Part 2/7:
13F filings are mandatory disclosures that institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). Released quarterly, these filings indicate the positions these managers held at the end of the previous quarter. However, they do not reflect real-time trading activity or provide insight into the exact timing of buy or sell decisions. Investors seeking to replicate billionaire strategies using this data face challenges, as the lag can be several months—between the actual trading action and the filing.