Everything comes from SEC EDGAR: quarterly 13F-HR filings (and their amendments — restatements replace the original; new-holdings amendments extend it). Every page links to the filing it derives from.
A 13F is a photo of US-listed long positions at quarter end, filed up to 45 days later. It does not show shorts, most derivatives detail, non-US listings, cash, or the price paid. Managers may also request confidential treatment while building a position. We show the filing's age everywhere so you never mistake the photo for the present.
Position weight = value ÷ the equity total of that snapshot. Options (puts/calls) report the notional value of the underlying — never premium — so we keep them out of equity weights and show them separately.
A position's weight can change while the manager does nothing — prices move. We only call something activity when the share count changed. Add/Reduce percentages are share-based; the Δ portfolio column shows the resulting allocation shift in percentage points.
A quarter-over-quarter change is the net of everything that happened between two photos. "Added 45%" may have been ten trades, or a buy and a partial sell. We name them moves, never trades.
Concentration is the effective number of holdings, ENH = 1 ÷ HHI, where HHI is the sum of squared portfolio weights. "Behaves like ~7 equal-weighted stocks" means the portfolio's concentration equals that of 7 equal positions. Zones: <10 very concentrated · 10–20 concentrated · 20–40 focused · 40+ diversified. For reference, the S&P 500 itself has an ENH near 50.
Turnover follows the churn-rate method of Gaspar, Massa & Matos (Journal of Financial Economics, 2005): min(buys, sells) ÷ portfolio value for the quarter, annualized ×4. Implied holding period = 1 ÷ turnover. First quarter in the dataset shows no turnover — there is nothing to diff against.
Computed within our dataset window (XML-era filings, 2013 onward). "≥" means the position was already there when our data starts — it may be much older.
Every pipeline run publishes its own defect log. Right now: 203 filings published across 4 managers, 9 quarantined items (a filing that disagrees with its own cover-page totals is quarantined, never published), CUSIP→ticker coverage 82.5% — unmapped positions render by issuer name rather than disappearing.
Estimated portfolio returns vs SPY (as-of each snapshot, with coverage disclosed) and reported-price vs current-price comparisons. Not shown until we can show them honestly.