Boit C F David Form 13F Filed Apr 9, 2026
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Fazen Markets Research
AI-Enhanced Analysis
13FSEC filings
Boit C F David filed a Form 13F with the U.S. Securities and Exchange Commission on April 9, 2026, reporting its institutional equity holdings as of March 31, 2026 (Investing.com, Apr 9, 2026). Form 13F disclosures are a recurring transparency mechanism for U.S.-registered investment managers with investment discretion over at least $100 million in Section 13(f) securities; the $100 million threshold remains the statutory cut-off under SEC rules (SEC, Form 13F release). The form must be filed within 45 days after quarter end — for the Q1 2026 reporting period that deadline fell on May 15, 2026 — and the April 9 filing therefore arrived well within the statutory window. These filings do not capture intraday trades nor positions below the reporting threshold, but they are critical for mapping broad positioning of institutional managers across sectors and benchmarks.
The filing date and reporting cut-off are relevant for market participants that use 13F data to infer positioning changes across quarters. The April 9, 2026 timestamp indicates the filer met the SEC’s timeliness standard; late or amended 13Fs can introduce uncertainty, particularly during periods of elevated market volatility. Importantly, Form 13F covers long positions in U.S.-listed equities, ADRs, certain convertible and exchange-traded funds but does not require disclosure of short positions, derivatives (unless treated as reportable), or cash balances, so any analysis must adjust for those blind spots. Analysts and algorithmic services routinely timestamp and index each 13F to align disclosure data with market movements between the quarter end and the filing date.
For institutional investors studying manager behavior, the Boit filing is one datapoint in a broader mosaic. Aggregate 13F filings across managers have historically signalled sector rotation: for example, the aggregate disclosed value of equities in 13F filings rose markedly in 2021 as markets recovered from the pandemic shock and compressed again in late 2022 amid macro tightening. While one filing should not be over-interpreted, patterns — including concentration in mega-cap versus mid-cap names, sector weighting shifts, and increases in cash-light versus cash-rich profiles — remain informative for cross-sectional and relative value analysis.
The Boit 13F filing (Apr 9, 2026) lists holdings as of March 31, 2026, but the public summary from the filing system provides limited raw context beyond ticker-level positions and market values at quarter end. Regulators require disclosure of the name, share count and market value for each 13(f) security; those figures permit calculation of concentration metrics, sector weights, and position turnover when compared to prior-quarter filings. For example, a manager reporting a 12% weight in a single large-cap name would raise concentration questions relative to a peer group where the median single-name weight is 3–4%. The methodology to convert disclosed market values into portfolio concentration should account for total 13F-reported assets versus the manager’s true AUM, which can diverge when non-13(f) eligible assets are material.
Three concrete, sourceable data points frame the regulatory context: 1) the filing date — April 9, 2026 — as recorded by Investing.com (Investing.com, Apr 9, 2026); 2) the reporting cut-off — March 31, 2026 — which is the quarter end for Q1 filings (SEC Form 13F instructions); and 3) the $100 million reporting threshold for institutional managers required to submit Form 13F (SEC). A fourth operational datapoint is the 45-day filing window after quarter end, which sets the practical deadline for Q1 filings at May 15, 2026. These anchor points enable temporal alignment with market price movements and macro data releases between quarter end and filing date, which can materially alter the economic interpretation of disclosed positions.
Comparisons across time and peer groups add insight: year-over-year shifts in disclosed sector weights (for instance, a shift from 18% to 24% in financials between Q1 2025 and Q1 2026) can indicate a strategic tilt, while relative positioning versus benchmarks such as the S&P 500 (SPX) reveals active risk. Analysts should also benchmark disclosed positions against peers and indices, noting that 13F disclosures often understate real exposure when managers use options or OTC derivatives for leverage or hedging. When aggregating across managers, 13F data can approximate institutional flow, but cross-checks with trade data and fund-level disclosures (10-Q, 10-K) are prudent.
Form 13F filings like Boit’s provide a window into sector rotation and concentration trends that can have signalling value for equity sectors. If a manager increases exposure to cyclical sectors (energy, materials) quarter-over-quarter, that may reflect an economic growth or commodity-price hypothesis; conversely, a build in defensive sectors (utilities, consumer staples) can indicate risk-off positioning. Because 13Fs capture only long reportable positions, a reported increase in defensive sector weights might understate an active hedging stance executed via short positions or derivatives. Sector-level readthroughs should therefore be triangulated with other data: earnings revision trends, fund flows, and macro indicators such as PMI releases and central bank guidance.
At the company level, 13F disclosures can spotlight winners and losers in the institutional ownership landscape. High institutional ownership disclosed on 13Fs is correlated historically with tighter bid-ask spreads and lower liquidity impacts for incremental trades, but it can also imply higher vulnerability to coordinated selling in stress episodes. Comparing Boit’s disclosed names to peer managers or index constituents can illuminate active bets versus passive tilt. For example, if Boit’s top five disclosed holdings differ materially from the SPX top five by weight, that signals active stock-selection risk and potential alpha targets for event-driven strategies.
Finally, 13F-derived insights affect corporate governance debates. Significant disclosed holdings may trigger engagement expectations from issuers; in some jurisdictions, institutional concentration above certain thresholds can prompt regulatory filings or public stewardship statements. While Form 13F itself is not a governance filing, it often presages other forms of investor activism when large, concentrated positions appear on successive filings.
Interpreting a single Form 13F carries inherent limitations that translate into research and trading risk. First, disclosure lag: the data reflect positions on March 31, 2026, not contemporaneous exposure on the filing date; markets often move materially in the intervening days. Second, blank spots such as short positions, cash, and non-reportable securities mean the 13F snapshot can materially misrepresent net market exposure. Third, valuation conventions for position market values can differ with ADRs and cross-listed instruments, complicating aggregations across filings. Analysts should apply conservative error bands when using 13F data for portfolio reconstitution or risk modeling.
Operational risk arises when algorithmic strategies ingest 13F data without human oversight: turn signals based purely on quarter-to-quarter changes can produce spurious trades if positions are reclassified or appear due to corporate actions (spinoffs, mergers). The legal and reputational risk for managers also exists; a disclosed large position can draw activist attention, and misinterpretation by the market can amplify stock volatility. From a compliance perspective, managers should ensure their public disclosures and client reporting align with what 13F filings indicate to avoid investor confusion.
Mitigants include cross-referencing 13F positions with contemporaneous filings such as 13D/G disclosures (for >5% stakes), fund-level regulatory filings (Form ADV for RIAs, 10-Q/10-K for registered funds), and transaction-level datasets. Researchers should also reconstruct implied turnover by matching share counts across successive 13Fs and adjusting for corporate actions; while imperfect, this approach narrows inference error when done systematically.
Fazen Capital views 13F filings — including Boit’s April 9, 2026 submission — as a directional, not definitive, input. The contrarian insight is that market participants often overweight the immediate headline of a single filing, treating disclosed names as actionable buy or sell signals without accounting for revealed-but-unobserved exposures (derivatives, shorts) and liquidity constraints. A more robust approach is to treat 13F data as a probabilistic indicator of institutional conviction, then overlay real-time price action, earnings revisions, and fund flow data. In practice, we find that persistent multi-quarter increases in disclosed weight—confirmed across at least three consecutive filings and matched by fund flow into related strategies—have materially higher predictive value than one-off quarter changes.
Practically, Fazen Capital recommends integrating 13F-derived signals into broader factor models rather than using them as primary trade triggers. For example, a stock that shows up as a top-10 disclosed holding for multiple large managers, and also exhibits rising analyst earnings revisions and positive net fund flows, presents a different risk-reward profile than a single-manager outlier. Our internal analytics place a discount factor on any single 13F-derived position to account for reporting lag and omitted exposures; we then reweight signals by cross-sectional confirmation (peer filings, index alignment) and market liquidity metrics. For more on our methodological approach to equity signals, see our work on equities.
Q: Does Form 13F show a manager’s short positions?
A: No. Form 13F requires disclosure of reportable long positions in Section 13(f) securities. Short positions, many derivatives, and non-13(f) securities are not reported, which creates a one-sided view of net exposure. For short exposure, one must consult other filings or market data sources.
Q: How should investors use 13F data historically?
A: Historically, 13F filings have been most valuable when used for cross-sectional and time-series analysis—identifying consistent winners among managers, sector rotation trends, and persistent concentration. Single-quarter changes are noisy; multi-quarter confirmation improves reliability. Researchers also use 13Fs to reconstruct institutional flow proxies, but that requires adjustments for reporting gaps and corporate actions.
Q: Can 13F filings trigger regulatory action?
A: The filing itself is a transparency requirement and not punitive, but other disclosures (e.g., Schedule 13D for >5% stakes) may follow and prompt regulatory or market scrutiny. Large or activist positions disclosed repeatedly can lead to public engagement with issuers.
The immediate market impact of Boit’s Form 13F filing is likely modest given the constrained information set and reporting lag; we assess the cross-market signaling value as incremental rather than transformational. That said, continued monitoring across successive quarterly filings can reveal durable tilts and concentration trends that inform sector allocations and stock selection. For institutional investors and allocators, the priority is to integrate 13F data with contemporaneous indicators—fund flows, macro surprises, and earnings momentum—to form a coherent view of probable price drivers in the next quarter.
For deeper methodological takes on extracting signals from regulatory filings and integrating them into portfolio research, see our research hub on regulatory developments. Combining 13F-derived indicators with flow and liquidity metrics reduces false positives and improves the signal-to-noise ratio for traders and strategists.
Boit C F David’s Apr 9, 2026 Form 13F is a timely disclosure of quarter-end long equity positions (Mar 31, 2026) and should be treated as a directional input rather than a comprehensive statement of exposure. Use 13F data cautiously, cross-checking against contemporaneous filings and market indicators before drawing investment conclusions.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
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