13F holdings
STEPHENS INC /AR/ portfolio
Managed by . 1,311 reported positions worth $8.0B as of 2026-03-31, filed with the SEC on 2026-04-28. Parsed from the filing itself, not a reseller.
$8.0B
Book value
1,311
Positions
20%
Top 10 weight
+111
New this quarter
-100
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 28 days old on 2026-04-28, 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 (111)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| AVDE | AMERICAN CENTY ETF TR | $15.9M | 187,536 | 0.20% |
| MGOV | FIRST TR EXCHANGE-TRADED FD | $7.5M | 369,248 | 0.09% |
| AVEM | AMERICAN CENTY ETF TR | $6.6M | 81,914 | 0.08% |
| AMCR | AMCOR PLC | $4.6M | 116,756 | 0.06% |
| MDLN | MEDLINE INC | $3.8M | 86,180 | 0.05% |
| SANM | SANMINA CORP | $2.4M | 18,225 | 0.03% |
| AZN | ASTRAZENECA PLC | $2.3M | 11,625 | 0.03% |
| CALM | CAL MAINE FOODS INC | $1.4M | 17,477 | 0.02% |
| TPG | TPG INC | $1.2M | 30,000 | 0.02% |
| SAIC | SCIENCE APPLICATIONS INTL CO | $1.1M | 11,929 | 0.01% |
| FSLY | FASTLY INC | $966,797 | 33,269 | 0.01% |
| DXJ | WISDOMTREE TR | $958,616 | 6,045 | 0.01% |
| FTGC | FIRST TR EXCHANGE TRAD FD VI | $841,096 | 29,296 | 0.01% |
| RYN | RAYONIER INC | $811,562 | 39,358 | 0.01% |
| VGIT | VANGUARD SCOTTSDALE FDS | $756,047 | 12,696 | 0.01% |
| DFUS | DIMENSIONAL ETF TRUST | $681,303 | 9,608 | 0.01% |
| VUSB | VANGUARD BD INDEX FDS | $665,128 | 13,360 | 0.01% |
| BLV | VANGUARD BD INDEX FDS | $554,701 | 8,065 | 0.01% |
| NDAQ | NASDAQ INC | $548,449 | 6,461 | 0.01% |
| RQI | COHEN & STEERS QUALITY INCOM | $532,514 | 44,192 | 0.01% |
| VTES | VANGUARD WELLINGTON FD | $530,985 | 5,250 | 0.01% |
| CMC | COMMERCIAL METALS CO | $521,541 | 8,490 | 0.01% |
| BBAX | J P MORGAN EXCHANGE TRADED F | $462,322 | 7,776 | 0.01% |
| STRA | STRATEGIC ED INC | $434,627 | 5,239 | 0.01% |
| AR | ANTERO RESOURCES CORP | $433,440 | 10,213 | 0.01% |
Closed out (100)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| CLS | CELESTICA INC | $5.1M | 17,169 | 0.00% |
| AMCR | AMCOR PLC | $3.6M | 430,781 | 0.00% |
| PTNQ | PACER FDS TR | $3.5M | 45,064 | 0.00% |
| AZNN | ASTRAZENECA PLC | $2.2M | 24,156 | 0.00% |
| PAYC | PAYCOM SOFTWARE INC | $1.9M | 11,784 | 0.00% |
| GUNR | FLEXSHARES TR | $1.8M | 40,260 | 0.00% |
| GRNJ | TIDAL TRUST III | $1.1M | 44,520 | 0.00% |
| EXK | EXACT SCIENCES CORP | $942,375 | 9,279 | 0.00% |
| PSEP | INNOVATOR ETFS TRUST | $892,293 | 20,410 | 0.00% |
| FTRE | FORTREA HLDGS INC | $879,026 | 50,958 | 0.00% |
| PCH | POTLATCHDELTIC CORPORATION | $866,170 | 21,774 | 0.00% |
| FUMB | FIRST TR EXCH TRADED FD III | $834,717 | 41,611 | 0.00% |
| AJG | GALLAGHER ARTHUR J & CO | $788,533 | 3,047 | 0.00% |
| GXC | SPDR INDEX SHS FDS | $740,416 | 7,648 | 0.00% |
| XNEAX | NUVEEN AMT FREE QLTY MUN INC | $662,620 | 56,975 | 0.00% |
| U | UNITY SOFTWARE INC | $621,119 | 14,062 | 0.00% |
| CVNA | CARVANA CO | $612,351 | 1,451 | 0.00% |
| PJAN | INNOVATOR ETFS TRUST | $589,161 | 12,530 | 0.00% |
| TTAN | SERVICETITAN INC | $581,171 | 5,457 | 0.00% |
| HUBS | HUBSPOT INC | $559,011 | 1,393 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $501,818 | 1,125 | 0.00% |
| LPLA | LPL FINL HLDGS INC | $478,965 | 1,341 | 0.00% |
| NRG | NRG ENERGY INC | $467,847 | 2,938 | 0.00% |
| FDS | FACTSET RESH SYS INC | $455,083 | 1,568 | 0.00% |
| CSTL | CASTLE BIOSCIENCES INC | $432,646 | 11,122 | 0.00% |
Added to (498)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| WMT | WALMART INC | $191.5M | 1,540,042 | 2.40% | +7% |
| NVDA | NVIDIA CORPORATION | $141.9M | 810,438 | 1.77% | +3% |
| MSFT | MICROSOFT CORP | $141.7M | 382,340 | 1.77% | +6% |
| AMZN | AMAZON COM INC | $136.2M | 652,465 | 1.70% | +9% |
| AVGO | BROADCOM INC | $127.6M | 411,322 | 1.60% | +2% |
| JPM | JPMORGAN CHASE & CO | $125.1M | 424,070 | 1.56% | +2% |
| IWF | ISHARES TR | $111.7M | 261,973 | 1.40% | +3% |
| KRUS | KURA SUSHI USA INC | $77.3M | 1,107,263 | 0.97% | +32% |
| GS | GOLDMAN SACHS GROUP INC | $68.8M | 81,322 | 0.86% | +7% |
| IOO | ISHARES TR | $63.9M | 528,198 | 0.80% | +12% |
| VUG | VANGUARD INDEX FDS | $63.5M | 145,267 | 0.79% | +4% |
| IWV | ISHARES TR | $60.9M | 164,161 | 0.76% | +5% |
| VBR | VANGUARD INDEX FDS | $59.5M | 273,733 | 0.74% | +2% |
| META | META PLATFORMS INC | $58.1M | 101,151 | 0.73% | +8% |
| CVX | CHEVRON CORPORATION | $55.5M | 268,036 | 0.69% | +3% |
Trimmed (448)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| HYLS | FIRST TR EXCHANGE-TRADED FD | $318,815 | 7,858 | 0.00% | -93% |
| EXPE | EXPEDIA GROUP INC | $200,874 | 870 | 0.00% | -89% |
| QMAR | FIRST TR EXCHNG TRADED FD VI | $260,757 | 7,756 | 0.00% | -89% |
| BINC | BLACKROCK ETF TRUST II | $885,926 | 17,060 | 0.01% | -89% |
| EEM | ISHARES TR | $637,468 | 11,225 | 0.01% | -88% |
| HEQT | SIMPLIFY EXCHANGE TRADED FUN | $1.2M | 37,310 | 0.01% | -82% |
| QQQI | NEOS ETF TRUST | $247,208 | 4,975 | 0.00% | -79% |
| RY | ROYAL BK CDA | $1.6M | 9,706 | 0.02% | -78% |
| FJUN | FIRST TR EXCHNG TRADED FD VI | $965,919 | 17,095 | 0.01% | -78% |
| GPC | GENUINE PARTS CO | $1.7M | 15,940 | 0.02% | -76% |
| FEGE | RBB FUND TRUST | $2.4M | 51,436 | 0.03% | -73% |
| SFLR | INNOVATOR ETFS TRUST | $1.5M | 43,267 | 0.02% | -73% |
| SPYM | SPDR SERIES TRUST | $453,154 | 5,920 | 0.01% | -73% |
| ACN | ACCENTURE PLC IRELAND | $1.3M | 6,087 | 0.02% | -71% |
| FSEP | FIRST TR EXCHNG TRADED FD VI | $337,312 | 6,702 | 0.00% | -71% |
The book
Largest 150 of 1,311 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VTI | VANGUARD INDEX FDS | $210.8M | 657,184 | 2.64% | — |
| AAPL | APPLE INC | $207.9M | 816,725 | 2.60% | — |
| WMT | WALMART INC | $191.5M | 1,540,042 | 2.40% | — |
| QQQ | INVESCO QQQ TR | $151.8M | 262,925 | 1.90% | — |
| NVDA | NVIDIA CORPORATION | $141.9M | 810,438 | 1.77% | — |
| MSFT | MICROSOFT CORP | $141.7M | 382,340 | 1.77% | — |
| AMZN | AMAZON COM INC | $136.2M | 652,465 | 1.70% | — |
| AVGO | BROADCOM INC | $127.6M | 411,322 | 1.60% | — |
| JPM | JPMORGAN CHASE & CO | $125.1M | 424,070 | 1.56% | — |
| IWD | ISHARES TR | $124.6M | 582,984 | 1.56% | — |
| IWF | ISHARES TR | $111.7M | 261,973 | 1.40% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $108.3M | 166,554 | 1.36% | — |
| IWS | ISHARES TR | $99.6M | 683,625 | 1.25% | — |
| GOOGL | ALPHABET INC | $98.7M | 342,294 | 1.23% | — |
| GOOG | ALPHABET INC | $88.9M | 309,585 | 1.11% | — |
| VTV | VANGUARD INDEX FDS | $82.0M | 418,100 | 1.03% | — |
| KRUS | KURA SUSHI USA INC | $77.3M | 1,107,263 | 0.97% | — |
| GS | GOLDMAN SACHS GROUP INC | $68.8M | 81,322 | 0.86% | — |
| IWP | ISHARES TR | $67.1M | 523,361 | 0.84% | — |
| VOO | VANGUARD INDEX FDS | $66.5M | 111,264 | 0.83% | — |
| IOO | ISHARES TR | $63.9M | 528,198 | 0.80% | — |
| VUG | VANGUARD INDEX FDS | $63.5M | 145,267 | 0.79% | — |
| IWV | ISHARES TR | $60.9M | 164,161 | 0.76% | — |
| VBR | VANGUARD INDEX FDS | $59.5M | 273,733 | 0.74% | — |
| META | META PLATFORMS INC | $58.1M | 101,151 | 0.73% | — |
| CVX | CHEVRON CORPORATION | $55.5M | 268,036 | 0.69% | — |
| SCHD | SCHWAB STRATEGIC TR | $55.5M | 1,807,762 | 0.69% | — |
| AMLP | ALPS ETF TR | $53.2M | 1,010,395 | 0.67% | — |
| EXMOC | EXXON MOBIL CORP | $53.0M | 311,896 | 0.66% | — |
| VONG | VANGUARD SCOTTSDALE FDS | $48.4M | 441,472 | 0.61% | — |
| BIV | VANGUARD BD INDEX FDS | $47.0M | 609,591 | 0.59% | — |
| SGOV | ISHARES TR | $46.3M | 460,127 | 0.58% | — |
| VCSH | VANGUARD SCOTTSDALE FDS | $46.0M | 579,894 | 0.58% | — |
| MA | MASTERCARD INCORPORATED | $45.8M | 91,580 | 0.57% | — |
| DUK | DUKE ENERGY CORP NEW | $45.3M | 345,684 | 0.57% | — |
| DIA | STATE STR SPDR DOW JONES IND | $43.8M | 94,615 | 0.55% | — |
| JNJ | JOHNSON & JOHNSON | $42.6M | 174,298 | 0.53% | — |
| VO | VANGUARD INDEX FDS | $42.5M | 148,085 | 0.53% | — |
| JPST | J P MORGAN EXCHANGE TRADED F | $42.0M | 829,222 | 0.52% | — |
| FTCB | FIRST TR EXCHANGE-TRADED FD | $41.9M | 1,999,530 | 0.52% | — |
| SHY | ISHARES TR | $41.6M | 503,696 | 0.52% | — |
| IWR | ISHARES TR | $40.8M | 419,131 | 0.51% | — |
| AMGN | AMGEN INC | $40.6M | 114,544 | 0.51% | — |
| VBK | VANGUARD INDEX FDS | $40.3M | 133,265 | 0.50% | — |
| CAT | CATERPILLAR INC | $39.9M | 56,306 | 0.50% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $39.1M | 264,695 | 0.49% | — |
| CSCO | CISCO SYS INC | $37.7M | 483,636 | 0.47% | — |
| V | VISA INC | $37.0M | 122,151 | 0.46% | — |
| VRP | INVESCO EXCH TRADED FD TR II | $35.5M | 1,478,797 | 0.44% | — |
| MOAT | VANECK ETF TRUST | $35.2M | 363,545 | 0.44% | — |
| NEM | NEWMONT CORP | $35.1M | 324,376 | 0.44% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $34.7M | 72,223 | 0.43% | — |
| JEPI | J P MORGAN EXCHANGE TRADED F | $34.5M | 608,099 | 0.43% | — |
| LLY | ELI LILLY & CO | $34.1M | 36,913 | 0.43% | — |
| BX | BLACKSTONE INC | $33.6M | 291,762 | 0.42% | — |
| MRK | MERCK & CO INC | $33.2M | 272,906 | 0.42% | — |
| MLM | MARTIN MARIETTA MATLS INC | $33.0M | 56,111 | 0.41% | — |
| VEA | VANGUARD TAX-MANAGED FDS | $32.8M | 511,500 | 0.41% | — |
| APH | AMPHENOL CORP | $31.1M | 246,384 | 0.39% | — |
| ABBV | ABBVIE INC | $30.9M | 142,021 | 0.39% | — |
| IWB | ISHARES TR | $30.9M | 86,682 | 0.39% | — |
| VGSH | VANGUARD SCOTTSDALE FDS | $30.2M | 515,464 | 0.38% | — |
| IWM | ISHARES TR | $29.9M | 120,695 | 0.37% | — |
| IGSB | ISHARES TR | $29.7M | 565,737 | 0.37% | — |
| FDL | FIRST TR EXCHANGE-TRADED FD | $27.6M | 542,724 | 0.34% | — |
| PEP | PEPSICO INC | $27.3M | 173,304 | 0.34% | — |
| ET | ENERGY TRANSFER L P | $26.6M | 1,380,437 | 0.33% | — |
| WM | WASTE MGMT INC DEL | $26.6M | 115,596 | 0.33% | — |
| VB | VANGUARD INDEX FDS | $26.4M | 100,683 | 0.33% | — |
| EFA | ISHARES TR | $26.3M | 271,209 | 0.33% | — |
| LOW | LOWES COS INC | $26.1M | 110,534 | 0.33% | — |
| MDT | MEDTRONIC PLC | $24.8M | 284,904 | 0.31% | — |
| IAU | ISHARES GOLD TR | $24.1M | 273,835 | 0.30% | — |
| EPD | ENTERPRISE PRODS PARTNERS L | $23.9M | 632,544 | 0.30% | — |
| VIG | VANGUARD SPECIALIZED FUNDS | $23.9M | 111,150 | 0.30% | — |
| VOE | VANGUARD INDEX FDS | $23.8M | 129,093 | 0.30% | — |
| JBHT | HUNT J B TRANS SVCS INC | $23.3M | 109,941 | 0.29% | — |
| LMT | LOCKHEED MARTIN CORP | $23.3M | 38,484 | 0.29% | — |
| BAC | BANK AMERICA CORP | $23.3M | 475,941 | 0.29% | — |
| RSP | INVESCO EXCHANGE TRADED FD T | $22.8M | 118,711 | 0.29% | — |
| MCD | MCDONALDS CORP | $22.8M | 72,438 | 0.28% | — |
| KO | COCA COLA CO | $22.7M | 292,489 | 0.28% | — |
| APO | APOLLO GLOBAL MGMT INC | $22.0M | 197,200 | 0.27% | — |
| AGG | ISHARES TR | $22.0M | 221,227 | 0.27% | — |
| AVUV | AMERICAN CENTY ETF TR | $21.9M | 198,445 | 0.27% | — |
| JCPB | J P MORGAN EXCHANGE TRADED F | $21.9M | 464,349 | 0.27% | — |
| USRT | ISHARES TR | $21.6M | 365,635 | 0.27% | — |
| KTOS | KRATOS DEFENSE & SEC SOLUTIO | $21.5M | 304,359 | 0.27% | — |
| ARCC | ARES CAPITAL CORP | $21.3M | 1,183,795 | 0.27% | — |
| HD | HOME DEPOT INC | $21.1M | 63,678 | 0.26% | — |
| ETN | EATON CORP PLC | $21.1M | 58,470 | 0.26% | — |
| TSLA | TESLA INC | $20.3M | 51,123 | 0.25% | — |
| GE | GE AEROSPACE | $19.7M | 69,354 | 0.25% | — |
| QUAL | ISHARES TR | $19.7M | 102,584 | 0.25% | — |
| QCOM | QUALCOMM INC | $19.6M | 150,857 | 0.24% | — |
| RTX | RTX CORPORATION | $19.5M | 100,495 | 0.24% | — |
| T | AT&T INC | $19.3M | 660,536 | 0.24% | — |
| CGCB | CAPITAL GRP FIXED INCM ETF T | $19.3M | 733,059 | 0.24% | — |
| CGMS | CAPITAL GRP FIXED INCM ETF T | $19.1M | 703,100 | 0.24% | — |
| VEU | VANGUARD INTL EQUITY INDEX F | $19.1M | 254,340 | 0.24% | — |
| NEE | NEXTERA ENERGY INC | $19.0M | 204,929 | 0.24% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $18.9M | 55,035 | 0.24% | — |
| LGOV | FIRST TR EXCHANGE-TRADED FD | $18.8M | 870,712 | 0.23% | — |
| CGGR | CAPITAL GROUP GROWTH ETF | $17.7M | 441,078 | 0.22% | — |
| MO | ALTRIA GROUP INC | $17.7M | 266,504 | 0.22% | — |
| OBDC | BLUE OWL CAPITAL CORPORATION | $17.6M | 1,592,507 | 0.22% | — |
| MTZ | MASTEC INC | $17.2M | 53,472 | 0.22% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $17.1M | 281,210 | 0.21% | — |
| FDX | FEDEX CORP | $17.0M | 47,437 | 0.21% | — |
| PNC | PNC FINL SVCS GROUP INC | $16.8M | 79,281 | 0.21% | — |
| KKR | KKR & CO INC | $16.5M | 178,038 | 0.21% | — |
| NFLX | NETFLIX INC. | $16.5M | 170,736 | 0.21% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $16.3M | 67,057 | 0.20% | — |
| NXPI | NXP SEMICONDUCTORS N V | $16.1M | 80,871 | 0.20% | — |
| AVDE | AMERICAN CENTY ETF TR | $15.9M | 187,536 | 0.20% | — |
| COST | COSTCO WHOLESALE CORPORATION | $15.9M | 15,771 | 0.20% | — |
| FIIG | FIRST TR EXCHANGE-TRADED FD | $15.8M | 761,660 | 0.20% | — |
| CGGO | CAPITAL GROUP GBL GROWTH EQT | $15.5M | 463,778 | 0.19% | — |
| AEP | AMERICAN ELEC PWR CO INC | $15.3M | 116,753 | 0.19% | — |
| CGUS | CAPITAL GROUP CORE EQUITY ET | $15.2M | 394,659 | 0.19% | — |
| USB | US BANCORP | $15.1M | 287,824 | 0.19% | — |
| PG | PROCTER & GAMBLE CO | $15.0M | 103,931 | 0.19% | — |
| PFF | ISHARES TR | $15.0M | 493,472 | 0.19% | — |
| SPYV | SPDR SERIES TRUST | $14.4M | 253,805 | 0.18% | — |
| SDVD | FIRST TR EXCH TRADED FD III | $14.3M | 660,624 | 0.18% | — |
| IVV | ISHARES TR | $14.1M | 21,587 | 0.18% | — |
| GLD | SPDR GOLD TR | $13.9M | 31,649 | 0.17% | — |
| MGK | VANGUARD WORLD FD | $13.8M | 37,680 | 0.17% | — |
| AON | AON PLC | $13.7M | 42,556 | 0.17% | — |
| KNX | KNIGHT-SWIFT TRANSN HLDGS IN | $13.6M | 237,055 | 0.17% | — |
| ADEA | ADEIA INC | $13.6M | 565,167 | 0.17% | — |
| PANW | PALO ALTO NETWORKS INC | $13.6M | 84,486 | 0.17% | — |
| BG | BUNGE GLOBAL SA | $13.5M | 106,444 | 0.17% | — |
| EMR | EMERSON ELEC CO | $13.5M | 102,299 | 0.17% | — |
| MGV | VANGUARD WORLD FD | $13.1M | 90,359 | 0.16% | — |
| OPPE | WISDOMTREE TR | $12.9M | 240,471 | 0.16% | — |
| VZ | VERIZON COMMUNICATIONS INC | $12.9M | 255,399 | 0.16% | — |
| ZTS | ZOETIS INC | $12.8M | 108,583 | 0.16% | — |
| TDG | TRANSDIGM GROUP INC | $12.8M | 11,068 | 0.16% | — |
| AVLV | AMERICAN CENTY ETF TR | $12.8M | 158,630 | 0.16% | — |
| VYM | VANGUARD WHITEHALL FDS | $12.7M | 85,895 | 0.16% | — |
| PKG | PACKAGING CORP AMER | $12.4M | 58,250 | 0.16% | — |
| XLK | SELECT SECTOR SPDR TR | $12.3M | 92,715 | 0.15% | — |
| VYMI | VANGUARD WHITEHALL FDS | $12.1M | 128,102 | 0.15% | — |
| VT | VANGUARD INTL EQUITY INDEX F | $12.0M | 86,706 | 0.15% | — |
| VRT | VERTIV HOLDINGS CO | $12.0M | 47,742 | 0.15% | — |
| AMAT | APPLIED MATLS INC | $11.9M | 34,506 | 0.15% | — |
| UNP | UNION PAC CORP | $11.8M | 48,312 | 0.15% | — |
| WMB | WILLIAMS COS INC | $11.7M | 161,120 | 0.15% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $11.6M | 23,680 | 0.15% | — |
This table is the 150 largest positions by value, out of 1,311 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 STEPHENS INC /AR/ (CIK 757657, accession 0000757657-26-000013). 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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