How to Read a 13F Filing

The company name as it appears in the SEC’s official list — not necessarily the ticker or the brand you know. Names change across quarters after mergers and rebrandings, which breaks naive string matching.

The security class. Usually "COM" for common stock. Watch for "CL A" / "CL C" splits and for "NOTE" entries, which are convertible notes rather than equity.

A nine-character identifier, and the only field you should join on. It survives name changes and is unambiguous where ticker symbols are not.

Market value of the position at the quarter-end close. Since January 3, 2023 this is reported in whole dollars; before that date it was reported in thousands. Comparing across that boundary without adjusting produces a 1,000× error.

The share count, or principal amount for debt instruments. This is the single most useful column, because unlike value it is not contaminated by price movement.

Tells you whether the previous column is shares (SH) or principal (PRN). Mixing the two silently corrupts any aggregate you compute.

Populated only when the position is an option. A blank means common stock. A "PUT" entry is a long put — which is a bearish position sitting inside a form that otherwise only shows longs.

SOLE, DFND (defined), or OTR (other). Indicates whether the filer decides alone or shares authority with another manager.

Cross-references other filers who share discretion over the position. This is how you avoid double-counting the same shares across related filings.

Split into Sole, Shared, and None. A large position with no voting authority often signals a passive or index-tracking mandate rather than an active view.

Are 13F values reported in thousands or dollars?

It depends on the filing date. Form 13F reports filed on or after January 3, 2023 report position values rounded to the nearest whole dollar. Filings before that date reported values in thousands. Comparing a pre-2023 filing to a post-2023 filing without adjusting introduces a factor-of-1,000 error.

How do you tell if a fund actually bought more shares?

Compare the share count column across consecutive quarters, not the value column. A position’s market value can rise or fall substantially on price movement alone while the share count is unchanged. Only a change in share count reflects an actual purchase or sale.

What does PUT or CALL mean in a 13F?

It indicates the position is an option rather than common stock. A blank field means common stock. A PUT entry represents a long put position, which expresses a bearish or hedging view — one of the few ways downside positioning becomes visible in a form that otherwise reports only long positions.

Where can I find 13F filings for free?

All 13F filings are public on the SEC’s EDGAR system at sec.gov, which offers full-text search by manager name. There is no cost and no account required.