Rational Advisors LLC
- SEC CIK
- 0001143565
- Latest filing
- Jul 24, 2026
The latest 13F from Rational Advisors LLC covers Q2 2026 (filed Jul 24, 2026): 195 long positions worth $1.09B. The top 10 holdings make up 47.7% of the portfolio, and the largest is iShares Core U.S. Aggregate Bond ETF at 6.7%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.
What changed in Q2 2026
Share counts compared with Q1 2026: 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
- 29
- Est. +$130.1M
- Added
- 96
- Est. +$71.3M
- Reduced
- 58
- Est. −$138.5M
- Sold out
- 13
- Est. −$18.4M
Top 5 holdings
Share of this quarter's portfolio value
- iShares Core U.S. Aggregate Bond ETF4642872266.7%$72.8M
- Vanguard Total Bond Market ETF9219378356.7%$72.7M
- Schwab US Aggregate Bond ETF8085248396.7%$72.7M
- iShares Core S&P 500 ETF4642872004.8%$52.3M
- Global X FDS37954Y2934.5%$49.2M
Biggest buys
New and added positions, by estimated amount bought
- iShares Iboxx $ Investment Grade Corporate Bond ETF464287242+$24.6MNew
- State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375+$19.9MNew
- iShares Broad Usd Investment Grade Corporate Bond ETF464288620+$14.4MNew
- iShares Tr464288638+$14.4MNew
- iShares Core S&P 500 ETF464287200+$12.8MAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- iShares Iboxx $ Investment Grade Corporate Bond ETF464287242+2.25 pp0.0% → 2.3%
- State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375+1.83 pp0.0% → 1.8%
- iShares Broad Usd Investment Grade Corporate Bond ETF464288620+1.33 pp0.0% → 1.3%
- iShares Tr464288638+1.32 pp0.0% → 1.3%
- iShares Core S&P 500 ETF464287200+1.28 pp3.5% → 4.8%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- WisdomTree Tr97717Y790−$33.2MReduced
- iShares Core MSCI Eafe ETF46432F842−$13.9MReduced
- Invesco Nasdaq 100 ETF46138G649−$10.9MReduced
- WFC.PLWells Fargo & Company
- On Semiconductor Corp682189AU9−$8.72MReduced
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- WisdomTree Tr97717Y790−3.09 pp7.1% → 4.0%
- iShares Core MSCI Eafe ETF46432F842−1.37 pp2.2% → 0.8%
- WFC.PLWells Fargo & Company
- On Semiconductor Corp682189AU9−0.69 pp1.0% → 0.3%
- Vanguard Dividend Appreciation ETF921908844−0.58 pp3.9% → 3.3%
Metrics
13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $1.09B
- +$110.3M (+11.3%) vs. prior quarter
- Positions
- 195
- +16 vs. prior quarter
- Top 10 concentration
- 47.7%
- Top 10 as share of value
- Turnover
- 15.1%
- Q2 2026, one quarter
- Average holding period
- 11.3 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
22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $1.69B (Q1 2022)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | Jul 24, 2026 | 195 | $1.09B | iShares Core U.S. Aggregate Bond ETFVanguard Total Bond Market ETFSchwab US Aggregate Bond ETF | vs. Q1 2026 | SEC |
| Q1 2026 | May 7, 2026 | 179 | $979.9M | Schwab US Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETFVanguard Total Bond Market ETF | vs. Q4 2025 | SEC |
| Q4 2025 | Feb 10, 2026 | 184 | $976.5M | Vanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETFState Street SPDR Portfolio Aggregate Bond ETF | vs. Q3 2025 | SEC |
| Q3 2025 | Nov 12, 2025 | 193 | $1.01B | State Street SPDR Portfolio Aggregate Bond ETFVanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETF | vs. Q2 2025 | SEC |
| Q2 2025 | Jul 31, 2025 | 191 | $1.01B | Vanguard Total Bond Market ETFState Street SPDR Portfolio Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETF | vs. Q1 2025 | SEC |
| Q1 2025 | May 1, 2025 | 115 | $990.9M | Vanguard Total Bond Market ETFState Street SPDR Portfolio Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETF | vs. Q4 2024 | SEC |
| Q4 2024 | Jan 31, 2025 | 104 | $1.02B | Vanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETFState Street SPDR Portfolio Aggregate Bond ETF | vs. Q3 2024 | SEC |
| Q3 2024 | Oct 30, 2024 | 170 | $1.04B | Vanguard Total Bond Market ETFState Street SPDR Portfolio Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETF | vs. Q2 2024 | SEC |
| Q2 2024 | Jul 25, 2024 | 189 | $1.03B | iShares Core U.S. Aggregate Bond ETFVanguard Total Bond Market ETFState Street SPDR Portfolio Aggregate Bond ETF | vs. Q1 2024 | SEC |
| Q1 2024 | Apr 23, 2024 | 208 | $1.08B | Vanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETFState Street SPDR Portfolio Aggregate Bond ETF | vs. Q4 2023 | SEC |
| Q4 2023 | Feb 14, 2024Amended | 190 | $982.4M | iShares Core U.S. Aggregate Bond ETFSchwab US Aggregate Bond ETFInvesco QQQ Trust Series I | vs. Q3 2023 | SEC |
| Q3 2023 | Nov 9, 2023 | 275 | $1.10B | Vanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETFSchwab US Aggregate Bond ETF | vs. Q2 2023 | SEC |
| Q2 2023 | Aug 8, 2023 | 267 | $1.21B | Vanguard Total Bond Market ETFSchwab US Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETF | vs. Q1 2023 | SEC |
| Q1 2023 | May 12, 2023 | 265 | $1.22B | iShares Core U.S. Aggregate Bond ETFVanguard Total Bond Market ETFSchwab US Aggregate Bond ETF | vs. Q4 2022 | SEC |
| Q4 2022 | Feb 13, 2023Amended | 243 | $1.21B | State Street SPDR Portfolio Aggregate Bond ETFVanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETF | vs. Q3 2022 | SEC |
| Q3 2022 | Nov 8, 2022 | 247 | $1.27B | Vanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETFState Street SPDR Portfolio Aggregate Bond ETF | vs. Q2 2022 | SEC |
| Q2 2022 | Aug 9, 2022 | 249 | $1.39B | iShares Core U.S. Aggregate Bond ETFVanguard Total Bond Market ETFState Street SPDR Portfolio Aggregate Bond ETF | vs. Q1 2022 | SEC |
| Q1 2022 | May 10, 2022 | 255 | $1.69B | Vanguard Total Bond Market ETFiShares Core U.S. Aggregate Bond ETFState Street SPDR Portfolio Aggregate Bond ETF | vs. Q4 2021 | SEC |
| Q4 2021 | Feb 10, 2022 | 176 | $1.63B | iShares Core U.S. Aggregate Bond ETFSchwab US Aggregate Bond ETFVanguard Total Bond Market ETF | vs. Q3 2021 | SEC |
| Q3 2021 | Nov 9, 2021 | 190 | $1.28B | Vanguard Total Bond Market ETFSchwab US Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETF | vs. Q2 2021 | SEC |
| Q2 2021 | Aug 6, 2021 | 132 | $847.8M | Vanguard Total Bond Market ETFSchwab US Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETF | vs. Q1 2021 | SEC |
| Q1 2021 | May 10, 2021 | 174 | $541.2M | Schwab US Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETFVanguard Total Bond Market ETF | – | SEC |