Sources and method
Every figure comes from a public, identified, dated document. Every page links to the document it comes from.
The sources
| Source | Content | Reuse |
|---|---|---|
| Form N-PORT, SEC | quarterly positions of US-registered funds | public data, automated access expressly allowed |
| Form 13F, SEC | quarterly positions of US institutional managers. They are counted apart from the funds, because a manager and its own funds file separately | public data, automated access expressly allowed |
| Annual and half-yearly reports of European funds | complete portfolio inventory, with sector and currency per line | publication required by Directive 2009/65/EC, art. 68 to 75. Every page that uses it links to the report |
| CDA, CVM (Brazil) | monthly portfolio of every registered Brazilian fund | Open Database Licence (ODbL), with attribution |
| Fondinnehav, Finansinspektionen (Sweden) | quarterly portfolio of every Swedish securities fund | free to use, stating the source (FI) and the date |
| Individual information, CNMV (Spain) | quarterly portfolio of every Spanish fund. The CNMV publishes no number of shares, only a market value | reuse authorised where the reproduction is faithful and free of charge |
| Monthly portfolios, SEBI (India) | the full monthly portfolio of every scheme, published by its fund house in the layout the regulator prescribes. The industry of each line is printed by the fund | publication required by SEBI's mutual fund regulations. Every page that uses it links to the portfolio |
| Reference exchange rates, ECB | the daily rate of the euro against 32 currencies, since 1999. It is used for converted totals and nothing else | free to use, state the source |
| Global Legal Entity Identifier registry (GLEIF) | a company's legal name and the ISINs of its securities. It is used only to correct the spelling of a name, never to add one | CC0 1.0, public domain |
| Disclosed short positions, quivad | the share of capital sold short and how many sellers disclose it, as the European regulators publish them. Titelia reads it on a fixed date and never recomputes it | file published with no key and no account, source credited |
The rules applied
- A position is a fund's most recent declaration, never a sum of successive reports.
- Weights are recomputed against declared net assets. Every line is dated.
- Only the equity sleeve is covered: no bonds, no derivatives, no cash.
- Amounts are in the filer's own currency: dollars for the SEC, reais for the CVM, kronor for the FI, and the accounting currency of each European report. None is rewritten into another currency.
- A page that adds several currencies together gives the total converted at the European Central Bank reference rates, on the date each fund filed rather than today's. It is marked with "≈", the declared amounts stay visible under it, and it disappears as soon as one line has no rate.
- The sector breakdown of US funds is a Titelia classification, decided company by company. Whatever is not attributed is shown as such. European funds carry the sectors of their own report.
- A report reading is kept only when it lands exactly on the totals the report prints.
- A company's membership of an index is a Titelia claim, recorded by hand from the constituent tables of Wikipedia (CC BY-SA licence), and dated with the list it opens in the search. A position is a declared fact. A membership is not, and the two must not be read alike.
- A company's name is the one the most filers write. When a single fund declares it, nobody can cross-check the name. The GLEIF registry then corrects the spelling alone (a missing accent, a wrong letter, a name cut mid-word), never a whole word, which would name another company. The page says under which name the line was filed.
The limits
- European funds are added report by report. An absent fund is one Titelia has not read yet.
- Holdings files from issuer websites are not taken: their terms forbid it.
- A company's weight in an index is not published: index administrators reserve it for their licensees.
- The data describes a portfolio at a past date. Nothing here is investment advice.