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Livermore
Livermore
ZHEN

Pathstone Family Office, LLC

SEC CIK
0001511137
Latest filing
Nov 8, 2023

The latest 13F from Pathstone Family Office, LLC covers Q3 2023 (filed Nov 8, 2023): 1,656 long positions worth $12.8B. The top 10 holdings make up 38.4% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 8.0%. Livermore has 16 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2023

Share counts compared with Q2 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
460
Est. +$497.3M
Added
1031
Est. +$6.01B
Reduced
106
Est. −$206.1M
Sold out
40
Est. −$10.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    8.0%$1.02BHistory
  2. iShares Core S&P 500 ETF464287200
    7.6%$979.3M
  3. MSFTMicrosoft Corp
    4.5%$583.1MHistory
  4. Vanguard S&P 500 ETF922908363
    4.0%$519.8M
  5. MDYSPDR S&P Midcap 400 ETF Trust
    3.4%$439.8MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. SPYSPDR S&P 500 ETF Trust
    +$730.1MAddedHistory
  2. iShares Core S&P 500 ETF464287200
    +$535.2MAdded
  3. Vanguard S&P 500 ETF922908363
    +$464.9MAdded
  4. MDYSPDR S&P Midcap 400 ETF Trust
    +$438.9MAddedHistory
  5. iShares Core S&P Mid-Cap ETF464287507
    +$297.0MAdded

Largest weight increases

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

  1. SPYSPDR S&P 500 ETF Trust
    +3.65 pp4.3% → 8.0%History
  2. MDYSPDR S&P Midcap 400 ETF Trust
    +3.41 pp<0.1% → 3.4%History
  3. Vanguard S&P 500 ETF922908363
    +3.24 pp0.8% → 4.0%
  4. iShares Tr464287622
    +1.98 pp0.2% → 2.1%
  5. iShares Core S&P Mid-Cap ETF464287507
    +1.87 pp0.9% → 2.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Dimensional ETF Trust25434V849
    −$33.8MReduced
  2. Dimensional ETF Trust25434V831
    −$30.3MReduced
  3. iShares Tr464288414
    −$28.3MReduced
  4. Dimensional ETF Trust25434V799
    −$17.9MReduced
  5. iShares Tr464287457
    −$13.1MReduced

Largest weight decreases

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

  1. Vanguard Morningstar Large-Cap ETF922908637
    −1.29 pp2.7% → 1.4%
  2. Dimensional ETF Trust25434V799
    −0.83 pp1.5% → 0.6%
  3. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    −0.83 pp1.6% → 0.8%
  4. Dimensional ETF Trust25434V831
    −0.66 pp0.9% → 0.2%
  5. Dimensional World Ex U.S. Core Equity 2 ETF25434V880
    −0.58 pp1.2% → 0.6%

Metrics

13F metrics for Q3 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$12.8B
+$5.82B (+82.7%) vs. prior quarter
Positions
1,656
+420 vs. prior quarter
Top 10 concentration
38.4%
Top 10 as share of value
Turnover
2.2%
Q3 2023, one quarter
Average holding period
9.6 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

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

Peak $12.8B (Q3 2023)

Q1 2021: $2.96BQ2 2021: $3.33BQ3 2021: $3.42BQ4 2021: $4.01BQ1 2022: $4.28BQ2 2022: $4.54BQ3 2022: $5.25BQ4 2022: $4.99BQ1 2023: $6.17BQ2 2023: $7.03BQ3 2023: $12.8B
Q1 2021Q3 2023
13F filings of Pathstone Family Office, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2023Nov 8, 20231,656$12.8BSPYiShares Core S&P 500 ETFMSFTvs. Q2 2023SEC
Q2 2023Jan 16, 2024Amended1,236$7.03BMSFTiShares Core S&P 500 ETFSPYvs. Q1 2023SEC
Q1 2023May 15, 20231,184$6.17BiShares Core S&P 500 ETFMSFTSPYvs. Q4 2022SEC
Q4 2022Oct 24, 2023Amended1,288$4.99BiShares Core S&P 500 ETFMSFTKOvs. Q3 2022SEC
Q3 2022Oct 24, 2023Amended1,204$5.25BiShares Core S&P 500 ETFMSFTVanguard Morningstar Large-Cap ETFvs. Q2 2022SEC
Q2 2022Oct 24, 2023Amended1,038$4.54BiShares Core S&P 500 ETFVanguard Morningstar Large-Cap ETFKOvs. Q1 2022SEC
Q1 2022May 16, 2022948$4.28BiShares Core S&P 500 ETFMSFTVanguard Morningstar Large-Cap ETFvs. Q4 2021SEC
Q4 2021Feb 14, 2022883$4.01BiShares Core S&P 500 ETFVanguard Morningstar Large-Cap ETFVanguard Ftse Developed Markets ETFvs. Q3 2021SEC
Q3 2021Nov 16, 2021852$3.42BiShares Core S&P 500 ETFVanguard Morningstar Large-Cap ETFVanguard Ftse Developed Markets ETFvs. Q2 2021SEC
Q2 2021Aug 31, 2021Amended804$3.33BiShares Core S&P 500 ETFVanguard Morningstar Large-Cap ETFVanguard Ftse Developed Markets ETFvs. Q1 2021SEC
Q1 2021May 14, 2021636$2.96BiShares Core S&P 500 ETFVanguard Morningstar Large-Cap ETFVanguard Ftse Developed Markets ETF–SEC

13D and 13G filings

Companies where Pathstone Family Office, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where Pathstone Family Office, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
Biopower Operations CorpCommon Stock13G15.04%7.15M sharesNewAug 15, 20251 filingAug 15, 2025SEC
NKGNNKGen Biotech, Inc.13G7.91%2.80M sharesNewFeb 28, 20251 filingFeb 28, 2025SEC

Latest filings

4 filings on file made by Pathstone Family Office, LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Pathstone Family Office, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
Biopower Operations CorpCommon StockAug 15, 20255:08 PM ET13G15.04%7.15M sharesNewAug 15, 2025SEC
NKGNNKGen Biotech, Inc.Feb 28, 20255:46 PM ET13G7.91%2.80M sharesNewOct 17, 2024SEC
CGTXCognition Therapeutics IncFeb 4, 202510:29 AM ET13G0.00%0 shares–Below 5%May 23, 2024SEC
CGTXCognition Therapeutics IncJan 19, 202413GOld format–New–SEC