Disclaimer

Last Updated: June 5, 2025

1. No Investment Advice

The content, data, analysis, tools, and all other information provided on Hedge Recon (the "Site") are for informational, educational, and research purposes only. Nothing on this Site constitutes or should be construed as investment advice, financial advice, trading advice, a recommendation, or a solicitation to buy or sell any security or financial instrument. Hedge Recon is not a registered investment advisor, broker-dealer, or financial analyst.

2. Data Source and Accuracy

All information on the Site is provided in good faith and is primarily derived from public filings with the U.S. Securities and Exchange Commission (SEC), specifically Form 13F. While we strive to process and present this data accurately, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, timeliness, or completeness of any information on the Site. The data is presented "as filed" by institutional managers and is subject to errors or inconsistencies in the original filings.

3. Inherent Limitations of Form 13F Data

Users must understand that Form 13F data has significant inherent limitations which affect any analysis derived from it. These limitations include, but are not limited to:

  • Reporting Lag: 13F filings are submitted to the SEC up to 45 days after the end of a calendar quarter. This means the data can be between 45 and 135 days old by the time it is published and analyzed. The holdings listed may not reflect the manager's current portfolio.
  • Incomplete Scope: Filings only require the disclosure of U.S. long equity positions and certain other securities (e.g., ETFs, some options, and convertible notes). They do not include short positions, most bonds, commodities, currencies, derivatives, or direct holdings in foreign-listed companies. This provides an incomplete picture of a manager's total assets and overall strategy.
  • Snapshot Data: The data represents a snapshot of holdings on a specific date (the last day of the quarter). Any trading activity that occurred within the quarter, including positions that were bought and sold between reporting dates, is not captured.
  • Data Accuracy: The data is self-reported by investment managers, and the SEC does not verify its accuracy. Errors or omissions in the original filings can and do occur.
  • No Rationale: The filings indicate what is held but provide no explanation as to why an investment decision was made. All interpretations of strategy are analytical inferences.

4. No Liability

Under no circumstance shall Hedge Recon, its owners, or its affiliates have any liability to you for any loss or damage of any kind, including but not limited to investment losses, incurred as a result of the use of the Site or reliance on any information provided on the Site. Your use of the Site and your reliance on any information herein is solely at your own risk.

5. User Responsibility

You are solely responsible for your own investment research and decisions. Before making any investment, you should conduct your own thorough due diligence and, if necessary, seek advice from a qualified and independent financial professional. Past performance, including the historical holdings of any investment manager, is not indicative of future results.