13F vs 13D vs 13G: how they differ
Three SEC forms that tell who owns shares of which company. The 13F is a manager's whole portfolio, every quarter; the 13D and the 13G announce that someone crossed 5% of a company.
13F: the whole portfolio, four times a year
It is filed by every institutional manager with more than US$ 100 million in US stocks. It shows all its positions at quarter end and arrives up to 45 days later. It tells what each manager holds; it does not tell when within the quarter it bought, or at what price.
13D: more than 5% and intending to influence
It is filed by whoever crosses 5% of a company's voting shares and wants to influence it, or does not rule that out. The deadline is 5 business days. Besides the amount, it explains why it bought, with what funds and what its plans are. Every material change requires an amendment.
13G: more than 5%, with no intent to influence
It is the short version for those crossing 5% as a passive investment: index funds, traditional managers, institutions. It asks for less information and allows more time, depending on the type of investor. If a passive investor changes its mind and wants influence, it has to switch to a 13D.
In one line
13F: filed by a large manager; shows its whole portfolio; every quarter. 13D: anyone crossing 5% and seeking influence; a single company; within days. 13G: anyone crossing 5% passively; a single company; with longer deadlines. The same fund can file all three.
How they complement each other
The 13F gives the big picture and arrives late; the 13D and the 13G cover only large stakes, but arrive sooner and with the exact percentage of the company. Each stock page shows the three together: which managers hold it per their 13F filings and who reported more than 5%.
Frequently asked questions
Does a 13G say less than a 13D?
It says something different. The 13D announces that someone wants changes at the company; the 13G, that someone holds a lot and does not plan to step in. Neither tells whether the stock will go up.
And Form 4?
It belongs to another family: it is filed by insiders (directors, officers and 10%+ shareholders) every time they buy or sell, within 2 business days.