Form 13F methods

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How these reports are checked

Every figure on these pages is read from a Form 13F filed with the SEC and is checked against the filing that carries it. A report is included only when those checks pass. A report that fails one is named on this page, with what it failed, and left out of every total on this site.

Nothing is estimated, interpolated, or filled in from another source, and a report is never partly included: it is in, or it is out.

Combined reports

Combined report: the manager reports some holdings itself and others are reported by an affiliate in the same document. The total shown is what that filing carries.

Amended reports

A manager can amend a quarter after filing it. Some amendments restate the whole report; some add holdings the first report left out. The cover page says which, and it is sometimes wrong, so we do not read the label. We read the amendment's own table: if it contains every security the original reported, it restates the original and we show the amendment alone. If it contains none of them, it adds to the original and we show both together, with a note saying so. If it is neither, the two readings give different portfolios, and we show neither.

Managers not shown as separate portfolios

Holdings reported by an affiliate. A manager files a Notice (Form 13F-NT) when its Section 13(f) holdings are reported on another manager's Form 13F, usually a parent or an affiliate. Those holdings are not missing; listing the notice filer as a portfolio of its own would count them twice, so it is not.

Nothing reportable. A manager may instead file a holdings report whose table is a single placeholder row with no security, no shares, and a total of zero. That is not a portfolio either. This quarter: Chieftain Capital Management, Inc..

Notice filers this quarter: BAILLIE GIFFORD OVERSEAS LTD · Cantillon Capital Management LLP · DME Advisors, LP · Trian Fund Management GP, LLC · ValueAct Capital Management, L.P..

What is not here

A Form 13F reports long positions in US-listed securities. Short positions, cash, bonds outside the reportable list, and assets held outside the reporting manager do not appear on it, so they do not appear here. Reports are filed up to forty-five days after a quarter ends, and the holdings may have changed since.