Reading 13F Filing Changes Like a Data Analyst: New, Added, Trimmed, and Exited

If you've ever looked at a 13F filing — the quarterly SEC disclosure from institutional investors — you probably went straight to "what are the biggest positions?" That's fine for a quick glance, but the real analytical value is in the delta : what changed between quarters. The Four Change Categories Every position in a 13F filing can be classified into one of four buckets relative to the previous quarter: Category Definition Signal Strength New Position didn't exist last quarter Strongest — fresh capital allocation decision Added Position existed, shares increased Moderate — context-dependent Trimmed Position existed, shares decreased Often misread — not automatically bearish Exited Position went to zero Strong — deliberate full removal Why New > Added A new position represents a discrete underwriting decision. The manager went from zero to non-zero exposure — that's a different level of commitment than adding 5% more shares to an existing holding. Example: When Mariner Investment Gro