What 13F does — and doesn't — tell you.

A 13F never reports the price a manager paid. The entry zone is an estimate — the 25th–75th percentile of the stock's trading range during the quarter they bought. It is a defensible band, not their actual fill price. Everywhere you see it, treat it as inferred.

13F is filed up to 45 days after quarter-end and contains no transaction detail. "Bought / added / trimmed / exited" is derived by diffing consecutive filings — not reported directly. The timing gauge exists precisely to account for how stale a fresh filing already is.

It excludes cash, bonds, short positions, most non-US-listed holdings, and managers under $100M in US equity AUM. A manager's real portfolio is almost always larger and more nuanced than their 13F shows.

Each investor's track weight is a hand-seeded 0–100 estimate of long-run discipline and results — not a computed metric yet. A version derived from realized new-buy returns ships later. New-buy counts, by contrast, are real, parsed from the filings.

Nothing here is a recommendation. It is a lens on public data to help you do your own work. Always verify current filings on SEC EDGAR before making any decision.