Where does the Institutional Holdings information come from?
A: Institutional Holdings information is filed by
major institutions on form 13-F with the Securities and Exchange
What is a Form 13F?
A: Form 13F is the reporting form filed by
institutional investment managers pursuant to Section 13(f) of the Securities
Exchange Act of 1934. Congress passed Section 13(f) of the Securities
Exchange Act in 1975 in order to increase the public availability of information
regarding the securities holdings of institutional investors. Congress believed
that this institutional disclosure program would increase investor confidence in
the integrity of the United States securities markets.
Q: Who must file Form 13F?
A: Institutional investment managers that use the
United States mail (or other means or instrumentality of interstate commerce) in
the course of their business and that exercise investment discretion over $100
million or more in Section 13f securities must file Form 13F.
Q: What is an "institutional investment manager"?
A: An institutional investment manager is an
entity that either invests in, or buys and sells, securities for its own
account. For example, banks, insurance companies, and broker/dealers are
institutional investment managers. So are corporations and pension funds that
manage their own investment portfolios.
An institutional investment
manager is also a natural person or an entity that exercises investment
discretion over the account of any other natural person or entity. For example,
an investment adviser that manages private accounts, mutual fund assets, or
pension plan assets is an institutional investment manager. So is the trust
department of a bank. A trustee is an institutional investment manager,
but a natural person who exercises investment discretion over his or her own
account is not an institutional investment manager.
What are the filing deadlines for 13F's at the SEC?
Reports are filed within 45 days after calendar quarter end with the vast
majority of updates occurring near the 45th day of the quarter.
Q: Are foreign institutional investment managers
required to file Form 13F?
A: Yes, if they: (1) use any means or
instrumentality of United States interstate commerce in the course of their
business; and (2) exercise investment discretion over $100 million or more in
Section 13(f) securities.
Q: Must an institutional investment manager file
Form 13F even if it is not an SEC-registered investment adviser because it does
not meet the definition of investment adviser in Section 202(a)(11) of the
Investment Advisers Act?
A: Yes. If the manager meets the requirements of
Section 13(f) of the Securities Exchange Act, it must file Form 13F regardless
of whether it is an SEC-registered investment adviser. Banks, bank holding
companies, and broker/dealers that exercise investment discretion over $100
million or more in Section 13(f) securities are required to file Form 13F, even
though they are excluded from the definition of investment adviser.
Q: What is "investment discretion"?
A: An institutional investment manager exercises
investment discretion if: (i) the manager has the power to determine which
securities are bought or sold for the account(s) under management; or (ii) the
manager makes decisions about which securities are bought or sold for the
account(s), even though someone else is responsible for the investment
A manager also has investment
discretion with respect to all accounts over which any natural person, company,
or government instrumentality under its control exercises investment discretion.
For example, by virtue of their corporate relationship, bank holding companies
share investment discretion with their bank trust departments, and parent
corporations share investment discretion with their subsidiaries.
Q: What are "Section 13(f) securities"?
A: These are securities that must be reported on Form 13F. The SEC
publishes a list of these securities - called the Official List of Section 13(f)
securities - at the end of each calendar quarter. Section 13(f) securities are
equity securities of a class described in Section 13(d)(1) of the Securities
Exchange Act. Generally, the list includes exchange-traded (e.g., NYSE,
AMEX) or NASDAQ-quoted stocks, equity options and warrants, shares of closed-end
investment companies, and certain convertible debt securities. Shares of
open-end investment companies, i.e., mutual funds, are not included and,
therefore, should not be listed on Form 13F.