13F - reading the AUM
Am I right in thinking that if I add up together all the disclosed positions a fund has I still won't arrive at AUM?
What if they're levered 10x - then their actual AUM is 10x smaller?
Also as far as I understand shorts / cash are not disclosed?
Is this right?
The 13-F is only showing U.S. stock positions, so very rarely is that going to be the same as AUM regardless of leverage. For example, looking at Baupost's 13-F doesn't tell you much about their positions because they have ~$30B AUM but under $6B in U.S. stocks.
This is one of the reasons you have to be a bit careful looking at 13-Fs, they're useful but don't give you the whole picture. You also don't know how the positions on the 13-F interact with positions that aren't disclosed. Positions on the 13-F may be acting as hedges for other positions or may in fact themselves be hedged by other positions.
gotcha - this is great, thanks.
What would be the most reliable way of estimating AUM for a fund if bloomberg / reuters / FT don't really mention it? Neither does their website obv.
The best website in terms of organization of 13-F data and stuff such as AUM is whalewisdom, so you should check that out.
AUM data is disclosed on the ADV form which is updated annually. You can search and find those here: http://www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx
You are a fucking star
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