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Livermore
Livermore
ZHEN

Sawtooth Solutions, LLC

SEC CIK
0001486066
Latest filing
Jan 29, 2024

The latest 13F from Sawtooth Solutions, LLC covers Q4 2023 (filed Jan 29, 2024): 1,070 long positions worth $3.66B. The top 10 holdings make up 27.8% of the portfolio, and the largest is Mirati Therapeutics, Inc. (MRTX) at 5.0%. Livermore has 12 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2023

Share counts compared with Q3 2023: 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
129
Est. +$237.0M
Added
471
Est. +$186.0M
Reduced
431
Est. −$135.7M
Sold out
53
Est. −$28.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. MRTXMirati Therapeutics, Inc.
    5.0%$184.2MHistory
  2. AAPLApple Inc.
    3.4%$123.3MHistory
  3. Vanguard Morningstar Large-Cap ETF922908637
    3.4%$123.0M
  4. CEFSprott Physical Gold & Silver Trust
    3.1%$115.3MHistory
  5. MSFTMicrosoft Corp
    2.4%$88.5MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. MRTXMirati Therapeutics, Inc.
    +$184.2MNewHistory
  2. Vanguard Intl Equity Index F922042866
    +$16.0MAdded
  3. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +$15.8MAdded
  4. iShares Tr46436E718
    +$7.93MAdded
  5. SLViShares Silver Trust
    +$6.15MAddedHistory

Largest weight increases

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

  1. MRTXMirati Therapeutics, Inc.
    +5.03 pp0.0% → 5.0%History
  2. Vanguard Intl Equity Index F922042866
    +0.43 pp<0.1% → 0.5%
  3. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +0.34 pp0.6% → 0.9%
  4. iShares Tr464287184
    +0.11 pp0.0% → 0.1%
  5. iShares Russell 1000 Value ETF464287598
    +0.11 pp0.4% → 0.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Scottsdale FDS92206C102
    −$13.0MReduced
  2. Invesco Actively Managed Exc46090A887
    −$9.23MReduced
  3. Vanguard Malvern FDS922020805
    −$5.12MReduced
  4. Vanguard Short-Term Bond ETF921937827
    −$4.74MReduced
  5. CEFSprott Physical Gold & Silver Trust
    −$4.49MReducedHistory

Largest weight decreases

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

  1. Vanguard Scottsdale FDS92206C102
    −0.47 pp0.8% → 0.3%
  2. Invesco Actively Managed Exc46090A887
    −0.33 pp0.6% → 0.2%
  3. CEFSprott Physical Gold & Silver Trust
    −0.33 pp3.5% → 3.1%History
  4. Vanguard Malvern FDS922020805
    −0.30 pp1.1% → 0.8%
  5. iShares Tr464287457
    −0.28 pp1.9% → 1.6%

Metrics

13F metrics for Q4 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$3.66B
+$547.0M (+17.6%) vs. prior quarter
Positions
1,070
+76 vs. prior quarter
Top 10 concentration
27.8%
Top 10 as share of value
Turnover
4.9%
Q4 2023, one quarter
Average holding period
9.1 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

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

Peak $3.81B (Q1 2023)

Q1 2021: $454.3MQ2 2021: $505.4MQ3 2021: $650.2MQ4 2021: $895.5MQ1 2022: $814.4MQ2 2022: $771.2MQ3 2022: $689.7MQ4 2022: $735.0MQ1 2023: $3.81BQ2 2023: $3.66BQ3 2023: $3.11BQ4 2023: $3.66B
Q1 2021Q4 2023
13F filings of Sawtooth Solutions, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2023Jan 29, 20241,070$3.66BMRTXAAPLVanguard Morningstar Large-Cap ETFvs. Q3 2023SEC
Q3 2023Oct 19, 2023994$3.11BCEFAAPLVanguard Morningstar Large-Cap ETFvs. Q2 2023SEC
Q2 2023Jul 26, 20231,057$3.66BVanguard Morningstar Large-Cap ETFAAPLCEFvs. Q1 2023SEC
Q1 2023Apr 27, 20231,176$3.81BAAPLVanguard Morningstar Large-Cap ETFCEFvs. Q4 2022SEC
Q4 2022Feb 2, 2023667$735.0MVanguard Mun BD FDSVanguard S&P 500 ETFAAPLvs. Q3 2022SEC
Q3 2022Oct 12, 2022644$689.7MVanguard S&P 500 ETFAAPLMSFTvs. Q2 2022SEC
Q2 2022Jul 19, 2022634$771.2MAAPLMSFTiShares Core S&P 500 ETFvs. Q1 2022SEC
Q1 2022May 20, 2022624$814.4MVanguard S&P 500 ETFAAPLVanguard Mun BD FDSvs. Q4 2021SEC
Q4 2021Feb 11, 2022457$895.5MVanguard Mun BD FDSAAPLMSFTvs. Q3 2021SEC
Q3 2021Nov 9, 2021579$650.2MVanguard S&P 500 ETFiShares Core S&P 500 ETFMSFTvs. Q2 2021SEC
Q2 2021Sep 1, 2021512$505.4MVanguard S&P 500 ETFiShares Core S&P 500 ETFAAPLvs. Q1 2021SEC
Q1 2021May 13, 2021484$454.3MVanguard S&P 500 ETFiShares Core S&P 500 ETFAAPL–SEC