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Livermore
Livermore
ZHEN

QS Investors, LLC

SEC CIK
0001501436
Latest filing
Aug 13, 2021

The latest 13F from QS Investors, LLC covers Q2 2021 (filed Aug 13, 2021): 1,094 long positions worth $8.47B. The top 10 holdings make up 45.3% of the portfolio, and the largest is Vanguard Total Bond Market ETF at 9.6%. Livermore has 2 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2021

Share counts compared with Q1 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
100
Est. +$85.7M
Added
261
Est. +$601.0M
Reduced
469
Est. −$845.1M
Sold out
184
Est. −$304.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Total Bond Market ETF921937835
    9.6%$816.8M
  2. iShares Core S&P 500 ETF464287200
    9.1%$766.7M
  3. iShares Tr464287622
    8.9%$754.4M
  4. iShares Core U.S. Aggregate Bond ETF464287226
    4.7%$397.4M
  5. Vanguard Ftse All-World Ex-US Index Fund922042775
    3.6%$306.5M

Share of portfolio

Top 5 holdings and the other 1,089 positions, by share of portfolio value

  1. Vanguard Total Bond Market ETF9.6%
  2. iShares Core S&P 500 ETF9.1%
  3. iShares Tr8.9%
  4. iShares Core U.S. Aggregate Bond ETF4.7%
  5. Vanguard Ftse All-World Ex-US Index Fund3.6%
  6. Other 1,089 positions64.1%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464287622
    +$152.5MAdded
  2. Vanguard Ftse All-World Ex-US Index Fund922042775
    +$63.5MAdded
  3. Vanguard Star FDS921909768
    +$22.0MAdded
  4. MCDMcDonalds Corp
    +$18.5MAddedHistory
  5. CLColgate Palmolive Co
    +$18.3MAddedHistory

Largest weight increases

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

  1. iShares Tr464287622
    +2.33 pp6.6% → 8.9%
  2. Vanguard Ftse All-World Ex-US Index Fund922042775
    +0.87 pp2.8% → 3.6%
  3. Vanguard Star FDS921909768
    +0.30 pp0.9% → 1.2%
  4. PMPhilip Morris International Inc.
    +0.23 pp0.2% → 0.4%History
  5. MCDMcDonalds Corp
    +0.22 pp0.1% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Total Bond Market ETF921937835
    −$151.5MReduced
  2. iShares Tr464287440
    −$87.3MSold out
  3. Vanguard Total International Bond ETF92203J407
    −$32.6MReduced
  4. Invesco Exch Traded FD Tr II46138E362
    −$31.7MReduced
  5. iShares Core U.S. Aggregate Bond ETF464287226
    −$23.6MReduced

Largest weight decreases

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

  1. Vanguard Total Bond Market ETF921937835
    −1.65 pp11.3% → 9.6%
  2. iShares Tr464287440
    −1.03 pp1.0% → 0.0%
  3. Vanguard Total International Bond ETF92203J407
    −0.39 pp1.5% → 1.1%
  4. Invesco Exch Traded FD Tr II46138E362
    −0.36 pp0.5% → 0.2%
  5. SPDR Series Trust78468R408
    −0.25 pp0.3% → 0.0%

Metrics

13F metrics for Q2 2021, computed only from the numbers in the filings. Definitions below.

Portfolio value
$8.47B
+$14.0M (+0.2%) vs. prior quarter
Positions
1,094
−84 vs. prior quarter
Top 10 concentration
45.3%
Top 10 as share of value
Turnover
8.1%
Q2 2021, one quarter
Average holding period
2.0 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

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

Peak $8.47B (Q2 2021)

Q1 2021: $8.45BQ2 2021: $8.47B
Q1 2021Q2 2021
13F filings of QS Investors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2021Aug 13, 20211,094$8.47BVanguard Total Bond Market ETFiShares Core S&P 500 ETFiShares Trvs. Q1 2021SEC
Q1 2021May 13, 20211,178$8.45BVanguard Total Bond Market ETFiShares Core S&P 500 ETFiShares Tr–SEC