Schedule 13D

The SEC schedule filed by any beneficial owner of more than 5% of a class of voting securities with intent to influence.

Definition

Schedule 13D must be filed within five business days by anyone (an entity or 'group') that acquires beneficial ownership of more than 5% of a class of voting securities of a public company AND has any intent to influence the issuer's management or operations. The schedule discloses the filer's identity, the size of the position, the source of funds, and (in Item 4) the filer's stated purpose.

Activist investors — Saba Capital, Bulldog Investors, Karpus, Icahn, Elliott, Starboard, Pershing — use 13D filings to publicly announce campaigns. The 'amendment' (13D/A) flags follow-up activity.

Related terms

• Schedule 13G
• Item 4 purpose
• Activist investor