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Livermore
Livermore
ZHEN

Sandy Spring Bank

SEC CIK
0001457833
Latest filing
May 12, 2025

The latest 13F from Sandy Spring Bank covers Q1 2025 (filed May 12, 2025): 1,217 long positions worth $2.38B. The top 10 holdings make up 34.5% of the portfolio, and the largest is iShares Core S&P Mid-Cap ETF at 6.1%. Livermore has 17 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2025

Share counts compared with Q4 2024: 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
120
Est. +$6.52M
Added
281
Est. +$76.2M
Reduced
373
Est. −$66.5M
Sold out
125
Est. −$1.23M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P Mid-Cap ETF464287507
    6.1%$144.9M
  2. iShares Core S&P 500 ETF464287200
    5.7%$135.5M
  3. AAPLApple Inc.
    4.4%$104.0MHistory
  4. NVDANVIDIA Corp
    3.3%$77.5MHistory
  5. MSFTMicrosoft Corp
    3.2%$75.3MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr46434V456
    +$10.4MAdded
  2. Invesco Exchange Traded FD T46137V472
    +$7.86MAdded
  3. BRK.ABerkshire Hathaway Inc
    +$4.79MNewHistory
  4. iShares S&P Mid-Cap 400 Growth ETF464287606
    +$4.63MAdded
  5. LLYEli Lilly & Co
    +$3.75MAddedHistory

Largest weight increases

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

  1. iShares Tr46434V456
    +0.55 pp1.0% → 1.5%
  2. BRK.BBerkshire Hathaway Inc
    +0.46 pp1.7% → 2.2%History
  3. Invesco Exchange Traded FD T46137V472
    +0.32 pp0.3% → 0.6%
  4. LLYEli Lilly & Co
    +0.23 pp0.7% → 0.9%History
  5. BRK.ABerkshire Hathaway Inc
    +0.20 pp0.0% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. WisdomTree Tr97717W505
    −$4.57MReduced
  2. MSFTMicrosoft Corp
    −$2.83MReducedHistory
  3. AAPLApple Inc.
    −$2.59MReducedHistory
  4. JPMJPMorgan Chase & Co
    −$2.39MReducedHistory
  5. ELVElevance Health, Inc.
    −$1.88MReducedHistory

Largest weight decreases

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

  1. AAPLApple Inc.
    −0.49 pp4.9% → 4.4%History
  2. MSFTMicrosoft Corp
    −0.39 pp3.6% → 3.2%History
  3. GOOGAlphabet Inc.
    −0.25 pp1.6% → 1.3%History
  4. GOOGLAlphabet Inc.
    −0.19 pp1.1% → 0.9%History
  5. WisdomTree Tr97717W505
    −0.18 pp1.1% → 0.9%

Metrics

13F metrics for Q1 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.38B
−$92.1M (−3.7%) vs. prior quarter
Positions
1,217
−5 vs. prior quarter
Top 10 concentration
34.5%
Top 10 as share of value
Turnover
2.8%
Q1 2025, one quarter
Average holding period
16.2 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

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

Peak $2.47B (Q4 2024)

Q1 2021: $1.74BQ2 2021: $1.89BQ3 2021: $1.89BQ4 2021: $2.10BQ1 2022: $1.97BQ2 2022: $1.67BQ3 2022: $1.58BQ4 2022: $1.68BQ1 2023: $1.76BQ2 2023: $1.88BQ3 2023: $1.80BQ4 2023: $2.01BQ1 2024: $2.20BQ2 2024: $2.27BQ3 2024: $2.43BQ4 2024: $2.47BQ1 2025: $2.38B
Q1 2021Q1 2025
13F filings of Sandy Spring Bank by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2025May 12, 20251,217$2.38BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q4 2024SEC
Q4 2024Feb 11, 20251,222$2.47BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q3 2024SEC
Q3 2024Oct 25, 20241,199$2.43BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q2 2024SEC
Q2 2024Aug 6, 20241,274$2.27BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q1 2024SEC
Q1 2024May 8, 20241,241$2.20BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFMSFTvs. Q4 2023SEC
Q4 2023Jan 26, 20241,177$2.01BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q3 2023SEC
Q3 2023Oct 30, 20231,184$1.80BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q2 2023SEC
Q2 2023Aug 4, 20231,227$1.88BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q1 2023SEC
Q1 2023May 5, 20231,162$1.76BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q4 2022SEC
Q4 2022Feb 10, 20231,145$1.68BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q3 2022SEC
Q3 2022Nov 2, 20221,123$1.58BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q2 2022SEC
Q2 2022Jul 21, 20221,119$1.67BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q1 2022SEC
Q1 2022May 3, 20221,117$1.97BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q4 2021SEC
Q4 2021Feb 11, 20221,210$2.10BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q3 2021SEC
Q3 2021Nov 5, 20211,126$1.89BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q2 2021SEC
Q2 2021Aug 9, 20211,134$1.89BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPLvs. Q1 2021SEC
Q1 2021May 3, 2021988$1.74BiShares Core S&P Mid-Cap ETFiShares Core S&P 500 ETFAAPL–SEC