Emery Howard Portfolio Management, Inc.
- SEC CIK
- 0001495703
- Latest filing
- Jan 6, 2022
The latest 13F from Emery Howard Portfolio Management, Inc. covers Q4 2021 (filed Jan 6, 2022): 48 long positions worth $773.4M. The top 10 holdings make up 84.1% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 25.7%. Livermore has 4 filings on Form 13F from this institution, going back to Q1 2021.
What changed in Q4 2021
Share counts compared with Q3 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.
- New
- 2
- Est. +$1.46M
- Added
- 29
- Est. +$48.5M
- Reduced
- 12
- Est. −$3.41M
- Sold out
- 1
- Est. −$224.0K
Top 5 holdings
Share of this quarter's portfolio value
- SPYSPDR S&P 500 ETF Trust
- Vanguard Ftse Developed Markets ETF92194385813.8%$106.6M
- Vanguard S&P 500 ETF92290836311.2%$86.9M
- Vanguard Morningstar Mid-Cap ETF9229086298.1%$62.5M
- iShares Core S&P 500 ETF4642872006.7%$51.6M
Share of portfolio
Top 5 holdings and the other 43 positions, by share of portfolio value
- SPY25.7%
- Vanguard Ftse Developed Markets ETF13.8%
- Vanguard S&P 500 ETF11.2%
- Vanguard Morningstar Mid-Cap ETF8.1%
- iShares Core S&P 500 ETF6.7%
- Other 43 positions34.5%
Biggest buys
New and added positions, by estimated amount bought
- Vanguard S&P 500 ETF922908363+$20.1MAdded
- Vanguard Ftse Developed Markets ETF921943858+$10.5MAdded
- Vanguard Morningstar Small-Cap ETF922908751+$6.73MAdded
- Vanguard Ftse Emerging Markets ETF922042858+$6.14MAdded
- Vanguard Morningstar Mid-Cap ETF922908629+$2.87MAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- Vanguard S&P 500 ETF922908363+2.40 pp8.8% → 11.2%
- Vanguard Morningstar Small-Cap ETF922908751+0.54 pp3.8% → 4.3%
- Vanguard Ftse Emerging Markets ETF922042858+0.23 pp4.5% → 4.7%
- iShares Tr464287812+0.15 pp0.0% → 0.1%
- Vanguard Real Estate ETF922908553+0.07 pp1.5% → 1.6%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- SPYSPDR S&P 500 ETF Trust
- Vanguard Dividend Appreciation ETF921908844−$507.8KReduced
- Schwab U.S. Large-Cap ETF808524201−$378.9KReduced
- Schwab U.S. Mid-Cap ETF808524508−$345.8KReduced
- Invesco QQQ Trust Series I46090E103−$313.9KReduced
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- SPYSPDR S&P 500 ETF Trust
- iShares Russell 2000 ETF464287655−0.34 pp3.1% → 2.7%
- Schwab U.S. Mid-Cap ETF808524508−0.26 pp2.9% → 2.6%
- Schwab U.S. Small-Cap ETF808524607−0.20 pp1.9% → 1.7%
- iShares Core S&P 500 ETF464287200−0.18 pp6.8% → 6.7%
Metrics
13F metrics for Q4 2021, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $773.4M
- +$90.5M (+13.3%) vs. prior quarter
- Positions
- 48
- +1 vs. prior quarter
- Top 10 concentration
- 84.1%
- Top 10 as share of value
- Turnover
- 0.5%
- Q4 2021, one quarter
- Average holding period
- 4.0 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
4 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $773.4M (Q4 2021)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q4 2021 | Jan 6, 2022 | 48 | $773.4M | SPYVanguard Ftse Developed Markets ETFVanguard S&P 500 ETF | vs. Q3 2021 | SEC |
| Q3 2021 | Nov 2, 2021 | 47 | $682.9M | SPYVanguard Ftse Developed Markets ETFVanguard S&P 500 ETF | vs. Q2 2021 | SEC |
| Q2 2021 | Jul 30, 2021 | 46 | $679.4M | SPYVanguard Ftse Developed Markets ETFVanguard S&P 500 ETF | vs. Q1 2021 | SEC |
| Q1 2021 | May 5, 2021 | 44 | $618.6M | SPYVanguard Ftse Developed Markets ETFVanguard Morningstar Mid-Cap ETF | – | SEC |