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?
Notes:
- Funds are randomly picked.
- The sample lists are sorted by the largest number of shares bought and sold.
- 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)
- Terms like spon/sponsored ADS or spon/sponsored ADR refer to American Depository shares/receipts
- 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.
- 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.
Start your Brokerage business by:
Connecting offshore: With our clients in Belize, Seychelles, the Caymans, Martial Islands and St. Vincent offering the most flexible IB and White Label solutions.
Connecting in the EU: With our clients in 15 out of the 28 member states offering strong partnerships to individuals and corporations with existing client base, looking to connect.
Contact us for a private conversation to discuss your case through the contact form or one of our emails at info@allfx–consult.com, partners@allfx-consult.com.
#startaforexbrokerage #ib #forex ib #whitelabel #forexwhitelabel #tied agent #regional partner #forexlicense #forexoffshorelicense
You might find this interesting
Capital Markets Training – for corporations and individuals
Forex White Label – Discover it all, requirements and options
EU Tied Agent – Should you consider it or not?
Forex jurisdictions – EU and Offshore with country stats and listed brokers