Fund books

A 13F is the only public record of what a manager held on a date. It is filed up to 45 days late, it reports long positions only, and an option line carries the value of the underlying rather than the premium paid. Every page here states those limits next to the numbers rather than under them.

Each book is priced held unchanged from its report date, which makes these counterfactuals — what that filing would have done — and never a manager's realised return. That distinction is the whole reason the pages are worth publishing: a fund letter reports the second and cannot be checked.