Ownership stakes (13D and 13G)

Anyone who comes to own more than 5% of a company's shares must tell the SEC. They file one of two forms:

• Schedule 13D if they may try to influence the company, for example by pushing for board seats or a sale. We call these activist stakes.
• Schedule 13G if they hold the shares as an investment only. We call these passive stakes.

When the holding changes, they file an update, called an amendment. Market Rodeo reads both forms and their amendments from the SEC.

When you get an alert

We check the SEC every few minutes, so an alert usually arrives within minutes of the filing appearing. Filing deadlines depend on the type of investor, so a filing can come days or weeks after the shares were bought.

What the alert shows

• Title: "New activist stake", "Activist stake updated", "New passive stake" or "Passive stake updated".
• Who and how much: for example "Example Capital LP now holds 6.2% of Example Corp (EXMP)". When the investor is itself a listed company, its ticker is shown too.
• Symbol and Stake (the percentage owned).
• A link to the filing on the SEC website.

A filing can list several related holders, such as a fund and its manager. The alert names the one with the largest percentage.

Good to know

• An amendment can report that the investor now owns less than 5%. That usually means they've sold most of their stake.
• Amendments far outnumber new stakes, because large fund managers file routine updates. Use the Filing filter to get only new stakes. See Stake filters.

Browsing stakes

The Stake page lists recent filings, showing new filings by default. Use the Filing filter to see amendments too, and Activist or Passive to narrow the list. How far back you can browse depends on your plan: 10 days when not logged in, 90 days on Free and full history on Pro.