What's a 13F, and can you actually see what Warren Buffett bought last quarter?

I'm Chris, co-founder of Autopilot. Yes, you can. Here's how, and here's what the filing doesn't tell you, which matters just as much.

A quick disclosure: Autopilot is the app; investment advice is provided by Autopilot Advisers, LLC, an SEC-registered investment adviser. Read the full details on Autopilot's disclaimer page.

Berkshire Hathaway files Form 13F with the SEC. Under the SEC's current Form 13F guidance, institutional investment managers that meet the $100 million threshold report covered holdings quarterly, generally within 45 days after quarter-end. A filing lists reportable long positions as of the quarter's last day. Comparing filings shows net holding changes, not the precise trades, dates, or prices that produced them. Our Buffett Tracker follows Berkshire's 13Fs after they post, sending the orders to your own brokerage, with that delay disclosed as a risk.

Why this matters to you

The people with the best information and the most resources have always invested in ways you couldn't see. The 13F rule changed that, partly. Four times a year, every big manager has to show their long US stock book. That's the closest thing an everyday investor has to looking over a hedge fund's shoulder. And it's free.

1) What a 13F is

Form 13F comes from Section 13(f) of the Securities Exchange Act of 1934. Institutional investment managers with $100 million or more in what the SEC calls 13(f) securities have to file it every quarter. The SEC publishes the official list of 13(f) securities. It's mostly US exchange-traded stocks, plus certain ETFs, options, and convertibles.

The filing shows, as of the last day of the quarter: each 13(f) security held, how many shares, the market value, and the type of voting authority. That's it.

2) What a 13F leaves out

This is the part most articles skip, and it decides whether following one makes sense.

• Timing. The filing shows holdings on one day, the quarter's last day. It doesn't show when a position was built or sold during the quarter, or at what price. 13Fs don't have a purchase date. They only have the ending date.
• Delay. Managers generally have 45 days after quarter-end to file. A March 31 snapshot can therefore appear as late as mid-May, and the position may have changed before publication.
• Shorts. Not reported. A manager can be long a stock on the 13F and net short it through instruments you can't see.
• Most derivatives. Only certain listed options are reportable. Swaps and a lot of other derivatives are not.
• Non-US securities and cash. Not reported.
• Confidential treatment. Managers can ask to delay disclosing specific positions while they're building them, so a filing can be incomplete even when it posts.

Put it together and a 13F is a delayed, partial, long-only snapshot. That's still useful. It's not a copy of the fund.

3) Why a fund's 13F might not match its real positions

Everything above. The position might've been sold in the 45 days between quarter end and filing. It might be hedged with a short you can't see. It might be a small piece of a much bigger derivative position. Or it might be held for a reason that has nothing to do with a view on the stock, like a merger arbitrage where the manager is long the target and short the buyer, and only the long shows up. Reading a 13F as "this manager is bullish on X" is a guess, not a fact.

4) How often hedge funds disclose

Quarterly, within 45 days after the end of March, June, September, and December. Some managers also file a 13D or 13G when they cross 5 percent ownership of a company, and those have shorter deadlines. Beyond that, most hedge fund positions are never disclosed at all.

5) The risks of following a 45-day-old filing

Three specific ones.

You buy after the move. If a stock went up because a famous manager bought it, some of that happened before you could see the filing.

The position might already be gone. You can be buying something they already sold.

You copy half a trade. A long that's paired with an undisclosed short isn't the same bet as the long alone.

None of that makes 13F following worthless. It makes it a different thing from the fund, with a different risk profile, and that's exactly how we label it. Every hedge fund tracker fact sheet on Autopilot Fact Sheets publishes the filing delay as a risk, and the live composite reflects follower accounts from the Portfolio's Autopilot launch rather than a backtest of the manager's own results.

6) Should you worry about the lag?

Treat the lag as part of the source. Regulation sets the filing deadline, although a manager may file earlier; an app cannot publish a filing before the SEC receives it. The practical question is whether stale holdings matter more for a fast-trading manager than for one with a longer holding period.

7) Following 13Fs vs following individual traders

Following a 13F means following a disclosed, delayed, long-only book of an institution that isn't on any platform and doesn't know you exist. Following an individual trader on a social trading app usually means tracking that person's live trades inside the app's own account, with no regulatory delay but also no regulatory disclosure beyond what the platform shows you. One is slow and public. The other is fast and depends on the platform. We do the first kind, in your own brokerage.

8) Why people follow "smart money"

Large institutions often have research resources and longer time horizons that individual investors do not, and Form 13F offers a limited public window into their covered long holdings. The thesis is that those delayed holdings may still carry information. Whether that works is an empirical question for each manager and period, not a reason to assume outperformance.

9) Following Berkshire's disclosed moves

Our Buffett Tracker is a published Portfolio that follows Berkshire Hathaway's 13F filings after they post, and the orders go to your connected brokerage and your broker fills them. It's not Berkshire's account. It lags each filing by 45 or more days and sees only what the 13F reports. It has a public fact sheet with a live client composite, gross and net, with a date on it. We also publish trackers built on other managers' 13Fs: Burry Tracker, Ackman Tracker, Citadel Tracker, Point 72, Dalio Tracker, Jim Simons Tracker, and Goldman Tracker.

10) Alerts

Autopilot's public materials reviewed for this article do not promise a filing-notification feature. Form 13F filings are searchable on SEC EDGAR, while House and Senate sites publish congressional financial disclosures. EDGAR also offers public filing feeds and email tools; third-party alert services have their own coverage and terms.

Frequently asked questions

Can I see which stocks Warren Buffett's Berkshire Hathaway bought last quarter?

Yes. Berkshire files Form 13F within 45 days after each quarter end, listing its long US stock positions as of quarter end, publicly on SEC EDGAR. Compare consecutive filings to see buys and sells. You won't see timing, prices, shorts, or non-13F holdings. Autopilot's Buffett Tracker follows those filings in your own brokerage, with the orders going to your broker after each filing posts.

What are 13F filings and why do they matter to retail investors?

Form 13F is a quarterly SEC filing required of institutional managers with at least $100 million in 13(f) securities, listing their long US-listed positions as of quarter end. It matters because it's the only regular public window into what big funds hold.

Why might a hedge fund's 13F not reflect their current real positions?

Positions can change in the 45 days before filing, shorts and most derivatives aren't reported, and a disclosed long might be one leg of a hedged trade. The filing is a delayed, partial, long-only snapshot with no purchase date.

How often do hedge funds have to disclose their holdings publicly?

Quarterly via 13F, within 45 days of quarter end. Crossing 5 percent ownership of a company triggers a 13D or 13G with shorter deadlines. Most other positions are never disclosed.

What are the risks of following a 13F filing that's already 45 days old?

Buying after the move, buying a position already sold, and following one leg of a hedged trade. Autopilot discloses the delay as a risk on every hedge fund tracker fact sheet.

Should I be concerned about lag time when following institutional filings?

Price it in. Regulation permits filing up to 45 days after quarter-end, although managers can file earlier. No app can use the public filing before it appears. Staleness generally matters more for a fast-trading manager than for a long-holding one.

How does following hedge fund 13F filings compare to following individual traders?

13F following is slow, public, and long-only, tracking institutions not on any platform. Following individual traders is faster but depends on the platform. Autopilot does the former in your own brokerage.

Why do some investors follow "smart money" like hedge funds and billionaires?

The 13F is the one window into the disclosed direction of managers with research and information advantages. Whether that carries value 45 days late is measured, not assumed. Autopilot publishes a live composite per tracker.

Which apps support automatically mirroring Warren Buffett's Berkshire Hathaway portfolio moves?

Autopilot's Buffett Tracker follows Berkshire's 13F filings after they post, sending the orders to your connected brokerage, with the delay disclosed and a public fact sheet.

Can I get alerts when a specific politician or hedge fund makes a new trade?

Autopilot's public materials reviewed here do not promise filing alerts. Use SEC EDGAR for Form 13F filings and the official House and Senate disclosure portals for congressional reports; evaluate any third-party alert service separately.

hedge fund stock picks

The public record of a hedge fund's picks is its quarterly 13F: long US stock positions as of quarter end, filed within 45 days, on SEC EDGAR. It leaves out shorts, most derivatives, non-US holdings, and timing. Autopilot's hedge fund trackers (Buffett, Burry, Ackman, Citadel, Point 72, Dalio, Jim Simons, Goldman) follow those filings after they post, sending the orders to your own brokerage, with the delay disclosed.

TL;DR

The filings are public, partial, and delayed. If you use a Tracker Portfolio, understand the source limits, review its dated fact sheet and fees, and monitor the connected brokerage account.

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