INC | $204.6M | 2,816,139 | 0.21% | — |
| ABBV | ABBVIE INC | $201.6M | 927,136 | 0.21% | — |
| PANW | PALO ALTO NETWORKS INC | $198.7M | 1,239,268 | 0.20% | — |
| CAT | CATERPILLAR INC | $198.5M | 280,245 | 0.20% | — |
| ADI | ANALOG DEVICES INC | $197.8M | 621,649 | 0.20% | — |
| TXN | TEXAS INSTRS INC | $190.5M | 981,320 | 0.19% | — |
| TECK | TECK RESOURCES LTD | $190.5M | 3,683,883 | 0.19% | — |
| PDD | PDD HOLDINGS INC | $190.1M | 1,860,691 | 0.19% | — |
| EMA | EMERA INC | $188.5M | 3,650,882 | 0.19% | — |
| BIP | BROOKFIELD INFRASTRUCTURE PA | $182.5M | 5,075,690 | 0.19% | — |
| IXUS | ISHARES TR | $181.0M | 2,088,708 | 0.19% | — |
| GE | GE AEROSPACE | $180.8M | 637,156 | 0.19% | — |
| WFC | WELLS FARGO & CO | $180.0M | 2,261,212 | 0.18% | — |
| TMUS | T-MOBILE US INC | $176.7M | 841,338 | 0.18% | — |
| ACWI | ISHARES TR | $176.7M | 1,276,918 | 0.18% | — |
| ROIV | ROIVANT SCIENCES LTD | $174.5M | 6,298,000 | 0.18% | — |
| CRH | CRH PLC | $172.9M | 1,644,827 | 0.18% | — |
| CMCSA | COMCAST CORP NEW | $171.2M | 5,963,642 | 0.18% | — |
| RVMD | REVOLUTION MEDICINES INC | $170.1M | 1,749,000 | 0.17% | — |
| C | CITIGROUP INC | $167.0M | 1,472,033 | 0.17% | — |
| TRI4EUR | THOMSON REUTERS CORP | $166.1M | 1,861,421 | 0.17% | — |
| ROST | ROSS STORES INC | $164.6M | 759,980 | 0.17% | — |
| T | AT&T INC | $164.2M | 5,665,713 | 0.17% | — |
| CSX | CSX CORP | $161.8M | 3,941,319 | 0.17% | — |
| SNPS | SYNOPSYS INC | $160.3M | 404,422 | 0.16% | — |
| INTU | INTUIT | $157.2M | 363,508 | 0.16% | — |
| TJX | TJX COS INC NEW | $155.1M | 970,815 | 0.16% | — |
| B | BARRICK MNG CORP | $152.6M | 3,771,606 | 0.16% | — |
| TFII | TRANSFORCE INC | $152.0M | 1,409,188 | 0.16% | — |
| ISRG | INTUITIVE SURGICAL INC | $150.5M | 326,369 | 0.15% | — |
| CTSH | COGNIZANT TECHNOLOGY SOLUTIO | $149.4M | 2,434,798 | 0.15% | — |
| AMGN | AMGEN INC | $148.1M | 420,993 | 0.15% | — |
| MGA | MAGNA INTL INC | $147.5M | 2,667,427 | 0.15% | — |
| DIS | DISNEY WALT CO | $145.8M | 1,513,251 | 0.15% | — |
| PFE | PFIZER INC | $144.2M | 5,136,267 | 0.15% | — |
| APH | AMPHENOL CORP | $143.4M | 1,134,670 | 0.15% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $143.2M | 2,360,302 | 0.15% | — |
| GEV | GE VERNOVA INC | $140.8M | 161,323 | 0.14% | — |
| VEA | VANGUARD TAX-MANAGED FDS | $139.2M | 2,172,361 | 0.14% | — |
| LITE | LUMENTUM HLDGS INC | $138.8M | 197,529 | 0.14% | — |
| CVX | CHEVRON CORPORATION | $137.9M | 666,513 | 0.14% | — |
| SYK | STRYKER CORPORATION | $131.7M | 400,732 | 0.13% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $130.8M | 266,176 | 0.13% | — |
| EQIX | EQUINIX INC | $130.5M | 133,119 | 0.13% | — |
| QCOM | QUALCOMM INC | $127.8M | 992,254 | 0.13% | — |
| WM | WASTE MGMT INC DEL | $126.3M | 549,635 | 0.13% | — |
| NEM | NEWMONT CORP | $123.1M | 1,136,822 | 0.13% | — |
| PWR | QUANTA SVCS INC | $122.8M | 223,675 | 0.13% | — |
| CAR | AVIS BUDGET GROUP INC | $122.4M | 839,187 | 0.13% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $121.5M | 272,117 | 0.12% | — |
| ABT | ABBOTT LABORATORIES | $118.4M | 1,153,074 | 0.12% | — |
| BX | BLACKSTONE INC | $118.0M | 1,025,999 | 0.12% | — |
| WDC | WESTERN DIGITAL CORP | $117.6M | 434,731 | 0.12% | — |
| DXCM | DEXCOM INC | $117.5M | 1,870,971 | 0.12% | — |
| FCX | FREEPORT MCMORAN INC | $116.3M | 1,979,265 | 0.12% | — |
| ASML | ASML HLDG NV | $113.4M | 85,908 | 0.12% | — |
| DE | DEERE & CO | $113.4M | 201,264 | 0.12% | — |
| LMT | LOCKHEED MARTIN CORP | $111.5M | 184,529 | 0.11% | — |
| BAM | BROOKFIELD ASSET MANAGMT LTD | $109.6M | 2,480,259 | 0.11% | — |
| COIN | COINBASE GLOBAL INC | $108.1M | 619,371 | 0.11% | — |
| CAE | CAE INC | $108.0M | 4,154,727 | 0.11% | — |
| GD | GENERAL DYNAMICS CORP | $107.7M | 313,679 | 0.11% | — |
| VZ | VERIZON COMMUNICATIONS INC | $107.2M | 2,135,819 | 0.11% | — |
| CEG | CONSTELLATION ENERGY CORP | $105.8M | 378,984 | 0.11% | — |
| SCHW | SCHWAB CHARLES CORP | $105.8M | 1,125,656 | 0.11% | — |
This table is the 150 largest positions by value, out of 2,634 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 299 options positions with a combined notional of $13.8B. 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 NATIONAL BANK OF CANADA /FI/ (CIK 926171, accession 0000926171-26-000007). 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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