What the managers opened and closed

Twenty-one discretionary managers, read from their last two 13F filings. Not the index giants: Vanguard, BlackRock and State Street are the top holders of every US company, which is arithmetic rather than a view. Positions they opened or closed lead, because a trim is a view about size and an exit is a view about whether to own the thing at all.

Reading two quarters of filings for each manager from the SEC. The first load takes up to half a minute; after that the quarter is held for six hours, because 13Fs arrive in a burst around the deadline and nothing changes within a day.