Valley Financial Management, Inc.
- SEC CIK
- 0001128122
- Latest filing
- Aug 14, 2023
The latest 13F from Valley Financial Management, Inc. covers Q2 2023 (filed Aug 14, 2023): 42 long positions worth $193.2M. The top 10 holdings make up 57.1% of the portfolio, and the largest is Vanguard Scottsdale FDS at 10.6%. Livermore has 4 filings on Form 13F from this institution, going back to Q3 2022.
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.
- New
- 6
- Est. +$21.5M
- Added
- 22
- Est. +$55.2M
- Reduced
- 11
- Est. −$7.08M
- Sold out
- 10
- Est. −$42.9M
Top 5 holdings
Share of this quarter's portfolio value
- Vanguard Scottsdale FDS92206C68010.6%$20.5M
- VanEck Morningstar Wide Moat ETF92189F6438.3%$16.0M
- WisdomTree Tr97717X6106.9%$13.3M
- WisdomTree Tr97717X7015.7%$10.9M
- Vanguard Morningstar Value ETF9229087445.3%$10.3M
Share of portfolio
Top 5 holdings and the other 37 positions, by share of portfolio value
- Vanguard Scottsdale FDS10.6%
- VanEck Morningstar Wide Moat ETF8.3%
- WisdomTree Tr6.9%
- WisdomTree Tr5.7%
- Vanguard Morningstar Value ETF5.3%
- Other 37 positions63.3%
Biggest buys
New and added positions, by estimated amount bought
- VanEck Morningstar Wide Moat ETF92189F643+$12.3MAdded
- Vanguard Morningstar Value ETF922908744+$10.3MNew
- Vanguard Scottsdale FDS92206C680+$7.91MAdded
- iShares Semiconductor ETF464287523+$6.35MAdded
- Vanguard Morningstar Mid-Cap Growth ETF922908538+$6.17MNew
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- VanEck Morningstar Wide Moat ETF92189F643+6.17 pp2.1% → 8.3%
- Vanguard Morningstar Value ETF922908744+5.32 pp0.0% → 5.3%
- Vanguard Scottsdale FDS92206C680+3.69 pp6.9% → 10.6%
- Vanguard Morningstar Mid-Cap Growth ETF922908538+3.20 pp0.0% → 3.2%
- iShares Semiconductor ETF464287523+3.20 pp2.0% → 5.2%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- Invesco Exchange Traded FD T46137V357−$8.93MSold out
- Listed FD Tr53656F847−$7.88MSold out
- Amplify ETF Tr032108409−$7.68MSold out
- iShares Tr464287770−$5.64MSold out
- Invesco Exchange Traded FD T46137V100−$5.24MReduced
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- Invesco Exchange Traded FD T46137V357−5.52 pp5.5% → 0.0%
- Listed FD Tr53656F847−4.87 pp4.9% → 0.0%
- Amplify ETF Tr032108409−4.75 pp4.7% → 0.0%
- Invesco Exchange Traded FD T46137V100−3.63 pp7.5% → 3.9%
- iShares Tr464287770−3.49 pp3.5% → 0.0%
Metrics
13F metrics for Q2 2023, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $193.2M
- +$31.4M (+19.4%) vs. prior quarter
- Positions
- 42
- −4 vs. prior quarter
- Top 10 concentration
- 57.1%
- Top 10 as share of value
- Turnover
- 28.2%
- Q2 2023, one quarter
- Average holding period
- 3.0 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 (Q3 2022), so positions held before then are understated.
13F filings by quarter
4 quarters, going back to Q3 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $193.2M (Q2 2023)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q2 2023 | Aug 14, 2023 | 42 | $193.2M | Vanguard Scottsdale FDSVanEck Morningstar Wide Moat ETFWisdomTree Tr | vs. Q1 2023 | SEC |
| Q1 2023 | May 15, 2023 | 46 | $161.8M | WisdomTree TrInvesco Exchange Traded FD TVanguard Scottsdale FDS | vs. Q4 2022 | SEC |
| Q4 2022 | Feb 14, 2023 | 42 | $179.7M | Invesco Exchange Traded FD TiShares Core U.S. Aggregate Bond ETFWisdomTree Tr | vs. Q3 2022 | SEC |
| Q3 2022 | Nov 14, 2022 | 37 | $166.8M | iShares Core U.S. Aggregate Bond ETFVanguard S&P 500 ETFInvesco Exchange Traded FD T | – | SEC |