The Key to 13F and N-Port Filings
When analyzing institutional activity in the markets, two key SEC filings—Form 13F and Form N-PORT—provide valuable insights into the holdings of investment managers and funds. Here’s what each form tells you, when it’s filed, and what its limitations are.
Form 13F
What it is:
Form 13F is a quarterly report filed by institutional investment managers who manage over $100 million in assets. It discloses long positions in U.S.-listed equities, including stocks, ETFs, and convertible bonds.
What it includes:
- Common stocks
- ETFs
- Equity options (if they result in long exposure)
- Convertible debt
- ADRs
What it excludes:
- Short positions
- Derivatives without equity exposure
- Foreign securities not traded on U.S. exchanges
- Cash or other asset classes
Filing schedule:
- Filed quarterly
- Due 45 days after the end of each calendar quarter
Examples of deadlines:
- Q1 (Jan–Mar): due May 15
- Q2: due August 14
- Q3: due November 14
- Q4: due February 14
Limitations:
- The data is delayed by up to 45 days
- Only shows a snapshot from the end of the quarter
- No insight into short positions or trading activity between quarters
Form N-PORT
What it is:
Form N-PORT is a monthly portfolio disclosure filed by registered investment companies such as mutual funds and ETFs. It contains detailed data on all portfolio holdings, including fixed income, derivatives, and short positions.
What it includes:
- Equities and bonds
- Derivatives (options, futures, swaps)
- Short positions
- Foreign holdings
- Portfolio-level risk metrics and liquidity assessments
Filing schedule:
- Filed monthly
- Due within 30 days after the end of each month
- However, only quarter-end filings (March, June, September, December) are made public, and only after a 60-day delay
Example:
- A fund’s holdings as of March 31 will be publicly available around May 30
Limitations:
- Public access is delayed
- Only quarter-end months are published (you won’t see every month)
Summary: Key Differences
| Feature | Form 13F | Form N-PORT |
|---|---|---|
| Who files | Investment managers (> $100M) | Mutual funds, ETFs |
| Frequency | Quarterly | Monthly (public every quarter) |
| Public delay | Up to 45 days | 60 days (quarterly only) |
| Asset coverage | U.S. equities (long only) | Full portfolio, including shorts |
| Use case | Tracking big equity positions | Deeper insight into fund structure |
Why it matters
These filings give analysts, traders, and researchers a glimpse into how institutional capital is positioned—though with significant delay and limitations. Form 13F helps track large stock positions, while Form N-PORT provides more comprehensive data on registered funds’ strategies and risks.
Both are useful, but neither gives you a real-time view. Use them to understand fund behavior, not to front-run it.