Mogy Joel R Investment Counsel Inc

What a 13F does — and does not — show

These figures come from Form 13F, a quarterly filing that large US institutional managers must submit to the SEC. It is a useful window, but a partial and lagged one, so read it carefully:

• It is a snapshot, up to 45 days old. A 13F shows what a manager held on the last day of a quarter, filed up to 45 days later — the fund may have traded since.
• Long US-listed stocks only. It excludes short positions, cash, bonds, most derivatives, and non-US or private holdings, so it is not the fund’s whole portfolio.
• Reported 13F value is not assets under management. Every share and concentration figure below is a percentage of the reported 13F value only — not the firm’s total assets.
• It describes, it does not recommend. A large or long-held position is not an endorsement, and none of this is investment advice.

Concentration

Share of reported portfolio value. Long US-listed equity positions as filed; percentages are of reported 13F value, which excludes shorts, cash, non-US and private holdings.

How this filer invests

Reproducible measures computed from the positions in this filer’s own 13F filings — not from any outside estimate.

How concentrated the book is

Across 121 reported positions. Shares are of reported 13F value (long US-listed equity), which is not the firm’s total assets. The concentration index (HHI) is the sum of each position’s squared weight — higher means a book concentrated in fewer names.

How much the book turned over

Between the 2026-Q1 and 2026-Q2 filings, on the stable identity of each holding (share classes combined). New positions and exits are counted by presence; adds and trims by share count, and a share-count change matching a standard split ratio with the value held steady is not counted as either.

Long-term holdings vs. higher turnover

Of its 19 largest reported positions, 16 have appeared in its 5 most recent consecutive quarterly filings (more than a year), and 3 are more recent. This filer reads as a longer-term holder: most of its largest positions have persisted for more than a year.

Notable sizing changes among its long-held positions:

• NFLX — share count increased 930%
• NVDA — share count increased 923%
• PANW — share count increased 123%
• IDXX — share count increased 28%

Directional only, measured over the filer’s largest reported positions across the quarters we track. 13F is a quarter-end snapshot, so a name can be held continuously yet slip in and out of the largest positions; this is a starting question, not a verdict.

About 13F filings

A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It is filed up to 45 days after quarter-end, so it is backward-looking — the manager may have traded since — and it covers long US-listed equities only, not short positions, cash, or private holdings. Reading a 13F tells you what a manager owned, not whether you should own it.

Learn how to read a 13F

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