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Livermore
Livermore
ZHEN

PFS Investments Inc.

SEC CIK
0000354497
Latest filing
Aug 14, 2023

The latest 13F from PFS Investments Inc. covers Q2 2023 (filed Aug 14, 2023): 512 long positions worth $6.12B. The top 10 holdings make up 21.6% of the portfolio, and the largest is iShares Tr at 3.1%. Livermore has 11 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2023

Share counts compared with Q1 2023: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
41
Est. +$113.7M
Added
363
Est. +$513.0M
Reduced
107
Est. −$323.6M
Sold out
32
Est. −$117.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr464288588
    3.1%$187.5M
  2. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    2.8%$168.8M
  3. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    2.3%$138.0M
  4. Invesco Nasdaq 100 ETF46138G649
    2.2%$135.6M
  5. iShares Core S&P 500 ETF464287200
    2.2%$133.7M

Share of portfolio

Top 5 holdings and the other 507 positions, by share of portfolio value

  1. iShares Tr3.1%
  2. State Street SPDR Portfolio Developed World Ex-US ETF2.8%
  3. State Street SPDR Portfolio S&P 500 Growth ETF2.3%
  4. Invesco Nasdaq 100 ETF2.2%
  5. iShares Core S&P 500 ETF2.2%
  6. Other 507 positions87.5%

Biggest buys

New and added positions, by estimated amount bought

  1. MTBM&T Bank Corp
    +$28.0MAddedHistory
  2. iShares Core MSCI Eafe ETF46432F842
    +$27.0MAdded
  3. Invesco Exch TRD SLF Idx FD46138J619
    +$24.4MAdded
  4. CRHCRH Public Ltd Co
    +$20.1MNewHistory
  5. COFCapital One Financial Corp
    +$17.0MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MTBM&T Bank Corp
    +0.46 pp0.2% → 0.6%History
  2. iShares Core MSCI Eafe ETF46432F842
    +0.39 pp0.9% → 1.3%
  3. Invesco Exch TRD SLF Idx FD46138J619
    +0.38 pp1.1% → 1.4%
  4. CRHCRH Public Ltd Co
    +0.33 pp0.0% → 0.3%History
  5. iShares MSCI USA Quality Factor ETF46432F339
    +0.32 pp1.7% → 2.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$119.9MReduced
  2. iShares Core S&P 500 ETF464287200
    −$46.4MReduced
  3. SPDR Series Trust78464A292
    −$33.3MSold out
  4. AVGOBroadcom Inc.
    −$26.3MReducedHistory
  5. OMCOmnicom Group Inc.
    −$24.1MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −2.07 pp2.1% → <0.1%
  2. iShares Core S&P 500 ETF464287200
    −0.69 pp2.9% → 2.2%
  3. SPDR Series Trust78464A292
    −0.58 pp0.6% → 0.0%
  4. OMCOmnicom Group Inc.
    −0.42 pp0.4% → 0.0%History
  5. iShares Inc46434G822
    −0.21 pp0.3% → 0.1%

Metrics

13F metrics for Q2 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$6.12B
+$351.3M (+6.1%) vs. prior quarter
Positions
512
+9 vs. prior quarter
Top 10 concentration
21.6%
Top 10 as share of value
Turnover
7.4%
Q2 2023, one quarter
Average holding period
8.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

10 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $6.12B (Q2 2023)

Q1 2021: $3.91BQ2 2021: $4.39BQ3 2021: $4.84BQ4 2021: $5.16BQ1 2022: $5.28BQ2 2022: $4.98BQ3 2022: $4.61BQ4 2022: $5.35BQ1 2023: $5.77BQ2 2023: $6.12B
Q1 2021Q2 2023
13F filings of PFS Investments Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2023Aug 14, 2023512$6.12BiShares TrState Street SPDR Portfolio Developed World Ex-US ETFState Street SPDR Portfolio S&P 500 Growth ETFvs. Q1 2023SEC
Q1 2023May 15, 2023503$5.77BiShares TriShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q4 2022SEC
Q4 2022Feb 15, 2023Amended445$5.35BState Street SPDR Bloomberg 1-3 Month T-Bill ETFiShares TriShares Core S&P 500 ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022420$4.61BState Street SPDR Bloomberg 1-3 Month T-Bill ETFiShares Core S&P 500 ETFiShares Trvs. Q2 2022SEC
Q2 2022Aug 12, 2022414$4.98BState Street SPDR Bloomberg 1-3 Month T-Bill ETFInvesco Nasdaq 100 ETFiShares Core S&P 500 ETFvs. Q1 2022SEC
Q1 2022May 16, 2022409$5.28BInvesco Exch TRD SLF Idx FDState Street SPDR Portfolio Developed World Ex-US ETFiShares Core S&P 500 ETFvs. Q4 2021SEC
Q4 2021Feb 11, 2022394$5.16BInvesco Exch TRD SLF Idx FDiShares Core S&P 500 ETFiShares MSCI USA Min Vol Factor ETFvs. Q3 2021SEC
Q3 2021Nov 15, 2021374$4.84BInvesco Exch TRD SLF Idx FDiShares Core S&P 500 ETFiShares MSCI USA Quality Factor ETFvs. Q2 2021SEC
Q2 2021Aug 13, 2021369$4.39BInvesco Exch TRD SLF Idx FDiShares Core S&P 500 ETFiShares Select Dividend ETFvs. Q1 2021SEC
Q1 2021May 17, 2021350$3.91BInvesco Exch TRD SLF Idx FDiShares Core S&P 500 ETFInvesco Exch TRD SLF Idx FD–SEC