Why Following Hedge Funds’ 13Fs is Not a Foolproof Strategy

Hedge fund firms including Davidson Kempner Capital Management routinely revise 13F filings after getting special permission from regulators — proving once again that these filings often don’t tell the whole story.

While hedge funds were scrambling last week to file their quarterly equity holdings with the Securities and Exchange Commission by the February 17 deadline, a number of hedge funds were busy revising earlier filings.

This is pretty common. Sometimes firms need to correct earlier errors made inadvertently.

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