Twenty studies, and every limitation printed next to them
Computed live from 107,302 institutional holdings across 105 funds and $3.3tn, and 5,000 disclosed political trades. No number on these pages is hand-typed. Every study says what it cannot tell you, in the same size type as what it can.
Journalists: everything here is free to quote and chart with attribution. If you want a different cut of the data, ask and we will run the query.
Method
The 13F price illusion: 102 stocks the market is misreading
When a fund's holding falls in value, did it sell, or did the price just drop?
We audited our own data, and three quarters of it was not what it claimed
What is actually inside the datasets that everyone quotes?
What a 13F cannot tell you
Everyone quotes 13F filings. What is actually missing from them?
13F institutions
The most crowded trades in institutional investing
Which companies are held by the largest number of major funds at once?
Four positions or four thousand: how funds actually bet
How many bets does a large fund really make?
What institutions actually bought last quarter
Measured in shares rather than dollars, what did the big funds accumulate?
What institutions actually sold last quarter
Measured in shares, which positions were genuinely cut?
The biggest single bets in institutional investing
Which funds have put an extraordinary share of everything they manage into one company?
Who is buying protection
Which large funds are carrying serious downside protection, and which are leaning the other way?
Where the institutional money actually sits
Across $3.3tn of disclosed holdings, how is the money split by sector?
What the big funds started buying
Which companies did the most funds open a brand new position in?
What the big funds walked away from
Which companies did the most funds abandon completely?
Who trades, and who waits
How much of a fund's book changes in a single quarter?
The lonely bets: big positions nobody else holds
Which billion-dollar positions are held by exactly one fund in our set?
Political trading
The 45-day rule, and how often it is missed
The law gives 45 days to disclose a trade. How often is that met?
The latest filers
Which individual filers most often miss the 45-day deadline?
What politicians actually trade
Which companies turn up most often in political disclosures?
Do politicians and hedge funds buy the same companies?
Is political trading distinctive, or is it just the consensus with a press pass?
The sectors politicians tilt towards
Where does disclosed political trading concentrate, and is it net buying or net selling?
Congress files on time. The executive branch does not
Everyone blames Congress for late disclosure. Is that where the problem actually is?