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Livermore
Livermore
ZHEN

JMG Financial Group, Ltd.

SEC CIK
0001314404
Latest filing
Jul 31, 2026

The latest 13F from JMG Financial Group, Ltd. covers Q2 2026 (filed Jul 31, 2026): 137 long positions worth $4.14B. The top 10 holdings make up 77.8% of the portfolio, and the largest is Vanguard S&P 500 ETF at 23.3%. Livermore has 22 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.

Full comparison
New
13
Est. +$7.52M
Added
37
Est. +$51.9M
Reduced
53
Est. −$16.2M
Sold out
3
Est. −$674.7K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    23.3%$966.3M
  2. Vanguard Morningstar Mid-Cap ETF922908629
    11.0%$454.9M
  3. Vanguard Ftse Developed Markets ETF921943858
    10.8%$445.6M
  4. Schwab U.S. Large-Cap ETF808524201
    5.9%$245.3M
  5. Dimensional ETF Trust25434V815
    5.9%$244.8M

Biggest buys

New and added positions, by estimated amount bought

  1. Dimensional ETF Trust25434V575
    +$11.4MAdded
  2. Dimensional ETF Trust25434V658
    +$10.6MAdded
  3. Vanguard S&P 500 ETF922908363
    +$8.35MAdded
  4. Dimensional ETF Trust25434V799
    +$6.97MAdded
  5. Vanguard Morningstar Mid-Cap ETF922908629
    +$4.85MAddedConverted for a 4-for-1 split

Largest weight increases

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

  1. Vanguard S&P 500 ETF922908363
    +0.40 pp22.9% → 23.3%
  2. Dimensional ETF Trust25434V575
    +0.26 pp0.1% → 0.4%
  3. Dimensional ETF Trust25434V732
    +0.09 pp2.2% → 2.3%
  4. PIMCO ETF Tr72201R585
    +0.08 pp0.0% → 0.1%
  5. Dimensional ETF Trust25434V658
    +0.06 pp4.6% → 4.7%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Morningstar Small-Cap Value ETF922908611
    −$3.02MReduced
  2. Vanguard Ftse Emerging Markets ETF922042858
    −$1.90MReduced
  3. Vanguard Morningstar Total Stock Market ETF922908769
    −$1.78MReduced
  4. Vanguard Ftse Developed Markets ETF921943858
    −$1.58MReduced
  5. Schwab US Aggregate Bond ETF808524839
    −$1.03MReduced

Largest weight decreases

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

  1. Vanguard Ftse Developed Markets ETF921943858
    −0.30 pp11.1% → 10.8%
  2. Vanguard Ftse Emerging Markets ETF922042858
    −0.18 pp4.4% → 4.2%
  3. Vanguard Morningstar Small-Cap Value ETF922908611
    −0.12 pp2.3% → 2.2%
  4. Schwab International Equity ETF808524805
    −0.07 pp2.8% → 2.7%
  5. Schwab US Aggregate Bond ETF808524839
    −0.03 pp0.1% → <0.1%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$4.14B
+$506.3M (+13.9%) vs. prior quarter
Positions
137
+10 vs. prior quarter
Top 10 concentration
77.8%
Top 10 as share of value
Turnover
0.4%
Q2 2026, one quarter
Average holding period
20.4 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 $4.14B (Q2 2026)

Q1 2021: $1.62BQ2 2021: $1.78BQ3 2021: $1.79BQ4 2021: $1.95BQ1 2022: $1.99BQ2 2022: $1.61BQ3 2022: $1.54BQ4 2022: $1.82BQ1 2023: $1.97BQ2 2023: $2.13BQ3 2023: $2.07BQ4 2023: $2.38BQ1 2024: $2.62BQ2 2024: $2.68BQ3 2024: $2.93BQ4 2024: $2.93BQ1 2025: $2.97BQ2 2025: $3.30BQ3 2025: $3.51BQ4 2025: $3.56BQ1 2026: $3.63BQ2 2026: $4.14B
Q1 2021Q2 2026
13F filings of JMG Financial Group, Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 31, 2026137$4.14BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q1 2026SEC
Q1 2026May 7, 2026127$3.63BVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFVanguard Morningstar Mid-Cap ETFvs. Q4 2025SEC
Q4 2025Feb 10, 2026126$3.56BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q3 2025SEC
Q3 2025Nov 12, 2025122$3.51BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q2 2025SEC
Q2 2025Aug 12, 2025124$3.30BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q1 2025SEC
Q1 2025May 5, 2025120$2.97BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q4 2024SEC
Q4 2024Feb 3, 2025112$2.93BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q3 2024SEC
Q3 2024Oct 22, 2024117$2.93BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q2 2024SEC
Q2 2024Jul 30, 2024117$2.68BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q1 2024SEC
Q1 2024Apr 30, 2024120$2.62BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q4 2023SEC
Q4 2023Feb 2, 2024121$2.38BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q3 2023SEC
Q3 2023Oct 31, 2023109$2.07BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q2 2023SEC
Q2 2023Jul 25, 2023111$2.13BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q1 2023SEC
Q1 2023Apr 12, 2023107$1.97BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q4 2022SEC
Q4 2022Jan 27, 2023102$1.82BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q3 2022SEC
Q3 2022Oct 17, 202291$1.54BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q2 2022SEC
Q2 2022Jul 26, 202294$1.61BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q1 2022SEC
Q1 2022Apr 27, 202286$1.99BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q4 2021SEC
Q4 2021Jan 25, 202282$1.95BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q3 2021SEC
Q3 2021Oct 19, 202182$1.79BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q2 2021SEC
Q2 2021Jul 29, 202184$1.78BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETFvs. Q1 2021SEC
Q1 2021May 5, 202182$1.62BVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Ftse Developed Markets ETF–SEC