For decades, the investment decisions of the world's most influential financial institutions were largely opaque. In an effort to bring a measure of clarity to the markets, the U.S. government mandated a specific disclosure that provides a quarterly, albeit delayed, glimpse into the portfolios of these major players.
This disclosure, known as Form 13F, has become an indispensable tool for analysts, journalists, and individual investors seeking to understand the positioning of so-called "smart money."
The requirement for institutional managers to file Form 13F was established in 1975 through amendments to the Securities Exchange Act of 1934. This legislation was a direct response to growing concerns about the increasing influence of institutional investors on financial markets.
The stated purpose was twofold: create a centralized repository for regulators to monitor institutional impact, and increase transparency to bolster public confidence in market integrity.
Institutional investment managers must file if they exercise investment discretion over accounts holding at least $100 million in Section 13(f) securities on the last trading day of any month.
Limited to "Section 13(f) securities" including U.S.-listed equities, ETFs, certain options and warrants, and convertible debt securities. Mutual fund shares are excluded.
Positions might not be disclosed until over four months after establishment, potentially rendering information obsolete.
Complete absence of short positions is the most critical omission. A long position could be part of a pairs trade.
Managers can request to temporarily omit positions, hiding their most sensitive trades for up to a year.
Given the significant limitations of 13F data, its effective use requires a disciplined approach. A prudent long-term investor should use filings as a sophisticated tool for idea generation, not portfolio replication.
The utility of 13F analysis depends heavily on the manager being tracked. The most insightful filings come from investors whose strategies are long-term, value-oriented, and concentrated.
Berkshire Hathaway
Buy wonderful businesses at fair prices.
Long-term buy-and-hold.
Concentrated, low turnover, large-cap focused.
Excellent for identifying high-quality, long-term compounders.
| Rank | Company | Ticker | Portfolio % | Shares |
|---|---|---|---|---|
| 1 | Apple Inc. | AAPL | 25.76% | 210,000,000 |
| 2 | American Express Co. | AXP | 15.77% | 151,610,700 |
| 3 | The Coca-Cola Co. | KO | 11.07% | 267,999,999 |
| 4 | Bank of America Corp. | BAC | 10.19% | 631,573,531 |
| 5 | Chevron Corp. | CVX | 7.67% | 118,610,534 |
Duquesne Family Office
Make large, concentrated bets on high-conviction macro themes.
Top-down global macro, long/short, flexible asset allocation.
Concentrated, high turnover, macro-driven bets across asset classes.
Excellent for identifying major macro themes and high-conviction bets.
| Rank | Company | Ticker | Portfolio % | Shares |
|---|---|---|---|---|
| 1 | Natera, Inc. | NTRA | 16.13% | 3,402,330 |
| 2 | Teva Pharmaceutical Industries | TEVA | 7.67% | 14,879,750 |
| 3 | Coupang, Inc. | CPNG | 6.84% | 9,302,634 |
| 4 | Woodward, Inc. | WWD | 6.72% | 1,097,750 |
| 5 | Philip Morris International | PM | 5.88% | 1,105,268 |
Appaloosa Management
Find value in distressed assets when others are fearful.
Contrarian, event-driven, distressed debt and equity.
Concentrated, opportunistic, often in distressed sectors.
Excellent for spotting contrarian bets in distressed or out-of-favor sectors.
| Rank | Company | Ticker | Portfolio % | Shares |
|---|---|---|---|---|
| 1 | Alibaba Group Holding | BABA | 21.92% | 9,230,000 |
| 2 | PDD Holdings Inc. | PDD | 9.29% | N/A |
| 3 | Amazon.com, Inc. | AMZN | 8.58% | 2,120,950 |
| 4 | JD.com, Inc. | JD | 5.95% | 6,319,250 |
| 5 | Meta Platforms, Inc. | META | 5.69% | N/A |
The Baupost Group
Margin of Safety; absolute risk aversion.
Multi-strategy value (equities, distressed debt, real estate).
Diversified across asset types, high cash levels.
Excellent for finding undervalued, complex situations.
| Rank | Company | Ticker | Portfolio % | Shares |
|---|---|---|---|---|
| 1 | Willis Towers Watson PLC | WTW | 14.81% | 1,530,000 |
| 2 | Alphabet Inc. (Class C) | GOOG | 9.33% | 2,080,000 |
| 3 | WESCO International, Inc. | WCC | 8.95% | 2,010,000 |
| 4 | Liberty Global Ltd. (Class C) | LBTYK | 8.48% | 24,660,000 |
| 5 | Fidelity National Info Services | FIS | 7.49% | N/A |
Pershing Square
Buy great businesses and fix them.
Concentrated, activist investing.
Extremely concentrated (8-12 stocks), high conviction.
Excellent for identifying potential activist targets.
| Rank | Company | Ticker | Portfolio % | Shares |
|---|---|---|---|---|
| 1 | Chipotle Mexican Grill, Inc. | CMG | N/A | N/A |
| 2 | Restaurant Brands International | QSR | N/A | N/A |
| 3 | Hilton Worldwide Holdings | HLT | N/A | N/A |
| 4 | Howard Hughes Holdings Inc. | HHH | N/A | N/A |
| 5 | Alphabet Inc. (Class A & C) | GOOGL/GOOG | N/A | N/A |
Scion Asset Management
Identify and bet against market bubbles and inefficiencies.
Deep value, contrarian, macro-focused.
Highly concentrated, high turnover, often contrarian.
Excellent for spotting contrarian ideas and macro themes.
| Rank | Company | Ticker | Position Type | Portfolio % |
|---|---|---|---|---|
| 1 | NVIDIA Corporation | NVDA | Put Option | 48.96% |
| 2 | Alibaba Group Holding | BABA | Put Option | 13.27% |
| 3 | PDD Holdings Inc. | PDD | Put Option | 11.88% |
| 4 | JD.com, Inc. | JD | Put Option | 8.26% |
| 5 | The Estée Lauder Companies | EL | Common Stock | 6.63% |
Himalaya Capital
Buy high-quality businesses with strong moats to hold long-term.
Long-term, concentrated, Buffett-Munger style.
Extremely concentrated, low turnover, US & Asia focus.
Excellent for identifying high-quality, long-term compounders.
| Rank | Company | Ticker | Portfolio % | Shares |
|---|---|---|---|---|
| 1 | Bank of America Corp. | BAC | 26.12% | 13,846,633 |
| 2 | Berkshire Hathaway Inc. | BRK.B | 21.61% | 897,749 |
| 3 | Alphabet Inc. (Class A) | GOOGL | 17.78% | 2,543,300 |
| 4 | Alphabet Inc. (Class C) | GOOG | 17.31% | 2,451,300 |
| 5 | East West Bancorp, Inc. | EWBC | 11.26% | 2,776,351 |
Dalal Street LLC
"Heads I win, tails I don't lose much."
Concentrated deep value; "cloning" successful investors.
Extremely concentrated, deep value, often in specific sectors.
Excellent for finding deep value, contrarian ideas.
| Rank | Company | Ticker | Portfolio % | Shares |
|---|---|---|---|---|
| 1 | Warrior Met Coal Inc. | HCC | 36.57% | 1,799,580 |
| 2 | Valaris Ltd | VAL | 23.87% | 1,427,564 |
| 3 | Alpha Metallurgical Resources | AMR | 22.11% | 414,616 |
| 4 | Noble Corp PLC | NE | 17.45% | 1,140,971 |
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Read Full Research DocumentThis analysis is for educational purposes only and should not be considered investment advice. 13F filings have significant limitations and delays. Always conduct your own research and consider consulting with qualified financial professionals before making investment decisions. Past performance of institutional investors does not guarantee future results.