Why 13F Data Is Always 45 Days Old: The Filing Delay Explained
Every 13F filing describes positions from at least 45 days ago. Here is why the delay exists and how to use institutional holdings data correctly.
Every 13F filing on 13F Insight describes what an institutional investor held at the end of the previous quarter. By the time you see it, the data is always at least 45 days old.
TL;DR
- 13F filings are due 45 calendar days after each quarter ends.
- Q4 filings (December 31 positions) are due by February 14.
- Many filers submit on deadline day, so you see December positions in mid-February at earliest.
- Positions may have changed significantly during the 45-day gap.
The Filing Calendar
| Quarter | Positions As Of | Filing Deadline |
|---|---|---|
| Q1 | March 31 | May 15 |
| Q2 | June 30 | August 14 |
| Q3 | September 30 | November 14 |
| Q4 | December 31 | February 14 |
Why the Delay Matters
A lot happens in 45 days. If a stock drops 30%, the holder may have already sold. The filing is a frozen snapshot, not a live feed. This is why 13F data works best for understanding long-term positioning from low-turnover filers like Berkshire Hathaway or Dodge & Cox.
Amendments Add Delay
Filers can submit 13F-HR/A amendments that restate prior holdings. Goldman Sachs filed its Q4 2025 13F as an amendment. These can appear weeks after the original, making data even older.
How to Compensate
- Focus on conviction, not timing: Large positions held across multiple quarters signal genuine conviction.
- Cross-reference with real-time data: Use earnings calls and stock pages to check if conditions changed.
- Watch 13D/G filings: Filed within 10 days, much more timely.
- Track QoQ trends: Changes across 2-3 quarters reveal directional intent.
FAQ
Related Research
Explore all researchFisher’s Q4 2025 filing was still packed with mega-cap tech, but the bigger tell was a giant Treasury and investment-grade corporate bond sleeve built through IEF and VCIT. The next filing will show whether that duration bet was tactical or structural.
Apr 17, 2026
AQR’s Q4 2025 filing kept expanding, with AUM rising to $190.63B, 69 new names, and a dramatic Bristol Myers build inside an already broad book. The next filing will show whether the quant giant keeps pressing this expansion or starts normalizing the roster again.
Apr 17, 2026
Dodge & Cox’s Q4 2025 filing barely moved on headline AUM, but the underlying changes were more interesting: fresh positions in Brookfield, TransUnion and PDD inside a still-diversified value book. The next filing will show whether those adds were conviction moves or just incremental reshuffling.
Apr 17, 2026
Victory Capital kept mega-cap tech on top in Q4 2025, but the sharper signal was in the secondary moves: large increases in Netflix, Constellation Energy, TSMC and new positions like IQVIA. The next filing will show whether that diversification continues.
Apr 17, 2026
Principal’s Q4 2025 filing looked slightly weaker on headline AUM, but the internal rotation was more revealing: Brookfield became a top-ten position, Netflix surged, and the fund cut back in parts of real estate. The next filing will show whether that shift keeps going.
Apr 17, 2026