Strategy 6 of 8
The 5%+ stake radar: new stakes, activists and changes of purpose
Anyone who crosses 5% of a company discloses it to the SEC within days, not months. How to read the past month's 13D and 13G filings, the amendments and the changes of stance.
No account5–10 min a week
Step by step
- Go to 13D and 13G and read the box explaining what the list includes.
- Among the initial 13Ds, those from well-known investors and concentrated managers come first. Each one shows the % of the company, the event date and the filing date, the SEC link and the start of the stated purpose.
- Tap See the amendments: those with the largest change, with the before and after in %, and the Fell below 5% and Purpose changed labels.
- If the filer is a manager, open its page: you will find what it reported after the quarter end and its portfolio (see After the quarter end).
- To read it in your feed reader, the 13D and 13G Atom feed is linked at the foot of the page.
With a free account, one step further
- On the stock's page, Insiders & 13D → Above 5% over time shows each holder's history, in order.
- Alerts → Someone discloses more than 5% (13D/13G) flags it for you on the site.
What to look for and how to read it
- 13D: the filer may seek to influence the company. 13G: a passive investment. Moving from 13G to 13D is a declared change of stance.
- “Purpose changed” on an amendment: the “why” is in the document.
- A 13D from someone who does not file 13Fs (a founder, a company, a sovereign fund) tells a different story from one filed by a manager.
Limits and caveats
- Not every 13D is activism: founders, debt swaps, SPAC sponsors and shareholder agreements file them too. The page warns about this.
- The purpose is shown as filed and shortened; the full text is at the SEC.
- The event that triggers the filing comes before it: for a 13D, up to five business days earlier.
Everything comes from public SEC filings. A 13F is filed up to 45 days after the quarter ends: these are not real-time positions. It is for research, not investment advice. How to read a 13F.