What is the 13F?
Born from the Securities Exchange Act of 1934, SEC Form 13F is a quarterly report filed by institutional investment managers with over $100 million in qualifying assets.
It provides a snapshot of long positions in U.S. equities and options. While it offers transparency, it was designed for regulatory oversight, not for retail copycats.
The 45-Day Lag
Filings are due 45 days after quarter-end. Q4 data (Dec 31) arrives in mid-February.
Asymmetric Data
Only LONG positions are shown. Short sells, foreign stocks, and cash are hidden.
The Golden Rule
"Treating a 13F filing as a real-time reflection of market sentiment is a critical analytical fallacy."
Follow managers with multi-year time horizons.
Avoid High-Frequency Traders & Market Makers.
Verify the thesis before cloning.
The Typology of Institutional Alpha
Not all billions are created equal. You must filter for specific operational models to find actionable signal.
High-Signal Allocators (The Green Zone)
Concentrated Value
The 'Holy Grail' of 13Fs. These managers run portfolios with <20 stocks and hold for years. Turnover is low, meaning the 45-day lag is irrelevant.
Activist Investors
They don't just pick stocks; they change companies. They seek board seats to force buybacks or spinoffs. Their entry often creates a self-fulfilling catalyst.
Sector Specialists
Deep domain experts in complex fields like Biotech or Tech. They understand the science better than the market. Buying signals here are high-fidelity quality checks.
Low-Signal / Noise (The Red Zone)
High-Frequency / Quant
Algorithms trade in milliseconds. A quarterly snapshot of their portfolio is mathematically useless. It represents a state that ceased to exist months ago.
Market Makers
Their massive holdings are inventory, not investment convictions. High options volume in their 13F is usually hedging retail order flow.
Index Aggregators
They own everything because they track indices (S&P 500). Their 'buying' just means they received more inflows, not that they like the stock.
Bank Trading Desks
Holdings often represent client facilitation, prime brokerage hedging, or derivatives. It is impossible to separate proprietary bets from client flow.
The Apex Allocators: Divergent Views
The consensus has fractured. The masters are taking opposing bets on the "AI Capex" cycle.
The Battleground
New $1.8B position. Sees AI monetization runway and discounted valuation relative to hyperscalers.
Exited completely. Cites concerns over rising capital expenditures and regulatory headwinds.
The Battleground
New Buy. Sees value in AWS cash flow resilience and logistics dominance despite AI spend.
Sold 77% of stake. A massive de-risking move, signaling discomfort with cloud valuation multiples.
Warren Buffett
Berkshire Hathaway
Extreme caution on Tech. Shifting capital into high-cash-flow media and consumer staples.
Q4 2025 Key Moves
- AMZN: Sold 77%. The headline shocker of the quarter.
- AAPL: Reduced -4.3%. Continued trimming of top holding.
- NYT: New Buy. Betting on digital subscription pricing power.
- DPZ: Increased stake. Classic recession-resistant franchise.
Bill Ackman
Pershing Square
Aggressive rotation into the 'Magnificent Seven' while liquidating legacy restaurant wins.
Q4 2025 Key Moves
- META: New $1.8B Stake. Now a top-5 holding.
- BN: Brookfield +50%. Playing the 'AI Power' real estate angle.
- CMG: Exited 100%. Cashed out after historic run-up.
- NKE: Exited 100%. Abandoned turnaround thesis.
David Tepper
Appaloosa Management
'All-in' on AI Infrastructure hardware but hedging with deep value consumer durables.
Q4 2025 Key Moves
- MU: Micron +200%. Massive bet on memory chip cycle.
- GOOGL: Increased +29%. High conviction in Gemini integration.
- WHR: Whirlpool +1,966%. A contrarian mean-reversion trade.
- BABA: Reduced -20%. Trimming China exposure.
Stanley Druckenmiller
Duquesne Family Office
Pivoting to 'Old Economy' Cyclicals. Betting on deregulation and yield curve steepening.
Q4 2025 Key Moves
- GS: New Buy. Financials play for M&A rebound.
- DAL/AAL: New Buys. Airlines added for cyclical recovery.
- META: Exited 100%. Taking profits on AI hype.
- AMZN: Increased +65%. Diverges from Buffett here.
The Common Investor Workflow
How to execute this strategy yourself.