How 13F values in thousands are corrected

Method H1. Version 1.1, 2026-10-05.

Values filed in thousands after the switch to dollars, found by implied price and multiplied.

Worked examples describe the reference filings used to check this method. Counts are tied to the dated reference data and may differ from current site coverage. Example pages become available as their filings are imported.

The rule

The SEC changed the unit of the VALUE column of the 13F information table on 2023-01-03. Before that date it is thousands of dollars, from that date on it is dollars. The date rule reads every filing filed before 2023-01-03 as thousands and every later one as dollars. A price check then tests the date rule on each filing.

For each share row (no put or call, no principal amount) we take the implied price, value over shares, and compare it with a reference price for the same CUSIP. The reference is the median implied price across all filers, taken in this order:

1. the median for the filing's period in the same SEC data set, when at least 20 price rows give one,
2. else the median for that period from the filings already in the database,
3. else the CUSIP's median over every period of the data set, for a late filing whose period has none.

A row is low when its price is between 0.0002 and 0.005 of the reference, about 1/1,000, and high when it is between 200 and 5,000 times the reference, about 1,000 times. The band is wide on purpose: it absorbs a few years of price drift on a late filing.

• A filing the date rule calls dollars whose low rows are more than half of its checked rows reports thousands, and its rows are multiplied by 1,000 (unit 3).
• A filing the date rule calls thousands whose high rows are more than half of its checked rows reports dollars, and it is not multiplied (unit 4).
• A tie is not a majority. A filing with no checked row keeps the date rule.
• A row still high after the decision is flagged 64, one still low is flagged 512. Both are kept as filed and left out of % of portfolio, the top 10 weight and the stock totals.

The cover page's total follows the rows' unit only when that puts it nearer the sum of the rows, at a switch point of about 31.6 times (the square root of 1,000) either way. Wherever the cover total and the rows still differ by more than 2%, the fund page leads with the sum of the rows and names the cover figure as stated on the cover page. The filing page shows for every row how its value was read.

How often

In the SEC data set 01jun2026 to 31aug2026, 365 filings for periods from 2023 on (3.7% of 13F-HR and 13F-HR/A) still report thousands, 154,638 rows. 657 rows are about 1,000 times too high. (Source: our data source count, DS §1.4.) In the two 2026 data sets, 143 of 17,728 fund quarters with a cover total differ from the sum of their rows by more than 2%.

Worked example

NFC Investments, LLC filed its 13F-HR for the quarter ended 2026-06-30 as 0001512858-26-000003. Its largest row is 1,552,750 shares of MGIC Investment (MTG) with a value of 43,788 as filed. Read as dollars that is a price of $0.028 a share, about 1/1,000 of what the other holders imply. Read as thousands it is $43,788,000, or $28.20 a share. More than half of its checked rows read low, so the whole filing is read as thousands, and its fund page shows $43,788,000.

The same filing shows the cover page issue. Its cover total, 393,189,000, is in dollars while its rows are in thousands, so it already matches the rows once they are multiplied. The fund page leads with the sum of the rows, $393,189,000.

What this does not do

• It never changes a value it cannot check: a row with no reference price keeps the unit of its filing.
• The filing page keeps the rows as filed and states for each how its value was read.