Investment Disclaimer

Data Source

All institutional holdings data displayed on HoldingsIntel is sourced from SEC EDGAR 13F-HR filings - quarterly reports that investment managers with $100 million or more in qualifying assets are legally required to file with the U.S. Securities and Exchange Commission.

This data is publicly available to anyone through sec.gov/edgar. HoldingsIntel processes and presents this data but does not generate proprietary investment research.

Data Limitations

You should be aware of the following limitations before making any decisions based on information displayed on this platform:

• 45+ day reporting delay: 13F filings are due 45 calendar days after the end of each calendar quarter. By the time you see a position, the fund may have already bought more, sold entirely, or adjusted their holding significantly.
• Long positions only: 13F filings only disclose long equity positions. Short positions, futures, most fixed income, and other instruments are not reported. A fund's 13F represents an incomplete picture of their total portfolio and risk exposure.
• Amendments: Funds may file amendments (13F-HR/A) that correct or replace earlier filings. Our system processes amendments but there may be brief periods where original and amended data overlap.
• CUSIP-to-ticker mapping: We map CUSIP identifiers to stock tickers using the OpenFIGI API and fallback search. Approximately half of all securities have been successfully mapped. Some positions appear without ticker symbols, which limits our ability to show price charts or calculate price-related metrics for those securities.
• Price data: Stock prices used for estimated cost basis, P&L calculations, and price change metrics are sourced from Yahoo Finance. Prices are quarterly snapshots, not real-time. Some securities may have missing or inaccurate price data, particularly OTC and foreign-listed stocks.
• Estimated metrics: Conviction Score, Double-Down Score, Fund DNA, estimated cost basis, and estimated P&L are algorithmic approximations based on publicly available data. They are not verified by the funds themselves and should be treated as directional indicators, not precise measurements.

Terminology and Feature Labels

HoldingsIntel uses labels such as "Signal," "Alert," "Verdict," "Opportunity," and "Score" throughout the platform. These are descriptive data labels, not investment recommendations. They describe patterns observed in publicly filed data and do not constitute advice to buy, sell, or hold any security. Specifically:

• Smart Money Verdict (including labels such as "Strong Momentum" or "Negative Momentum") summarizes the direction of observed institutional, insider, activist, and congressional filing activity. It describes what public filers did, not what you should do.
• Conviction Score quantifies how large a position is relative to a fund's portfolio. A high score means the fund allocated significant capital. It does not indicate the position will be profitable.
• Exit Alerts and Double-Down pages describe observed position changes (exits and increases into price declines). They are historical observations, not recommendations to exit or increase your own positions.
• Best Trades, Fund Performance, and Power Rankings are based on estimated historical calculations. Past performance of institutional investors does not predict future returns and is not indicative of results you might achieve.
• Fund Cloner is a hypothetical backtesting tool that simulates what would have happened if you had replicated a fund's disclosed positions. Simulated results have inherent limitations (no transaction costs, slippage, or taxes) and are not a recommendation to replicate any portfolio.
• Convergence Score, Alignment Score, and Institutional Stock Score aggregate patterns across multiple public data sources. Agreement among data sources does not guarantee future price movement in any direction.
• Fund Star Ratings and Fund DNA classify funds based on historical filing behavior. They are not endorsements of any fund or predictions of future performance.

No Guarantee of Accuracy

While we strive to process SEC filings accurately, we cannot guarantee that all data on HoldingsIntel is complete, current, or error-free. SEC filings themselves may contain errors submitted by the filer. Our processing pipeline may introduce additional inconsistencies.

We recommend verifying any specific data point against the original SEC filing on EDGAR before relying on it for important decisions.

Past Performance

A fund's historical performance, win rate, or conviction score does not indicate what the fund will do in the future or what returns you might achieve by following their positions. Institutional investors have access to information, resources, risk management systems, and portfolio construction capabilities that individual investors typically do not.

Features like "Best Trades," "Fund Performance," and "Conviction Backtesting" are historical analysis tools. They show what happened in the past, not what will happen next.

Your Responsibility

You are solely responsible for your own investment decisions. Before buying or selling any security, you should:

• Conduct your own independent research
• Consider your personal financial situation, risk tolerance, and investment objectives
• Consult with a qualified financial advisor or registered investment professional
• Understand that all investments carry risk, including the potential loss of principal

HoldingsIntel shall not be held responsible for any investment losses or damages resulting from your use of our platform or reliance on the data we display.

No Fiduciary Duty

HoldingsIntel owes no fiduciary duty to any user. We do not act as your advisor, agent, or fiduciary in any capacity. No client, advisory, or professional relationship is created by your use of the platform or by your reliance on any data, score, label, or analysis displayed on it.

Assumption of Risk

By using HoldingsIntel, you acknowledge that investing in securities involves substantial risk, including the possible loss of your entire investment. You assume full responsibility for any investment decisions you make, whether or not those decisions were informed by data displayed on this platform. HoldingsIntel accepts no liability for investment gains or losses of any kind.

Not Legal, Tax, or Accounting Advice

HoldingsIntel is neither a law firm nor a certified public accounting firm. Nothing on this platform should be construed as legal, tax, or accounting advice. Consult qualified professionals for guidance specific to your situation.

No Affiliation

HoldingsIntel is not affiliated with, endorsed by, or connected to the U.S. Securities and Exchange Commission, any hedge fund, investment manager, or any company whose stock data appears on this platform. The display of a fund's holdings does not imply any relationship between HoldingsIntel and that fund.

Questions

If you have questions about this disclaimer or how we present data, contact us at support@holdingsintel.com.