13F holdings
TD Asset Management Inc portfolio
Managed by . 1,230 reported positions worth $123.2B as of 2026-03-31, filed with the SEC on 2026-05-11. Parsed from the filing itself, not a reseller.
$123.2B
Book value
1,230
Positions
26%
Top 10 weight
+87
New this quarter
-89
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 41 days old on 2026-05-11, 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 (87)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| AZN | ASTRAZENECA PLC | $383.4M | 1,965,535 | 0.31% |
| AHR | AMERICAN HEALTHCARE REIT INC | $94.4M | 2,002,053 | 0.08% |
| XLI | SELECT SECTOR SPDR TR | $57.0M | 352,600 | 0.05% |
| TIGO | MILLICOM INTL CELLULAR S A | $56.9M | 759,681 | 0.05% |
| MDA | MDA SPACE LTD | $46.8M | 1,854,508 | 0.04% |
| KRE | SPDR SERIES TRUST | $36.1M | 554,682 | 0.03% |
| TKR | TIMKEN CO | $34.5M | 343,514 | 0.03% |
| CDE | COEUR MNG INC | $32.0M | 1,716,654 | 0.03% |
| NXT | NEXTPOWER INC | $30.0M | 248,618 | 0.02% |
| BMI | BADGER METER INC | $27.7M | 182,010 | 0.02% |
| SUNB | SUNBELT RENTALS HOLDINGS INC | $19.4M | 307,761 | 0.02% |
| AMCR | AMCOR PLC | $9.9M | 250,141 | 0.01% |
| NXST | NEXSTAR MEDIA GROUP INC | $8.9M | 49,491 | 0.01% |
| AYI | ACUITY INC | $8.3M | 29,600 | 0.01% |
| FLR | FLUOR CORP | $7.9M | 168,432 | 0.01% |
| BND | VANGUARD BD INDEX FDS | $6.5M | 88,448 | 0.01% |
| TENX | TENAX THERAPEUTICS INC | $6.4M | 399,184 | 0.01% |
| SMG | SCOTTS MIRACLE-GRO CO | $5.5M | 90,676 | 0.00% |
| BLTE | BELITE BIO INC | $5.3M | 33,410 | 0.00% |
| NNN | NNN REIT INC | $5.0M | 118,960 | 0.00% |
| BBUC | BROOKFIELD BUSINESS CORP | $4.9M | 156,452 | 0.00% |
| ALMS | ALUMIS INC | $4.2M | 191,202 | 0.00% |
| PNFP | PINNACLE FINL PARTNERS INC | $4.2M | 48,295 | 0.00% |
| CLH | CLEAN HARBORS INC | $3.7M | 12,798 | 0.00% |
| VIAV | VIAVI SOLUTIONS INC | $2.9M | 87,308 | 0.00% |
Closed out (89)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| AZNN | ASTRAZENECA PLC | $102.3M | 1,112,841 | 0.00% |
| EWY | ISHARES INC | $71.8M | 738,632 | 0.00% |
| GNTX | GENTEX CORP | $60.2M | 2,587,362 | 0.00% |
| EUFN | ISHARES TR | $46.1M | 1,243,902 | 0.00% |
| CCC | CCC INTELLIGENT SOLUTIONS HL | $36.4M | 4,575,894 | 0.00% |
| CORT | CORCEPT THERAPEUTICS INC | $34.6M | 994,844 | 0.00% |
| NGDN | NEW GOLD INC CDA | $31.5M | 3,613,298 | 0.00% |
| GRTUF | GRANITE REAL ESTATE INVT TR | $27.6M | 463,531 | 0.00% |
| PEN | PENUMBRA INC | $27.4M | 88,154 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $22.2M | 49,666 | 0.00% |
| ACLXGBX | ARCELLX INC | $19.6M | 300,856 | 0.00% |
| MASI* | MASIMO CORP | $14.9M | 114,514 | 0.00% |
| BRKR | BRUKER CORP | $10.1M | 215,398 | 0.00% |
| DUOL | DUOLINGO INC | $9.4M | 53,730 | 0.00% |
| MBB | ISHARES TR | $8.6M | 90,000 | 0.00% |
| K4F | ONESTREAM INC | $8.1M | 438,496 | 0.00% |
| TBBK | BANCORP INC DEL | $6.0M | 89,506 | 0.00% |
| WGS | GENEDX HOLDINGS CORP | $4.8M | 37,016 | 0.00% |
| AMH | AMERICAN HOMES 4 RENT | $4.5M | 141,641 | 0.00% |
| NTSK | NETSKOPE INC | $4.1M | 236,540 | 0.00% |
| RDNT | RADNET INC | $4.0M | 56,110 | 0.00% |
| ONON | ON HLDG AG | $3.9M | 84,200 | 0.00% |
| WAL | WESTERN ALLIANCE BANCORP | $3.6M | 42,664 | 0.00% |
| SMTC | SEMTECH CORP | $3.5M | 47,654 | 0.00% |
| BROOKFIELD BUSINESS PART | BROOKFIELD BUSINESS PARTNERS | $3.3M | 91,991 | 0.00% |
Added to (540)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $5.1B | 29,088,598 | 4.12% | +4% |
| GOOGL | ALPHABET INC | $2.2B | 7,650,121 | 1.78% | +9% |
| ENB | ENBRIDGE INC | $2.1B | 39,677,169 | 1.74% | +1% |
| AEM | AGNICO EAGLE MINES LTD | $2.0B | 9,764,366 | 1.60% | +1% |
| CNQ | CANADIAN NAT RES LTD MED TER | $1.9B | 39,940,897 | 1.58% | +5% |
| SPY | STATE STR SPDR S&P 500 ETF T | $1.9B | 2,848,742 | 1.50% | +3% |
| SU | SUNCOR ENERGY INC NEW | $1.7B | 25,497,252 | 1.36% | +11% |
| CP | CANADIAN PACIFIC KANSAS CITY | $1.5B | 18,829,813 | 1.20% | +1% |
| BN | BROOKFIELD CORP | $1.5B | 36,208,452 | 1.19% | +1% |
| MFC | MANULIFE FINL CORP | $1.4B | 40,746,302 | 1.14% | +7% |
| TRP | TC ENERGY CORP | $1.4B | 21,682,113 | 1.10% | +4% |
| BNS | BANK NOVA SCOTIA B C | $1.3B | 19,181,963 | 1.08% | +3% |
| GOOG | ALPHABET INC | $1.3B | 4,379,038 | 1.02% | +3% |
| CNI | CANADIAN NATL RY CO | $1.2B | 12,131,313 | 1.01% | +7% |
| SHOP | SHOPIFY INC | $1.1B | 9,574,621 | 0.92% | +10% |
Trimmed (465)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| HEI | HEICO CORP NEW | $2.2M | 8,180 | 0.00% | -97% |
| ELS | EQUITY LIFESTYLE PROPERTIES | $1.6M | 25,700 | 0.00% | -93% |
| CPB | THE CAMPBELLS COMPANY | $768,025 | 34,487 | 0.00% | -90% |
| ALGN | ALIGN TECHNOLOGY INC | $2.4M | 14,103 | 0.00% | -90% |
| NUVB | NUVATION BIO INC | $130,682 | 30,462 | 0.00% | -90% |
| DT | DYNATRACE INC | $576,888 | 15,600 | 0.00% | -87% |
| EXE | EXPAND ENERGY CORPORATION | $18.9M | 171,952 | 0.02% | -87% |
| TOST | TOAST INC | $2.3M | 87,657 | 0.00% | -85% |
| MKC/V | MCCORMICK & CO INC | $1.2M | 23,666 | 0.00% | -84% |
| HO1 | HOLOGIC INC | $6.6M | 86,893 | 0.01% | -84% |
| MOH | MOLINA HEALTHCARE INC | $3.3M | 25,108 | 0.00% | -84% |
| MNDY | MONDAY COM LTD | $1.3M | 18,353 | 0.00% | -83% |
| URI | UNITED RENTALS INC | $52.1M | 71,443 | 0.04% | -83% |
| SJM | SMUCKER J M CO | $1.8M | 18,488 | 0.00% | -82% |
| DHI | D R HORTON INC | $13.6M | 99,013 | 0.01% | -81% |
The book
Largest 150 of 1,230 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $5.1B | 29,088,598 | 4.12% | — |
| RY | ROYAL BK CDA | $4.9B | 30,421,111 | 3.98% | — |
| AAPL | APPLE INC | $4.2B | 16,375,214 | 3.37% | — |
| TD | TORONTO DOMINION BK ONT | $3.5B | 37,654,650 | 2.84% | — |
| MSFT | MICROSOFT CORP | $3.2B | 8,755,159 | 2.63% | — |
| BMO | BANK MONTREAL MEDIUM | $2.6B | 19,086,601 | 2.09% | — |
| GOOGL | ALPHABET INC | $2.2B | 7,650,121 | 1.78% | — |
| ENB | ENBRIDGE INC | $2.1B | 39,677,169 | 1.74% | — |
| CM | CANADIAN IMPERIAL BANK OF CO | $2.1B | 22,617,569 | 1.73% | — |
| AVGO | BROADCOM INC | $2.0B | 6,587,250 | 1.65% | — |
| AEM | AGNICO EAGLE MINES LTD | $2.0B | 9,764,366 | 1.60% | — |
| CNQ | CANADIAN NAT RES LTD MED TER | $1.9B | 39,940,897 | 1.58% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $1.9B | 2,848,742 | 1.50% | — |
| SU | SUNCOR ENERGY INC NEW | $1.7B | 25,497,252 | 1.36% | — |
| AMZN | AMAZON COM INC | $1.6B | 7,796,267 | 1.32% | — |
| CP | CANADIAN PACIFIC KANSAS CITY | $1.5B | 18,829,813 | 1.20% | — |
| BN | BROOKFIELD CORP | $1.5B | 36,208,452 | 1.19% | — |
| META | META PLATFORMS INC | $1.4B | 2,493,371 | 1.16% | — |
| MFC | MANULIFE FINL CORP | $1.4B | 40,746,302 | 1.14% | — |
| TRP | TC ENERGY CORP | $1.4B | 21,682,113 | 1.10% | — |
| BNS | BANK NOVA SCOTIA B C | $1.3B | 19,181,963 | 1.08% | — |
| JPM | JPMORGAN CHASE & CO | $1.3B | 4,376,725 | 1.04% | — |
| GOOG | ALPHABET INC | $1.3B | 4,379,038 | 1.02% | — |
| CNI | CANADIAN NATL RY CO | $1.2B | 12,131,313 | 1.01% | — |
| SHOP | SHOPIFY INC | $1.1B | 9,574,621 | 0.92% | — |
| JNJ | JOHNSON & JOHNSON | $1.1B | 4,565,498 | 0.91% | — |
| LLY | ELI LILLY & CO | $1.1B | 1,190,111 | 0.89% | — |
| WPM | WHEATON PRECIOUS METALS CORP | $965.3M | 7,377,168 | 0.78% | — |
| EXMOC | EXXON MOBIL CORP | $950.3M | 5,600,959 | 0.77% | — |
| V | VISA INC | $945.3M | 3,127,726 | 0.77% | — |
| COST | COSTCO WHOLESALE CORPORATION | $933.9M | 937,230 | 0.76% | — |
| EFA | ISHARES TR | $888.6M | 9,148,830 | 0.72% | — |
| B | BARRICK MNG CORP | $881.4M | 21,635,309 | 0.72% | — |
| SLF | SUN LIFE FINANCIAL INC. | $875.7M | 14,022,998 | 0.71% | — |
| ABBV | ABBVIE INC | $852.6M | 3,920,076 | 0.69% | — |
| FTS | FORTIS INC | $747.1M | 13,434,588 | 0.61% | — |
| NTR | NUTRIEN LTD | $696.9M | 9,260,735 | 0.57% | — |
| TJX | TJX COS INC NEW | $682.3M | 4,272,248 | 0.55% | — |
| LRCX | LAM RESEARCH CORP | $653.1M | 3,056,874 | 0.53% | — |
| WCN | WASTE CONNECTIONS INC | $652.8M | 4,030,266 | 0.53% | — |
| GEV | GE VERNOVA INC | $646.6M | 740,736 | 0.52% | — |
| MCK | MCKESSON CORP | $614.8M | 710,446 | 0.50% | — |
| BAM | BROOKFIELD ASSET MANAGMT LTD | $594.1M | 13,404,643 | 0.48% | — |
| TSLA | TESLA INC | $572.2M | 1,539,123 | 0.46% | — |
| QQQ | INVESCO QQQ TR | $555.6M | 962,575 | 0.45% | — |
| KLAC | KLA CORP | $549.3M | 373,087 | 0.45% | — |
| CCJ | CAMECO CORP | $519.2M | 4,789,688 | 0.42% | — |
| AXP | AMERICAN EXPRESS CO | $513.6M | 1,698,093 | 0.42% | — |
| HWM | HOWMET AEROSPACE INC | $492.8M | 2,138,164 | 0.40% | — |
| CW | CURTISS WRIGHT CORP | $483.8M | 710,234 | 0.39% | — |
| TU | TELUS CORPORATION | $480.1M | 37,471,452 | 0.39% | — |
| FNV | FRANCO NEV CORP | $478.2M | 1,937,392 | 0.39% | — |
| GILD | GILEAD SCIENCES INC | $470.0M | 3,372,079 | 0.38% | — |
| TRI4EUR | THOMSON REUTERS CORP | $467.8M | 5,199,592 | 0.38% | — |
| HD | HOME DEPOT INC | $467.6M | 1,421,771 | 0.38% | — |
| HLT | HILTON WORLDWIDE HLDGS INC | $461.5M | 1,517,759 | 0.37% | — |
| LNG | CHENIERE ENERGY INC | $457.1M | 1,610,928 | 0.37% | — |
| APH | AMPHENOL CORP | $456.0M | 3,608,908 | 0.37% | — |
| CVE | CENOVUS ENERGY INC | $454.5M | 17,178,839 | 0.37% | — |
| IMO | IMPERIAL OIL LTD | $449.4M | 3,442,216 | 0.36% | — |
| MCD | MCDONALDS CORP | $430.7M | 1,385,814 | 0.35% | — |
| MA | MASTERCARD INCORPORATED | $429.7M | 859,940 | 0.35% | — |
| QSR | RESTAURANT BRANDS INTL INC | $415.9M | 5,638,563 | 0.34% | — |
| CAT | CATERPILLAR INC | $414.8M | 585,483 | 0.34% | — |
| EMA | EMERA INC | $393.8M | 7,621,466 | 0.32% | — |
| AZN | ASTRAZENECA PLC | $383.4M | 1,965,535 | 0.31% | — |
| NFLX | NETFLIX INC. | $382.9M | 3,982,628 | 0.31% | — |
| AMAT | APPLIED MATLS INC | $375.9M | 1,099,739 | 0.30% | — |
| ETR | ENTERGY CORP NEW | $373.1M | 3,320,316 | 0.30% | — |
| EZU | ISHARES INC | $355.2M | 5,671,243 | 0.29% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $354.8M | 740,318 | 0.29% | — |
| MS | MORGAN STANLEY | $350.8M | 2,131,499 | 0.28% | — |
| PEP | PEPSICO INC | $345.7M | 2,225,868 | 0.28% | — |
| DE | DEERE & CO | $339.4M | 602,498 | 0.28% | — |
| RCI | ROGERS COMMUNICATIONS INC | $334.8M | 8,732,618 | 0.27% | — |
| GS | GOLDMAN SACHS GROUP INC | $330.5M | 390,689 | 0.27% | — |
| WMT | WALMART INC | $319.9M | 2,573,695 | 0.26% | — |
| GE | GE AEROSPACE | $316.9M | 1,116,630 | 0.26% | — |
| CL | COLGATE PALMOLIVE CO | $304.6M | 3,574,124 | 0.25% | — |
| AMD | ADVANCED MICRO DEVICES INC | $302.1M | 1,485,112 | 0.25% | — |
| HYG | ISHARES TR | $299.3M | 3,761,517 | 0.24% | — |
| TXN | TEXAS INSTRS INC | $289.8M | 1,492,541 | 0.24% | — |
| EVR | EVERCORE INC | $286.1M | 958,472 | 0.23% | — |
| PBA | PEMBINA PIPELINE CORP | $282.6M | 6,332,525 | 0.23% | — |
| MRK | MERCK & CO INC | $275.3M | 2,288,576 | 0.22% | — |
| EWJ | ISHARES INC | $271.7M | 3,217,607 | 0.22% | — |
| REGN | REGENERON PHARMACEUTICALS | $271.1M | 350,923 | 0.22% | — |
| CSCO | CISCO SYS INC | $269.2M | 3,469,395 | 0.22% | — |
| MGA | MAGNA INTL INC | $263.0M | 4,724,536 | 0.21% | — |
| FCX | FREEPORT MCMORAN INC | $256.5M | 4,363,041 | 0.21% | — |
| BIP | BROOKFIELD INFRASTRUCTURE PA | $256.4M | 7,131,673 | 0.21% | — |
| AEP | AMERICAN ELEC PWR CO INC | $253.2M | 1,931,327 | 0.21% | — |
| BKNG | BOOKING HOLDINGS INC | $247.5M | 58,773 | 0.20% | — |
| ETN | EATON CORP PLC | $244.9M | 684,826 | 0.20% | — |
| ANET | ARISTA NETWORKS INC | $242.8M | 1,977,756 | 0.20% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $235.9M | 479,855 | 0.19% | — |
| CVX | CHEVRON CORPORATION | $235.5M | 1,138,417 | 0.19% | — |
| LIN | LINDE PLC | $234.5M | 473,063 | 0.19% | — |
| GLW | CORNING INC | $233.5M | 1,716,990 | 0.19% | — |
| TT | TRANE TECHNOLOGIES PLC | $232.7M | 558,412 | 0.19% | — |
| TMUS | T-MOBILE US INC | $222.2M | 1,058,179 | 0.18% | — |
| COR | CENCORA INC | $221.2M | 704,092 | 0.18% | — |
| MU | MICRON TECHNOLOGY INC | $220.9M | 653,754 | 0.18% | — |
| YUM | YUM BRANDS INC | $218.9M | 1,407,776 | 0.18% | — |
| QCOM | QUALCOMM INC | $217.4M | 1,688,373 | 0.18% | — |
| ACN | ACCENTURE PLC IRELAND | $215.0M | 1,084,187 | 0.17% | — |
| HCA | HCA HEALTHCARE INC | $215.0M | 454,236 | 0.17% | — |
| JNK | SPDR SERIES TRUST | $208.7M | 2,180,482 | 0.17% | — |
| ODFL | OLD DOMINION FREIGHT LINE IN | $205.3M | 1,050,781 | 0.17% | — |
| PH | PARKER-HANNIFIN CORP | $204.3M | 228,209 | 0.17% | — |
| EME | EMCOR GROUP INC | $202.0M | 273,587 | 0.16% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $197.5M | 584,276 | 0.16% | — |
| FN | FABRINET | $196.7M | 377,170 | 0.16% | — |
| CMI | CUMMINS INC | $196.1M | 364,552 | 0.16% | — |
| PG | PROCTER & GAMBLE CO | $195.6M | 1,353,911 | 0.16% | — |
| KGC | KINROSS GOLD CORP | $194.7M | 6,388,247 | 0.16% | — |
| MTD | METTLER TOLEDO INTERNATIONAL | $193.2M | 153,173 | 0.16% | — |
| WST | WEST PHARMACEUTICAL SVSC INC | $192.7M | 768,953 | 0.16% | — |
| SYK | STRYKER CORPORATION | $192.3M | 585,211 | 0.16% | — |
| GLD | SPDR GOLD TR | $190.9M | 443,742 | 0.15% | — |
| UBER | UBER TECHNOLOGIES INC | $190.7M | 2,651,034 | 0.15% | — |
| WELL | WELLTOWER INC | $188.3M | 952,538 | 0.15% | — |
| KO | COCA COLA CO | $186.4M | 2,451,224 | 0.15% | — |
| ZTS | ZOETIS INC | $185.5M | 1,569,121 | 0.15% | — |
| MNST | MONSTER BEVERAGE CORP NEW | $185.0M | 2,552,585 | 0.15% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $184.0M | 1,257,554 | 0.15% | — |
| BNY | BANK NEW YORK MELLON CORP | $181.6M | 1,531,026 | 0.15% | — |
| TPL | TEXAS PACIFIC LAND CORPORATI | $179.7M | 378,646 | 0.15% | — |
| ADI | ANALOG DEVICES INC | $179.6M | 564,660 | 0.15% | — |
| UNH | UNITEDHEALTH GROUP INC | $178.9M | 661,168 | 0.15% | — |
| APP | APPLOVIN CORP | $178.2M | 447,808 | 0.14% | — |
| AMP | AMERIPRISE FINL INC | $178.0M | 400,642 | 0.14% | — |
| BCE | BCE INC | $177.3M | 7,049,517 | 0.14% | — |
| FAST | FASTENAL CO | $175.0M | 3,772,115 | 0.14% | — |
| ISRG | INTUITIVE SURGICAL INC | $173.7M | 376,904 | 0.14% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $171.0M | 705,544 | 0.14% | — |
| ORLY | OREILLY AUTOMOTIVE INC | $170.1M | 1,842,997 | 0.14% | — |
| ULTA | ULTA BEAUTY INC | $168.5M | 322,401 | 0.14% | — |
| NEM | NEWMONT CORP | $168.2M | 1,553,918 | 0.14% | — |
| PCAR | PACCAR INC | $167.7M | 1,452,380 | 0.14% | — |
| LPLA | LPL FINL HLDGS INC | $166.7M | 554,133 | 0.14% | — |
| IBKR | INTERACTIVE BROKERS GROUP IN | $165.6M | 2,468,900 | 0.13% | — |
| T | AT&T INC | $164.9M | 5,686,942 | 0.13% | — |
| NTAP | NETAPP INC | $164.1M | 1,602,956 | 0.13% | — |
| MRSH | MARSH & MCLENNAN COS INC | $162.9M | 939,368 | 0.13% | — |
| VRSN | VERISIGN INC | $162.6M | 654,524 | 0.13% | — |
| ORCL | ORACLE CORP | $162.4M | 1,103,810 | 0.13% | — |
| INTC | INTEL CORP | $161.5M | 3,658,706 | 0.13% | — |
| EOG | EOG RES INC | $157.7M | 1,090,800 | 0.13% | — |
| MGY | MAGNOLIA OIL & GAS CORP | $156.0M | 4,941,979 | 0.13% | — |
This table is the 150 largest positions by value, out of 1,230 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 TD Asset Management Inc (CIK 1056053, accession 0001193125-26-217078). 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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