As the earnings season for tech giants in Q4 comes to an end, institutions have started disclosing their changes in Q4 holdings. Recently, quarterly reports from top global institutions such as Berkshire Hathaway, Bridgewater, and Hillhouse were released. Here, I’ll explain what a 13F is~~ All corrections are welcome!What is 13F?
Simply put, a 13F is a report form that institutional investors are legally required to submit, with the purpose of increasing public awareness of the securities held by these institutions. Congress believes that this disclosure program will boost investor confidence in the integrity of the U.S. securities market.
To be fair, the U.S. capital market is indeed advanced, and its requirements for information disclosure are also very strict. This measure aims to protect small and medium-sized investors as well as the U.S. stock market, forming the basis for more than a decade of healthy, long-term bull markets in U.S. stocks.
It’s worth noting that a 13F is generally disclosed within 45 days after the end of each quarter.
In other words, the 13F quarterly holdings report for Q4 last year should be fully disclosed by February 16 this year. (Of course, in practice, situations like concealment of position information or delayed releases do exist.)
Who must submit Form 13F?
Simply put, institutional investors who invest in the U.S. capital market and whose asset size exceeds $100 million are required to disclose a 13F report.
What's worth noting here is that Chinese institutions like Hillhouse and Jingle are also required to disclose due to their investments involving some U.S. commercial terms.
How to define institutional investors?
Investing for their own accounts...