13F form in FundApps
The 13F form has three parts:
- the Cover Page
- the Summary Page, and
- the Information Table
In FundApps, when running the rule Major: US - 13F, two sets of documents in two sets of formats (HTML and XML) are generated:
- Information Table: MajorUS-13F.html and MajorUS-13F.xml
- Cover Page and Summary Page: MajorUS-13F-HR.html and MajorUS-13F-HR.xml
This article explains how each section of the form is generated based on the properties defined in FundApps.
The information table contains all assets that are included in the result of the Major: US - 13F rule in FundApps. Assets are grouped and values summated by different properties before being populated into the table in the following ways:
Managers over 100m
The table includes holdings of managers who each manage over US$100m in 13F securities. These are grouped by: Name Of Issuer, Title Of Class, CUSIP, Put/Call, Investment Discretion and Other Manager.
Managers Under 100m
The table includes holdings of all other managers who do not meet the US$100m thresholds (see 13F Q&A Question 37). These are not given a separate manager number (see "Other Managers" below) but are represented by an underscore ("_"). These are grouped by: Name Of Issuer, Title Of Class, CUSIP, Put/Call and Investment Discretion.
This column is populated according to the Voting Authority assigned to each portfolio, using the portfolio property VotingAuthority13FUS; if no value is provided it defaults to ‘SOLE’ (see 13F Q&A Question 50A).
This column is populated according to the Investment Discretion assigned to each portfolio, using the portfolio property InvestmentDiscretion13FUS; if no value is provided it defaults to ‘SOLE’ (see 13F Q&A Question 45, 46, 47).
By default, FundApps assumes that all holdings are managed - and reported - by the reporting entity (i.e. the Top entity in the Management aggregation structure). If this column has no value, then the holdings are those of the reporting entity.
If more than one investment manager is indicated (and those other managers manage more than $100m in 13F securities), this section will display a unique number for each manager that is not the reporting entity, and in the Summary page, a table including the name of the manager and its corresponding number will be displayed. If you are reporting holdings on behalf of Other Investment Managers, please go to the ‘Other Included Managers’ section of this document.
For other investment managers which do not manage more than $100m in 13F securities, holdings are grouped together and not given a specific manager number. An underscore is inserted to distinguish them.
This column represents whether the values given are the equivalent total shares or the principal amount. In the SHRS OR PRN AMT column, the principal amount is given for convertibles and bonds only, everything else is the equivalent share total. Whether an asset is a convertible or a bond is determined by the asset class value provided in the client’s input file and not from information provided by the SEC’s 13F Securities List.
For Option assets, whether it is a put or call is marked here. Options on securities can be identified in the SEC’s 13F security list by finding, firstly, any starred securities and then identifying the options on it by the immediately following securities marked CALL or PUT. However, in determining whether an asset is either a call or put option for the purposes of populating this column, the asset class and CallOrPut value is used from the client’s input data.
Institutional Investment Manager Filing this Report
The Major US: 13F rule runs on the Top (highest) entity of the ‘Management’ aggregation structure. FundApps takes this entity as the ‘Reporting Entity’ for 13F disclosures, this section is filled with the information provided for this entity in FundApps.
For this entity, the following properties must be populated in order to generate the 13F cover page:
- Form13FProvinceState (Only if Top Entity is located in US or CA)
- Form13FReportingPersonProvinceState (Only if Top Entity’s Reporting Person is located in US or CA)
Report Type / List of Other Managers Reporting for this Manager
If one or more managed funds is being reported separately then this should be indicated by setting the portfolio property InvestmentManager13FAffiliation to UnaffiliatedExclude for the relevant portfolios. If this property is not set for a portfolio then it is considered to be Affiliated and therefore included in this report.
In the scenario above, where some managed funds are reported separately, the 13F Combination Report box is selected and the list of ExcludedManagers is populated.
In all other cases, the 13F Holdings Report box is checked. Note that we do not generate 13F Notices.
Other Included Managers
This section of the 13F form is only populated if more than one investment manager has been defined using the property InvestmentManager13F. If this property is not defined, FundApps defaults this value to the reporting entity (i.e. the Top entity in the Management aggregation structure). If there are no other managers included in the report, this section is filled with ‘NONE’.
When more than one investment manager is assigned, this section will display the name of the investment manager (this is the value that should be provided for the InvestmentManager13F property) and will assign a number to each manager, which will correspond to the number used in column 7 (‘Other Managers) of the Information table (see 13F Q&A Question 37).
For each portfolio that is managed by an investment manager other than the reporting entity, the following properties must be populated and must be identical across portfolios managed by the same manager:
For additional information, please refer to the Help Center article Properties For 13F Cover And Summary Pages.