Why is 13F data delayed?
Funds have up to 45 days after each quarter ends to file their 13F report with the SEC. So the holdings you see show where a fund stood on the last day of the quarter, which can be six weeks or more in the past when the filing appears.
The 45 day rule
The SEC gives large investors 45 days after the end of each calendar quarter to report what they held. Quarters end on March 31, June 30, September 30, and December 31.
Filing season
Most funds file close to the deadline, so new reports arrive in a rush around mid February, mid May, mid August, and mid November. Early in a filing season only a few funds have reported, so totals for the new quarter are incomplete.
How old a trade can be
A stock bought early in a quarter may not show up until the filing 45 days after that quarter ends. That means a trade can be four to five months old by the time you see it.
What it means for you
A 13F is a snapshot of the past. A fund may have bought more, sold, or exited a position since the quarter ended. Treat the data as a record of what a manager owned, not a live view of what they own today.
Frequently asked questions
When are 13F filings due?
Within 45 days after each quarter ends, so around mid February, May, August, and November.
Can a fund have sold a stock that still shows in its 13F?
Yes. The filing shows holdings on the quarter end date. Anything traded after that only shows up in the next filing.