Concept · Point-in-time data discipline
Filing lag
The gap between when a fund's holdings reflected reality and when they became publicly knowable via SEC filings. ~45 days for 13F, ~60 days for N-PORT.
In depth
The gap between when holdings reflected reality and when they became public via SEC filings: ~45 days for 13F, ~60 days for N-PORT. Material for backtests (you can't trade on it early); irrelevant for evaluating a manager after the fact.
Referenced by (2)
- The Persistence of Stock-Selection Residuals
A point-in-time, holdings-based decomposition of mutual fund performance — the stock-selection residual persists out of sample; style timing and sector timing, measured the same way, do not.
- Who got NVDA right before it became benchmark exposure?
Early ownership, active conviction, and residual attribution in U.S. mutual-fund managers, 2019–2026