13F holdings
Valmark Advisers, Inc. portfolio
Managed by . 675 reported positions worth $8.4B as of 2026-03-31, filed with the SEC on 2026-05-01. Parsed from the filing itself, not a reseller.
$8.4B
Book value
675
Positions
46%
Top 10 weight
+52
New this quarter
-32
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 31 days old on 2026-05-01, 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 |
|---|---|---|---|---|
| TMSL | T ROWE PRICE ETF INC | $3.8M | 102,453 | 0.04% |
| DFIV | DIMENSIONAL ETF TRUST | $3.5M | 67,231 | 0.04% |
| JCPB | J P MORGAN EXCHANGE TRADED F | $2.6M | 54,839 | 0.03% |
| FRDM | EA SERIES TRUST | $2.2M | 40,023 | 0.03% |
| DFEM | DIMENSIONAL ETF TRUST | $911,947 | 26,395 | 0.01% |
| CSHI | NEOS ETF TRUST | $887,627 | 17,831 | 0.01% |
| BWA | BORGWARNER INC | $810,319 | 14,934 | 0.01% |
| IWMI | NEOS ETF TRUST | $733,989 | 15,485 | 0.01% |
| CGIC | CAPITAL GROUP INTERNATIONAL | $542,772 | 16,393 | 0.01% |
| SCHY | SCHWAB STRATEGIC TR | $538,220 | 17,000 | 0.01% |
| FIX | COMFORT SYS USA INC | $479,889 | 348 | 0.01% |
| CRS | CARPENTER TECHNOLOGY CORP | $459,973 | 1,167 | 0.01% |
| JCI | JOHNSON CONTROLS INTERNATION | $445,361 | 3,401 | 0.01% |
| TT | TRANE TECHNOLOGIES PLC | $425,908 | 1,022 | 0.01% |
| VBK | VANGUARD INDEX FDS | $405,273 | 1,341 | 0.00% |
| IBCA | ISHARES TR | $404,933 | 15,793 | 0.00% |
| PWR | QUANTA SVCS INC | $402,432 | 733 | 0.00% |
| AVDV | AMERICAN CENTY ETF TR | $394,747 | 3,953 | 0.00% |
| CIEN | CIENA CORP | $374,254 | 964 | 0.00% |
| ATRC | ATRICURE INC | $373,172 | 13,080 | 0.00% |
| SPMO | INVESCO EXCH TRADED FD TR II | $354,981 | 3,166 | 0.00% |
| TER | TERADYNE INC | $353,380 | 1,192 | 0.00% |
| AGX | ARGAN INC | $345,308 | 634 | 0.00% |
| BE | BLOOM ENERGY CORP | $304,717 | 2,249 | 0.00% |
| NIHI | NEOS ETF TRUST | $297,436 | 6,100 | 0.00% |
Closed out (32)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| SCHC | SCHWAB STRATEGIC TR | $12.3M | 269,681 | 0.00% |
| EEMS | ISHARES INC | $4.2M | 61,589 | 0.00% |
| IAPR | INNOVATOR ETFS TRUST | $556,138 | 18,033 | 0.00% |
| PFF | ISHARES TR | $440,336 | 14,223 | 0.00% |
| VOT | VANGUARD INDEX FDS | $419,547 | 1,503 | 0.00% |
| APP | APPLOVIN CORP | $365,884 | 543 | 0.00% |
| SPGP | INVESCO EXCHANGE TRADED FD T | $307,308 | 2,699 | 0.00% |
| KMI | KINDER MORGAN INC DEL | $305,606 | 11,117 | 0.00% |
| NVO | NOVO-NORDISK A S | $298,681 | 5,870 | 0.00% |
| SLF | SUN LIFE FINANCIAL INC. | $287,914 | 4,614 | 0.00% |
| CVS | CVS HEALTH CORP | $285,100 | 3,592 | 0.00% |
| QBTS | D-WAVE QUANTUM INC | $277,425 | 10,609 | 0.00% |
| GSEW | GOLDMAN SACHS ETF TR | $274,512 | 3,225 | 0.00% |
| CRDO | CREDO TECHNOLOGY GROUP HOLDI | $273,103 | 1,898 | 0.00% |
| IOO | ISHARES TR | $267,913 | 2,115 | 0.00% |
| TLH | ISHARES TR | $238,111 | 2,342 | 0.00% |
| FTNT | FORTINET INC | $235,212 | 2,962 | 0.00% |
| TIPX | SPDR SERIES TRUST | $230,517 | 12,082 | 0.00% |
| CRWD | CROWDSTRIKE HLDGS INC | $227,817 | 486 | 0.00% |
| IBIT | ISHARES BITCOIN TRUST ETF | $226,702 | 4,566 | 0.00% |
| PPG | PPG INDS INC | $221,109 | 2,158 | 0.00% |
| CIBR | FIRST TR EXCHANGE TRADED FD | $214,215 | 2,998 | 0.00% |
| NRG | NRG ENERGY INC | $213,859 | 1,343 | 0.00% |
| FTMH | PUTNAM ETF TRUST | $213,371 | 18,442 | 0.00% |
| PLD | PROLOGIS INC. | $211,533 | 1,657 | 0.00% |
Added to (324)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VEA | VANGUARD TAX-MANAGED FDS | $778.6M | 12,151,204 | 9.25% | +2% |
| SPYV | SPDR SERIES TRUST | $509.0M | 8,996,058 | 6.05% | +3% |
| SPYG | SPDR SERIES TRUST | $478.2M | 4,884,338 | 5.68% | +5% |
| SPMD | SPDR SERIES TRUST | $427.3M | 7,215,287 | 5.08% | +2% |
| VTIP | VANGUARD MALVERN FDS | $353.3M | 7,073,953 | 4.20% | +5% |
| SPSB | SPDR SERIES TRUST | $274.5M | 9,127,167 | 3.26% | +4% |
| SPSM | SPDR SERIES TRUST | $261.5M | 5,412,325 | 3.11% | +2% |
| VWO | VANGUARD INTL EQUITY INDEX F | $248.6M | 4,599,777 | 2.95% | +2% |
| SPTM | SPDR SERIES TRUST | $232.4M | 2,939,835 | 2.76% | +3% |
| VGIT | VANGUARD SCOTTSDALE FDS | $186.9M | 3,138,310 | 2.22% | +1% |
| REET | ISHARES TR | $163.0M | 6,480,035 | 1.94% | +3% |
| USIG | ISHARES TR | $154.5M | 3,015,485 | 1.84% | +2% |
| EMXC | ISHARES INC | $141.2M | 1,795,235 | 1.68% | +2% |
| BSV | VANGUARD BD INDEX FDS | $126.3M | 1,610,639 | 1.50% | +5% |
| HYLB | DBX ETF TR | $120.4M | 3,329,468 | 1.43% | +1% |
Trimmed (147)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| XSVM | INVESCO EXCHANGE TRADED FD T | $223,290 | 3,705 | 0.00% | -99% |
| FNDF | SCHWAB STRATEGIC TR | $422,435 | 8,633 | 0.01% | -93% |
| CGSM | CAPITAL GRP FIXED INCM ETF T | $212,631 | 8,091 | 0.00% | -87% |
| FDVV | FIDELITY COVINGTON TRUST | $1.5M | 27,681 | 0.02% | -63% |
| EFA | ISHARES TR | $31.0M | 319,388 | 0.37% | -61% |
| DBMF | LITMAN GREGORY FDS TR | $6.6M | 218,130 | 0.08% | -54% |
| AGG | ISHARES TR | $12.7M | 127,735 | 0.15% | -48% |
| SCHF | SCHWAB STRATEGIC TR | $5.6M | 227,231 | 0.07% | -46% |
| ACWV | ISHARES INC | $1.4M | 11,612 | 0.02% | -43% |
| PAPR | INNOVATOR ETFS TRUST | $911,539 | 22,903 | 0.01% | -40% |
| IGLB | ISHARES TR | $242,294 | 4,882 | 0.00% | -37% |
| PSEP | INNOVATOR ETFS TRUST | $568,091 | 13,193 | 0.01% | -36% |
| PJUN | INNOVATOR ETFS TRUST | $372,467 | 8,905 | 0.00% | -32% |
| FTCS | FIRST TR EXCHANGE-TRADED FD | $4.0M | 43,266 | 0.05% | -31% |
| ALL | ALLSTATE CORP | $204,873 | 988 | 0.00% | -31% |
The book
Largest 150 of 675 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| VEA | VANGUARD TAX-MANAGED FDS | $778.6M | 12,151,204 | 9.25% | — |
| SPYV | SPDR SERIES TRUST | $509.0M | 8,996,058 | 6.05% | — |
| SPYG | SPDR SERIES TRUST | $478.2M | 4,884,338 | 5.68% | — |
| SPMD | SPDR SERIES TRUST | $427.3M | 7,215,287 | 5.08% | — |
| VTIP | VANGUARD MALVERN FDS | $353.3M | 7,073,953 | 4.20% | — |
| VOO | VANGUARD INDEX FDS | $299.8M | 501,676 | 3.56% | — |
| SPSB | SPDR SERIES TRUST | $274.5M | 9,127,167 | 3.26% | — |
| SPSM | SPDR SERIES TRUST | $261.5M | 5,412,325 | 3.11% | — |
| VWO | VANGUARD INTL EQUITY INDEX F | $248.6M | 4,599,777 | 2.95% | — |
| SPTM | SPDR SERIES TRUST | $232.4M | 2,939,835 | 2.76% | — |
| GUNR | FLEXSHARES TR | $188.9M | 3,424,908 | 2.24% | — |
| VGIT | VANGUARD SCOTTSDALE FDS | $186.9M | 3,138,310 | 2.22% | — |
| REET | ISHARES TR | $163.0M | 6,480,035 | 1.94% | — |
| USIG | ISHARES TR | $154.5M | 3,015,485 | 1.84% | — |
| EMXC | ISHARES INC | $141.2M | 1,795,235 | 1.68% | — |
| BSV | VANGUARD BD INDEX FDS | $126.3M | 1,610,639 | 1.50% | — |
| HYLB | DBX ETF TR | $120.4M | 3,329,468 | 1.43% | — |
| EMLC | VANECK ETF TRUST | $114.1M | 4,543,042 | 1.36% | — |
| SMLF | ISHARES TR | $100.8M | 1,334,635 | 1.20% | — |
| LQD | ISHARES TR | $97.2M | 891,382 | 1.15% | — |
| SCHD | SCHWAB STRATEGIC TR | $81.8M | 2,665,661 | 0.97% | — |
| VMBS | VANGUARD SCOTTSDALE FDS | $74.7M | 1,591,330 | 0.89% | — |
| CGDG | CAPITAL GROUP DIVIDEND GROWE | $74.6M | 2,079,344 | 0.89% | — |
| VGSH | VANGUARD SCOTTSDALE FDS | $73.8M | 1,260,898 | 0.88% | — |
| CGDV | CAPITAL GROUP DIVIDEND VALUE | $71.5M | 1,680,301 | 0.85% | — |
| HYBB | ISHARES TR | $71.2M | 1,531,588 | 0.85% | — |
| IVW | ISHARES TR | $67.1M | 593,468 | 0.80% | — |
| XSOE | WISDOMTREE TR | $65.8M | 1,640,866 | 0.78% | — |
| CGGR | CAPITAL GROUP GROWTH ETF | $65.2M | 1,623,062 | 0.78% | — |
| IJH | ISHARES TR | $60.8M | 900,671 | 0.72% | — |
| IVE | ISHARES TR | $59.8M | 283,312 | 0.71% | — |
| GTR | WISDOMTREE TR | $59.2M | 2,360,343 | 0.70% | — |
| CGCB | CAPITAL GRP FIXED INCM ETF T | $54.1M | 2,058,831 | 0.64% | — |
| AAPL | APPLE INC | $52.4M | 206,590 | 0.62% | — |
| CGUS | CAPITAL GROUP CORE EQUITY ET | $51.2M | 1,333,129 | 0.61% | — |
| VEU | VANGUARD INTL EQUITY INDEX F | $48.1M | 640,486 | 0.57% | — |
| CGCP | CAPITAL GRP FIXED INCM ETF T | $46.6M | 2,084,059 | 0.55% | — |
| JPST | J P MORGAN EXCHANGE TRADED F | $45.9M | 907,346 | 0.55% | — |
| VTI | VANGUARD INDEX FDS | $42.7M | 132,966 | 0.51% | — |
| IVV | ISHARES TR | $42.3M | 64,741 | 0.50% | — |
| CGMS | CAPITAL GRP FIXED INCM ETF T | $41.5M | 1,525,745 | 0.49% | — |
| VYM | VANGUARD WHITEHALL FDS | $39.0M | 263,015 | 0.46% | — |
| BNDX | VANGUARD CHARLOTTE FDS | $35.5M | 737,987 | 0.42% | — |
| IJR | ISHARES TR | $34.5M | 277,426 | 0.41% | — |
| ITOT | ISHARES TR | $33.1M | 232,526 | 0.39% | — |
| VIG | VANGUARD SPECIALIZED FUNDS | $33.1M | 153,745 | 0.39% | — |
| EFA | ISHARES TR | $31.0M | 319,388 | 0.37% | — |
| FLRN | SPDR SERIES TRUST | $30.6M | 995,071 | 0.36% | — |
| BINC | BLACKROCK ETF TRUST II | $30.5M | 586,763 | 0.36% | — |
| VXF | VANGUARD INDEX FDS | $30.3M | 147,152 | 0.36% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $29.2M | 60,862 | 0.35% | — |
| IUSG | ISHARES TR | $29.1M | 187,859 | 0.35% | — |
| CGGO | CAPITAL GROUP GBL GROWTH EQT | $28.1M | 841,093 | 0.33% | — |
| DVY | ISHARES TR | $27.5M | 181,493 | 0.33% | — |
| IWY | ISHARES TR | $26.4M | 105,934 | 0.31% | — |
| SGOV | ISHARES TR | $24.8M | 245,990 | 0.29% | — |
| VCSH | VANGUARD SCOTTSDALE FDS | $22.7M | 286,180 | 0.27% | — |
| MSFT | MICROSOFT CORP | $21.8M | 58,850 | 0.26% | — |
| DWM | WISDOMTREE TR | $21.6M | 309,543 | 0.26% | — |
| RDVY | FIRST TR EXCHANGE TRADED FD | $21.5M | 315,259 | 0.26% | — |
| SPDW | SPDR INDEX SHS FDS | $19.9M | 435,784 | 0.24% | — |
| VTV | VANGUARD INDEX FDS | $19.7M | 100,433 | 0.23% | — |
| FBND | FIDELITY MERRIMACK STR TR | $18.5M | 405,292 | 0.22% | — |
| FTGC | FIRST TR EXCHANGE TRAD FD VI | $17.8M | 619,499 | 0.21% | — |
| XLV | SELECT SECTOR SPDR TR | $17.6M | 120,073 | 0.21% | — |
| NVDA | NVIDIA CORPORATION | $17.2M | 98,815 | 0.20% | — |
| SPEM | SPDR INDEX SHS FDS | $17.1M | 365,144 | 0.20% | — |
| USMV | ISHARES TR | $16.9M | 181,946 | 0.20% | — |
| STIP | ISHARES TR | $15.9M | 153,892 | 0.19% | — |
| VNQ | VANGUARD INDEX FDS | $14.1M | 158,608 | 0.17% | — |
| SPYM | SPDR SERIES TRUST | $13.5M | 175,780 | 0.16% | — |
| PVAL | PUTNAM ETF TRUST | $13.4M | 288,428 | 0.16% | — |
| AGG | ISHARES TR | $12.7M | 127,735 | 0.15% | — |
| CGSD | CAPITAL GRP FIXED INCM ETF T | $12.6M | 488,831 | 0.15% | — |
| DES | WISDOMTREE TR | $12.5M | 348,798 | 0.15% | — |
| DEM | WISDOMTREE TR | $12.4M | 249,416 | 0.15% | — |
| XLE | SELECT SECTOR SPDR TR | $12.1M | 196,914 | 0.14% | — |
| EXMOC | EXXON MOBIL CORP | $11.7M | 69,206 | 0.14% | — |
| TDTT | FLEXSHARES TR | $11.6M | 479,352 | 0.14% | — |
| FELG | FIDELITY COVINGTON TRUST | $11.4M | 304,993 | 0.14% | — |
| AMZN | AMAZON COM INC | $11.4M | 54,808 | 0.14% | — |
| DGRO | ISHARES TR | $11.3M | 161,510 | 0.13% | — |
| JPM | JPMORGAN CHASE & CO | $10.8M | 36,638 | 0.13% | — |
| VSS | VANGUARD INTL EQUITY INDEX F | $10.7M | 73,365 | 0.13% | — |
| VO | VANGUARD INDEX FDS | $10.4M | 36,046 | 0.12% | — |
| SPY | STATE STR SPDR S&P 500 ETF T | $10.2M | 15,753 | 0.12% | — |
| HDEF | DBX ETF TR | $10.1M | 312,640 | 0.12% | — |
| PG | PROCTER & GAMBLE CO | $9.7M | 66,858 | 0.11% | — |
| MUB | ISHARES TR | $9.5M | 89,483 | 0.11% | — |
| VTEB | VANGUARD MUN BD FDS | $9.3M | 186,683 | 0.11% | — |
| LGLV | SPDR SERIES TRUST | $9.3M | 52,272 | 0.11% | — |
| VB | VANGUARD INDEX FDS | $9.3M | 35,517 | 0.11% | — |
| SPBO | SPDR SERIES TRUST | $9.0M | 308,596 | 0.11% | — |
| XLP | SELECT SECTOR SPDR TR | $8.7M | 105,627 | 0.10% | — |
| WMT | WALMART INC | $8.6M | 68,837 | 0.10% | — |
| SCHR | SCHWAB STRATEGIC TR | $8.4M | 337,941 | 0.10% | — |
| CGCV | CAPITAL GROUP CONSERVATIVE E | $8.4M | 280,706 | 0.10% | — |
| BILS | SPDR SERIES TRUST | $8.2M | 82,333 | 0.10% | — |
| JEPI | J P MORGAN EXCHANGE TRADED F | $8.2M | 144,439 | 0.10% | — |
| GNR | SPDR INDEX SHS FDS | $7.6M | 101,963 | 0.09% | — |
| NLR | VANECK ETF TRUST | $7.5M | 56,431 | 0.09% | — |
| HOLA | J P MORGAN EXCHANGE TRADED F | $7.5M | 142,210 | 0.09% | — |
| CGHM | CAPITAL GRP FIXED INCM ETF T | $7.5M | 295,103 | 0.09% | — |
| SCHB | SCHWAB STRATEGIC TR | $7.2M | 288,243 | 0.09% | — |
| GOOGL | ALPHABET INC | $6.9M | 24,048 | 0.08% | — |
| IUSV | ISHARES TR | $6.9M | 67,597 | 0.08% | — |
| DYNF | BLACKROCK ETF TRUST | $6.8M | 116,939 | 0.08% | — |
| QQQ | INVESCO QQQ TR | $6.7M | 11,537 | 0.08% | — |
| DBMF | LITMAN GREGORY FDS TR | $6.6M | 218,130 | 0.08% | — |
| EBND | SPDR SERIES TRUST | $6.6M | 318,161 | 0.08% | — |
| VT | VANGUARD INTL EQUITY INDEX F | $6.3M | 45,374 | 0.07% | — |
| TSLA | TESLA INC | $6.2M | 16,755 | 0.07% | — |
| XLU | SELECT SECTOR SPDR TR | $6.2M | 134,937 | 0.07% | — |
| SCHP | SCHWAB STRATEGIC TR | $6.1M | 230,333 | 0.07% | — |
| CGMM | CAPITAL GROUP EQUITY ETF TR | $6.1M | 208,654 | 0.07% | — |
| IWF | ISHARES TR | $6.1M | 14,310 | 0.07% | — |
| VXUS | VANGUARD STAR FDS | $6.1M | 79,120 | 0.07% | — |
| VUG | VANGUARD INDEX FDS | $6.0M | 13,829 | 0.07% | — |
| GOOG | ALPHABET INC | $6.0M | 20,803 | 0.07% | — |
| FV | FIRST TR EXCHANGE TRADED FD | $6.0M | 98,725 | 0.07% | — |
| VOOG | VANGUARD ADMIRAL FDS INC | $6.0M | 14,627 | 0.07% | — |
| JNJ | JOHNSON & JOHNSON | $5.8M | 23,705 | 0.07% | — |
| IWD | ISHARES TR | $5.7M | 26,627 | 0.07% | — |
| SCHF | SCHWAB STRATEGIC TR | $5.6M | 227,231 | 0.07% | — |
| SCHX | SCHWAB STRATEGIC TR | $5.6M | 216,516 | 0.07% | — |
| CWI | SPDR INDEX SHS FDS | $5.5M | 150,801 | 0.07% | — |
| JAAA | JANUS DETROIT STR TR | $5.4M | 107,771 | 0.06% | — |
| FUTY | FIDELITY COVINGTON TRUST | $5.4M | 91,376 | 0.06% | — |
| CGBL | CAPITAL GROUP CORE BALANCED | $5.4M | 155,985 | 0.06% | — |
| MCD | MCDONALDS CORP | $5.4M | 17,248 | 0.06% | — |
| XLK | SELECT SECTOR SPDR TR | $5.3M | 40,056 | 0.06% | — |
| LLY | ELI LILLY & CO | $5.3M | 5,774 | 0.06% | — |
| HYG | ISHARES TR | $5.3M | 66,705 | 0.06% | — |
| IVOO | VANGUARD ADMIRAL FDS INC | $5.2M | 45,224 | 0.06% | — |
| CGIE | CAPITAL GROUP INTERNATIONAL | $5.2M | 152,375 | 0.06% | — |
| EFG | ISHARES TR | $5.1M | 46,134 | 0.06% | — |
| IEFA | ISHARES TR | $5.1M | 56,246 | 0.06% | — |
| FPE | FIRST TR EXCH TRADED FD III | $5.1M | 285,818 | 0.06% | — |
| XT | ISHARES TR | $5.1M | 74,418 | 0.06% | — |
| IYW | ISHARES TR | $5.0M | 27,378 | 0.06% | — |
| SUB | ISHARES TR | $4.9M | 45,908 | 0.06% | — |
| HELO | J P MORGAN EXCHANGE TRADED F | $4.8M | 75,728 | 0.06% | — |
| RWO | SPDR INDEX SHS FDS | $4.8M | 105,655 | 0.06% | — |
| CGGE | CAPITAL GROUP GLOBAL EQUITY | $4.7M | 155,239 | 0.06% | — |
| META | META PLATFORMS INC | $4.6M | 8,088 | 0.05% | — |
| CMF | ISHARES TR | $4.6M | 80,669 | 0.05% | — |
| CGXU | CAPITAL GROUP INTL FOCUS EQT | $4.5M | 153,646 | 0.05% | — |
| IBDR | ISHARES TR | $4.5M | 186,759 | 0.05% | — |
| IBDS | ISHARES TR | $4.5M | 186,054 | 0.05% | — |
| IBD | NORTHERN LTS FD TR IV | $4.4M | 186,518 | 0.05% | — |
This table is the 150 largest positions by value, out of 675 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.
This manager also disclosed 2 options positions with a combined notional of $1.7M. Notional is not ownership, so it is excluded from the book value above rather than folded in to make the fund look bigger.
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 Valmark Advisers, Inc. (CIK 1380443, accession 0001380443-26-000003). 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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