July 14, 2020
Raising the reporting threshold to above $3B assets under management significantly curtails the ability of the individual investor to learn and better understand markets. At the proposed level of AUM, any potential investment manager has a much smaller field of possible investment options which will leave many small and micro-cap stocks out. Their inability to invest in these small and micro-cap stocks means they will not show up on larger 13F statements and the funds that do invest will go unobserved to the public. Over $100 AUM is a massive amount of money and certainly enough that it can justify any burden, however minimal, for reporting their holdings.