13F holdings
NISA INVESTMENT ADVISORS, LLC portfolio
Managed by . 3,039 reported positions worth $27.0B as of 2026-03-31, filed with the SEC on 2026-04-30. Parsed from the filing itself, not a reseller.
$27.0B
Book value
3,039
Positions
58%
Top 10 weight
+190
New this quarter
-113
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 (190)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| QQQ | INVESCO QQQ TRUST SERIES 1 | $80.0M | 138,540 | 0.30% |
| USHY | ISHARES BROAD USD HIGH YIELD CORPO | $3.5M | 93,740 | 0.01% |
| AMCR | AMCOR PLC | $1.7M | 41,760 | 0.01% |
| VSNT | VERSANT MEDIA GROUP INC | $1.5M | 39,963 | 0.01% |
| PIPR | PIPER SANDLER COS | $1.4M | 18,764 | 0.01% |
| VTC | VANGUARD TOTAL CORPORATE BOND FUND | $1.4M | 18,415 | 0.01% |
| PNFP | PINNACLE FINANCIAL PARTNERS INC | $1.4M | 16,350 | 0.01% |
| DFTX | DEFINIUM THERAPEUTICS INC | $924,267 | 48,903 | 0.00% |
| UI | UBIQUITI INC | $647,248 | 819 | 0.00% |
| QGEN | QIAGEN NV | $309,830 | 7,738 | 0.00% |
| NBIS | NEBIUS GROUP NV | $295,508 | 2,848 | 0.00% |
| AER | AERCAP HOLDINGS NV | $281,631 | 2,053 | 0.00% |
| AMRZ | AMRIZE LTD | $241,166 | 4,305 | 0.00% |
| JAN | JANUS LIVING INC | $178,661 | 7,580 | 0.00% |
| AII | AMERICAN INTEGRITY INSURANCE GROUP | $144,600 | 7,500 | 0.00% |
| AZN | ASTRAZENECA PLC | $131,940 | 669 | 0.00% |
| SKYH | SKY HARBOUR GROUP CORP | $119,412 | 12,400 | 0.00% |
| IREN | IREN LTD | $97,355 | 2,840 | 0.00% |
| INDV | INDIVIOR PHARMACEUTICALS INC | $87,142 | 2,859 | 0.00% |
| FLY | FIREFLY AEROSPACE INC | $72,826 | 2,558 | 0.00% |
| KRMN | KARMAN HOLDINGS INC | $72,285 | 903 | 0.00% |
| ONON | ON HOLDING AG | $69,061 | 2,030 | 0.00% |
| NUTX | NUTEX HEALTH INC | $57,024 | 600 | 0.00% |
| LOAR | LOAR HOLDINGS INC | $52,019 | 908 | 0.00% |
| LGN | LEGENCE CORP | $51,153 | 906 | 0.00% |
Closed out (113)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| VYM | VANGUARD HIGH DIVIDEND YIELD ETF | $11.0M | 76,316 | 0.00% |
| CMA | COMERICA INC | $5.7M | 64,529 | 0.00% |
| EXK | EXACT SCIENCES CORP | $3.5M | 34,188 | 0.00% |
| IJR | ISHARES CORE S&P SMALL-CAP ETF | $1.9M | 15,443 | 0.00% |
| CADE | CADENCE BANK | $1.6M | 37,488 | 0.00% |
| SYU1 | SYNOVUS FINANCIAL CORP | $1.4M | 28,276 | 0.00% |
| AMCR | AMCOR PLC | $1.2M | 143,132 | 0.00% |
| LNWO | LIGHT & WONDER INC | $1.2M | 11,200 | 0.00% |
| 62C | PIPER SANDLER COS | $1.1M | 3,326 | 0.00% |
| CDTX | CIDARA THERAPEUTICS INC | $968,382 | 4,384 | 0.00% |
| 9HI | HILLENBRAND INC | $829,954 | 26,165 | 0.00% |
| PCH | POTLATCHDELTIC CORP | $747,029 | 18,779 | 0.00% |
| CIVI | CIVITAS RESOURCES INC | $731,105 | 26,988 | 0.00% |
| BRD1EUR | MIND MEDICINE MINDMED INC | $647,781 | 48,378 | 0.00% |
| DAY | DAYFORCE INC | $630,808 | 9,121 | 0.00% |
| ALEX | ALEXANDER & BALDWIN INC | $578,622 | 27,170 | 0.00% |
| GU9 | GUESS INC | $519,351 | 31,006 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $474,162 | 1,063 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARENT INC | $416,334 | 10,936 | 0.00% |
| GLIBA | GCI LIBERTY INC | $404,132 | 10,961 | 0.00% |
| QGEN | QIAGEN NV | $362,278 | 8,056 | 0.00% |
| RNAGBP | AVIDITY BIOSCIENCES INC | $263,491 | 3,653 | 0.00% |
| CD | CHAINCE DIGITAL HOLDINGS INC | $223,650 | 45,000 | 0.00% |
| TNXP | TONIX PHARMACEUTICALS HOLDING CORP | $156,200 | 10,000 | 0.00% |
| AZNN | ASTRAZENECA PLC | $118,314 | 1,287 | 0.00% |
Added to (1006)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | $67.6M | 249,898 | 0.25% | +2% |
| APH | AMPHENOL CORP | $62.5M | 493,481 | 0.23% | +9% |
| ADI | ANALOG DEVICES INC | $62.2M | 195,665 | 0.23% | +6% |
| VZ | VERIZON COMMUNICATIONS INC | $43.8M | 871,939 | 0.16% | +7% |
| PH | PARKER-HANNIFIN CORP | $39.4M | 44,061 | 0.15% | +1% |
| CME | CME GROUP INC | $37.2M | 126,118 | 0.14% | +6% |
| MAR | MARRIOTT INTERNATIONAL INC/MD | $36.1M | 110,477 | 0.13% | +7% |
| ADBE | ADOBE INC | $33.5M | 138,003 | 0.12% | +4% |
| SBUX | STARBUCKS CORP | $32.8M | 366,284 | 0.12% | +2% |
| MRSH | MARSH & MCLENNAN COS INC | $28.6M | 164,880 | 0.11% | +5% |
| FDX | FEDEX CORP | $28.3M | 79,281 | 0.10% | +3% |
| VRTX | VERTEX PHARMACEUTICALS INC | $26.0M | 58,183 | 0.10% | +3% |
| FITB | FIFTH THIRD BANCORP | $23.8M | 507,832 | 0.09% | +26% |
| EOG | EOG RESOURCES INC | $23.7M | 163,660 | 0.09% | +2% |
| AFL | AFLAC INC | $23.7M | 215,608 | 0.09% | +4% |
Trimmed (1003)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| TGNA | TEGNA INC | $6,273 | 0 | 0.00% | -100% |
| TEM | TEMPUS AI INC | $45 | 1 | 0.00% | -100% |
| ITIC | INVESTORS TITLE CO | $435 | 2 | 0.00% | -100% |
| AS | AMER SPORTS INC | $856 | 26 | 0.00% | -100% |
| REPL | REPLIMUNE GROUP INC | $260 | 34 | 0.00% | -100% |
| BOC | BOSTON OMAHA CORP | $23 | 2 | 0.00% | -100% |
| FRPH | FRP HOLDINGS INC | $22 | 1 | 0.00% | -100% |
| WEAV | WEAVE COMMUNICATIONS INC | $111 | 24 | 0.00% | -100% |
| PCOR | PROCORE TECHNOLOGIES INC | $1,653 | 29 | 0.00% | -100% |
| VALU | VALUE LINE INC | $35 | 1 | 0.00% | -100% |
| ACCO | ACCO BRANDS CORP | $297 | 99 | 0.00% | -99% |
| ICLR | ICON PLC | $111 | 1 | 0.00% | -99% |
| AWI | ARMSTRONG WORLD INDUSTRIES INC | $49,440 | 300 | 0.00% | -99% |
| ACIC | AMERICAN COASTAL INSURANCE CORP | $1,249 | 111 | 0.00% | -99% |
| FOR | FORESTAR GROUP INC | $2,273 | 93 | 0.00% | -99% |
The book
Largest 150 of 3,039 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| IVV | ISHARES CORE S&P 500 ETF | $10.5B | 16,114,884 | 38.93% | — |
| NVDA | NVIDIA CORP | $1.1B | 6,198,618 | 4.00% | — |
| AAPL | APPLE INC | $1.0B | 3,981,558 | 3.74% | — |
| MSFT | MICROSOFT CORP | $755.7M | 2,041,368 | 2.79% | — |
| GOOGL | ALPHABET INC | $476.4M | 1,656,712 | 1.76% | — |
| AMZN | AMAZON.COM INC | $399.3M | 1,917,394 | 1.48% | — |
| AVGO | BROADCOM INC | $398.8M | 1,288,638 | 1.47% | — |
| GOOG | ALPHABET INC | $387.9M | 1,352,204 | 1.43% | — |
| META | META PLATFORMS INC | $330.2M | 577,153 | 1.22% | — |
| JPM | JPMORGAN CHASE & CO | $261.8M | 890,157 | 0.97% | — |
| TSLA | TESLA INC | $203.5M | 547,464 | 0.75% | — |
| LLY | ELI LILLY & CO | $194.0M | 210,958 | 0.72% | — |
| EXMOC | EXXON MOBIL CORP | $182.1M | 1,073,169 | 0.67% | — |
| JNJ | JOHNSON & JOHNSON | $155.2M | 634,796 | 0.57% | — |
| WMT | WALMART INC | $148.2M | 1,190,025 | 0.55% | — |
| V | VISA INC | $142.9M | 472,806 | 0.53% | — |
| MA | MASTERCARD INC | $127.4M | 255,036 | 0.47% | — |
| NFLX | NETFLIX INC | $126.1M | 1,311,772 | 0.47% | — |
| CAT | CATERPILLAR INC | $118.7M | 167,614 | 0.44% | — |
| COST | COSTCO WHOLESALE CORP | $112.7M | 113,082 | 0.42% | — |
| CVX | CHEVRON CORP | $109.9M | 531,128 | 0.41% | — |
| BRK/B | BERKSHIRE HATHAWAY INC | $108.4M | 226,136 | 0.40% | — |
| ABBV | ABBVIE INC | $104.3M | 479,659 | 0.39% | — |
| BAC | BANK OF AMERICA CORP | $102.0M | 2,091,427 | 0.38% | — |
| CSCO | CISCO SYSTEMS INC | $97.6M | 1,258,293 | 0.36% | — |
| HD | HOME DEPOT INC/THE | $95.9M | 291,730 | 0.35% | — |
| LRCX | LAM RESEARCH CORP | $90.2M | 421,509 | 0.33% | — |
| AMD | ADVANCED MICRO DEVICES INC | $89.4M | 439,479 | 0.33% | — |
| IJH | ISHARES CORE S&P MID-CAP ETF | $89.2M | 1,321,094 | 0.33% | — |
| MU | MICRON TECHNOLOGY INC | $89.1M | 263,680 | 0.33% | — |
| AMAT | APPLIED MATERIALS INC | $86.2M | 252,115 | 0.32% | — |
| ORCL | ORACLE CORP | $84.2M | 572,349 | 0.31% | — |
| MRK | MERCK & CO INC | $84.0M | 693,541 | 0.31% | — |
| PG | PROCTER & GAMBLE CO/THE | $83.6M | 578,979 | 0.31% | — |
| QQQ | INVESCO QQQ TRUST SERIES 1 | $80.0M | 138,540 | 0.30% | — |
| MS | MORGAN STANLEY | $75.8M | 460,362 | 0.28% | — |
| GS | GOLDMAN SACHS GROUP INC/THE | $74.5M | 88,068 | 0.28% | — |
| KO | COCA-COLA CO/THE | $74.4M | 971,088 | 0.28% | — |
| IEMG | ISHARES CORE MSCI EMERGING MARKETS | $72.5M | 1,039,693 | 0.27% | — |
| SUB | ISHARES SHORT-TERM NATIONAL MUNI B | $72.4M | 679,490 | 0.27% | — |
| PM | PHILIP MORRIS INTERNATIONAL INC | $70.6M | 423,426 | 0.26% | — |
| RTX | RTX CORP | $69.7M | 361,309 | 0.26% | — |
| TJX | TJX COS INC/THE | $68.8M | 430,747 | 0.25% | — |
| AXP | AMERICAN EXPRESS CO | $68.7M | 227,142 | 0.25% | — |
| UNH | UNITEDHEALTH GROUP INC | $67.6M | 249,898 | 0.25% | — |
| TXN | TEXAS INSTRUMENTS INC | $67.5M | 347,658 | 0.25% | — |
| MCD | MCDONALD'S CORP | $65.4M | 210,489 | 0.24% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $63.0M | 430,928 | 0.23% | — |
| APH | AMPHENOL CORP | $62.5M | 493,481 | 0.23% | — |
| ADI | ANALOG DEVICES INC | $62.2M | 195,665 | 0.23% | — |
| GE | GENERAL ELECTRIC CO | $61.2M | 215,387 | 0.23% | — |
| WFC | WELLS FARGO & CO | $60.2M | 755,765 | 0.22% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $59.5M | 120,878 | 0.22% | — |
| AMGN | AMGEN INC | $58.5M | 166,150 | 0.22% | — |
| DE | DEERE & CO | $58.0M | 102,722 | 0.21% | — |
| PEP | PEPSICO INC | $57.6M | 370,682 | 0.21% | — |
| VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | $54.7M | 729,000 | 0.20% | — |
| LIN | LINDE PLC | $54.7M | 110,378 | 0.20% | — |
| DIS | WALT DISNEY CO/THE | $54.2M | 562,807 | 0.20% | — |
| UNP | UNION PACIFIC CORP | $52.4M | 216,146 | 0.19% | — |
| KLAC | KLA CORP | $52.2M | 35,437 | 0.19% | — |
| HONGBP | HONEYWELL INTERNATIONAL INC | $51.2M | 226,666 | 0.19% | — |
| BKNG | BOOKING HOLDINGS INC | $51.0M | 12,105 | 0.19% | — |
| COP | CONOCOPHILLIPS | $50.0M | 378,974 | 0.18% | — |
| C | CITIGROUP INC | $49.9M | 440,206 | 0.18% | — |
| ABT | ABBOTT LABORATORIES | $49.8M | 485,052 | 0.18% | — |
| GILD | GILEAD SCIENCES INC | $49.7M | 356,663 | 0.18% | — |
| ETN | EATON CORP PLC | $48.9M | 136,852 | 0.18% | — |
| T | AT&T INC | $48.9M | 1,688,109 | 0.18% | — |
| LOW | LOWE'S COS INC | $47.1M | 199,336 | 0.17% | — |
| IBM | INTERNATIONAL BUSINESS MACHINES CO | $46.8M | 193,038 | 0.17% | — |
| INTC | INTEL CORP | $46.8M | 1,059,766 | 0.17% | — |
| COF | CAPITAL ONE FINANCIAL CORP | $46.4M | 254,342 | 0.17% | — |
| ISRG | INTUITIVE SURGICAL INC | $45.0M | 97,563 | 0.17% | — |
| EFA | ISHARES MSCI EAFE ETF | $44.6M | 459,150 | 0.16% | — |
| VZ | VERIZON COMMUNICATIONS INC | $43.8M | 871,939 | 0.16% | — |
| VTI | VANGUARD TOTAL STOCK MARKET ETF | $43.4M | 135,428 | 0.16% | — |
| MPC | MARATHON PETROLEUM CORP | $43.4M | 177,731 | 0.16% | — |
| INTU | INTUIT INC | $42.4M | 97,961 | 0.16% | — |
| BLK | BLACKROCK INC | $42.2M | 43,869 | 0.16% | — |
| CMCSA | COMCAST CORP | $41.2M | 1,433,776 | 0.15% | — |
| VLO | VALERO ENERGY CORP | $41.1M | 166,145 | 0.15% | — |
| PLD | PROLOGIS INC | $40.7M | 307,733 | 0.15% | — |
| MO | ALTRIA GROUP INC | $40.1M | 598,435 | 0.15% | — |
| WELL | WELLTOWER INC | $39.9M | 201,848 | 0.15% | — |
| PH | PARKER-HANNIFIN CORP | $39.4M | 44,061 | 0.15% | — |
| MCK | MCKESSON CORP | $39.4M | 45,481 | 0.15% | — |
| PFE | PFIZER INC | $39.0M | 1,389,916 | 0.14% | — |
| NOC | NORTHROP GRUMMAN CORP | $38.3M | 56,203 | 0.14% | — |
| SCHW | CHARLES SCHWAB CORP/THE | $37.8M | 401,991 | 0.14% | — |
| BA | BOEING CO/THE | $37.8M | 189,742 | 0.14% | — |
| CME | CME GROUP INC | $37.2M | 126,118 | 0.14% | — |
| GEV | GE VERNOVA INC | $36.4M | 41,684 | 0.13% | — |
| MAR | MARRIOTT INTERNATIONAL INC/MD | $36.1M | 110,477 | 0.13% | — |
| CSX | CSX CORP | $36.0M | 878,088 | 0.13% | — |
| PNC | PNC FINANCIAL SERVICES GROUP INC/T | $34.8M | 167,135 | 0.13% | — |
| LMT | LOCKHEED MARTIN CORP | $34.0M | 56,292 | 0.13% | — |
| QCOM | QUALCOMM INC | $34.0M | 264,122 | 0.13% | — |
| DHR | DANAHER CORP | $34.0M | 178,812 | 0.13% | — |
| ADBE | ADOBE INC | $33.5M | 138,003 | 0.12% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $33.5M | 552,368 | 0.12% | — |
| SBUX | STARBUCKS CORP | $32.8M | 366,284 | 0.12% | — |
| SYK | STRYKER CORP | $32.5M | 98,531 | 0.12% | — |
| PSX | PHILLIPS 66 | $32.4M | 178,031 | 0.12% | — |
| CMI | CUMMINS INC | $31.6M | 58,651 | 0.12% | — |
| TT | TRANE TECHNOLOGIES PLC | $31.5M | 75,585 | 0.12% | — |
| CRM | SALESFORCE INC | $31.3M | 167,517 | 0.12% | — |
| WEC | WEC ENERGY GROUP INC | $31.3M | 270,069 | 0.12% | — |
| PGR | PROGRESSIVE CORP/THE | $31.3M | 157,679 | 0.12% | — |
| GD | GENERAL DYNAMICS CORP | $31.2M | 90,841 | 0.12% | — |
| ADP | AUTOMATIC DATA PROCESSING INC | $31.0M | 151,443 | 0.11% | — |
| GLW | CORNING INC | $30.8M | 226,414 | 0.11% | — |
| MSI | MOTOROLA SOLUTIONS INC | $30.3M | 69,632 | 0.11% | — |
| WMB | WILLIAMS COS INC/THE | $30.2M | 415,429 | 0.11% | — |
| TMUS | T-MOBILE US INC | $30.1M | 143,253 | 0.11% | — |
| COR | CENCORA INC | $29.9M | 95,153 | 0.11% | — |
| NEE | NEXTERA ENERGY INC | $29.6M | 318,202 | 0.11% | — |
| BSV | VANGUARD SHORT-TERM BOND ETF | $29.3M | 373,051 | 0.11% | — |
| SHW | SHERWIN-WILLIAMS CO/THE | $29.0M | 90,358 | 0.11% | — |
| ICE | INTERCONTINENTAL EXCHANGE INC | $28.9M | 183,833 | 0.11% | — |
| MRSH | MARSH & MCLENNAN COS INC | $28.6M | 164,880 | 0.11% | — |
| FDX | FEDEX CORP | $28.3M | 79,281 | 0.10% | — |
| SPGI | S&P GLOBAL INC | $28.3M | 66,460 | 0.10% | — |
| ACN | ACCENTURE PLC | $28.0M | 141,168 | 0.10% | — |
| WDC | WESTERN DIGITAL CORP | $27.4M | 101,402 | 0.10% | — |
| NSC | NORFOLK SOUTHERN CORP | $27.4M | 95,565 | 0.10% | — |
| SPG | SIMON PROPERTY GROUP INC | $27.3M | 146,471 | 0.10% | — |
| CI | CIGNA GROUP/THE | $27.3M | 102,359 | 0.10% | — |
| EMR | EMERSON ELECTRIC CO | $26.9M | 205,678 | 0.10% | — |
| UBER | UBER TECHNOLOGIES INC | $26.4M | 367,016 | 0.10% | — |
| ITW | ILLINOIS TOOL WORKS INC | $26.4M | 100,738 | 0.10% | — |
| MCO | MOODY'S CORP | $26.0M | 59,567 | 0.10% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $26.0M | 58,183 | 0.10% | — |
| ANET | ARISTA NETWORKS INC | $25.1M | 204,779 | 0.09% | — |
| PCAR | PACCAR INC | $25.1M | 217,418 | 0.09% | — |
| MDLZ | MONDELEZ INTERNATIONAL INC | $24.7M | 425,196 | 0.09% | — |
| EBAY | EBAY INC | $24.3M | 267,119 | 0.09% | — |
| ORLY | O'REILLY AUTOMOTIVE INC | $24.3M | 263,313 | 0.09% | — |
| CVS | CVS HEALTH CORP | $24.2M | 337,119 | 0.09% | — |
| FITB | FIFTH THIRD BANCORP | $23.8M | 507,832 | 0.09% | — |
| CTAS | CINTAS CORP | $23.8M | 140,616 | 0.09% | — |
| EOG | EOG RESOURCES INC | $23.7M | 163,660 | 0.09% | — |
| AFL | AFLAC INC | $23.7M | 215,608 | 0.09% | — |
| STX | SEAGATE TECHNOLOGY HOLDINGS PLC | $23.5M | 59,999 | 0.09% | — |
| MMM | 3M CO | $23.2M | 159,745 | 0.09% | — |
| ALL | ALLSTATE CORP/THE | $23.0M | 110,571 | 0.09% | — |
| SNDK | SANDISK CORP/DE | $23.0M | 36,131 | 0.08% | — |
| AMT | AMERICAN TOWER CORP | $22.8M | 132,099 | 0.08% | — |
| O | REALTY INCOME CORP | $22.6M | 368,932 | 0.08% | — |
| TRV | TRAVELERS COS INC/THE | $22.6M | 77,399 | 0.08% | — |
This table is the 150 largest positions by value, out of 3,039 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 NISA INVESTMENT ADVISORS, LLC (CIK 937615, accession 0000937615-26-000003). 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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