Report 03New
When the 13F arrives and what arrives late
48% of concentrated managers' 13Fs are filed on the last business day of the filing window, and part of the portfolios shows up months later, by amendment.
Research
Original research on Form 13F filings
What can be measured with the forms that managers file with the SEC: when they arrive, how long what they show lasts and how alike portfolios are. Each study comes with its method, its limitations, the PDF and the data, under a CC BY 4.0 licence.
Report 02
Concentrated portfolios look more alike than in 2015, and almost all of the increase comes from megacaps
The average overlap between two concentrated portfolios went from 2.15% to 3.97%. Excluding the 10 highest-value stocks, from 1.55% to 1.83%.
Report 01
Three in ten new positions no longer appear in the next 13F
Of every 10 positions that appear for the first time in a concentrated manager's 13F, about 3 are missing from the next one (29.2%) and about 6 are gone a year later (59.4%).
Study
Does copying superinvestors work? 129,534 cases since 2013
The average stock held by concentrated managers trailed the S&P 500 by 3.7 points over the following 12 months (the gap is not statistically significant). Only 40% of cases beat the index.
Data and analysis by GestorLens. For information only; not investment advice.