CalSTRS Has Filed 109 Straight 13Fs. Its Q2 Is Missing, and Jefferies' Subsidiary Pointed the SEC at a Report Nobody Filed.

Fifteen notices point at reports that don't exist, roughly 210 filers go quiet every quarter, and 91% of my own first pass was an artefact.

The claim: The population of managers who owe a Form 13F in any given quarter is not maintained by anyone, and the filings themselves carry the SEC’s own machine-readable proof of it. Fifteen notices filed on time for Q2 2026 name a manager that filed nothing at all.

The numbers: 264 managers filed a 13F-HR in the Q1 filing window and neither a holdings report nor a notice in the Q2 one, carrying $804.6bn of positions as last reported, 1.21% of the $66.46tn of value reported that quarter. Eight of those managers were named by 15 notices filed on time as the manager that would report someone else’s holdings. Their combined book, as last reported, is $67.6bn. Jefferies Financial Group is one of the eight.

The catalyst: The Q2 2026 deadline was 14 August 2026. Every figure here was read on 16 August, two days after.

Wrong if: the eight named managers file late and a completed Q2 settles back to the ~10 orphaned notices per quarter I measure in Q4 2025 and Q1 2026. That would put this quarter inside the normal band for a small standing defect. It wouldn’t make the standing defect go away.