How to read a 13F

A Form 13F is a quarterly report in which institutional investment managers with more than $100 million in US-listed stocks list every long position they held on the last day of the quarter. It is filed within 45 days, so the Q3 2026 filings are due around November 16, 2026. It shows where the money was, not where it is: no shorts, no cost basis and no trades inside the quarter.

What is a 13F and who files one?

Managers of more than $100 million in US-listed equities, options and some convertibles file a Form 13F-HR with the SEC each quarter. The report lists each security, the number of shares and its market value on the quarter-end date. Berkshire Hathaway, Pershing Square and Bridgewater all file one. See Form 13F in the glossary.

When are the next 13Fs due?

Most big managers file on or near the deadline, so a few days in mid-November change many portfolios at once. The superinvestors tracker updates weekly from SEC EDGAR.

What does a 13F show, and what does it leave out?

That is why a 13F is a snapshot that is already up to 45 days old when it appears. A position you see may have been sold since.

How do you read one step by step?

1. Check the date. Which quarter-end does it cover, and was it filed on time? Scion Asset Management's latest 13F still covers Q3 2025, so its page says nothing newer exists.

2. Look at concentration. Berkshire's Q2 2026 filing showed a $299.3 billion portfolio in 29 positions, with the top five about 69% of it: a few big bets, not a spread.

3. Compare with the prior quarter. New positions, added and trimmed ones, and exits are the real signal. This site counts a change when shares move 5% or more.

4. Check what it did since. The price change since quarter-end shows how the book as filed has done, which is not the same as the manager's profit.

Each investor page, such as Berkshire Hathaway, Scion Asset Management and Pershing Square, does these steps for you.

13F FAQ