The 13F form- how it gives insight to portfolio allocation

Stock markets and their listed companies form the backbone of every portfolio. We all have flashes, thoughts, jump scares, math done (crazy right?), to find the direction of company stocks. Like social trading though, that allows copying other traders who do the technical work for you, looking into professionally managed funds can also do the “leg work” of finding suitable buy/sell securities. That is, if you knew what their decisions entail.  

Even the best in the business get things wrong, and by no means do we imply that you should follow them down to the last detail. Even so, thorough research includes knowing what the “biggies” do as well. 

The US SEC requires Asset Managers with minimum $100 million in AuM (Assets under Management), to publicly disclose their holdings through a form called 13F. This form is filed every quarter and gives a sneak peek into the beautiful minds that run the largest funds in the world. It’s been reported that companies themselves sometimes rely on the 13F form to identify their shareholders. 

The form doesn’t include foreign company holdings and/or funds held under their holdings (whaat?). No, really, in the case of Berkshire Hathaway 13F filing (which is not a hedge fund or a mutual fund), you won’t see Gen Re’s fund called NEAM, with 178 holdings of their own (as of this Q report). You would need to search for New England Asset Management individually. 

Hedge funds are professionally managed pooled investments, that trade on liquid assets. They often use alternative investment strategies to try and outperform the markets like short selling, leverage, and derivatives. 

What is short selling? Borrowing an asset from a broker (interest and other charges vary per broker), selling it at its current price, and buying again at a lower price to profit from the difference. 

Example: Say you expect stock X to drop below $100. You borrow a number of stocks for $100 (with the associated interest/charges) and you sell. If the market drops as expected, you buy at the lower price and pay back the borrowed stocks. If the price rises though, there is theoretically unlimited risk since it can continue to rise and find a huge giant with a goose that lays golden eggs, and a harp etc. etc. (thumbs up if you know the reference). 

According to Wall Street Journal, Bridgewater’s hedge fund reported to be currently shorting European companies in a staggering +$7 billion. The shorted stocks are part of the Euro Stoxx 50. 

What are derivatives? A contract between two parties deriving its value from an underlying asset. Most common derivatives – we all know and love – are futures and options. Between Exchange Traded Derivatives and Over the Counter Derivatives, there are more types which we go through in our training sessions. 

Why referencing hedge funds? Because in today’s discussion we will take a sneak peek at 5 large funds through the eyes of the 13F form. We will use the form’s tool to compare Q1 and Q2 of 2022 and get a closer look at the largest buy/sells that they performed Q on Q. For the complete list of their holdings you’ll need to do a small research of your own. We just wanted to shed some light to the form, irrespective of the fund names or their positions. 

At the end we will also include Warren Buffet’s – Berkshire Hathaway – quarter comparison as well, just because the man is a legend (as mentioned the company is not a hedge fund or a mutual fund). He is the reason many are in this business, some richer than others but who’s counting?  


  1. Funds are randomly picked. 
  1. The sample lists are sorted by the largest number of shares bought and sold. 
  1. Under CL, the share’s class type is mentioned. Each company defines the characteristic of its share classes as they see fit in their charter. (with voting rights or not, dividend payment terms and so on) 
  1. Terms like spon/sponsored ADS or spon/sponsored ADR refer to American Depository shares/receipts 
  1. ADRs are securities of foreign companies listed on US stock exchanges. They are issued by a depository bank, to represent a foreign company’s publicly traded securities. It is how investors can get access to developed or emerging markets. See our article on diversification for information on developed/emerging markets. 
  1. Sponsored ADRs are issued with the participation/blessing of the foreign company. Unsponsored ADRs are candles in the wind. 


BlackRock Inc. Q1 2022 vs. Q2 2022 13F Holdings Comparison 

Sym  Issuer Name  Cl (stock class)  Q1 2022  Q2 2022  Diff  Chg % 
AMZN  AMAZON COM INC  COM  29,143,882  587,459,057  558,315,175  1916% 
WBD  WARNER BROS DISCOVERY INC  COM SER A  0  166,503,034  166,503,034  NEW 
FTNT  FORTINET INC  COM  11,561,432  52,869,973  41,308,541  357% 
VICI  VICI PPTYS INC  COM  58,176,039  95,846,408  37,670,369  65% 
WISH  CONTEXTLOGIC INC  COM CL A  6,402,156  37,770,689  31,368,533  490% 
TXMD  THERAPEUTICSMD INC  COM  24,442,512  0  -24,442,512  -100% 
DISCK  DISCOVERY INC  COM SER C  24,909,437  0  -24,909,437  -100% 
TNXP  TONIX PHARMACEUTICALS HLDG C  COM  34,392,362  0  -34,392,362  -100% 
ISBC  INVESTORS BANCORP INC NEW  COM  35,715,997  0  -35,715,997  -100% 
MFA  MFA FINL INC  COM  35,786,123  0  -35,786,123  -100% 
PBCT  PEOPLES UNITED FINANCIAL INC  COM  36,670,981  0  -36,670,981  -100% 
ZNGA  ZYNGA INC  CL A  45,215,373  0  -45,215,373  -100% 
IVR  INVESCO MORTGAGE CAPITAL INC  COM  55,516,956  0  -55,516,956  -100% 
EDU  NEW ORIENTAL ED & TECHNOLOGY  SPON ADR  64,329,110  0  -64,329,110  -100% 



Bridgewater Associates, LP Q1 2022 vs. Q2 2022 13F Holdings Comparison 

Sym  Issuer Name  Cl (stock class)  Q1 2022  Q2 2022  Diff  Chg % 
F  FORD MTR CO DEL  COM  2,199,950  4,620,739  2,420,789  110% 
WBD  WARNER BROS DISCOVERY INC  COM SER A  0  2,213,889  2,213,889  NEW 
WETF  WISDOMTREE INVTS INC  COM  156,132  2,201,350  2,045,218  1310% 
CVS  CVS HEALTH CORP  COM  1,210,917  3,146,236  1,935,319  160% 
CVE  CENOVUS ENERGY INC  COM  557,544  1,969,127  1,411,583  253% 
  NEW ORIENTAL ED TECHNOLOGY  SPON ADR  0  1,360,704  1,360,704  NEW 
T  AT&T INC  COM  2,047,133  3,393,604  1,346,471  66% 
SWN  SOUTHWESTERN ENERGY CO  COM  0  1,196,019  1,196,019  NEW 
PYPL  PAYPAL HLDGS INC  COM  114,312  1,267,329  1,153,017  1009% 
GLD  SPDR GOLD TR  GOLD SHS  2,107,996  1,306,455  -801,541  -38% 
IAU  ISHARES GOLD TR  ISHARES NEW  3,353,019  2,369,514  -983,505  -29% 
BILI  BILIBILI INC  SPONS ADS REP Z  1,099,588  0  -1,099,588  -100% 
KO  COCA COLA CO  COM  11,937,821  10,820,759  -1,117,062  -9% 
FXI  ISHARES TR  CHINA LGCAP ETF  3,276,798  1,612,109  -1,664,689  -51% 
JD  JD.COM INC  SPON ADR CL A  2,141,206  0  -2,141,206  -100% 
EDU  NEW ORIENTAL ED & TECHNOLOGY  SPON ADR  6,201,032  0  -6,201,032  -100% 
VWO  VANGUARD INTL EQUITY INDEX F  FTSE EMR MKT ETF  22,717,958  15,432,241  -7,285,717  -32% 
BABA  ALIBABA GROUP HLDG LTD  SPONSORED ADS  7,480,545  0  -7,480,545  -100% 
DIDI  DIDI GLOBAL INC  SPONSORED ADS  8,149,902  0  -8,149,902  -100% 
EEM  ISHARES TR  MSCI EMG MKT ETF  19,621,771  1,435,298  -18,186,473  -93% 




Renaissance Technologies Llc Q1 2022 vs. Q2 2022 13F Holdings Comparison 

Sym  Issuer Name  Cl (stock class)  Q1 2022  Q2 2022  Diffference  Chg % 
SWN  SOUTHWESTERN ENERGY CO  COM  1,035,725  33,712,025  32,676,300  3155% 
XELA  EXELA TECHNOLOGIES INC  COM NEW  17,755  15,865,037  15,847,282  89255% 
PLTR  PALANTIR TECHNOLOGIES INC  CL A  12,514,847  28,204,147  15,689,300  125% 
SHOP  SHOPIFY INC  CL A  0  14,036,600  14,036,600  NEW 
NIO  NIO INC  SPON ADS  5,401,600  17,768,900  12,367,300  229% 
VZ  VERIZON COMMUNICATIONS INC  COM  10,604,493  64,100  -10,540,393  -99% 
PBR  PETROLEO BRASILEIRO SA PETRO  SPONSORED ADR  16,782,600  5,155,000  -11,627,600  -69% 
TNXP  TONIX PHARMACEUTICALS HLDG C  COM  19,200,435  0  -19,200,435  -100% 
ITUB  ITAU UNIBANCO HLDG S A  SPON ADR REP PFD  20,872,374  0  -20,872,374  -100% 
EDU  NEW ORIENTAL ED & TECHNOLOGY  SPON ADR  37,490,100  0  -37,490,100  -100% 



Tiger Global Management Llc Q1 2022 vs. Q2 2022 13F Holdings Comparison 

The fund managed $90 billion in assets at its peak, with tech stocks surging in 2021 amid the pandemic. According to Reuters though, the fund lost billions of dollars (approx. 50% in the first half of the year). Many of the shares it sold rebounded on Nasdaq’s +18% rally in the current quarter. 

Sym  Issuer Name  Cl (stock class)  Q1 2022  Q2 2022  Difference  Chg % 
IOT  SAMSARA INC  COM CL A  0  4,649,140  4,649,140  NEW 
BZ  KANZHUN LIMITED  SPONSORED ADS  7,280,575  11,655,423  4,374,848  60% 
S  SENTINELONE INC  CL A  5,909,855  10,010,610  4,100,755  69% 
AMZN  AMAZON COM INC  COM  147,743  2,613,800  2,466,057  1669% 
TOST  TOAST INC  CL A  12,672,463  14,693,414  2,020,951  16% 
EMBK  EMBARK TECHNOLOGY INC  COM  21,293,320  9,917,027  -11,376,293  -53% 
DDL  DINGDONG CAYMAN LTD  ADS  12,141,140  118,539  -12,022,601  -99% 
JD  JD.COM INC  SPON ADR CL A  48,774,995  30,525,661  -18,249,334  -37% 
IS  IRONSOURCE LTD  CL A ORD SHS  20,500,000  0  -20,500,000  -100% 
NU  NU HLDGS LTD  ORD SHS CL A  254,788,564  203,013,206  -51,775,358  -20% 



Aqr Capital Management Llc Q1 2022 vs. Q2 2022 13F Holdings Comparison 

Symbol  Issuer Name  Cl (stock class)  Q1 2022  Q2 2022  Difference  Chg % 
QRTEA  QURATE RETAIL INC  COM SER A  6,824,857  16,753,914  9,929,057  146% 
VTRS  VIATRIS INC  COM  3,898,552  10,095,801  6,197,249  159% 
ENDP  ENDO INTL PLC  SHS  1,264,412  6,394,925  5,130,513  406% 
T  AT&T INC  COM  4,579,612  8,286,499  3,706,887  81% 
GILD  GILEAD SCIENCES INC  COM  2,712,026  6,095,793  3,383,767  125% 
F  FORD MTR CO DEL  COM  4,423,873  2,627,116  -1,796,757  -41% 
HMY  HARMONY GOLD MINING CO LTD  SPONSORED ADR  2,206,767  320,022  -1,886,745  -85% 
KMI  KINDER MORGAN INC DEL  COM  2,891,688  714,750  -2,176,938  -75% 
INFY  INFOSYS LTD  SPONSORED ADR  6,044,325  1,016,971  -5,027,354  -83% 
VALE  VALE S A  SPONSORED ADS  9,142,394  3,132,350  -6,010,044  -66% 



And last but not least, here’s BRK: 

Berkshire Hathaway Inc Q1 2022 vs. Q2 2022 13F Holdings Comparison 

Sym  Issuer Name  Cl (stock class)  Q1 2022  Q2 2022  Diff  Chg % 
OXY  OCCIDENTAL PETE CORP  COM  136,373,000  158,549,729  22,176,729  16% 
ALLY  ALLY FINL INC  COM  8,969,420  30,000,000  21,030,580  235% 
AMZN  AMAZON COM INC  COM  533,300  10,666,000  10,132,700  1900% 
VIAC  PARAMOUNT GLOBAL  CLASS B COM  68,947,760  78,421,645  9,473,885  14% 
ATVI  ACTIVISION BLIZZARD INC  COM  64,315,222  68,401,150  4,085,928  6% 
AAPL  APPLE INC  COM  890,923,410  894,802,319  3,878,909  0% 
CVX  CHEVRON CORP NEW  COM  159,178,117  161,440,149  2,262,032  1% 
CE  CELANESE CORP DEL  COM  7,880,998  9,156,714  1,275,716  16% 
MCK  MCKESSON CORP  COM  2,921,975  3,198,344  276,369  10% 
MKL  MARKEL CORP  COM  420,293  467,611  47,318  11% 
VZ  VERIZON COMMUNICATIONS INC  COM  1,380,111  0  -1,380,111  -100% 
RPRX  ROYALTY PHARMA PLC  SHS CLASS A  1,496,372  0  -1,496,372  -100% 
KR  KROGER CO  COM  57,985,263  52,437,295  -5,547,968  -10% 
USB  US BANCORP DEL  COM NEW  126,417,887  119,805,135  -6,612,752  -5% 
STOR  STORE CAP CORP  COM  14,754,811  6,928,413  -7,826,398  -53% 
GM  GENERAL MTRS CO  COM  62,045,847  52,877,359  -9,168,488  -15% 



There is no European equivalent form to the 13F that we know of. In the UK (for listed companies) the filings relate to shareholding percentages above 3%, with each percentage threshold of 1% (4,5,6 – 100%), to be disclosed to the exchange and the company itself. If the shareholding percentage falls below 3%, one last disclosure needs to be submitted until (if) the threshold is passed again. For non listed companies, the thresholds are different. 



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