Some 13Fs that are worth reading

Longtime readers of footnoted know that I’m not a big fan of most 13Fs. Filed by large investors and hedge funds 45 days after the end of quarter, they’re often reported breathlessly by the general business press. Because Friday was a big deadline for 13Fs, my news and social media feed were overrun with these types of headlines.

My general thinking is that simply reading 13Fs filed by Berkshire Hathaway or Millennium Management (just to name two) are not going to automatically turn you into Warren Buffett or Izzy Englander. If only it were that easy!

Still, there are some 13Fs that I do like to read, or at least skim: those filed by large, mostly tech companies, who often have so much investable cash, that they’re required to file a 13F. Take Advanced Micro Devices, for example, which filed this 13F on May 12. AMD has been a public company for more than 50 years. But this was only the second time in its history that it filed a 13F. The first time was for the fourth quarter of 2025. In the Q1 filing, the company disclosed four positions — twice as many as it did for Q4. Because 13Fs don’t provide any real commentary, it’s hard to learn much about what prompted AMD to buy 65,516 shares of Marvell Technology and 200,000 shares of Xanadu Quantum Technology. The company’s two other positions, 1.1 million shares in Sanmina Corp. and 5.71 million shares of Absci Corp. remain unchanged from Q4.

NVIDIA Corp., which has been filing 13Fs for the past two years, filed a 13F on Friday, shortly after markets closed. In the filing, the company disclosed it had bought 7.8 million shares of Coherent Corp. during the first quarter, a new position for the tech behemoth. It also disclosed that it had nearly doubled its stake in Coreweave to 47.2 million shares.

Not every tech company sitting on a pile of cash is actively investing to the point where they need to disclose it. Apple, for example, has never filed a 13F. And Intel Corp., whose record of 13Fs dates back several decades, showed no changes in its positions between Q1 and Q4. Also: it’s not just tech companies that are doing this. Delta Air Lines has been filing 13Fs since 2022 and Walmart started filing at the beginning of 2025 for Q4 of 2024.

It will be interesting to see if more companies that are not in the investment business start filing. I’ll be keeping an eye out for them.