Behind the numbers.

Where the data comes from

We retain original SEC filing documents and verify their hashes. Only reporting groups with a verified 20-quarter history enter Consensus. Securities are joined by CUSIP and security class, never by issuer-name strings.

What the dates mean

Holdings as of is a quarter-end snapshot. Filed is the public submission date. Updated is when this service rebuilt the dataset. None of these is a transaction date or a claim about current holdings.

How Consensus is calculated

Each eligible manager has equal weight. Breadth: 30 points. Portfolio conviction: 20. Latest activity: 20. Four-quarter trend: 15. Twelve-quarter persistence: 15. The v1.0 formula is versioned and reproducible. It has not been validated as a return forecast.

How changes are classified

New means a position appears relative to the preceding comparable quarter. Exited means it disappears. A share change within ±0.5% is unchanged. Larger share changes are increased or decreased. A market-value increase alone is never labelled buying. Verified splits adjust the comparison share count while preserving raw shares. Scope changes and unverified corporate actions suppress activity.

Rising and New Picks

Rising combines four-quarter ownership breadth slope (65%) with the latest weight-adjusted share activity (35%). New Picks requires at least two managers newly disclosing a position of 0.1% or more. Results are never padded to twenty.

What filings leave out

13F is a delayed, partial view of reportable long holdings. Shorts, cash, many foreign assets and confidential positions are not fully represented. Portfolio weights use disclosed long share value, excluding options and principal amounts. Eligible non-holders remain in the Consensus denominator.

Ownership events and experiments

Schedule 13D is a separate notable-ownership signal. It never enters the core Consensus score. Schedule 13G metadata is collected for deterministic filtering and research, outside the public feed and Consensus by default.

Source summarization

Only dated, verified originals can support commentary. Sources are deduplicated and cached during ingestion. No AI runs on page views. Current AI calls and cost are zero; unsupported summaries are not generated.

Bias and interpretation

Equal manager weights prevent a very large fund from dominating solely through asset size. The curated pool still has a technology/growth bias. Weight sensitivity and leave-one-manager-out results are published. Consensus is neither a buy score nor an investor-quality score.

Validation downloads

Reproducible data validation report (JSON) ↗

SEC Form 13F instructions ↗ · SEC data sets ↗

Coverage