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Livermore
Livermore
ZHEN

Stillwater Investment Management, LLC

SEC CIK
0001478775
Latest filing
Apr 5, 2023

The latest 13F from Stillwater Investment Management, LLC covers Q1 2023 (filed Apr 5, 2023): 82 long positions worth $372.0M. The top 10 holdings make up 62.1% of the portfolio, and the largest is iShares Core S&P 500 ETF at 26.6%. Livermore has 9 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2023

Share counts compared with Q4 2022: 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
1
Est. +$224.0K
Added
50
Est. +$1.51M
Reduced
23
Est. −$1.14M
Sold out
2
Est. −$406.4K

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    26.6%$99.1M
  2. iShares Russell Midcap ETF464287499
    7.2%$26.9M
  3. iShares Russell 2000 ETF464287655
    7.2%$26.8M
  4. AAPLApple Inc.
    5.8%$21.6MHistory
  5. State Street Technology Select Sector SPDR ETF81369Y803
    3.3%$12.3M

Share of portfolio

Top 5 holdings and the other 77 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF26.6%
  2. iShares Russell Midcap ETF7.2%
  3. iShares Russell 2000 ETF7.2%
  4. AAPL5.8%
  5. State Street Technology Select Sector SPDR ETF3.3%
  6. Other 77 positions49.8%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Russell Midcap ETF464287499
    +$609.6KAdded
  2. Invesco QQQ Trust Series I46090E103
    +$224.0KNew
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    +$169.7KAdded
  4. iShares Russell 2000 ETF464287655
    +$155.2KAdded
  5. State Street Technology Select Sector SPDR ETF81369Y803
    +$121.6KAdded

Largest weight increases

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

  1. State Street Technology Select Sector SPDR ETF81369Y803
    +0.47 pp2.8% → 3.3%
  2. INTCIntel Corp
    +0.07 pp0.4% → 0.5%History
  3. MPCMarathon Petroleum Corp
    +0.07 pp0.7% → 0.8%History
  4. State Street Communication Services Select Sector SPDR ETF81369Y852
    +0.06 pp0.4% → 0.5%
  5. Invesco QQQ Trust Series I46090E103
    +0.06 pp0.0% → 0.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AAPLApple Inc.
    −$324.7KReducedHistory
  2. TFCTruist Financial Corp
    −$203.5KSold outHistory
  3. Vanguard S&P 500 ETF922908363
    −$202.9KSold out
  4. iShares Core S&P 500 ETF464287200
    −$107.7KReduced
  5. MMM3M Co
    −$106.1KReducedHistory

Largest weight decreases

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

  1. State Street Financial Select Sector SPDR ETF81369Y605
    −0.36 pp3.3% → 2.9%
  2. State Street Energy Select Sector SPDR ETF81369Y506
    −0.34 pp3.4% → 3.0%
  3. DEDeere & Co
    −0.15 pp1.7% → 1.5%History
  4. MMM3M Co
    −0.14 pp0.7% → 0.5%History
  5. BRK.BBerkshire Hathaway Inc
    −0.08 pp1.4% → 1.3%History

Metrics

13F metrics for Q1 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$372.0M
+$18.7M (+5.3%) vs. prior quarter
Positions
82
−1 vs. prior quarter
Top 10 concentration
62.1%
Top 10 as share of value
Turnover
0.4%
Q1 2023, one quarter
Average holding period
8.9 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

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

Peak $407.1M (Q4 2021)

Q1 2021: $348.3MQ2 2021: $376.3MQ3 2021: $375.7MQ4 2021: $407.1MQ1 2022: $397.0MQ2 2022: $337.9MQ3 2022: $324.0MQ4 2022: $353.3MQ1 2023: $372.0M
Q1 2021Q1 2023
13F filings of Stillwater Investment Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2023Apr 5, 202382$372.0MiShares Core S&P 500 ETFiShares Russell Midcap ETFiShares Russell 2000 ETFvs. Q4 2022SEC
Q4 2022Jan 10, 202383$353.3MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETFvs. Q3 2022SEC
Q3 2022Oct 5, 202282$324.0MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETFvs. Q2 2022SEC
Q2 2022Jul 5, 202284$337.9MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETFvs. Q1 2022SEC
Q1 2022Apr 4, 202288$397.0MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETFvs. Q4 2021SEC
Q4 2021Jan 4, 202281$407.1MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETFvs. Q3 2021SEC
Q3 2021Oct 4, 202184$375.7MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETFvs. Q2 2021SEC
Q2 2021Jul 1, 202182$376.3MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETFvs. Q1 2021SEC
Q1 2021Apr 2, 202179$348.3MiShares Core S&P 500 ETFiShares Russell 2000 ETFiShares Russell Midcap ETF–SEC