What is a 13D filing?
A Schedule 13D is the filing an investor must make within 5 business days of acquiring more than 5% of a company's voting stock, when it may try to influence or control the company. Activist hedge funds file them, which is why they're watched closely.
What's in it
Who the investor is, how many shares it owns and what it paid, where the money came from, and, most closely read, its purpose: whether it plans to push for board seats, a sale of the company, spin-offs, buybacks or other changes.
Deadlines
The first 13D is due within 5 business days of crossing 5% (it was 10 days until 2024). Any material change, such as buying or selling 1% of the company or a new plan, needs an amendment (13D/A) within 2 business days.
13D or 13G
An investor with no intent to influence the company can file the shorter Schedule 13G instead.
On HedgeFollow
13D filings show up in the Hedge Fund Tracker and on fund and stock pages with an Activist tag.
Related pages: Hedge Fund Tracker