GUIDE • DEFINITION
What Is a Section 13(f) Security?
Every debate about what a 13F does or does not reveal comes back to one list. The SEC publishes it, updates it quarterly, and it decides — mechanically — what can appear in a filing at all.
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The definition
A Section 13(f) security is a security that appears on the Official List of Section 13(f) Securities, published by the SEC and updated every quarter. The list currently runs to more than 17,500 entries. If a holding is not on it, it is not reported on Form 13F — no matter how large the position.
That circularity is the point, and it is why the definition is worth knowing precisely. “Section 13(f) security” is not a description of a security's characteristics. It is membership in a published list. The SEC decides what goes on it.
The list is available on sec.gov under staff guidance, with a downloadable file for each quarter giving every reportable security and its CUSIP.
What is on the list
The list consists mainly of five categories.
- —Equities listed on US exchanges — the bulk of the list.
- —US-listed put and call options — flagged as PUT or CALL in the filing.
- —Exchange-traded funds — reported like any other position.
- —American Depositary Receipts (ADRs) — the route by which some foreign companies become visible.
- —Certain convertible notes — which is why a “NOTE” entry sometimes appears in the class column.
Two of these routinely surprise people reading a portfolio for the first time. A large ETF position is market exposure, not a company view. And a long put is a bearish position sitting inside a form that is otherwise entirely long.
What is not on the list
Anything absent from the list is absent from every 13F, permanently and by construction. This is not an oversight or a loophole — it is what the list means.
- —Securities listed only on a foreign exchange. A large position in a company that trades solely in Seoul, Tokyo or Frankfurt is invisible.
- —Bonds and Treasuries. A manager with half the book in fixed income discloses none of it.
- —Cash, commodities and currencies.
- —Private company stakes. Not listed anywhere, so never reportable.
Separately — and this is a rule rather than a list question — short positions are not reported even in securities that are on the list, and must not be netted against a long in the same name.
How to check a specific security
Download the current quarter's list and search it by CUSIP. Searching by ticker or company name is unreliable, because the list keys on CUSIP and issuer names change.
The list is reissued each quarter, so membership is a point-in-time fact rather than a permanent property. A security added after a US listing becomes reportable from that quarter onward, which can make a position appear to be “new” in a filing when the manager held it all along.
A SUBTLETY WORTH INTERNALISING
A position appearing for the first time does not always mean a purchase. It can also mean the security became reportable, or that the manager crossed the $100 million threshold and began filing at all. Check the list edition and the manager's filing history before reading a new line as a new trade.
Why the list decides what you can see
Most misreadings of 13F data trace back to treating the filing as a portfolio rather than as an extract filtered through this list. The filing answers a narrow question: which securities on the SEC's list did this manager hold long at quarter end.
Everything else — the leverage behind the positions, the hedges against them, the fixed income, the foreign listings, the private book — sits outside the frame. Not hidden. Out of scope.
We worked through a case where that distinction proved expensive: a fund whose reported casualties included a Korea-listed name that could never have appeared in its filing in the first place.
Frequently asked questions
What is a Section 13(f) security?
A Section 13(f) security is a security that appears on the Official List of Section 13(f) Securities, which the SEC publishes and updates every quarter. The list runs to more than 17,500 entries and consists mainly of US-listed equities, US-listed options, exchange-traded funds, American Depositary Receipts, and certain convertible notes. Only securities on this list are reported on Form 13F.
What are 13F securities?
13F securities are the securities an institutional investment manager must report on Form 13F, defined as those appearing on the SEC's quarterly Official List of Section 13(f) Securities. In practice they are US-listed equities, US-listed put and call options, exchange-traded funds, American Depositary Receipts, and certain convertible notes. Bonds, cash, commodities, private holdings and securities listed only on foreign exchanges are not 13F securities and never appear in a filing.
Are ETFs reported on a 13F?
Yes. Exchange-traded funds are Section 13(f) securities and appear in 13F filings like any other position. This is worth remembering when reading a portfolio, because a large index ETF holding represents broad market exposure rather than a specific company view.
Are options reported on a 13F?
US-listed put and call options are Section 13(f) securities and are reported, with a PUT or CALL flag in the information table. A long put position is one of the few ways a bearish view becomes visible in a form that otherwise discloses only long positions.
Are foreign stocks reported on a 13F?
Only if they trade on a US exchange or are held through a US-listed instrument such as an ADR. A security listed solely on a foreign exchange is not a Section 13(f) security and does not appear in the filing at all, regardless of position size.
Where can I find the official list of Section 13(f) securities?
The SEC publishes the Official List of Section 13(f) Securities on sec.gov under staff guidance, and updates it quarterly. Each edition is available as a downloadable file listing every reportable security with its CUSIP.
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