13 SEC Filing
SEC 13F Securities Filings
We have posted many 13F securities analysis pieces here in the past. This morning I came across a note describing why while these filings are useful they are not perfect and must be take with a few grains of salt:
Typically, tracking 13Fs of leading funds works best on managers who employ long-term holding periods (Buffett, for example, has stated that his favorite holding period is “forever”). Since the portfolio data in 13Fs is 45 days “stale”, this will minimize the effects high turnover (indeed, the manager may very well not even own the stock by the time the 13F is posted).In the future we will be rolling out more 13F analysis pieces, let us know if you would like to see one on a particular fund that you follow personally.
The major value added by these managers is their stock picking and not necessarily their investment timing. While most hedge funds short-sell, invest internationally, and/or use derivatives to hedge or leverage their ideas, these positions do not show up on the 13F filing source