Definitions of investment terms used across Forced Alpha
A quarterly report filed with the SEC by institutional investment managers with $100M+ in assets. Shows their equity holdings as of the end of each quarter. Due 45 days after quarter end.
Example: Q4 2025 (Dec 31) filings are due by Feb 14, 2026
A standard stock holding where the investor owns shares and profits when the price goes up. The most common type of position.
Example: Owning 1M shares of AAPL means you profit if Apple stock rises
Contracts giving the right (not obligation) to buy a stock at a set price before expiration. Bullish position - profits when the stock price rises above the strike price.
Example: INTC calls = positioning Intel stock will rise. Higher leverage than owning stock directly.
Contracts giving the right (not obligation) to sell a stock at a set price before expiration. Used for hedging or bearish bets - profits when the stock price falls.
Example: NVDA puts = protection if Nvidia falls, or a direct bet against the stock
A position that was first purchased during this quarter. Did not exist in the prior quarter's 13F filing.
Example: If CoreWeave shows NEW, the fund just initiated this position
A position that was completely sold during the quarter. The fund owned shares last quarter but now owns zero.
Example: EXITED $103M CEG = sold entire Constellation Energy stake
The fund added to an existing position. Percentage shows how much the share count increased from last quarter.
Example: +152% on CORZ = more than doubled their Core Scientific stake
The fund trimmed an existing position. Percentage shows how much the share count decreased from last quarter.
Example: -43% on EQT = sold nearly half their EQT position
Percentage change in total portfolio value from the previous quarter. Includes both price changes and new capital inflows/outflows.
The percentage of total portfolio value held in a single position. Higher weight = higher conviction or concentration.
Example: 18.8% weight in Intel = nearly 1/5 of the entire portfolio
Total value of investments managed by a fund. 13F holdings may differ from AUM as 13F only includes US equities and certain securities.
Money held in cash, T-bills, or cash equivalents rather than invested in stocks. High cash = waiting for opportunities or defensive positioning.
Example: Buffett holding $157B cash = 37% of total assets, indicating caution
Buying stocks trading below their intrinsic value. Focus on fundamentals, long holding periods. Warren Buffett's style.
Taking significant stakes in companies to push for changes (management, strategy, capital allocation). Bill Ackman's style.
Making bets based on big-picture economic trends, interest rates, currencies, geopolitics. Druckenmiller and Soros's style.
Strategy that goes long stocks expected to rise and short stocks expected to fall. Can profit in both up and down markets.
Using mathematical models and algorithms to make investment decisions. Often high-frequency with thousands of positions. Citadel's style.