Skip to main content
Livermore
Livermore
ZHEN

Brouwer & Janachowski, LLC

SEC CIK
0001483394
Latest filing
Oct 19, 2021

The latest 13F from Brouwer & Janachowski, LLC covers Q3 2021 (filed Oct 19, 2021): 66 long positions worth $573.6M. The top 10 holdings make up 87.8% of the portfolio, and the largest is Vanguard S&P 500 ETF at 36.2%. Livermore has 3 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2021

Share counts compared with Q2 2021: 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
11
Est. +$2.81M
Added
22
Est. +$12.7M
Reduced
21
Est. −$7.29M
Sold out
6
Est. −$6.21M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    36.2%$207.5M
  2. iShares Tr464287549
    11.5%$66.2M
  3. Schwab U.S. Mid-Cap ETF808524508
    9.2%$52.6M
  4. Vanguard Admiral FDS Inc921932828
    8.0%$46.0M
  5. ProShares Tr74348A467
    5.5%$31.4M

Biggest buys

New and added positions, by estimated amount bought

  1. First Tr Exchng Traded FD VI33740U851
    +$4.54MAdded
  2. Vanguard S&P 500 ETF922908363
    +$3.33MAdded
  3. iShares Inc464286608
    +$2.23MAdded
  4. Vanguard Admiral FDS Inc921932828
    +$553.2KAdded
  5. First Tr Exchange-Traded FD33739Q705
    +$495.0KAdded

Largest weight increases

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

  1. Vanguard S&P 500 ETF922908363
    +0.80 pp35.4% → 36.2%
  2. First Tr Exchng Traded FD VI33740U851
    +0.76 pp1.7% → 2.5%
  3. iShares Inc464286608
    +0.34 pp2.4% → 2.7%
  4. First Tr Exchange-Traded FD33739Q705
    +0.08 pp0.2% → 0.3%
  5. METAMeta Platforms, Inc.
    +0.07 pp<0.1% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Core MSCI Emerging Markets ETF46434G103
    −$5.07MSold out
  2. BRK.BBerkshire Hathaway Inc
    −$2.68MReducedHistory
  3. Vanguard Total Bond Market ETF921937835
    −$1.66MReduced
  4. Ssga Active ETF Tr78467V848
    −$900.1KReduced
  5. ProShares Tr74348A467
    −$764.2KReduced

Largest weight decreases

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

  1. iShares Core MSCI Emerging Markets ETF46434G103
    −0.88 pp0.9% → 0.0%
  2. BRK.BBerkshire Hathaway Inc
    −0.49 pp1.5% → 1.0%History
  3. Vanguard Total Bond Market ETF921937835
    −0.29 pp4.7% → 4.4%
  4. ProShares Tr74348A467
    −0.24 pp5.7% → 5.5%
  5. Ssga Active ETF Tr78467V848
    −0.15 pp1.7% → 1.5%

Metrics

13F metrics for Q3 2021, computed only from the numbers in the filings. Definitions below.

Portfolio value
$573.6M
−$2.27M (−0.4%) vs. prior quarter
Positions
66
+5 vs. prior quarter
Top 10 concentration
87.8%
Top 10 as share of value
Turnover
2.3%
Q3 2021, 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 (Q1 2021), so positions held before then are understated.

13F filings by quarter

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

Peak $575.9M (Q2 2021)

Q1 2021: $555.0MQ2 2021: $575.9MQ3 2021: $573.6M
Q1 2021Q3 2021
13F filings of Brouwer & Janachowski, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2021Oct 19, 202166$573.6MVanguard S&P 500 ETFiShares TrSchwab U.S. Mid-Cap ETFvs. Q2 2021SEC
Q2 2021Jul 14, 202161$575.9MVanguard S&P 500 ETFiShares TrSchwab U.S. Mid-Cap ETFvs. Q1 2021SEC
Q1 2021May 10, 202150$555.0MVanguard S&P 500 ETFiShares TriShares Tr–SEC