What is the difference between Form 4 and a 13F?
A Form 4 reports trades by a company insider, such as a CEO or director, and is due within two business days. A 13F is a quarterly list of the US-listed stocks a large investment firm holds, due within 45 days after the quarter ends.
Who files
Form 4 is filed by company officers, directors, and owners of more than 10 percent of a company's stock. A 13F is filed by investment firms that manage at least 100 million dollars in US-listed stocks and similar securities.
What they show
Form 4 shows each trade: who traded, how many shares, at what price, and on what date. A 13F shows a full list of holdings at quarter end, but not when or at what price each trade happened.
How fast
Form 4 is due within two business days of the trade, so it is close to real time. A 13F can arrive up to 45 days after the quarter it covers.
Frequently asked questions
Which filing is more up to date?
Form 4. It is due within two business days, while a 13F can be weeks or months old.
Does a Form 4 show the price paid?
Yes. It reports the number of shares and the price. When a trade was filled in several parts, it often shows an average price.