What is Form N-PORT?
Form N-PORT is the SEC's structured portfolio-holdings report for registered investment management companies.
The filings provide position-level information on securities, values, currencies, issuer locations, security identifiers, and fund characteristics. Funds file monthly, and quarter-end data is published by the SEC. GCAP U.S. Fund Holdings uses the quarter-end reports to create a consistent quarterly snapshot.
The underlying public filing format and official quarterly files are documented on the SEC's Form N-PORT page.
Fund universe
The universe is U.S.-registered investment funds covered by N-PORT, including mutual funds, exchange-traded funds, and closed-end funds. Money-market funds are excluded because they report under a different regulatory regime. The unit of observation is a security position reported by a fund.
Which holdings enter the dashboard
We report long, non-derivative positions in securities at quarterly report dates. We take the fund reports reported quarterly by the SEC and exclude positions that are shares of other investment funds (so fund-of-fund structures are not double counted). We also exclude short positions and derivatives.
How to think about the country of an issuer
The country attached to a security in N-PORT describes where it was legally issued, not the place where the ultimate parent operates.
That distinction matters most for offshore financial centers. For example, a Chinese technology company may issue shares through a Cayman Islands entity. In that case, the filer reports the security as Cayman Islands even though the underlying firm is Chinese. In 2025Q4, filers reported only about $169 billion held directly in China, while Tencent and Alibaba securities held through Cayman Islands vehicles account for tens of billions of dollars.
The current site presents the residence-based view as reported in the public filings; it does not reassign offshore issuers. This issue and a systematic method for redrawing offshore positions are developed in Antonio Coppola, Matteo Maggiori, Brent Neiman, and Jesse Schreger (2021), “Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens”, Quarterly Journal of Economics 136(3), 1499–1556. Related data and research are available from the Global Capital Allocation Project.
Coverage and data lag
This site begins in 2019Q4, when Form N-PORT filings were first required. The SEC's public quarterly files become available roughly 60 days after quarter end.
Issuer matching
Security positions are grouped into issuers using the first six characters of CUSIP and LEI identifiers.
Filers do not always agree on where an issuer is resident: the same security can be reported under different countries by different funds, and the country field is entered by the filer rather than validated by the SEC. When filers disagree, we assign each issuer to the country with the largest share of reported value across all security filings for that issuer.
Values and interpretation
Position values are measured in U.S. dollars as reported by filers.
Currency composition is reported for bond holdings only. Equities do not carry a meaningful reporting currency.
Totals can change because of purchases and sales, price movements, exchange-rate changes, filing revisions, or changes in coverage. The data describe portfolio positions; they do not identify the cause of a quarter-to-quarter change or constitute investment advice.
Data limitation
We use Form N-PORT filings as published by the SEC, with minimal changes. We cannot guarantee the accuracy of the SEC N-PORT data, which should be verified independently.
Form N-PORT is completed by the registrant and may contain errors. Several fields are free text or a code chosen by the filer. For example, issuer names, country codes, asset categories and issuer types are all entered this way. Where a filing or the SEC N-PORT data is incorrect, the error will carry through to this site.