InsiderFlow › Comparisons › 13F vs Form 4

13F vs Form 4

The two SEC documents revealing smart money's moves: one tells the funds' story, the other the executives'. Understanding the differences means using them well together.

Criterion	13F (funds)	Form 4 (insiders)
Who files it	Managers with over $100M in US equities	Executives, directors and 10%+ owners
Frequency	Quarterly, within 45 days	Within 2 business days of the trade
Timeliness	Low: the snapshot can be 45+ days old	Almost real-time
What it shows	The entire US long portfolio	Individual trades in their own company
Strongest signal	New positions and multi-quarter accumulation	Voluntary purchases, especially by several insiders at once
Limits	No shorts, complex derivatives, or internal timing	Ambiguous sales (taxes, diversification, scheduled plans)

The verdict

It's not either-or: the two filings complement each other. The 13F gives the strategic picture — where big capital is positioning — while the Form 4 gives the tactical, timely signal from those who know the company from inside. The most studied combination: a stock that funds accumulate in 13Fs and insiders buy in Form 4s. InsiderFlow tracks both and explains them.

Frequently asked questions

Which is more predictive?

Academic research finds signals in both: aggregate insider buying for the short-to-medium term, concentrated managers' 13Fs for the long run.

Where do I find them for free?

On the SEC's EDGAR database — or already translated and explained in the InsiderFlow app.