13F holdings
Summit Financial, LLC portfolio
Managed by . 1,397 reported positions worth $7.8B as of 2026-03-31, filed with the SEC on 2026-05-15. Parsed from the filing itself, not a reseller.
$7.8B
Book value
1,397
Positions
23%
Top 10 weight
+201
New this quarter
-87
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 (201)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| SPMB | SPDR SERIES TRUST | $15.1M | 672,888 | 0.19% |
| JSCP | J P MORGAN EXCHANGE TRADED F | $13.2M | 279,158 | 0.17% |
| VTIP | VANGUARD MALVERN FDS | $11.4M | 227,808 | 0.14% |
| MDYV | SPDR SERIES TRUST | $11.0M | 129,193 | 0.14% |
| MDYG | SPDR SERIES TRUST | $10.9M | 113,731 | 0.14% |
| SPTI | SPDR SERIES TRUST | $7.7M | 268,510 | 0.10% |
| STLD | STEEL DYNAMICS INC | $7.6M | 42,021 | 0.10% |
| TDIV | FIRST TR EXCHANGE TRADED FD | $6.8M | 72,986 | 0.09% |
| MISL | FIRST TR EXCHANGE-TRADED FD | $6.7M | 148,944 | 0.08% |
| UTHR | UNITED THERAPEUTICS CORP DEL | $6.3M | 10,589 | 0.08% |
| JNK | SPDR SERIES TRUST | $6.0M | 62,765 | 0.08% |
| T86 | TRI POINTE HOMES INC | $5.7M | 123,017 | 0.07% |
| EXPE | EXPEDIA GROUP INC | $5.7M | 24,828 | 0.07% |
| AGZ | ISHARES TR | $5.7M | 52,232 | 0.07% |
| AVDV | AMERICAN CENTY ETF TR | $5.2M | 52,432 | 0.07% |
| EMBJ | EMBRAER S.A. | $5.0M | 85,082 | 0.06% |
| CORO | BLACKROCK ETF TRUST | $4.9M | 151,170 | 0.06% |
| DFIC | DIMENSIONAL ETF TRUST | $4.5M | 127,920 | 0.06% |
| IAUM | ISHARES GOLD TR | $4.5M | 96,840 | 0.06% |
| DFSV | DIMENSIONAL ETF TRUST | $4.2M | 120,664 | 0.05% |
| OTF | BLUE OWL TECHNOLOGY FIN CORP | $4.1M | 319,886 | 0.05% |
| SSNC | SS&C TECH HLDGS | $4.0M | 59,710 | 0.05% |
| CTRA | COTERRA ENERGY INC | $3.9M | 109,802 | 0.05% |
| CGXU | CAPITAL GROUP INTL FOCUS EQT | $3.8M | 129,343 | 0.05% |
| PVAL | PUTNAM ETF TRUST | $3.8M | 82,181 | 0.05% |
Closed out (87)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| CILUSD | VICTORY PORTFOLIOS II | $7.1M | 132,155 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $4.7M | 10,474 | 0.00% |
| ALB | ALBEMARLE CORP | $4.6M | 32,185 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARE | $2.5M | 66,280 | 0.00% |
| PIM | PUTNAM MASTER INTER INCOME T | $2.0M | 592,051 | 0.00% |
| BIIB | BIOGEN INC | $2.0M | 11,139 | 0.00% |
| ARKF | ARK ETF TR | $1.8M | 37,590 | 0.00% |
| IGV | ISHARES TR | $1.4M | 13,107 | 0.00% |
| KWEB | KRANESHARES TRUST | $1.4M | 40,138 | 0.00% |
| TUA | SIMPLIFY EXCHANGE TRADED FUN | $1.2M | 53,836 | 0.00% |
| IOT | SAMSARA INC | $1.0M | 29,487 | 0.00% |
| RBLX | ROBLOX CORP | $1.0M | 12,639 | 0.00% |
| CPNG | COUPANG INC | $987,572 | 41,864 | 0.00% |
| AZNN | ASTRAZENECA PLC | $963,128 | 10,477 | 0.00% |
| LRGF | ISHARES TR | $863,431 | 12,436 | 0.00% |
| STRIVE INC | STRIVE INC | $827,280 | 1,120,975 | 0.00% |
| SCMB | SCHWAB STRATEGIC TR | $802,682 | 31,160 | 0.00% |
| AVDL | AVADEL PHARMACEUTICALS PLC | $729,489 | 33,851 | 0.00% |
| PDYN | PALLADYNE AI CORP | $609,316 | 143,032 | 0.00% |
| HODL | VANECK BITCOIN ETF | $606,998 | 24,545 | 0.00% |
| ALNY | ALNYLAM PHARMACEUTICALS INC | $578,978 | 1,456 | 0.00% |
| BLACKROCK ETF TRUST | BLACKROCK ETF TRUST | $554,301 | 14,853 | 0.00% |
| FTQI | FIRST TR EXCHANGE TRADED FD | $553,738 | 26,596 | 0.00% |
| PTMC | PACER FDS TR | $541,234 | 14,899 | 0.00% |
| DAPP | VANECK ETF TRUST | $526,100 | 31,827 | 0.00% |
Added to (678)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VTI | VANGUARD INDEX FDS | $555.6M | 1,731,717 | 7.08% | +4% |
| VEU | VANGUARD INTL EQUITY INDEX F | $259.3M | 3,452,220 | 3.30% | +3% |
| AAPL | APPLE INC | $167.5M | 660,017 | 2.13% | +24% |
| IVV | ISHARES TR | $167.2M | 255,954 | 2.13% | +11% |
| VUG | VANGUARD INDEX FDS | $124.1M | 284,069 | 1.58% | +17% |
| NVDA | NVIDIA CORPORATION | $120.3M | 689,910 | 1.53% | +9% |
| VTV | VANGUARD INDEX FDS | $108.5M | 552,948 | 1.38% | +15% |
| SPY | STATE STR SPDR S&P 500 ETF T | $97.0M | 148,667 | 1.24% | +2% |
| VOO | VANGUARD INDEX FDS | $96.8M | 161,978 | 1.23% | +4% |
| JBND | J P MORGAN EXCHANGE TRADED F | $89.4M | 1,663,485 | 1.14% | +22% |
| MSFT | MICROSOFT CORP | $87.8M | 237,139 | 1.12% | +7% |
| AMZN | AMAZON COM INC | $85.0M | 407,933 | 1.08% | +15% |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $79.8M | 166,488 | 1.02% | +4% |
| QQQ | INVESCO QQQ TR | $71.0M | 122,925 | 0.90% | +11% |
| PYLD | PIMCO ETF TR | $65.4M | 2,496,913 | 0.83% | +5% |
Trimmed (317)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| INDY | ISHARES TR | $221,795 | 5,251 | 0.00% | -96% |
| FXO | FIRST TR EXCHANGE-TRADED FD | $386,138 | 6,872 | 0.00% | -96% |
| FBIO | FORTRESS BIOTECH INC | $57,639 | 20,659 | 0.00% | -95% |
| FXZ | FIRST TR EXCHANGE-TRADED FD | $663,287 | 8,703 | 0.01% | -86% |
| QQXT | FIRST TR EXCHANGE-TRADED FD | $1.2M | 12,115 | 0.02% | -86% |
| VHT | VANGUARD WORLD FD | $1.1M | 4,098 | 0.01% | -86% |
| SRVR | PACER FDS TR | $500,951 | 16,046 | 0.01% | -85% |
| PINK | SIMPLIFY EXCHANGE TRADED FUN | $392,476 | 11,660 | 0.01% | -84% |
| TRGP | TARGA RES CORP | $258,503 | 1,031 | 0.00% | -80% |
| FXR | FIRST TR EXCHANGE-TRADED FD | $1.7M | 21,261 | 0.02% | -78% |
| HYG | ISHARES TR | $1.7M | 21,665 | 0.02% | -74% |
| VNOM | VIPER ENERGY INC | $292,280 | 6,220 | 0.00% | -72% |
| SOUN | SOUNDHOUND AI INC | $75,982 | 11,060 | 0.00% | -71% |
| IYW | ISHARES TR | $809,271 | 4,461 | 0.01% | -65% |
| CCL1EUR | CARNIVAL CORP | $406,180 | 15,695 | 0.01% | -65% |
The book
Largest 150 of 1,397 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VTI | VANGUARD INDEX FDS | $555.6M | 1,731,717 | 7.08% | — |
| VEU | VANGUARD INTL EQUITY INDEX F | $259.3M | 3,452,220 | 3.30% | — |
| AAPL | APPLE INC | $167.5M | 660,017 | 2.13% | — |
| IVV | ISHARES TR | $167.2M | 255,954 | 2.13% | — |
| VUG | VANGUARD INDEX FDS | $124.1M | 284,069 | 1.58% | — |
| NVDA | NVIDIA CORPORATION | $120.3M | 689,910 | 1.53% | — |
| VTV | VANGUARD INDEX FDS | $108.5M | 552,948 | 1.38% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $97.0M | 148,667 | 1.24% | — |
| VOO | VANGUARD INDEX FDS | $96.8M | 161,978 | 1.23% | — |
| JBND | J P MORGAN EXCHANGE TRADED F | $89.4M | 1,663,485 | 1.14% | — |
| MSFT | MICROSOFT CORP | $87.8M | 237,139 | 1.12% | — |
| AMZN | AMAZON COM INC | $85.0M | 407,933 | 1.08% | — |
| QQQM | INVESCO EXCH TRADED FD TR II | $81.9M | 344,553 | 1.04% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $79.8M | 166,488 | 1.02% | — |
| QQQ | INVESCO QQQ TR | $71.0M | 122,925 | 0.90% | — |
| PYLD | PIMCO ETF TR | $65.4M | 2,496,913 | 0.83% | — |
| SPYG | SPDR SERIES TRUST | $64.4M | 657,994 | 0.82% | — |
| JPM | JPMORGAN CHASE & CO | $57.7M | 196,239 | 0.74% | — |
| SPYV | SPDR SERIES TRUST | $54.6M | 965,471 | 0.70% | — |
| GOOG | ALPHABET INC | $53.3M | 185,690 | 0.68% | — |
| IBDY | ISHARES TR | $52.7M | 2,038,645 | 0.67% | — |
| IEFA | ISHARES TR | $51.3M | 566,224 | 0.65% | — |
| VEA | VANGUARD TAX-MANAGED FDS | $49.6M | 774,716 | 0.63% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $48.3M | 330,251 | 0.62% | — |
| VBR | VANGUARD INDEX FDS | $46.9M | 215,831 | 0.60% | — |
| META | META PLATFORMS INC | $46.2M | 80,683 | 0.59% | — |
| IBDZ | ISHARES TR | $45.7M | 1,755,367 | 0.58% | — |
| AVGO | BROADCOM INC | $43.7M | 141,104 | 0.56% | — |
| SHV | ISHARES TR | $42.0M | 380,800 | 0.54% | — |
| BINC | BLACKROCK ETF TRUST II | $40.2M | 774,495 | 0.51% | — |
| IBDX | ISHARES TR | $40.0M | 1,584,574 | 0.51% | — |
| IBDW | ISHARES TR | $39.8M | 1,900,235 | 0.51% | — |
| XLU | SELECT SECTOR SPDR TR | $37.1M | 807,393 | 0.47% | — |
| TSLA | TESLA INC | $37.0M | 99,602 | 0.47% | — |
| IWM | ISHARES TR | $36.8M | 148,385 | 0.47% | — |
| VO | VANGUARD INDEX FDS | $36.7M | 127,839 | 0.47% | — |
| VOE | VANGUARD INDEX FDS | $35.9M | 195,010 | 0.46% | — |
| IBDV | ISHARES TR | $35.2M | 1,609,633 | 0.45% | — |
| EFAV | ISHARES TR | $34.2M | 374,321 | 0.44% | — |
| IUSB | ISHARES TR | $33.0M | 714,406 | 0.42% | — |
| AGG | ISHARES TR | $31.9M | 321,111 | 0.41% | — |
| WPM | WHEATON PRECIOUS METALS CORP | $31.7M | 241,389 | 0.40% | — |
| GS | GOLDMAN SACHS GROUP INC | $31.4M | 37,172 | 0.40% | — |
| SMH | VANECK ETF TRUST | $31.0M | 80,906 | 0.40% | — |
| TLT | ISHARES TR | $30.8M | 355,054 | 0.39% | — |
| VCIT | VANGUARD SCOTTSDALE FDS | $30.3M | 366,291 | 0.39% | — |
| WMT | WALMART INC | $30.2M | 242,768 | 0.39% | — |
| EXMOC | EXXON MOBIL CORP | $29.8M | 175,877 | 0.38% | — |
| IJH | ISHARES TR | $29.5M | 436,907 | 0.38% | — |
| RSP | INVESCO EXCHANGE TRADED FD T | $29.3M | 152,920 | 0.37% | — |
| ITOT | ISHARES TR | $29.2M | 205,017 | 0.37% | — |
| JNJ | JOHNSON & JOHNSON | $29.0M | 118,805 | 0.37% | — |
| VB | VANGUARD INDEX FDS | $28.8M | 110,082 | 0.37% | — |
| IEMG | ISHARES INC | $27.9M | 399,985 | 0.36% | — |
| SCHG | SCHWAB STRATEGIC TR | $27.3M | 938,366 | 0.35% | — |
| COST | COSTCO WHOLESALE CORPORATION | $26.1M | 26,213 | 0.33% | — |
| CAT | CATERPILLAR INC | $26.1M | 36,865 | 0.33% | — |
| LLY | ELI LILLY & CO | $26.1M | 28,323 | 0.33% | — |
| AVEM | AMERICAN CENTY ETF TR | $25.9M | 321,765 | 0.33% | — |
| IBDU | ISHARES TR | $25.9M | 1,113,705 | 0.33% | — |
| PDP | INVESCO EXCHANGE TRADED FD T | $25.4M | 210,653 | 0.32% | — |
| GLD | SPDR GOLD TR | $24.8M | 57,649 | 0.32% | — |
| IVE | ISHARES TR | $24.2M | 114,642 | 0.31% | — |
| VWO | VANGUARD INTL EQUITY INDEX F | $22.9M | 422,809 | 0.29% | — |
| SCHR | SCHWAB STRATEGIC TR | $22.8M | 916,786 | 0.29% | — |
| IAU | ISHARES GOLD TR | $22.6M | 256,644 | 0.29% | — |
| FBND | FIDELITY MERRIMACK STR TR | $22.5M | 490,694 | 0.29% | — |
| AIQ | GLOBAL X FDS | $22.5M | 481,095 | 0.29% | — |
| VYM | VANGUARD WHITEHALL FDS | $21.9M | 147,764 | 0.28% | — |
| NFLX | NETFLIX INC. | $21.8M | 227,135 | 0.28% | — |
| SDVY | FIRST TR EXCHANGE TRADED FD | $21.0M | 532,862 | 0.27% | — |
| DIA | STATE STR SPDR DOW JONES IND | $20.9M | 44,945 | 0.27% | — |
| MOAT | VANECK ETF TRUST | $20.8M | 215,439 | 0.27% | — |
| V | VISA INC | $20.1M | 66,563 | 0.26% | — |
| SCHX | SCHWAB STRATEGIC TR | $19.7M | 768,276 | 0.25% | — |
| ABBV | ABBVIE INC | $19.4M | 89,029 | 0.25% | — |
| VPLS | VANGUARD MALVERN FDS | $19.3M | 249,107 | 0.25% | — |
| UUUU | ENERGY FUELS INC | $18.8M | 1,032,515 | 0.24% | — |
| IWF | ISHARES TR | $18.8M | 44,101 | 0.24% | — |
| AMAT | APPLIED MATLS INC | $18.6M | 54,302 | 0.24% | — |
| DIVO | AMPLIFY ETF TR | $18.3M | 407,716 | 0.23% | — |
| IWD | ISHARES TR | $18.1M | 84,490 | 0.23% | — |
| MRK | MERCK & CO INC | $18.0M | 148,433 | 0.23% | — |
| AVDE | AMERICAN CENTY ETF TR | $17.8M | 210,391 | 0.23% | — |
| JMUB | J P MORGAN EXCHANGE TRADED F | $17.8M | 355,384 | 0.23% | — |
| VIG | VANGUARD SPECIALIZED FUNDS | $17.1M | 79,498 | 0.22% | — |
| IJR | ISHARES TR | $16.3M | 131,190 | 0.21% | — |
| XLK | SELECT SECTOR SPDR TR | $16.3M | 122,339 | 0.21% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $16.2M | 47,782 | 0.21% | — |
| VOOG | VANGUARD ADMIRAL FDS INC | $16.2M | 39,669 | 0.21% | — |
| EWJ | ISHARES INC | $15.9M | 188,392 | 0.20% | — |
| SCHD | SCHWAB STRATEGIC TR | $15.9M | 517,010 | 0.20% | — |
| NUGT | DIREXION SHARES ETF TRUST | $15.6M | 83,000 | 0.20% | — |
| SPDW | SPDR INDEX SHS FDS | $15.6M | 341,282 | 0.20% | — |
| VXUS | VANGUARD STAR FDS | $15.4M | 200,344 | 0.20% | — |
| PSLV | SPROTT ASSET MANAGEMENT LP | $15.3M | 625,539 | 0.19% | — |
| SPMB | SPDR SERIES TRUST | $15.1M | 672,888 | 0.19% | — |
| IGSB | ISHARES TR | $14.6M | 277,614 | 0.19% | — |
| CVX | CHEVRON CORPORATION | $14.5M | 69,933 | 0.18% | — |
| IWO | ISHARES TR | $14.4M | 45,836 | 0.18% | — |
| VFLO | VICTORY PORTFOLIOS II | $14.2M | 360,315 | 0.18% | — |
| AMD | ADVANCED MICRO DEVICES INC | $14.2M | 69,805 | 0.18% | — |
| DELL | DELL TECHNOLOGIES INC | $14.2M | 86,509 | 0.18% | — |
| PHYS | SPROTT ASSET MANAGEMENT LP | $14.2M | 399,311 | 0.18% | — |
| BA | BOEING CO | $14.1M | 70,743 | 0.18% | — |
| SPEM | SPDR INDEX SHS FDS | $14.0M | 297,721 | 0.18% | — |
| BAC | BANK AMERICA CORP | $13.9M | 285,813 | 0.18% | — |
| IBDT | ISHARES TR | $13.9M | 548,869 | 0.18% | — |
| SPTS | SPDR SERIES TRUST | $13.9M | 475,507 | 0.18% | — |
| SPIB | SPDR SERIES TRUST | $13.8M | 412,344 | 0.18% | — |
| CCJ | CAMECO CORP | $13.8M | 127,213 | 0.18% | — |
| ET | ENERGY TRANSFER L P | $13.7M | 710,703 | 0.17% | — |
| JEPI | J P MORGAN EXCHANGE TRADED F | $13.6M | 239,863 | 0.17% | — |
| ANGL | VANECK ETF TRUST | $13.6M | 472,830 | 0.17% | — |
| BIV | VANGUARD BD INDEX FDS | $13.5M | 175,367 | 0.17% | — |
| SPMO | INVESCO EXCH TRADED FD TR II | $13.4M | 119,291 | 0.17% | — |
| JSCP | J P MORGAN EXCHANGE TRADED F | $13.2M | 279,158 | 0.17% | — |
| REGN | REGENERON PHARMACEUTICALS | $12.7M | 16,466 | 0.16% | — |
| EMHY | ISHARES INC | $12.6M | 319,492 | 0.16% | — |
| MU | MICRON TECHNOLOGY INC | $12.5M | 36,984 | 0.16% | — |
| CSCO | CISCO SYS INC | $12.2M | 156,955 | 0.16% | — |
| VXX | BARCLAYS BANK PLC | $12.1M | 339,602 | 0.15% | — |
| HD | HOME DEPOT INC | $12.1M | 36,775 | 0.15% | — |
| URI | UNITED RENTALS INC | $11.9M | 16,278 | 0.15% | — |
| DGRO | ISHARES TR | $11.8M | 168,746 | 0.15% | — |
| AVLV | AMERICAN CENTY ETF TR | $11.8M | 146,403 | 0.15% | — |
| AXP | AMERICAN EXPRESS CO | $11.7M | 38,640 | 0.15% | — |
| SPSB | SPDR SERIES TRUST | $11.5M | 383,975 | 0.15% | — |
| SPYI | NEOS ETF TRUST | $11.5M | 233,512 | 0.15% | — |
| VTIP | VANGUARD MALVERN FDS | $11.4M | 227,808 | 0.14% | — |
| XLG | INVESCO EXCHANGE TRADED FD T | $11.4M | 208,149 | 0.14% | — |
| SCHC | SCHWAB STRATEGIC TR | $11.2M | 240,252 | 0.14% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $11.2M | 46,237 | 0.14% | — |
| COF | CAPITAL ONE FINL CORP | $11.1M | 60,926 | 0.14% | — |
| AXSM | AXSOME THERAPEUTICS INC. | $11.0M | 65,249 | 0.14% | — |
| MDYV | SPDR SERIES TRUST | $11.0M | 129,193 | 0.14% | — |
| FTWO | EA SERIES TRUST | $10.9M | 240,449 | 0.14% | — |
| MDYG | SPDR SERIES TRUST | $10.9M | 113,731 | 0.14% | — |
| GPZ | VANECK ETF TRUST | $10.8M | 500,927 | 0.14% | — |
| IWP | ISHARES TR | $10.7M | 83,724 | 0.14% | — |
| BIL | SPDR SERIES TRUST | $10.7M | 116,457 | 0.14% | — |
| SPYM | SPDR SERIES TRUST | $10.7M | 139,216 | 0.14% | — |
| SCHF | SCHWAB STRATEGIC TR | $10.6M | 427,739 | 0.13% | — |
| QUAL | ISHARES TR | $10.6M | 55,159 | 0.13% | — |
| MUB | ISHARES TR | $10.5M | 99,163 | 0.13% | — |
| PG | PROCTER & GAMBLE CO | $10.5M | 72,745 | 0.13% | — |
| ASML | ASML HLDG NV | $10.4M | 7,852 | 0.13% | — |
| EXE | EXPAND ENERGY CORPORATION | $10.4M | 94,434 | 0.13% | — |
| FTEC | FIDELITY COVINGTON TRUST | $10.3M | 49,586 | 0.13% | — |
| FPE | FIRST TR EXCH TRADED FD III | $10.3M | 578,594 | 0.13% | — |
This table is the 150 largest positions by value, out of 1,397 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 Summit Financial, LLC (CIK 1765536, accession 0001172661-26-002343). 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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