How to obtain the holdings of financial institutions?

How to obtain the holdings of financial institutions? How to find Form 13 F?

Form 13F is a form that institutional investment managers (Instituional Investment Managers) with assets under management exceeding US$100 million are required to submit to the U.S. Securities and Exchange Commission every quarter, which discloses the positions of these large investment institutions.

For example, if you want to know the positions of investors such as Buffett and Ray Dalio, then looking at their 13F forms is a very good way.

Therefore, for investors who want to "copy the homework", they can use the position information disclosed in the 13F form to roughly understand some of the investment directions of large investment institutions as a reference for stock selection. According to the requirements of the U.S.

Securities and Exchange Commission, Form 13F does not require investment institutions to disclose all of their positions, but only those positions that meet certain conditions. For example, short-selling stocks do not need to be disclosed in Form 13F. At the same time, Form 13F only discloses U.S.

stocks and does not disclose investment institutions’ securities trading in other countries. Therefore, using 13F to guide investment still has certain limitations. In actual use, investors still need to refer to a large number of other tables and financial data for comprehensive analysis. Form 13F is a position structure form that the U.S.

Securities and Exchange Commission (SEC) has required institutional investment managers with more than $100 million in assets under management to publish every quarter since 1975. The following is part of Berkshire Hathaway’s Form 13F: The so-called "institutional investment managers" here must conduct business from a U.S.

address and manage assets exceeding US$100 million.

These institutional investment managers include not only those investment institutions or individuals that manage their own investment accounts, such as banks, insurance companies, companies, and pension funds, but also those institutions or individuals that manage investments on behalf of other individuals or entities.

Form 13F is required to be filed quarterly, and Institutional Investment Managers must file it with the SEC within 45 days of the end of the calendar quarter.

Position information that must be disclosed in Form 13F often includes: The name of the securities owned by the investment institution; Type of security owned (convertible bonds, stocks, calls and puts, etc.); The number of securities owned by the investment institution and its market value at the end of the quarter; Investment institutions do not need to disclose all their position types, but only need to disclose the securities required to be disclosed by the U.S.

Securities and Exchange Commission. The U.S. Securities and Exchange Commission will list all securities that need to be disclosed on its official website every quarter. The list of securities released in the first quarter of 2022 lists a total of 23,694 securities information that needs to be disclosed.

For example, for Apple, the securities that need to be disclosed include the following three: The securities that the SEC requires disclosure generally include the following categories: Stock securities (Common Stock): including stocks and ETFs traded on NYSE, AMEX, and NASDAQ Put / Call Option (Put / Call Option) Warrants: Warrants are financial investment derivatives that can buy or sell securities at a specific price on or before the expiration date.

This instrument gives the holder the right but not the obligation. American Depositary Receipts (ADRs): ADRs are transferable certificates issued by the U.S. Depositary Bank, indicating a specific number of shares of foreign companies. ADRs trade on the U.S. stock market just like domestic stocks.

Convertible Debenture: It is a long-term debt issued by a company and can be converted into stock after a certain period of time. Note that mutual funds (Mutual Funds) are not among the types of securities required to be disclosed in Form 13F, so if investment institutions hold these stocks, they do not need to disclose relevant information in Form 13F.

How to check institutional holdings?

Step 1: Investors can log in to the official website of the United States Securities and Exchange Commission and enter its homepage. In "FILINGS" in the menu bar on the homepage, find "EDGAR – Search & Access" and click to enter. Step 3: In the "EDGAR – Search & Access" page, click "Company Filings" in the left menu bar to enter the search page.

You can enter the name, stock code or CIK code of the target company in the search box to search. Here we take Berkshire Hathaway as an example. Step 4: After entering the information page of Berkshire Hathaway, you can see all the data tables recently released by Berkshire Hathaway on the left.

Click "View Filings" below to enter all table pages, or directly click the 13F form link in the information bar to enter the latest 13F form released by the company.

It should be noted that when you click on the table link, you will enter the summary information, which provides investment institution information, manager information, and included company information. Click the "Filings" link to see related tables such as stock holdings published by the company.

Step 5: After entering the "View Filings" page, you can enter "13F" in the filter box above to view all the company's 13F forms. Similarly, click the form link to enter the summary information page, and click the "Filings" link to view the company's stock holdings and other related forms.

The following is the information summary page entered after clicking on the 13F form link: The following is the form information page entered after clicking the "Filings" link. You can view it by clicking on the file type of the form. Here it is "13095.html".

The following is a detailed stock investment information table from the latest Form 13F issued by Berkshire Hathaway: How to read institutional positions?

The following uses the detailed stock investment information table in the latest 13F form released by Berkshire Hathaway as an example to introduce institutional holding information: In the information table, there are eight column options from left to right: Column 1: NAME OF ISSUER NAME OF ISSURER, that is, the name of the stock-issuing company that the

institution invests in that complies with "Section 13(f) securities." The same company will appear multiple times due to different investor combinations.

Column 2: TITLE OF CLASS TITLE OF CLASS refers to the type of securities held, which usually include common stock (Common stock "SH"), principal amount (PRN) put/call option, American Depositary Receipts (ADRs), convertible debt (Convertible Debenture), etc. "COM" in this table refers to common stocks.

Column 3: CUSIP It refers to the CUSIP code of the stock issuing company, which is consistent with all the securities list codes issued by the US Securities Regulatory Commission that need to be disclosed. Column 4:VALUE It refers to the total market value of the stocks held by the institution at the end of the quarter corresponding to the 13F form.

Column 5：SHRS OR SH Refers to the number of securities held by the institution at the end of the quarter corresponding to Form 13F. Column 6: INVESTMENT DISCRETION Investment Discretion refers to the decision-making power of an institution to buy and sell securities.

In this column, there are usually three categories: SOLE: refers to the single decision-making power for the purchase and sale of securities, that is to say, the institution that submitted 13F has complete decision-making power for the current purchase and sale of this security;

DFND: is the abbreviation of Shared Defined, which means that the investment institution that submitted 13F and the investment managers of other institutions jointly decide on the purchase and sale of securities. These other institutions must be listed in the 13F form.

In the subsequent Column 7, the names of the corresponding other institutions are listed; OTR: It is the abbreviation of Shared Other, which refers to the situation that is different from Shared Defined.

Column 7: OTHER MANAGER In Column 6, if the decision-making power of buying and selling securities is jointly decided by the investment institution that submitted 13F and other institutional investment managers, then in Column 7, the names of other institutional investment managers need to be indicated.

The numbers in this column correspond to the "List of Other Included Managers" on the Summary page of Berkshire Hathaway's Form 13F Column 8: VOTING AUTHORITY Voting Authority refers to the type of voting rights that institutional investment managers have for the securities they hold.

In the Voting Authority column, there are three main categories: SOLE: Has the right to vote on important company decisions, such as controversial director elections, mergers, sales of major assets, changes in the company's articles of association that affect shareholders, changes in basic investment policies, etc.

If "DFND" is selected for the Investment Dicretion in Column 6, then "SOLE" should be filled in in Column 8; SHARED: Have voting rights on important decisions of the company, shared with other institutional investors; NONE: No voting rights for important decisions, or only voting rights for daily matters, including the selection of accountants, uncontested election of directors, approval of annual reports, etc.

It can be seen from the 13F form released by Berkshire Hathaway that almost all the stocks it holds are of the "SOLE" type, that is, these securities owned give the holding institutions the right to participate in voting on non-routine affairs. Which institutional positions are worthy of attention?

Total amount of positions held by investment institutions, total number of positions held, top three positions AKO Capital$9.26 B25BKNGACNTMO Alex Roepers – Atlantic Investment Management$310 M11WRKHUNEMN AltaRock Partners$3.92 B9GOOGLTDGMSFT Bill & Melinda Gates Foundation Trust$19.8 B18BRK.BWMCNI Bill Ackman – Pershing Square Capital Management$10.4

B8LOWCMGHLT Bill Miller – Miller Value Partners$2.63 B88AMZNOVVNCLH Bill Nygren – Oakmark Select Fund$5.41 B25GOOGLCBREALLY Bruce Berkowitz – Fairholme Capital$1.72 B14JOECMCEPD Bryan Lawrence – Oakcliff Capital$193 M10TDGGOOGCHTR Carl Icahn – Icahn Capital Management$21.9 B16IEPCVILNG Charles Bobrinskoy – Ariel Focus Fund$71 M29APAMOSBWA

Charlie Munger – Daily Journal Corp.$213 M5BACWFCBABA Chase Coleman – Tiger Global Management$26.6 B88JDMSFTCRWD Chris Hohn – TCI Fund Management$36.8 B11GOOGMSFTCNI Christopher Bloomstran – Semper Augustus$393 M32BRK.BBRK.AOLN Christopher Davis – Clipper Fund$1.11 B29BRK.AWFCGOOGL Chuck Akre – Akre Capital Management$14.4 B21MAMCOAMT ClearBridge Value

Trust$2.09 B63AIGPXDWFC Daniel Loeb – Third Point$7.68 B75SPCGDHR David Abrams – Abrams Capital Management$4.28 B18LADGOOGLCHNG David Einhorn – Greenlight Capital$1.57 B52GRBKBHFTECK David Katz – Matrix Advisors Value$66 M30MSFTGOOGAAPL David Rolfe – Wedgewood Partners$709 M42AAPLFBTSCO David Tepper – Appaloosa Management$2.5 B34GOOGAMZNFB Dennis Hong –

ShawSpring Partners$727 M4IACSECPNG Dodge & Cox$96.3 B73SCHWWFCGOOG First Eagle Investment Management$40.8 B378ORCLXOMCMCSA FPA Queens Road Small Cap Value Fund$446 M52SFBSAELSYNA Francis Chou – Chou Associates$135 M14BRK.ARFPBHC Glenn Greenberg – Brave Warrior Advisors$3.39 B24ANTMFNFAPO Glenn Welling – Engaged Capital$988 M8BRCCEVHNCR Greenhaven

Associates$3.77 B22GSGMLEN Greg Alexander – Conifer Management$873 M11EQHSTLABLDR Guy Spier – Aquamarine Capital$221 M13BRK.BAXPBAC Harry Burn – Sound Shore$1.15 B34FLEXPRGOORCL Hillman Value Fund$219 M34GOOGLSPGCVS Howard Marks – Oaktree Capital Management$7.76 B234CHKSBLKVST Jefferies Financial Group$208 M6HLMNLGF.AFRGI

Jensen Investment Management$13.4 B80MSFTGOOGLPEP John Armitage – Egerton Capital$19 B29CPGOOGMSFT John Rogers – Ariel Appreciation Fund$1.25 B42MSGEBOKFNTRS Josh Tarasoff – Greenlea Lane Capital$359 M11AMZNCRMBAM Kahn Brothers Group$788 M46PTENAGOMBI Lee Ainslie – Maverick Capital$5.58 B225CPNGAMZNMSFT Leon Cooperman$1.99 B56COOPGOOGLATH Li Lu – Himalaya

Capital Management$2.38 B6MUBACBRK.B Lindsell Train$6.35 B29MDLZPEPINTU Mairs & Power Growth Fund$5.4 B51MSFTGOOGAMZN Mason Hawkins – Longleaf Partners$1.68 B21LUMNCNXFDX Meridian Contrarian Fund$687 M67SGHCNHIDBRG MFP Investors$846 M128INTCBGSANW Michael Burry – Scion Asset Management$165 M11BMYBKNGWBD Mohnish Pabrai – Pabrai Investments$142 M2MUSRG Nelson

Peltz – Trian Fund Management$5.97 B8FERGIVZJHG Norbert Lou – Punch Card Management$390 M3BRK.AALLYWGO Pat Dorsey – Dorsey Asset Management$1.04 B11FBSMARWIX Polen Capital Management$51.2 B90AMZNGOOGADBE Prem Watsa – Fairfax Financial Holdings$3.01 B65ATCORFPBB Richard Pzena – Hancock Classic Value$2.91 B40GEAIGWFC Robert Olstein – Olstein Capital

Management$798 M106IVZWBDWCC Robert Vinall – RV Capital GmbH$323 M6CACCCRMCVNA Ruane, Cunniff & Goldfarb – Sequoia Fund$4.04 B23UNHANTMGOOGL Seth Klarman – Baupost Group$9.06 B53LBTYKQRVOINTC Stephen Mandel – Lone Pine Capital$16.8 B29MSFTAMZNWDAY Steven Romick – FPA Crescent Fund$6.68 B52GOOGLCCMCSAAIG

Terry Smith – Fundsmith$29.1 B44MSFTIDXXEL Third Avenue Management$733 M56FPHHCCTDW Thomas Gayner – Markel Asset Management$8.4 B124BRK.ABRK.BBAM Thomas Russo – Gardner Russo & Quinn$10.4 B82BRK.ANSRGYMA Torray Fund$349 M29BRK.BGDMMC Tweedy Browne Co.

– Tweedy Browne Value Fund$418 M82BRK.AGOOGLNSRGY Valley Forge Capital Management$2.63 B10MASPGIFICO Jeffrey Ubben – ValueAct Capital$7.27 B13FISVKKRSTX Viking Global Investors$24.6 B90TMUSAMZNGE Wallace Weitz – Weitz Value Fund$930 M27GOOGBRK.BCSGP Warren Buffett – Berkshire Hathaway$363.6 B49AAPLBACAXP William Von Mueffling – Cantillon Capital

Management$14 B37SPGIGOOGLAVGO Yacktman Asset Management$11.2 B64CNQPEPMSFT Data source What are the pros and cons of using 13F to query institutional positions? Form 13F, as a publicly issued shareholding information table by investment institutions, intuitively presents the investment institution's views on current stocks.

From the stock holdings, it can be judged which stocks the institution considers to be good investments and which stocks are being considered for reduction.

Use the 13F form to understand the holdings of Wall Street's top investment institutions, including which stocks they have increased their holdings and which stocks they have reduced their holdings, and then you can consider following the operations; Observing which stocks are held by institutions for a long time from the historical 13F table will usually

indicate that these stocks are stocks with investment value; Things to note Because the 13F form is released within 45 days of the end of the quarter, and the stock price fluctuates continuously during the trading day, relatively speaking, the information provided by the 13F form to investors has a certain delay.

Maybe when the investment institution prepares the form, a stock is a good investment, but when the investor looks at the 13F form, it has become a stock with no investment value; Form 13F only reflects the holdings of institutions and does not provide any other information related to the stock issuing company, so incomplete information may cause problems for investors' decision-making.

Form 13F does not include open-ended investments, including mutual funds, invested by institutions, so if investors want to make such investments, they cannot find relevant guidance information in Form 13F.

The stocks included in the 13F form are all domestic stocks in the United States, excluding internationally traded stocks, mutual funds, etc., so investors cannot obtain guidance information on international investment through the 13F form.

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