How to “copy” a 13F: the right way to mirror the legends — and 3 traps
“Copy the legends’ homework” sounds easy but is full of traps: 45-day lag, longs-only disclosure, no cost basis. We explain what a 13F is, three common traps, and the right way — consensus over any single holding.
What a 13F is
A 13F is the quarterly SEC filing where large U.S. institutions disclose their equity holdings, due 45 days after quarter-end. It’s the most public, reliable data source for mirroring the legends — but being public, its pitfalls are hiding in plain sight.
Three traps
One, lag: you see holdings up to 45 days old; the legend may have already moved. Two, longs-only: 13F excludes shorts and options hedges, so it isn’t their true net exposure. Three, no cost basis: you don’t know their entry, so blindly chasing is risky.
The right way: consensus over any single name
Rather than bet on one legend’s one stock, look at where **style-diverse investors converge** — cross-style consensus is more robust to lag and individual quirks. Comparing your own holdings against the legends in the free Portfolio Consensus Check beats copying a stale list.