13F holdings
Swiss National Bank portfolio
Managed by . 2,301 reported positions worth $173.8B as of 2026-03-31, filed with the SEC on 2026-05-07. Parsed from the filing itself, not a reseller.
$173.8B
Book value
2,301
Positions
34%
Top 10 weight
+52
New this quarter
-62
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 37 days old on 2026-05-07, 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 (52)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| AZN | ASTRAZENECA PLC | $1.2B | 6,174,666 | 0.69% |
| SUNB | SUNBELT RENTALS HOLDINGS INC | $104.4M | 1,657,484 | 0.06% |
| AMCR | AMCOR PLC | $53.9M | 1,356,169 | 0.03% |
| IREN | IREN LIMITED | $33.0M | 963,600 | 0.02% |
| QGEN | QIAGEN NV | $28.7M | 716,059 | 0.02% |
| PIPR | PIPER SANDLER COMPANIES | $10.7M | 140,000 | 0.01% |
| VSNT | VERSANT MEDIA GROUP INC | $10.6M | 285,300 | 0.01% |
| INDV | INDIVIOR PHARMACEUTICALS INC | $6.4M | 210,031 | 0.00% |
| MDA | MDA SPACE LTD | $6.3M | 250,173 | 0.00% |
| 430 | TERNS PHARMACEUTICALS INC | $5.9M | 112,500 | 0.00% |
| AXTI | AXT INC | $5.9M | 103,900 | 0.00% |
| ERAS | ERASCA INC | $5.4M | 336,800 | 0.00% |
| LGN | LEGENCE CORP | $4.5M | 79,700 | 0.00% |
| HYMC | HYCROFT MINING HOLDING CORP | $3.4M | 95,500 | 0.00% |
| DFTX | DEFINIUM THERAPEUTICS INC | $3.0M | 158,400 | 0.00% |
| CAPR | CAPRICOR THERAPEUTICS INC | $2.9M | 96,800 | 0.00% |
| ALMS | ALUMIS INC | $2.8M | 127,800 | 0.00% |
| DCH | DAUCH CORP | $2.8M | 464,395 | 0.00% |
| BF/A | BROWN FORMAN CORP | $2.7M | 100,000 | 0.00% |
| KOD | KODIAK SCIENCES INC | $2.2M | 57,400 | 0.00% |
| GILT | GILAT SATELLITE NETWORKS LTD | $2.2M | 146,261 | 0.00% |
| ALH | ALLIANCE LAUNDRY HLDGS INC | $2.0M | 97,600 | 0.00% |
| EYPT | EYEPOINT INC | $1.9M | 147,400 | 0.00% |
| WBI | WATERBRIDGE INFRASTRUCTURE L | $1.8M | 68,500 | 0.00% |
| FLY | FIREFLY AEROSPACE INC | $1.8M | 63,000 | 0.00% |
Closed out (62)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| CYBR | CYBERARK SOFTWARE LTD | $64.5M | 144,680 | 0.00% |
| AMCR | AMCOR PLC | $52.8M | 6,325,548 | 0.00% |
| EXK | EXACT SCIENCES CORP | $37.9M | 373,180 | 0.00% |
| QGEN | QIAGEN NV | $26.9M | 591,139 | 0.00% |
| CMA | COMERICA INC | $21.9M | 251,600 | 0.00% |
| FYBR | FRONTIER COMMUNICATIONS PARE | $18.8M | 493,600 | 0.00% |
| DAY | DAYFORCE INC | $18.3M | 264,700 | 0.00% |
| 8QR | CONFLUENT INC | $16.5M | 546,800 | 0.00% |
| RNAGBP | AVIDITY BIOSCIENCES INC | $15.6M | 215,800 | 0.00% |
| CADE | CADENCE BANK | $15.4M | 360,253 | 0.00% |
| SYU1 | SYNOVUS FINL CORP | $13.7M | 273,619 | 0.00% |
| NGDN | NEW GOLD INC CDA | $13.7M | 1,568,062 | 0.00% |
| 62C | PIPER SANDLER COMPANIES | $11.8M | 34,880 | 0.00% |
| TGNA | TEGNA INC | $6.4M | 327,300 | 0.00% |
| INDV | INDIVIOR PLC | $6.2M | 172,331 | 0.00% |
| 1RG | REV GROUP INC | $5.8M | 96,200 | 0.00% |
| PCH | POTLATCHDELTIC CORPORATION | $5.8M | 144,814 | 0.00% |
| CDTX | CIDARA THERAPEUTICS INC | $5.0M | 22,500 | 0.00% |
| 9HI | HILLENBRAND INC | $4.4M | 139,059 | 0.00% |
| CIVI | CIVITAS RESOURCES INC | $4.0M | 146,230 | 0.00% |
| GRTUF | GRANITE REAL ESTATE INVT TR | $3.8M | 63,500 | 0.00% |
| AVDL | AVADEL PHARMACEUTICALS PLC | $3.7M | 172,400 | 0.00% |
| QFIN | QFIN HOLDINGS INC | $3.1M | 162,807 | 0.00% |
| ELME | ELME COMMUNITIES | $3.0M | 173,900 | 0.00% |
| ALEX | ALEXANDER & BALDWIN INC NEW | $3.0M | 143,520 | 0.00% |
Added to (816)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $12.4B | 71,314,800 | 7.16% | +7% |
| AAPL | APPLE INC | $10.9B | 43,134,968 | 6.30% | +6% |
| MSFT | MICROSOFT CORP | $7.7B | 20,721,690 | 4.41% | +7% |
| AMZN | AMAZON COM INC | $5.9B | 28,236,000 | 3.38% | +7% |
| GOOGL | ALPHABET INC | $4.9B | 17,079,800 | 2.83% | +7% |
| GOOG | ALPHABET INC | $4.1B | 14,281,400 | 2.36% | +7% |
| AVGO | BROADCOM INC | $4.1B | 13,218,810 | 2.35% | +8% |
| META | META PLATFORMS INC | $3.7B | 6,392,600 | 2.10% | +8% |
| TSLA | TESLA INC | $3.1B | 8,296,415 | 1.77% | +7% |
| LLY | ELI LILLY & CO | $2.2B | 2,358,310 | 1.25% | +7% |
| EXMOC | EXXON MOBIL CORP | $2.1B | 12,376,418 | 1.21% | +6% |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $1.9B | 4,036,845 | 1.11% | +7% |
| JNJ | JOHNSON & JOHNSON | $1.7B | 7,070,707 | 0.99% | +7% |
| WMT | WALMART INC | $1.6B | 12,864,800 | 0.92% | +7% |
| V | VISA INC | $1.5B | 4,947,360 | 0.86% | +6% |
Trimmed (193)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| BF/B | BROWN FORMAN CORP | $9.2M | 349,818 | 0.01% | -30% |
| DOCU | DOCUSIGN INC | $18.8M | 396,200 | 0.01% | -28% |
| SJM | SMUCKER J M CO | $20.4M | 211,100 | 0.01% | -28% |
| DT | DYNATRACE INC | $22.1M | 596,901 | 0.01% | -28% |
| BSY | BENTLEY SYS INC | $11.2M | 317,800 | 0.01% | -27% |
| NTNX | NUTANIX INC | $19.3M | 508,400 | 0.01% | -27% |
| BAH | BOOZ ALLEN HAMILTON HLDG COR | $18.7M | 240,100 | 0.01% | -27% |
| WIX | WIX COM LTD | $9.9M | 109,786 | 0.01% | -26% |
| PAYC | PAYCOM SOFTWARE INC | $11.9M | 97,700 | 0.01% | -26% |
| ELS | EQUITY LIFESTYLE PROPERTIES | $22.7M | 364,300 | 0.01% | -25% |
| WTRG | ESSENTIAL UTILS INC | $22.6M | 560,400 | 0.01% | -25% |
| AMH | AMERICAN HOMES 4 RENT | $18.4M | 660,017 | 0.01% | -24% |
| BXP | BXP INC | $15.5M | 297,900 | 0.01% | -24% |
| BAX | BAXTER INTL INC | $17.1M | 1,017,424 | 0.01% | -24% |
| ARE | ALEXANDRIA REAL ESTATE EQ IN | $14.3M | 307,800 | 0.01% | -24% |
The book
Largest 150 of 2,301 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $12.4B | 71,314,800 | 7.16% | — |
| AAPL | APPLE INC | $10.9B | 43,134,968 | 6.30% | — |
| MSFT | MICROSOFT CORP | $7.7B | 20,721,690 | 4.41% | — |
| AMZN | AMAZON COM INC | $5.9B | 28,236,000 | 3.38% | — |
| GOOGL | ALPHABET INC | $4.9B | 17,079,800 | 2.83% | — |
| GOOG | ALPHABET INC | $4.1B | 14,281,400 | 2.36% | — |
| AVGO | BROADCOM INC | $4.1B | 13,218,810 | 2.35% | — |
| META | META PLATFORMS INC | $3.7B | 6,392,600 | 2.10% | — |
| TSLA | TESLA INC | $3.1B | 8,296,415 | 1.77% | — |
| LLY | ELI LILLY & CO | $2.2B | 2,358,310 | 1.25% | — |
| EXMOC | EXXON MOBIL CORP | $2.1B | 12,376,418 | 1.21% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $1.9B | 4,036,845 | 1.11% | — |
| JNJ | JOHNSON & JOHNSON | $1.7B | 7,070,707 | 0.99% | — |
| WMT | WALMART INC | $1.6B | 12,864,800 | 0.92% | — |
| V | VISA INC | $1.5B | 4,947,360 | 0.86% | — |
| COST | COSTCO WHOLESALE CORPORATION | $1.3B | 1,302,660 | 0.75% | — |
| MA | MASTERCARD INCORPORATED | $1.2B | 2,484,860 | 0.71% | — |
| AZN | ASTRAZENECA PLC | $1.2B | 6,174,666 | 0.69% | — |
| NFLX | NETFLIX INC. | $1.2B | 12,435,540 | 0.69% | — |
| ABBV | ABBVIE INC | $1.1B | 5,186,810 | 0.65% | — |
| MU | MICRON TECHNOLOGY INC | $1.1B | 3,303,100 | 0.64% | — |
| PG | PROCTER & GAMBLE CO | $990.5M | 6,857,790 | 0.57% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $980.7M | 6,704,000 | 0.56% | — |
| CAT | CATERPILLAR INC | $973.0M | 1,373,420 | 0.56% | — |
| AMD | ADVANCED MICRO DEVICES INC | $972.0M | 4,778,075 | 0.56% | — |
| HD | HOME DEPOT INC | $960.9M | 2,921,600 | 0.55% | — |
| KO | COCA COLA CO | $912.1M | 11,993,100 | 0.52% | — |
| CSCO | CISCO SYS INC | $899.7M | 11,595,500 | 0.52% | — |
| GE | GE AEROSPACE | $878.4M | 3,095,622 | 0.51% | — |
| MRK | MERCK & CO INC | $876.2M | 7,284,151 | 0.50% | — |
| AMAT | APPLIED MATLS INC | $795.4M | 2,327,100 | 0.46% | — |
| LRCX | LAM RESEARCH CORP | $787.6M | 3,686,200 | 0.45% | — |
| RTX | RTX CORPORATION | $759.0M | 3,934,881 | 0.44% | — |
| PM | PHILIP MORRIS INTL INC | $755.3M | 4,568,400 | 0.43% | — |
| ORCL | ORACLE CORP | $744.3M | 5,059,180 | 0.43% | — |
| UNH | UNITEDHEALTH GROUP INC | $719.3M | 2,658,441 | 0.41% | — |
| GEV | GE VERNOVA INC | $695.0M | 796,245 | 0.40% | — |
| LIN | LINDE PLC | $679.4M | 1,370,361 | 0.39% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $664.9M | 2,743,260 | 0.38% | — |
| MCD | MCDONALDS CORP | $649.5M | 2,089,980 | 0.37% | — |
| PEP | PEPSICO INC | $623.1M | 4,012,800 | 0.36% | — |
| VZ | VERIZON COMMUNICATIONS INC | $621.2M | 12,374,198 | 0.36% | — |
| T | AT&T INC | $603.2M | 20,805,784 | 0.35% | — |
| INTC | INTEL CORP | $585.3M | 13,263,300 | 0.34% | — |
| KLAC | KLA CORP | $567.8M | 385,600 | 0.33% | — |
| NEE | NEXTERA ENERGY INC | $561.3M | 6,043,500 | 0.32% | — |
| AMGN | AMGEN INC | $556.0M | 1,580,353 | 0.32% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $542.0M | 1,102,640 | 0.31% | — |
| ABT | ABBOTT LABORATORIES | $523.9M | 5,103,180 | 0.30% | — |
| TJX | TJX COS INC NEW | $520.4M | 3,258,900 | 0.30% | — |
| TXN | TEXAS INSTRS INC | $517.7M | 2,666,600 | 0.30% | — |
| CRM | SALESFORCE INC | $513.3M | 2,749,777 | 0.30% | — |
| GILD | GILEAD SCIENCES INC | $507.4M | 3,641,000 | 0.29% | — |
| DIS | DISNEY WALT CO | $505.0M | 5,239,325 | 0.29% | — |
| AXP | AMERICAN EXPRESS CO | $489.2M | 1,617,299 | 0.28% | — |
| SHOP | SHOPIFY INC | $487.6M | 4,115,300 | 0.28% | — |
| ISRG | INTUITIVE SURGICAL INC | $479.6M | 1,040,320 | 0.28% | — |
| COP | CONOCOPHILLIPS | $478.7M | 3,626,470 | 0.28% | — |
| PFE | PFIZER INC | $468.5M | 16,686,212 | 0.27% | — |
| BA | BOEING CO | $457.4M | 2,298,077 | 0.26% | — |
| ADI | ANALOG DEVICES INC | $457.2M | 1,437,075 | 0.26% | — |
| APH | AMPHENOL CORP | $453.9M | 3,592,300 | 0.26% | — |
| DE | DEERE & CO | $424.8M | 754,040 | 0.24% | — |
| UNP | UNION PAC CORP | $422.4M | 1,740,800 | 0.24% | — |
| HONGBP | HONEYWELL INTL INC | $421.2M | 1,863,300 | 0.24% | — |
| UBER | UBER TECHNOLOGIES INC | $416.7M | 5,793,000 | 0.24% | — |
| ETN | EATON CORP PLC | $407.7M | 1,139,840 | 0.23% | — |
| QCOM | QUALCOMM INC | $401.8M | 3,119,700 | 0.23% | — |
| BKNG | BOOKING HOLDINGS INC | $398.3M | 94,604 | 0.23% | — |
| WELL | WELLTOWER INC | $398.2M | 2,014,200 | 0.23% | — |
| ENB | ENBRIDGE INC | $397.4M | 7,342,431 | 0.23% | — |
| LOW | LOWES COS INC | $389.0M | 1,646,320 | 0.22% | — |
| ANET | ARISTA NETWORKS INC | $385.7M | 3,141,300 | 0.22% | — |
| PANW | PALO ALTO NETWORKS INC | $380.2M | 2,371,615 | 0.22% | — |
| BMY | BRISTOL-MYERS SQUIBB CO | $362.3M | 5,974,400 | 0.21% | — |
| PLD | PROLOGIS INC. | $360.3M | 2,726,008 | 0.21% | — |
| ACN | ACCENTURE PLC IRELAND | $358.1M | 1,805,800 | 0.21% | — |
| CB | CHUBB LTD SWITZ | $357.6M | 1,097,231 | 0.21% | — |
| DHR | DANAHER CORP DEL | $353.7M | 1,865,708 | 0.20% | — |
| INTU | INTUIT | $353.1M | 816,640 | 0.20% | — |
| NEM | NEWMONT CORP | $346.7M | 3,202,605 | 0.20% | — |
| AEM | AGNICO EAGLE MINES LTD | $342.5M | 1,689,958 | 0.20% | — |
| CNQ | CANADIAN NAT RES LTD MED TER | $341.5M | 7,011,862 | 0.20% | — |
| PGR | PROGRESSIVE CORP | $341.1M | 1,720,400 | 0.20% | — |
| COF | CAPITAL ONE FINL CORP | $340.4M | 1,865,716 | 0.20% | — |
| VRTX | VERTEX PHARMACEUTICALS INC | $332.5M | 744,600 | 0.19% | — |
| SYK | STRYKER CORPORATION | $331.9M | 1,010,100 | 0.19% | — |
| PH | PARKER-HANNIFIN CORP | $331.5M | 370,300 | 0.19% | — |
| MDT | MEDTRONIC PLC | $326.0M | 3,762,366 | 0.19% | — |
| MO | ALTRIA GROUP INC | $325.1M | 4,926,500 | 0.19% | — |
| GLW | CORNING INC | $325.0M | 2,390,400 | 0.19% | — |
| NOW | SERVICENOW INC | $318.3M | 3,044,540 | 0.18% | — |
| MCK | MCKESSON CORP | $313.5M | 362,250 | 0.18% | — |
| SO | SOUTHERN CO | $311.9M | 3,231,400 | 0.18% | — |
| TMUS | T-MOBILE US INC | $310.3M | 1,477,202 | 0.18% | — |
| CMCSA | COMCAST CORP NEW | $306.2M | 10,666,200 | 0.18% | — |
| SBUX | STARBUCKS CORP | $299.0M | 3,337,100 | 0.17% | — |
| DUK | DUKE ENERGY CORP NEW | $298.8M | 2,282,341 | 0.17% | — |
| ADBE | ADOBE INC | $298.6M | 1,228,500 | 0.17% | — |
| CRWD | CROWDSTRIKE HLDGS INC | $288.8M | 739,860 | 0.17% | — |
| EQIX | EQUINIX INC | $282.5M | 288,163 | 0.16% | — |
| SPOT | SPOTIFY TECHNOLOGY S A | $278.0M | 573,280 | 0.16% | — |
| BSX | BOSTON SCIENTIFIC CORP | $273.0M | 4,350,600 | 0.16% | — |
| WM | WASTE MGMT INC DEL | $271.7M | 1,182,300 | 0.16% | — |
| NOC | NORTHROP GRUMMAN CORP | $271.5M | 397,885 | 0.16% | — |
| WDC | WESTERN DIGITAL CORP | $271.4M | 1,003,307 | 0.16% | — |
| TT | TRANE TECHNOLOGIES PLC | $271.2M | 650,783 | 0.16% | — |
| APP | APPLOVIN CORP | $269.5M | 677,030 | 0.16% | — |
| CVS | CVS HEALTH CORP | $267.6M | 3,725,460 | 0.15% | — |
| VRT | VERTIV HOLDINGS CO | $267.1M | 1,065,900 | 0.15% | — |
| SU | SUNCOR ENERGY INC NEW | $267.1M | 4,043,492 | 0.15% | — |
| WMB | WILLIAMS COS INC | $260.8M | 3,584,000 | 0.15% | — |
| HWM | HOWMET AEROSPACE INC | $258.3M | 1,120,884 | 0.15% | — |
| CEG | CONSTELLATION ENERGY CORP | $252.4M | 903,931 | 0.15% | — |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | $250.5M | 639,400 | 0.14% | — |
| MRSH | MARSH & MCLENNAN COS INC | $249.4M | 1,437,800 | 0.14% | — |
| MRVL | MARVELL TECHNOLOGY INC | $246.5M | 2,489,003 | 0.14% | — |
| ADP | AUTOMATIC DATA PROCESSING IN | $241.2M | 1,186,920 | 0.14% | — |
| PWR | QUANTA SVCS INC | $240.2M | 437,595 | 0.14% | — |
| CP | CANADIAN PACIFIC KANSAS CITY | $237.3M | 3,020,193 | 0.14% | — |
| AMT | AMERICAN TOWER CORP | $237.1M | 1,373,900 | 0.14% | — |
| JCI | JOHNSON CONTROLS INTERNATION | $235.2M | 1,796,281 | 0.14% | — |
| REGN | REGENERON PHARMACEUTICALS | $234.2M | 303,140 | 0.13% | — |
| FDX | FEDEX CORP | $233.5M | 655,600 | 0.13% | — |
| B | BARRICK MNG CORP | $231.8M | 5,680,129 | 0.13% | — |
| MELI | MERCADOLIBRE INC | $231.6M | 133,920 | 0.13% | — |
| GD | GENERAL DYNAMICS CORP | $231.3M | 673,826 | 0.13% | — |
| EOG | EOG RES INC | $230.2M | 1,592,400 | 0.13% | — |
| ORLY | OREILLY AUTOMOTIVE INC | $228.7M | 2,477,200 | 0.13% | — |
| MMM | 3M CO | $226.4M | 1,559,039 | 0.13% | — |
| SLB | SLB LIMITED | $225.3M | 4,384,324 | 0.13% | — |
| CSX | CSX CORP | $224.3M | 5,464,900 | 0.13% | — |
| SNPS | SYNOPSYS INC | $222.6M | 561,455 | 0.13% | — |
| CDNS | CADENCE DESIGN SYSTEM INC | $222.0M | 798,860 | 0.13% | — |
| HCA | HCA HEALTHCARE INC | $221.8M | 468,760 | 0.13% | — |
| SHW | SHERWIN WILLIAMS CO | $221.6M | 691,160 | 0.13% | — |
| VLO | VALERO ENERGY CORP | $221.2M | 895,100 | 0.13% | — |
| TRP | TC ENERGY CORP | $219.0M | 3,502,801 | 0.13% | — |
| MAR | MARRIOTT INTL INC NEW | $218.9M | 669,398 | 0.13% | — |
| MDLZ | MONDELEZ INTL INC | $218.3M | 3,786,924 | 0.13% | — |
| CMI | CUMMINS INC | $217.9M | 405,078 | 0.13% | — |
| EMR | EMERSON ELEC CO | $216.0M | 1,648,700 | 0.12% | — |
| PSX | PHILLIPS 66 | $215.4M | 1,182,450 | 0.12% | — |
| MPC | MARATHON PETE CORP | $215.4M | 882,166 | 0.12% | — |
| UPS | UNITED PARCEL SVCS INC | $213.3M | 2,168,600 | 0.12% | — |
| MSI | MOTOROLA SOLUTIONS INC | $212.1M | 488,803 | 0.12% | — |
| ITW | ILLINOIS TOOL WKS INC | $210.5M | 808,800 | 0.12% | — |
| ROYAL CARIBBEAN GROUP | ROYAL CARIBBEAN GROUP | $209.2M | 760,318 | 0.12% | — |
| CI | THE CIGNA GROUP | $209.1M | 783,941 | 0.12% | — |
| HLT | HILTON WORLDWIDE HLDGS INC | $207.4M | 682,119 | 0.12% | — |
This table is the 150 largest positions by value, out of 2,301 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 Swiss National Bank (CIK 1582202, accession 0001582202-26-000004). 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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