--- title: How to Compare Two Funds Using 13F Data type: learn slug: how-to-compare-two-funds-using-13f-data canonical_url: https://13finsight.com/learn/how-to-compare-two-funds-using-13f-data published_at: 2026-05-23T23:17:44.383Z updated_at: 2026-05-23T23:17:46.637Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 733 locale: en source: 13F Insight --- # How to Compare Two Funds Using 13F Data > Comparing two funds' 13Fs reveals how professionals disagree. Here's a four-step framework: shape, style, overlap, and direction of change. Reading a single fund's 13F tells you what one manager owns. Comparing two funds' 13Fs tells you something more useful: how two professional investors disagree. Putting filings side by side surfaces differences in style, conviction, and positioning that no single filing reveals. This guide walks through a simple framework for comparing two funds with 13F data. Step 1: Compare the shape of the book Start with structure, not individual stocks. How many positions does each fund hold, and how concentrated is it? A fund with 30 names and 50% in its top ten is making focused bets; one with 400 names and 20% in its top ten is diversifying. This single comparison often reveals more about the managers' philosophies than their holdings do. For example, deep-value Davis Selected Advisers runs a concentrated book where the top ten is nearly half the portfolio, while a dividend-growth manager like Bahl & Gaynor spreads across hundreds of names with a much lighter top-ten weight. Same asset class, very different shapes. Step 2: Compare the sector and style tilts Next, group each fund's largest holdings by sector and note the style. Is one heavy in megacap technology while the other leans into financials, energy, or healthcare? Does one look like growth and the other like value? The contrast tells you how each manager is positioned for the market — and where they fundamentally disagree about where value lies. A growth book full of Nvidia and software will behave very differently from a value book of banks and energy, even in the same quarter. Comparing tilts is how you see that at a glance. Step 3: Compare overlap and divergence Look at which names both funds own and which are unique to each. Shared high-conviction names — a stock both managers hold at large weight — carry extra signal, since two independent processes arrived at the same conclusion. Conversely, a stock one fund is buying while the other is selling is a live disagreement worth investigating. Overlap analysis is especially useful across managers of similar style: if two value funds both build the same position, that is a stronger value signal than either alone. Step 4: Compare the direction of change Finally, compare what each fund did this quarter. Are both adding to the same theme, or moving in opposite directions? When several respected managers independently add to the same sector, that convergence is a meaningful signal. When they split, it highlights a genuine debate. Quarter-over-quarter changes, read side by side, turn two static snapshots into a picture of where smart money agrees and disagrees. Putting it together on 13F Insight A good comparison answers four questions: Which fund is more concentrated? How do their style and sector tilts differ? Where do they overlap or diverge in holdings? And are their recent moves converging or conflicting? Work through those, and two 13Fs become a structured debate between professionals rather than two lists of stocks. Use each filer's page to pull the holdings and quarter-over-quarter changes you need. FAQ How do I compare two funds using 13F data? Compare four things: the shape of each book (position count and concentration), the sector and style tilts, the overlap and divergence in holdings, and the direction of their quarter-over-quarter changes. What does it mean when two funds hold the same stock? Shared high-conviction holdings carry extra signal, because two independent investment processes arrived at the same conclusion. Overlap among similar-style managers strengthens the signal further. Why compare fund concentration first? Concentration reveals philosophy quickly. A fund with few names and a heavy top-ten weight makes focused bets, while a diversified fund spreads risk — a difference that often matters more than the specific holdings. What does it mean when two funds trade a stock in opposite directions? It signals a genuine disagreement: one manager sees opportunity where the other sees risk. Such divergences are worth investigating because they highlight a live debate about the stock. Is overlap between funds always a strong signal? It is strongest when the funds share a style and both hold the name at large weight. Overlap driven by index-like exposure or small positions carries less meaning than shared high-conviction bets. How do quarter-over-quarter changes help a comparison? They turn static snapshots into direction. When multiple managers independently add to the same theme, that convergence is a signal; when they move oppositely, it highlights disagreement worth examining. ## FAQ ### How do I compare two funds using 13F data? Compare four things: the shape of each book (position count and concentration), the sector and style tilts, the overlap and divergence in holdings, and the direction of their quarter-over-quarter changes. ### What does it mean when two funds hold the same stock? Shared high-conviction holdings carry extra signal, because two independent investment processes arrived at the same conclusion. Overlap among similar-style managers strengthens the signal further. ### Why compare fund concentration first? Concentration reveals philosophy quickly. A fund with few names and a heavy top-ten weight makes focused bets, while a diversified fund spreads risk — a difference that often matters more than the specific holdings. ### What does it mean when two funds trade a stock in opposite directions? It signals a genuine disagreement: one manager sees opportunity where the other sees risk. Such divergences are worth investigating because they highlight a live debate about the stock. ### Is overlap between funds always a strong signal? It is strongest when the funds share a style and both hold the name at large weight. Overlap driven by index-like exposure or small positions carries less meaning than shared high-conviction bets. ### How do quarter-over-quarter changes help a comparison? They turn static snapshots into direction. When multiple managers independently add to the same theme, that convergence is a signal; when they move oppositely, it highlights disagreement worth examining. --- Source: 13F Insight — https://13finsight.com/learn/how-to-compare-two-funds-using-13f-data Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-23T23:17:46.637Z