13F holdings
Police & Firemen's Retirement System of New Jersey portfolio
Managed by . 3,135 reported positions worth $11.7B as of 2026-03-31, filed with the SEC on 2026-04-29. Parsed from the filing itself, not a reseller.
$11.7B
Book value
3,135
Positions
26%
Top 10 weight
+49
New this quarter
-70
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 29 days old on 2026-04-29, 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 (49)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| ASTRAZENECA PLC | ASTRAZENECA PLC | $39.3M | 202,676 | 0.34% |
| LHX | L3HARRIS TECHNOLOGIES INC | $9.9M | 28,788 | 0.08% |
| PNFP | PINNACLE FINANCIAL PARTNERS | $5.5M | 63,471 | 0.05% |
| QGEN | QIAGEN N.V. | $3.5M | 88,234 | 0.03% |
| SUNBELT RENTALS HOLDINGS | SUNBELT RENTALS HOLDINGS INC | $3.4M | 54,848 | 0.03% |
| AMCR | AMCOR PLC | $2.8M | 70,785 | 0.02% |
| MDLN | MEDLINE INC CL A | $2.2M | 50,499 | 0.02% |
| PIPR | PIPER SANDLER COS | $1.5M | 18,988 | 0.01% |
| MDA SPACE LTD | MDA SPACE LTD | $1.2M | 47,221 | 0.01% |
| QIAGEN N.V. | QIAGEN N.V. | $1.1M | 27,031 | 0.01% |
| INDV | INDIVIOR PHARMACEUTICALS INC | $1.0M | 33,307 | 0.01% |
| MAGNUM ICE CREAM CO NV/T | MAGNUM ICE CREAM CO NV/THE | $940,145 | 64,198 | 0.01% |
| VSNT | VERSANT MEDIA GROUP INC | $819,882 | 22,147 | 0.01% |
| DFTX | DEFINIUM THERAPEUTICS INC | $517,123 | 27,361 | 0.00% |
| GILAT SATELLITE NETWORKS | GILAT SATELLITE NETWORKS LTD | $408,786 | 27,639 | 0.00% |
| BROOKFIELD BUSINESS CORP | BROOKFIELD BUSINESS CORP A | $319,176 | 10,151 | 0.00% |
| DRD | DRDGOLD LTD SPONSORED ADR | $306,623 | 10,440 | 0.00% |
| NORTHERN DYNASTY MINERAL | NORTHERN DYNASTY MINERALS | $286,794 | 206,307 | 0.00% |
| TEN | TSAKOS ENERGY NAVIGATION LTD | $231,670 | 5,871 | 0.00% |
| VLRS | CONTROLADORA VUELA CIA ADR | $221,776 | 30,632 | 0.00% |
| BBUC | BROOKFIELD BUSINESS CORP A | $191,422 | 6,050 | 0.00% |
| CBC | CENTRAL BANCOMPANY | $186,738 | 7,797 | 0.00% |
| EUROSEAS LTD | EUROSEAS LTD | $180,495 | 2,700 | 0.00% |
| USHY | ISHARES BROAD USD HIGH YIELD C | $147,360 | 4,000 | 0.00% |
| ASST | STRIVE INC A | $141,052 | 14,077 | 0.00% |
Closed out (70)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| EXK | EXACT SCIENCES CORP | $8.1M | 79,482 | 0.00% |
| CMA | COMERICA INC | $4.7M | 53,863 | 0.00% |
| DAY | DAYFORCE INC | $4.5M | 64,834 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARE | $4.0M | 104,633 | 0.00% |
| 8QR | CONFLUENT INC CLASS A | $3.7M | 122,663 | 0.00% |
| PINNACLE FINANCIAL PARTN | PINNACLE FINANCIAL PARTNERS | $3.1M | 32,919 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD/ISRAEL | $3.0M | 6,805 | 0.00% |
| SYU1 | SYNOVUS FINANCIAL CORP | $3.0M | 60,444 | 0.00% |
| AMCR | AMCOR PLC | $2.9M | 351,895 | 0.00% |
| NEW GOLD INC | NEW GOLD INC | $2.6M | 293,533 | 0.00% |
| RNAGBP | AVIDITY BIOSCIENCES INC | $2.3M | 31,202 | 0.00% |
| CADE | CADENCE BANK | $2.2M | 50,433 | 0.00% |
| 62C | PIPER SANDLER COS | $1.6M | 4,747 | 0.00% |
| INDV | INDIVIOR PLC | $1.2M | 33,307 | 0.00% |
| CDTX | CIDARA THERAPEUTICS INC | $1.2M | 5,277 | 0.00% |
| CIVI | CIVITAS RESOURCES INC | $1.1M | 39,096 | 0.00% |
| CNP 4.25 08/15/26 | CENTERPOINT ENERGY INC | $838,723 | 765,000 | 0.00% |
| TGNA | TEGNA INC | $827,332 | 42,624 | 0.00% |
| PCH | POTLATCHDELTIC CORP | $826,270 | 20,771 | 0.00% |
| 1RG | REV GROUP INC | $777,213 | 12,781 | 0.00% |
| GRANITE REAL ESTATE INVE | GRANITE REAL ESTATE INVESTME | $643,725 | 10,799 | 0.00% |
| 9HI | HILLENBRAND INC | $620,411 | 19,559 | 0.00% |
| AVDL | AVADEL PHARMACEUTICALS | $532,975 | 24,732 | 0.00% |
| DQ | DAQO NEW ENERGY CORP ADR | $448,252 | 15,195 | 0.00% |
| IMAX | IMAX CORP | $440,452 | 11,917 | 0.00% |
Added to (555)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| SNDK | SANDISK CORP | $38.9M | 61,220 | 0.33% | +7% |
| TXN | TEXAS INSTRUMENTS INC | $27.2M | 140,303 | 0.23% | +1% |
| BA | BOEING CO/THE | $23.2M | 116,343 | 0.20% | +2% |
| PANW | PALO ALTO NETWORKS INC | $19.7M | 123,122 | 0.17% | +20% |
| COHR | COHERENT CORP | $17.8M | 74,611 | 0.15% | +13% |
| NOW | SERVICENOW INC | $16.8M | 160,664 | 0.14% | +2% |
| WMB | WILLIAMS COS INC | $13.6M | 187,316 | 0.12% | +1% |
| RKLB | ROCKET LAB CORP | $13.4M | 209,022 | 0.11% | +19% |
| GD | GENERAL DYNAMICS CORP | $13.4M | 38,954 | 0.11% | +1% |
| BX | BLACKSTONE INC | $13.2M | 114,757 | 0.11% | +1% |
| WM | WASTE MANAGEMENT INC | $13.1M | 56,880 | 0.11% | +1% |
| SNPS | SYNOPSYS INC | $11.7M | 29,391 | 0.10% | +4% |
| PSX | PHILLIPS 66 | $11.3M | 62,207 | 0.10% | +1% |
| ROST | ROSS STORES INC | $10.6M | 49,148 | 0.09% | +1% |
| DLR | DIGITAL REALTY TRUST INC | $9.6M | 53,045 | 0.08% | +2% |
Trimmed (205)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| TIGR | UP FINTECH HOLDING LTD ADR | $54,180 | 8,600 | 0.00% | -75% |
| TOWER SEMICONDUCTOR LTD | TOWER SEMICONDUCTOR LTD | $2.5M | 14,750 | 0.02% | -64% |
| AUGO | AURA MINERALS INC | $310,080 | 3,800 | 0.00% | -58% |
| LU | LUFAX HOLDING LTD ADR | $117,795 | 62,992 | 0.00% | -52% |
| YSG | YATSEN HOLDING LTD ADR | $18,249 | 5,925 | 0.00% | -51% |
| VNET | VNET GROUP INC ADR | $90,612 | 10,800 | 0.00% | -48% |
| VINP | VINCI COMPASS INVESTMENTS LT | $29,540 | 2,800 | 0.00% | -42% |
| RLJ | RLJ LODGING TRUST | $179,156 | 24,145 | 0.00% | -41% |
| INTR | INTER CO INC CL A | $230,840 | 29,000 | 0.00% | -40% |
| FLR 1.125 08/15/29 | FLUOR CORP | $826,626 | 676,000 | 0.01% | -36% |
| STNE | STONECO LTD A | $1.3M | 93,618 | 0.01% | -34% |
| STAA | STAAR SURGICAL CO | $171,591 | 9,176 | 0.00% | -33% |
| DOLE | DOLE PLC | $213,864 | 14,966 | 0.00% | -31% |
| POST 2.5 08/15/27 | POST HOLDINGS INC | $913,715 | 845,000 | 0.01% | -31% |
| VSTS | VESTIS CORP | $188,381 | 23,967 | 0.00% | -28% |
The book
Largest 150 of 3,135 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORP | $628.5M | 3,603,846 | 5.37% | — |
| AAPL | APPLE INC | $563.0M | 2,218,227 | 4.81% | — |
| MSFT | MICROSOFT CORP | $422.8M | 1,142,043 | 3.61% | — |
| AMZN | AMAZON.COM INC | $307.6M | 1,476,982 | 2.63% | — |
| GOOGL | ALPHABET INC CL A | $257.1M | 894,119 | 2.19% | — |
| AVGO | BROADCOM INC | $220.1M | 711,148 | 1.88% | — |
| GOOG | ALPHABET INC CL C | $209.3M | 729,738 | 1.79% | — |
| META | META PLATFORMS INC CLASS A | $192.4M | 336,206 | 1.64% | — |
| TSLA | TESLA INC | $161.5M | 434,513 | 1.38% | — |
| BRK/B | BERKSHIRE HATHAWAY INC CL B | $136.2M | 284,122 | 1.16% | — |
| JPM | JPMORGAN CHASE CO | $122.9M | 417,703 | 1.05% | — |
| LLY | ELI LILLY CO | $113.5M | 123,393 | 0.97% | — |
| EXMOC | EXXON MOBIL CORP | $110.4M | 650,631 | 0.94% | — |
| JNJ | JOHNSON JOHNSON | $90.6M | 370,807 | 0.77% | — |
| WMT | WALMART INC | $83.3M | 670,389 | 0.71% | — |
| V | VISA INC CLASS A SHARES | $78.4M | 259,362 | 0.67% | — |
| COST | COSTCO WHOLESALE CORP | $68.0M | 68,264 | 0.58% | — |
| NFLX | NETFLIX INC | $62.8M | 652,799 | 0.54% | — |
| MA | MASTERCARD INC A | $61.8M | 123,770 | 0.53% | — |
| CVX | CHEVRON CORP | $59.7M | 288,421 | 0.51% | — |
| ABBV | ABBVIE INC | $59.3M | 272,768 | 0.51% | — |
| MU | MICRON TECHNOLOGY INC | $58.1M | 171,911 | 0.50% | — |
| PG | PROCTER GAMBLE CO/THE | $52.3M | 361,967 | 0.45% | — |
| CAT | CATERPILLAR INC | $50.5M | 71,278 | 0.43% | — |
| HD | HOME DEPOT INC | $50.5M | 153,448 | 0.43% | — |
| AMD | ADVANCED MICRO DEVICES | $50.4M | 247,826 | 0.43% | — |
| PLTR | PALANTIR TECHNOLOGIES INC A | $49.3M | 336,826 | 0.42% | — |
| BAC | BANK OF AMERICA CORP | $49.2M | 1,009,355 | 0.42% | — |
| CSCO | CISCO SYSTEMS INC | $47.5M | 612,500 | 0.41% | — |
| MRK | MERCK CO. INC. | $46.0M | 382,636 | 0.39% | — |
| KO | COCA COLA CO/THE | $45.5M | 598,237 | 0.39% | — |
| GE | GENERAL ELECTRIC | $45.4M | 160,155 | 0.39% | — |
| AMAT | APPLIED MATERIALS INC | $41.7M | 122,050 | 0.36% | — |
| LRCX | LAM RESEARCH CORP | $41.3M | 193,122 | 0.35% | — |
| RTX | RTX CORP | $39.8M | 206,118 | 0.34% | — |
| PM | PHILIP MORRIS INTERNATIONAL | $39.7M | 239,948 | 0.34% | — |
| ASTRAZENECA PLC | ASTRAZENECA PLC | $39.3M | 202,676 | 0.34% | — |
| SNDK | SANDISK CORP | $38.9M | 61,220 | 0.33% | — |
| GS | GOLDMAN SACHS GROUP INC | $38.3M | 45,305 | 0.33% | — |
| ORCL | ORACLE CORP | $38.1M | 259,145 | 0.33% | — |
| WFC | WELLS FARGO CO | $37.9M | 476,282 | 0.32% | — |
| UNH | UNITEDHEALTH GROUP INC | $37.9M | 140,111 | 0.32% | — |
| GEV | GE VERNOVA INC | $36.2M | 41,528 | 0.31% | — |
| LIN | LINDE PLC | $35.8M | 72,141 | 0.31% | — |
| IBM | INTL BUSINESS MACHINES CORP | $34.7M | 143,345 | 0.30% | — |
| MCD | MCDONALD S CORP | $34.2M | 110,113 | 0.29% | — |
| PEP | PEPSICO INC | $32.8M | 211,070 | 0.28% | — |
| VZ | VERIZON COMMUNICATIONS INC | $32.6M | 649,722 | 0.28% | — |
| T | ATT INC | $30.9M | 1,065,284 | 0.26% | — |
| C | CITIGROUP INC | $30.3M | 267,034 | 0.26% | — |
| INTC | INTEL CORP | $30.0M | 679,680 | 0.26% | — |
| NEE | NEXTERA ENERGY INC | $29.8M | 321,346 | 0.25% | — |
| KLAC | KLA CORP | $29.8M | 20,258 | 0.25% | — |
| ROYAL BANK OF CANADA | ROYAL BANK OF CANADA | $29.6M | 183,985 | 0.25% | — |
| AMGN | AMGEN INC | $29.2M | 82,885 | 0.25% | — |
| MS | MORGAN STANLEY | $28.8M | 174,961 | 0.25% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $28.6M | 58,256 | 0.24% | — |
| TJX | TJX COMPANIES INC | $27.5M | 172,312 | 0.23% | — |
| ABT | ABBOTT LABORATORIES | $27.4M | 267,175 | 0.23% | — |
| TXN | TEXAS INSTRUMENTS INC | $27.2M | 140,303 | 0.23% | — |
| GILD | GILEAD SCIENCES INC | $26.7M | 191,605 | 0.23% | — |
| DIS | WALT DISNEY CO/THE | $26.4M | 273,431 | 0.22% | — |
| CRM | SALESFORCE INC | $26.2M | 140,366 | 0.22% | — |
| AXP | AMERICAN EXPRESS CO | $25.2M | 83,289 | 0.22% | — |
| COP | CONOCOPHILLIPS | $25.2M | 190,805 | 0.22% | — |
| ISRG | INTUITIVE SURGICAL INC | $25.1M | 54,405 | 0.21% | — |
| PFE | PFIZER INC | $24.6M | 874,926 | 0.21% | — |
| SCHW | SCHWAB (CHARLES) CORP | $24.2M | 257,293 | 0.21% | — |
| TOTALENERGIES SE | TOTALENERGIES SE | $24.2M | 259,224 | 0.21% | — |
| ADI | ANALOG DEVICES INC | $23.9M | 75,234 | 0.20% | — |
| APH | AMPHENOL CORP CL A | $23.7M | 187,964 | 0.20% | — |
| CIEN | CIENA CORP | $23.4M | 60,182 | 0.20% | — |
| BA | BOEING CO/THE | $23.2M | 116,343 | 0.20% | — |
| BLK | BLACKROCK INC | $22.5M | 23,392 | 0.19% | — |
| UNP | UNION PACIFIC CORP | $22.3M | 91,914 | 0.19% | — |
| UBER | UBER TECHNOLOGIES INC | $22.3M | 309,655 | 0.19% | — |
| HONGBP | HONEYWELL INTERNATIONAL INC | $22.1M | 97,820 | 0.19% | — |
| ETN | EATON CORP PLC | $21.6M | 60,298 | 0.18% | — |
| SPOT | SPOTIFY TECHNOLOGY SA | $21.4M | 44,031 | 0.18% | — |
| QCOM | QUALCOMM INC | $21.2M | 164,589 | 0.18% | — |
| DE | DEERE CO | $21.2M | 37,610 | 0.18% | — |
| LITE | LUMENTUM HOLDINGS INC | $21.1M | 29,993 | 0.18% | — |
| BKNG | BOOKING HOLDINGS INC | $21.0M | 4,996 | 0.18% | — |
| WELL | WELLTOWER INC | $21.0M | 105,966 | 0.18% | — |
| TORONTO DOMINION BANK | TORONTO DOMINION BANK | $20.7M | 222,340 | 0.18% | — |
| FIX | COMFORT SYSTEMS USA INC | $20.5M | 14,894 | 0.18% | — |
| LOW | LOWE S COS INC | $20.4M | 86,172 | 0.17% | — |
| SPGI | SP GLOBAL INC | $19.9M | 46,798 | 0.17% | — |
| PANW | PALO ALTO NETWORKS INC | $19.7M | 123,122 | 0.17% | — |
| ANET | ARISTA NETWORKS INC | $19.5M | 158,754 | 0.17% | — |
| LMT | LOCKHEED MARTIN CORP | $19.3M | 31,856 | 0.16% | — |
| BMY | BRISTOL MYERS SQUIBB CO | $19.0M | 313,569 | 0.16% | — |
| SHOPIFY INC CLASS A | SHOPIFY INC CLASS A | $18.9M | 159,501 | 0.16% | — |
| PLD | PROLOGIS INC | $18.8M | 142,561 | 0.16% | — |
| ACN | ACCENTURE PLC CL A | $18.8M | 94,774 | 0.16% | — |
| CB | CHUBB LTD | $18.4M | 56,395 | 0.16% | — |
| NEM | NEWMONT CORP | $18.3M | 169,499 | 0.16% | — |
| DHR | DANAHER CORP | $18.3M | 96,642 | 0.16% | — |
| INTU | INTUIT INC | $18.2M | 41,986 | 0.15% | — |
| PGR | PROGRESSIVE CORP | $17.9M | 90,311 | 0.15% | — |
| COHR | COHERENT CORP | $17.8M | 74,611 | 0.15% | — |
| PH | PARKER HANNIFIN CORP | $17.5M | 19,506 | 0.15% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $17.4M | 39,061 | 0.15% | — |
| SYK | STRYKER CORP | $17.4M | 52,978 | 0.15% | — |
| COF | CAPITAL ONE FINANCIAL CORP | $17.3M | 94,731 | 0.15% | — |
| MO | ALTRIA GROUP INC | $17.2M | 260,179 | 0.15% | — |
| MDT | MEDTRONIC PLC | $17.1M | 197,485 | 0.15% | — |
| NOW | SERVICENOW INC | $16.8M | 160,664 | 0.14% | — |
| MCK | MCKESSON CORP | $16.5M | 19,027 | 0.14% | — |
| SO | SOUTHERN CO/THE | $16.4M | 170,041 | 0.14% | — |
| CME | CME GROUP INC | $16.4M | 55,513 | 0.14% | — |
| GLW | CORNING INC | $16.4M | 120,275 | 0.14% | — |
| CMCSA | COMCAST CORP CLASS A | $15.9M | 554,812 | 0.14% | — |
| UBS GROUP AG REG | UBS GROUP AG REG | $15.9M | 414,874 | 0.14% | — |
| DUK | DUKE ENERGY CORP | $15.7M | 119,816 | 0.13% | — |
| SBUX | STARBUCKS CORP | $15.7M | 174,909 | 0.13% | — |
| TMUS | T MOBILE US INC | $15.6M | 74,349 | 0.13% | — |
| ENBRIDGE INC | ENBRIDGE INC | $15.3M | 283,726 | 0.13% | — |
| ADBE | ADOBE INC | $15.3M | 63,043 | 0.13% | — |
| CRWD | CROWDSTRIKE HOLDINGS INC A | $14.8M | 37,969 | 0.13% | — |
| EQIX | EQUINIX INC | $14.7M | 15,037 | 0.13% | — |
| VRT | VERTIV HOLDINGS CO A | $14.7M | 58,588 | 0.13% | — |
| INSM | INSMED INC | $14.7M | 89,630 | 0.13% | — |
| APP | APPLOVIN CORP CLASS A | $14.6M | 36,677 | 0.12% | — |
| TT | TRANE TECHNOLOGIES PLC | $14.3M | 34,311 | 0.12% | — |
| BSX | BOSTON SCIENTIFIC CORP | $14.3M | 227,669 | 0.12% | — |
| HWM | HOWMET AEROSPACE INC | $14.2M | 61,765 | 0.12% | — |
| WDC | WESTERN DIGITAL CORP | $14.1M | 52,243 | 0.12% | — |
| NOC | NORTHROP GRUMMAN CORP | $14.0M | 20,589 | 0.12% | — |
| EME | EMCOR GROUP INC | $13.9M | 18,839 | 0.12% | — |
| CVS | CVS HEALTH CORP | $13.8M | 192,763 | 0.12% | — |
| ICE | INTERCONTINENTAL EXCHANGE IN | $13.8M | 87,938 | 0.12% | — |
| WMB | WILLIAMS COS INC | $13.6M | 187,316 | 0.12% | — |
| CEG | CONSTELLATION ENERGY | $13.4M | 48,119 | 0.11% | — |
| RKLB | ROCKET LAB CORP | $13.4M | 209,022 | 0.11% | — |
| GD | GENERAL DYNAMICS CORP | $13.4M | 38,954 | 0.11% | — |
| CANADIAN NATURAL RESOURC | CANADIAN NATURAL RESOURCES | $13.3M | 273,184 | 0.11% | — |
| AGNICO EAGLE MINES LTD | AGNICO EAGLE MINES LTD | $13.2M | 65,468 | 0.11% | — |
| BX | BLACKSTONE INC | $13.2M | 114,757 | 0.11% | — |
| NU | NU HOLDINGS LTD/CAYMAN ISL A | $13.2M | 915,818 | 0.11% | — |
| WM | WASTE MANAGEMENT INC | $13.1M | 56,880 | 0.11% | — |
| MRSH | MARSH MCLENNAN COS | $13.0M | 74,716 | 0.11% | — |
| FCX | FREEPORT MCMORAN INC | $12.9M | 220,068 | 0.11% | — |
| MRVL | MARVELL TECHNOLOGY INC | $12.9M | 130,247 | 0.11% | — |
| ADP | AUTOMATIC DATA PROCESSING | $12.7M | 62,490 | 0.11% | — |
| BNY | BANK OF NEW YORK MELLON CORP | $12.6M | 106,321 | 0.11% | — |
| BANK OF MONTREAL | BANK OF MONTREAL | $12.6M | 93,210 | 0.11% | — |
| USB | US BANCORP | $12.6M | 241,306 | 0.11% | — |
| PNC | PNC FINANCIAL SERVICES GROUP | $12.5M | 60,029 | 0.11% | — |
| PWR | QUANTA SERVICES INC | $12.4M | 22,672 | 0.11% | — |
This table is the 150 largest positions by value, out of 3,135 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 Police & Firemen's Retirement System of New Jersey (CIK 2040686, accession 0002040686-26-000002). 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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