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Research · 2026-10-18

Three years after the rule changed, some managers still report 13F values in thousands

Every quarter, institutional managers with more than $100 million report their US equity holdings on Form 13F. Until January 2023 the values were in thousands of dollars; since then, in dollars. Add up what managers report and some quarters come to $1,255 trillion, more than ten times the world economy. The real figure for that quarter was $21.3 trillion.

6.2%
of 13F filings since the switch still report in thousands: 7,208 filings by 1,031 managers
1,747
filings before 2023 already reported in dollars, 1,000× too high, by 443 managers
31 of 53
quarters where the naive total is more than double the corrected one
$82.2 trillion
corrected total for 2026 Q2, summed from positions

As reported versus corrected

Total value of 13F holdings per quarter

Log scale. "As reported" sums the total on each filing's summary page, read as thousands before 2023 and dollars after, as the rule says.

as reportedcorrected
$10T$100T$1,000T2014201620182020202220242026as reportedcorrected2013-06-30: $717 trillion as reported, $18.1 trillion corrected2013-09-30: $507 trillion as reported, $19.3 trillion corrected2013-12-31: $816 trillion as reported, $21.1 trillion corrected2014-03-31: $1,255 trillion as reported, $21.3 trillion corrected2014-06-30: $652 trillion as reported, $22.9 trillion corrected2014-09-30: $803 trillion as reported, $22.0 trillion corrected2014-12-31: $325 trillion as reported, $22.9 trillion corrected2015-03-31: $300 trillion as reported, $23.0 trillion corrected2015-06-30: $310 trillion as reported, $23.0 trillion corrected2015-09-30: $267 trillion as reported, $21.2 trillion corrected2015-12-31: $143 trillion as reported, $22.0 trillion corrected2016-03-31: $238 trillion as reported, $21.8 trillion corrected2016-06-30: $229 trillion as reported, $22.2 trillion corrected2016-09-30: $80.8 trillion as reported, $23.1 trillion corrected2016-12-31: $71.8 trillion as reported, $24.1 trillion corrected2017-03-31: $80.6 trillion as reported, $25.5 trillion corrected2017-06-30: $81.8 trillion as reported, $25.7 trillion corrected2017-09-30: $147 trillion as reported, $27.2 trillion corrected2017-12-31: $75.7 trillion as reported, $28.8 trillion corrected2018-03-31: $82.6 trillion as reported, $28.4 trillion corrected2018-06-30: $65.3 trillion as reported, $29.3 trillion corrected2018-09-30: $384 trillion as reported, $31.9 trillion corrected2018-12-31: $64.4 trillion as reported, $26.6 trillion corrected2019-03-31: $64.4 trillion as reported, $29.5 trillion corrected2019-06-30: $69.3 trillion as reported, $32.1 trillion corrected2019-09-30: $60.3 trillion as reported, $30.7 trillion corrected2019-12-31: $76.6 trillion as reported, $33.9 trillion corrected2020-03-31: $74.5 trillion as reported, $26.4 trillion corrected2020-06-30: $83.8 trillion as reported, $31.9 trillion corrected2020-09-30: $201 trillion as reported, $34.9 trillion corrected2020-12-31: $88.6 trillion as reported, $41.5 trillion corrected2021-03-31: $78.9 trillion as reported, $42.7 trillion corrected2021-06-30: $82.3 trillion as reported, $46.6 trillion corrected2021-09-30: $81.2 trillion as reported, $46.6 trillion corrected2021-12-31: $93.8 trillion as reported, $53.7 trillion corrected2022-03-31: $70.2 trillion as reported, $47.3 trillion corrected2022-06-30: $197 trillion as reported, $39.2 trillion corrected2022-09-30: $68.4 trillion as reported, $37.7 trillion corrected2022-12-31: $33.7 trillion as reported, $39.7 trillion corrected2023-03-31: $38.7 trillion as reported, $43.6 trillion corrected2023-06-30: $42.6 trillion as reported, $45.3 trillion corrected2023-09-30: $42.1 trillion as reported, $43.7 trillion corrected2023-12-31: $48.1 trillion as reported, $51.4 trillion corrected2024-03-31: $56.7 trillion as reported, $57.2 trillion corrected2024-06-30: $55.7 trillion as reported, $55.8 trillion corrected2024-09-30: $59.6 trillion as reported, $60.0 trillion corrected2024-12-31: $60.3 trillion as reported, $60.1 trillion corrected2025-03-31: $55.2 trillion as reported, $57.3 trillion corrected2025-06-30: $61.2 trillion as reported, $64.3 trillion corrected2025-09-30: $67.7 trillion as reported, $70.0 trillion corrected2025-12-31: $69.0 trillion as reported, $71.6 trillion corrected2026-03-31: $66.8 trillion as reported, $68.7 trillion corrected2026-06-30: $79.5 trillion as reported, $82.2 trillion corrected

The as-reported line is dominated by a handful of filings off by a factor of 1,000 or more. The corrected line is smooth; its largest quarterly drop is 22% in 2020 Q1, the COVID crash.

Three kinds of unit error

How we correct it

Every security in a quarter has a price, and hundreds of managers report holding it. So each position's implied price (value ÷ shares) can be compared with the median for that CUSIP across all managers. A position whose price is off by a power of 1,000 is rescaled, the whole filing first and then single rows. Positions that still can't be reconciled are kept but flagged value_suspect, and every corrected row is flagged value_rescaled. Manager totals are summed from the corrected positions, never taken from the summary page.

The check that it worked is the chart above: the corrected total tracks the market, from $18.1 trillion in mid-2013 to $82.2 trillion today, with no impossible jumps. Institutional ownership comes out where it should: about two-thirds of Apple, three-quarters of Microsoft.

13F holdings since 2013, units fixed

Varve Events includes every 13F position, mapped to companies and tickers, with new and exited positions each quarter.

See Varve EventsGet the free sample