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Livermore
Livermore
ZHEN

Quest Capital Management Inc

SEC CIK
0000826516
Latest filing
Jan 31, 2022

The latest 13F from Quest Capital Management Inc covers Q4 2021 (filed Jan 31, 2022): 318 long positions worth $582.0M. The top 10 holdings make up 53.3% of the portfolio, and the largest is Raymond James Financial Inc (RJF) at 27.3%. Livermore has 4 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2021

Share counts compared with Q3 2021: 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
34
Est. +$14.2M
Added
131
Est. +$33.8M
Reduced
99
Est. −$13.4M
Sold out
11
Est. −$4.90M

Top 5 holdings

Share of this quarter's portfolio value

  1. RJFRaymond James Financial Inc
    27.3%$159.2MHistory
  2. iShares MSCI USA Min Vol Factor ETF46429B697
    8.8%$51.3M
  3. Vanguard Dividend Appreciation ETF921908844
    3.3%$19.2M
  4. Vanguard Morningstar Growth ETF922908736
    3.3%$19.0M
  5. SPDR Series Trust78464A821
    2.2%$12.6M

Share of portfolio

Top 5 holdings and the other 313 positions, by share of portfolio value

  1. RJF27.3%
  2. iShares MSCI USA Min Vol Factor ETF8.8%
  3. Vanguard Dividend Appreciation ETF3.3%
  4. Vanguard Morningstar Growth ETF3.3%
  5. SPDR Series Trust2.2%
  6. Other 313 positions55.1%

Biggest buys

New and added positions, by estimated amount bought

  1. Schwab U.S. Large-Cap ETF808524201
    +$7.04MAdded
  2. Vanguard Total International Bond ETF92203J407
    +$6.25MAdded
  3. iShares MSCI Eafe Min Vol Factor ETF46429B689
    +$2.53MAdded
  4. Schwab U.S. Mid-Cap ETF808524508
    +$2.18MNew
  5. Schwab U.S. Small-Cap ETF808524607
    +$2.10MAdded

Largest weight increases

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

  1. Schwab U.S. Large-Cap ETF808524201
    +1.20 pp0.3% → 1.5%
  2. Vanguard Total International Bond ETF92203J407
    +1.07 pp<0.1% → 1.1%
  3. iShares MSCI Eafe Min Vol Factor ETF46429B689
    +0.39 pp0.4% → 0.8%
  4. Schwab U.S. Mid-Cap ETF808524508
    +0.37 pp0.0% → 0.4%
  5. Schwab U.S. Small-Cap ETF808524607
    +0.36 pp<0.1% → 0.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. WisdomTree Tr97717X628
    −$1.82MReduced
  2. GLDMWorld Gold Trust
    −$1.73MReducedHistory
  3. RJFRaymond James Financial Inc
    −$1.40MReducedHistory
  4. iShares Tr46434VBK5
    −$1.27MSold out
  5. iShares MSCI USA Min Vol Factor ETF46429B697
    −$968.8KReduced

Largest weight decreases

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

  1. RJFRaymond James Financial Inc
    −1.63 pp29.0% → 27.3%History
  2. iShares MSCI USA Min Vol Factor ETF46429B697
    −0.51 pp9.3% → 8.8%
  3. GLDMWorld Gold Trust
    −0.49 pp2.2% → 1.7%History
  4. WisdomTree Tr97717X628
    −0.37 pp0.4% → 0.1%
  5. SPDR Series Trust78464A821
    −0.26 pp2.4% → 2.2%

Metrics

13F metrics for Q4 2021, computed only from the numbers in the filings. Definitions below.

Portfolio value
$582.0M
+$72.7M (+14.3%) vs. prior quarter
Positions
318
+23 vs. prior quarter
Top 10 concentration
53.3%
Top 10 as share of value
Turnover
3.4%
Q4 2021, one quarter
Average holding period
3.8 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

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

Peak $582.0M (Q4 2021)

Q1 2021: $466.8MQ2 2021: $502.1MQ3 2021: $509.3MQ4 2021: $582.0M
Q1 2021Q4 2021
13F filings of Quest Capital Management Inc by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2021Jan 31, 2022318$582.0MRJFiShares MSCI USA Min Vol Factor ETFVanguard Dividend Appreciation ETFvs. Q3 2021SEC
Q3 2021Nov 1, 2021295$509.3MRJFiShares MSCI USA Min Vol Factor ETFVanguard Dividend Appreciation ETFvs. Q2 2021SEC
Q2 2021Aug 9, 2021289$502.1MRJFiShares MSCI USA Min Vol Factor ETFVanguard Dividend Appreciation ETFvs. Q1 2021SEC
Q1 2021May 10, 2021263$466.8MRJFiShares MSCI USA Min Vol Factor ETFVanguard Dividend Appreciation ETF–SEC