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Livermore
Livermore
ZHEN

Financial Advisory Corp

SEC CIK
0001059057
Latest filing
Feb 9, 2026

The latest 13F from Financial Advisory Corp covers Q4 2025 (filed Feb 9, 2026): 194 long positions worth $376.6M. The top 10 holdings make up 38.1% of the portfolio, and the largest is iShares Core MSCI Emerging Markets ETF at 6.4%. Livermore has 21 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2025

Share counts compared with Q3 2025: 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
15
Est. +$5.94M
Added
107
Est. +$34.5M
Reduced
60
Est. −$21.0M
Sold out
15
Est. −$7.38M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core MSCI Emerging Markets ETF46434G103
    6.4%$24.0M
  2. First Tr Exchng Traded FD VI33740F755
    5.8%$21.8M
  3. Schwab U.S. Large-Cap Growth ETF808524300
    5.8%$21.8M
  4. Invesco Nasdaq 100 ETF46138G649
    3.7%$13.9M
  5. DVADavita Inc.
    3.6%$13.7MHistory

Share of portfolio

Top 5 holdings and the other 189 positions, by share of portfolio value

  1. iShares Core MSCI Emerging Markets ETF6.4%
  2. First Tr Exchng Traded FD VI5.8%
  3. Schwab U.S. Large-Cap Growth ETF5.8%
  4. Invesco Nasdaq 100 ETF3.7%
  5. DVA3.6%
  6. Other 189 positions74.7%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464287432
    +$6.28MAdded
  2. iShares Core MSCI Emerging Markets ETF46434G103
    +$3.51MAdded
  3. Vanguard Scottsdale FDS92206C102
    +$2.08MAdded
  4. Invesco Exch TRD SLF Idx FD46138J452
    +$2.07MAdded
  5. Invesco Nasdaq 100 ETF46138G649
    +$2.00MAdded

Largest weight increases

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

  1. iShares Tr464287432
    +1.66 pp0.1% → 1.7%
  2. iShares Core MSCI Emerging Markets ETF46434G103
    +0.81 pp5.6% → 6.4%
  3. Vanguard Scottsdale FDS92206C102
    +0.53 pp0.5% → 1.1%
  4. Invesco Exch TRD SLF Idx FD46138J452
    +0.49 pp1.3% → 1.8%
  5. Invesco Nasdaq 100 ETF46138G649
    +0.47 pp3.2% → 3.7%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPDR Series Trust78468R622
    −$5.58MReduced
  2. iShares S&P Small-Cap 600 Growth ETF464287887
    −$5.30MReduced
  3. iShares S&P Small-Cap 600 Value ETF464287879
    −$3.53MReduced
  4. Invesco Exch TRD SLF Idx FD46138J825
    −$2.15MSold out
  5. iShares Core S&P Small Cap ETF464287804
    −$1.22MSold out

Largest weight decreases

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

  1. SPDR Series Trust78468R622
    −1.59 pp2.2% → 0.7%
  2. iShares S&P Small-Cap 600 Growth ETF464287887
    −1.48 pp1.7% → 0.2%
  3. iShares S&P Small-Cap 600 Value ETF464287879
    −0.96 pp1.5% → 0.5%
  4. Invesco Exch TRD SLF Idx FD46138J825
    −0.59 pp0.6% → 0.0%
  5. iShares Core S&P Small Cap ETF464287804
    −0.34 pp0.3% → 0.0%

Metrics

13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$376.6M
+$15.5M (+4.3%) vs. prior quarter
Positions
194
0 vs. prior quarter
Top 10 concentration
38.1%
Top 10 as share of value
Turnover
7.7%
Q4 2025, one quarter
Average holding period
13.0 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

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

Peak $376.6M (Q4 2025)

Q1 2021: $115.7MQ2 2021: $134.2MQ3 2021: $145.8MQ4 2021: $208.1MQ1 2022: $188.4MQ2 2022: $148.7MQ3 2022: $174.4MQ4 2022: $201.1MQ1 2023: $209.8MQ2 2023: $223.6MQ3 2023: $216.9MQ4 2023: $220.7MQ1 2024: $244.0MQ2 2024: $240.1MQ3 2024: $270.0MQ4 2024: $277.7MQ1 2025: $310.7MQ2 2025: $330.1MQ3 2025: $361.2MQ4 2025: $376.6M
Q1 2021Q4 2025
13F filings of Financial Advisory Corp by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2025Feb 9, 2026194$376.6MiShares Core MSCI Emerging Markets ETFFirst Tr Exchng Traded FD VISchwab U.S. Large-Cap Growth ETFvs. Q3 2025SEC
Q3 2025Oct 29, 2025Amended194$361.2MFirst Tr Exchng Traded FD VIiShares Core MSCI Emerging Markets ETFSchwab U.S. Large-Cap Growth ETFvs. Q2 2025SEC
Q2 2025Aug 6, 2025187$330.1MiShares Core MSCI Emerging Markets ETFFirst Tr Exchng Traded FD VISchwab U.S. Large-Cap Growth ETFvs. Q1 2025SEC
Q1 2025Apr 28, 2025177$310.7MFirst Tr Exchng Traded FD VIDVAVanguard Dividend Appreciation ETFvs. Q4 2024SEC
Q4 2024Jan 14, 2025162$277.7MSchwab U.S. Large-Cap Growth ETFFirst Tr Exchng Traded FD VIVanguard Dividend Appreciation ETFvs. Q3 2024SEC
Q3 2024Nov 1, 2024169$270.0MFirst Tr Exchng Traded FD VIVanguard Dividend Appreciation ETFiShares Core MSCI Emerging Markets ETFvs. Q2 2024SEC
Q2 2024Jul 18, 2024157$240.1MFirst Tr Exchng Traded FD VISchwab U.S. Large-Cap Growth ETFVanguard Dividend Appreciation ETFvs. Q1 2024SEC
Q1 2024Apr 22, 2024154$244.0MDVAFirst Tr Exchng Traded FD VIVanguard Dividend Appreciation ETFvs. Q4 2023SEC
Q4 2023Mar 12, 2024137$220.7MDVAFirst Tr Exchng Traded FD VIInvesco Nasdaq 100 ETFvs. Q3 2023SEC
Q3 2023Oct 25, 2023132$216.9MFirst Tr Exchng Traded FD VIVanguard Dividend Appreciation ETFDVAvs. Q2 2023SEC
Q2 2023Aug 9, 2023131$223.6MFirst Tr Exchng Traded FD VIVanguard Dividend Appreciation ETFDVAvs. Q1 2023SEC
Q1 2023Apr 5, 2023130$209.8MFirst Tr Exchng Traded FD VIVanguard Dividend Appreciation ETFiShares MSCI Eafe ETFvs. Q4 2022SEC
Q4 2022Jan 24, 2023124$201.1MVanguard Dividend Appreciation ETFFirst Tr Exchng Traded FD VIiShares Trvs. Q3 2022SEC
Q3 2022Oct 25, 2022118$174.4MVanguard Dividend Appreciation ETFState Street SPDR Bloomberg 1-3 Month T-Bill ETFFirst Tr Exchng Traded FD VIvs. Q2 2022SEC
Q2 2022Jul 22, 2022113$148.7MVanguard Dividend Appreciation ETFFirst Tr Exchng Traded FD VIFirst Tr Exchng Traded FD VIvs. Q1 2022SEC
Q1 2022Jun 13, 2022117$188.4MVanguard Dividend Appreciation ETFInvesco QQQ Trust Series IPIMCO Enhanced Short Maturity Active Exchange-Traded Fundvs. Q4 2021SEC
Q4 2021Feb 24, 2022115$208.1MVanguard Dividend Appreciation ETFInvesco QQQ Trust Series IPIMCO Enhanced Short Maturity Active Exchange-Traded Fundvs. Q3 2021SEC
Q3 2021Dec 21, 202167$145.8MInvesco QQQ Trust Series IVanguard Dividend Appreciation ETFSchwab U.S. Large-Cap Growth ETFvs. Q2 2021SEC
Q2 2021Aug 5, 202154$134.2MInvesco QQQ Trust Series IVanguard Dividend Appreciation ETFSchwab U.S. Large-Cap Growth ETFvs. Q1 2021SEC
Q1 2021Apr 8, 202151$115.7MVanguard Dividend Appreciation ETFInvesco QQQ Trust Series IiShares Core S&P Small Cap ETF–SEC