1975 年，美国国会通过了《证券交易法》第 13(f) 条，旨在提高机构投资者证券持有信息的公开程度，增强投资者对美国证券市场诚信度的信心。

 

美国大型机构投资者每个季度需要证监会（SEC）提交持仓披露报告（Form 13F）。目的是披露大型机构的股权持有情况，深入了解机构投资者的投资动态，提高投资者的投资信心等。

 

1. 需要提交Form 13F的主体及时间

·       在业务过程中使用美国邮政（或其他州际贸易方式或手段）并根据第 13(f) 条对 1 亿美元或以上的证券行使投资自由裁量的机构投资经理必须提交 13F 表。13f(1) 要求申报者在任何日历年的任何月份的最后一个交易日达到 1 亿美元申报门槛时提交四份 13F 表格申报，即使在达到 1 亿美元申报门槛后您随后低于该门槛。

·       第一次申报应在日历年第四季度结束后 45 天内进行，即申报者达到 1 亿美元申报门槛的同一日历年的 12 月 31 日结束的季度。申报应在 12 月 31 日后的 45 天内进行，换句话说，在下一个日历年的 2 月 14 日之前进行。

·       规则 13f-1(a)(1) 还要求您在随后的日历年内提交三份额外的 13F 表格申报表。每份申报表均应在日历季度结束后 45 天内提交，即日历季度结束于 3 月 31 日、6 月 30 日和 9 月 30 日。请参考问题25。

o   According to s.13(f)(1) of the Securities Exchange Act, every institutional investment manager which uses the mails, or any means or instrumentality of interstate commerce in the course of its business as an institutional investment manager and which exercises investment discretion with respect to accounts holding equity securities of a class described in section 13(d)(1) of this title 37 having an aggregate fair market value on the last trading day in any of the preceding twelve months of at least $100,000,000 or such lesser amount (but in no case less than $10,000,000) as the Commission, by rule, may determine, shall file reports with the Commission in such form, for such periods, and at such times after the end of such periods as the Commission, by rule, may prescribe, but in no event shall such reports be filed for periods longer than one year or shorter than one quarter.

o   According to Art.1 of the Information Required of Institutional Investment Managers Pursuant to Section 13(f) of the Securities Exchange Act of 1934 and Rules Thereunder, Rule 13f-1(a) provides that every institutional investment manager which exercises investment discretion with respect to accounts holding Section 13(f) securities, as defined in rule 13f-1(c), having an aggregate fair market value on the last trading day of any month of any calendar year of at least $100,000,000 shall file a report on Form 13F with the Commission within 45 days after the last day of such calendar year and within 45 days after the last day of each of the first three calendar quarters of the subsequent calendar year.

·       如果申报截止日期是周六、周日或节假日，则您的申报截止日期为此后的第一个工作日。请参考问题26。

 

2. 机构投资者的定义

·       机构投资经理是指以自有账户投资或买卖证券的实体。例如，银行、保险公司和经纪商/交易商都是机构投资经理。管理自有投资组合的公司和养老基金也是机构投资经理。

·       机构投资经理也是对其他自然人或实体的账户行使投资自由裁量权的自然人或实体。例如，管理私人账户、共同基金资产或养老金计划资产的投资顾问就是机构投资经理。银行的信托部门也是如此。

·       信托的受托人是机构投资经理，但对其自身账户行使投资自由裁量权的自然人不是机构投资经理。

o   According to s.3(a)(9) of the Securities Exchange Act, the term ‘‘person’’ means a natural person, company, government, or political subdivision, agency, or instrumentality of a government.

o   According to s.13(f)(6)(A) of the Securities Exchange Act, for purposes of this subsection the term ‘‘institutional investment manager’’ includes any person, other than a natural person, investing in or buying and selling securities for its own account, and any person exercising investment discretion with respect to the account of any other person.

 

3. s.13(f)条证券的定义

·       第 13(f) 条证券是《证券交易法》第 13(d)(1) 条所述类别的股票证券。

o   According to s.13(d)(1) of the Securities Exchange Act, any person who, after acquiring directly or indirectly the beneficial ownership of any equity security of a class which is registered pursuant to section 12 of this title, or any equity security of an insurance company which would have been required to be so registered except for the exemption contained in section 12(g)(2)(G) of this title, or any equity security issued by a closed-end investment company registered under the Investment Company Act of 1940 or any equity security issued by a Native Corporation pursuant to section 37(d)(6) of the Alaska Native Claims Settlement Act, or otherwise becomes or is deemed to become a beneficial owner of any of the foregoing upon the purchase or sale of a security-based swap that the Commission may define by rule, and is directly or indirectly the beneficial owner of more than 5 per centum of such class shall, within ten days after such acquisition or within such shorter time as the Commission may establish by rule, file with the Commission, a statement containing such of the following information, and such additional information, as the Commission may by rules and regulations, prescribe as necessary or appropriate in the public interest or for the protection of investors.

·       第 13(f) 条证券的官方清单主要包括美国交易所交易股票（例如NYSE、AMEX、NASDAQ）、封闭式投资公司股票和交易所交易基金 (ETF) 股票。某些可转换债务证券、股票期权和认股权证在官方清单上，可能需要报告。

o   According to s.13(f)(4) of the Securities Exchange Act, the Commission shall make available to the public for a reasonable fee a list of all equity securities of a class described in section 13(d)(1) of this title, updated no less frequently than reports are required to be filed pursuant to paragraph (1) of this subsection. The Commission shall tabulate the information contained in any report filed pursuant to this subsection in a manner which will, in the view of the Commission, maximize the usefulness of the information to other Federal and State authorities and the public. Promptly after the filing of any such report, the Commission shall make the information contained therein conveniently available to the public for a reasonable fee in such form as the Commission, by rule, may prescribe, except that the Commission, as it determines to be necessary or appropriate in the public interest or for the protection of investors, may delay or prevent public disclosure of any such information in accordance with section 552 of title 5, United States Code. Notwithstanding the preceding sentence, any such information identifying the securities held by the account of a natural person or an estate or trust (other than a business trust or investment company) shall not be disclosed to the public.

·       未列入官方名单的证券不应在 13F 表格中报告。例如，开放式投资公司（即共同基金）的股票未列入名单，因此不应在 13F 表格中报告。

 

4. 申报内容

·       除其他事项外，13F 表格文件必须包括：

o   所有第 13(f) 条证券的发行人名称（应按字母顺序列出）；

o   所列证券类别的描述（例如普通股、看跌/看涨期权、 A 类股票、可转换债券）；

o   所持股份数量；以及

o   截至日历季度末，所列证券的公平市场价值。

§  请参考问题8。

 

5. 13(f) 条证券官方清单

·       请参考已公布的官方清单。

 

6. 如何提交表格13F

·       美国证券交易委员会 (“委员会”) 在1999年通过修正案，要求机构投资经理使用委员会的电子数据收集、分析和检索 (“EDGAR”) 系统以电子方式提交 13F 表格。在合规日期之后，机构投资经理必须通过直接传输、磁带或软盘提交所有 13F 表格报告，使这些报告与委员会的其他电子文件一样，对公众具有同等程度的可访问性。自 2023 年 2 月 28 日起，所有 13F 表格机密处理请求都必须提交 EDGAR。请参考网站及问题13。

o   The Securities and Exchange Commission (“Commission”) is adopting amendments to require electronic filing of Form 13F by institutional investment managers through use of the Commission's Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system. After the compliance date, institutional investment managers must submit all filings of Form 13F reports by either direct transmission, magnetic tape, or diskette, giving these reports the same degree of availability to the public as other electronic filings with the Commission. DGAR filing is mandatory for all Form 13F confidential treatment requests starting on February 28, 2023. Please see the link and Question 13.

 

7. 如何根据EDGAR提交文件

·       (1). 首先，申报者必须获得授权访问代码。申报者需要在此网站创建表单ID并将其提交给SEC进行授权。

o   Before you can electronically file with the SEC on EDGAR, you must become an EDGAR filer with authorized access codes. This website will allow you to create a Form ID and submit it for authorization to the SEC.

·       (2). Form ID 被批准后，申报者将通过电子邮件收到一个唯一的CIK。

o   Upon acceptance, you will receive a unique CIK via e-mail.

·       (3). 获取CIK后，申报者需要返回网站并使用CIK和一个口令来创建EDGAR访问代码。一旦获得访问代码，申报者就可以使用EDGAR开始进行电子申报。该网站也可用于重新生成申报者的访问代码。

o   You will then return to this site and use your CIK and a passphrase to create your EDGAR access codes. Once you have your access codes, you may use EDGAR to begin electronically filing. This website may also be used to regenerate your access codes.

·       在进行电子申报时，申报者可以参考申报手册。

 

8. 表格13F及其说明

·       申报者可以在此处找到Form 13F及其说明。

·       表格 13F 是一份单独的 EDGAR 文档，包含三个部分：封面、摘要页和信息表（以 XML 格式构建）。虽然申报人使用在线表格时会将信息表作为单独的 XML 附件提交，但表格 13F 被视为作为单个文件提交。

·       13F是持仓报告，只需披露多头头寸（交易者购买并持有某项资产，预期其价格会上涨）,不需披露空头头寸（交易者卖出某项资产，预期其价格会下跌）。请参考问题41。

 

9. 如何计算13(f) 条证券的价值

·       需要计算截至 1 月、2 月、3 月、4 月、5 月、6 月、7 月、8 月、9 月、10 月、11 月和 12 月最后一个交易日的公平市场价值，以确定您是否达到 1 亿美元的申报门槛。

 

10. 注意事项

·       时效性有限, 证监会只要求基金经理在每个季度结束后的45天内提交13F报告, 大多数经理会尽可能晚地提交他们的13F报告，因为他们不想向竞争对手透露自己的操作。当其他投资者得到这些13F报告时，他们看到的是可能在提交之前超过四个月进行的股票购买；

·       对于专业投资者和散户投资者来说，一个风险是基金经理互相借鉴投资理念的倾向。对冲基金经理并不比其他人更能免受行为偏差的影响。毕竟，作为一个基金经理，与大多数人保持一致而犯错误要比独自犯错误更安全，这可能导致交易过于拥挤和股票估值过高。

·       除此之外，13F只显示多头头寸,不反映完整投资策略。基金只需要报告多头仓位，以及看涨和看跌期权、美国存托凭证（ADRs）和可转换票据。这可能导致不完整甚至误导性的情况，因为一些基金主要通过做空操作获得回报，只是将多头仓位用作对冲。在13F报告中无法区分这些对冲仓位和真正的多头仓位。

·       已申报的机构投资者名单可以在官网查询。

 

参考资料：

SEC有关13F表格申报的常见问题解答：

SEC.gov | Frequently Asked Questions About Form 13F