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Livermore
Livermore
ZHEN

Highlander Capital Management, LLC

SEC CIK
0001519113
Latest filing
May 20, 2024

The latest 13F from Highlander Capital Management, LLC covers Q1 2024 (filed May 20, 2024): 955 long positions worth $292.3M. The top 10 holdings make up 30.4% of the portfolio, and the largest is Microsoft Corp (MSFT) at 4.8%. Livermore has 13 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2024

Share counts compared with Q4 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
36
Est. +$3.82M
Added
66
Est. +$4.41M
Reduced
131
Est. −$6.09M
Sold out
69
Est. −$6.01M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    4.8%$14.1MHistory
  2. BRK.BBerkshire Hathaway Inc
    4.5%$13.1MHistory
  3. UNHUnitedHealth Group Inc
    4.4%$12.8MHistory
  4. AAPLApple Inc.
    3.8%$11.0MHistory
  5. SYKStryker Corp
    3.4%$9.82MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. US Treasury BILL24912796CX5
    +$1.40MNew
  2. CVXChevron Corp
    +$871.4KAddedHistory
  3. PFEPfizer Inc
    +$656.4KAddedHistory
  4. EOGEOG Resources Inc
    +$639.2KAddedHistory
  5. US Treasury BILL24U S T Bill Due 040424912797GZ4
    +$499.8KNew

Largest weight increases

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

  1. US Treasury BILL24912796CX5
    +0.48 pp0.0% → 0.5%
  2. CVXChevron Corp
    +0.31 pp0.7% → 1.0%History
  3. DISWalt Disney Co
    +0.30 pp1.0% → 1.3%History
  4. EOGEOG Resources Inc
    +0.22 pp0.1% → 0.3%History
  5. PFEPfizer Inc
    +0.20 pp0.4% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. American Tower Corp03027XAD2
    −$1.01MSold out
  2. US Treasury Bill 01/11/24912797GC5
    −$799.0KSold out
  3. Radian Group Inc750236AX9
    −$754.9KSold out
  4. Malvern Bancorp Inc FXD/FLT561409AC7
    −$652.2KSold out
  5. AAPLApple Inc.
    −$535.9KReducedHistory

Largest weight decreases

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

  1. AAPLApple Inc.
    −0.85 pp4.6% → 3.8%History
  2. American Tower Corp03027XAD2
    −0.36 pp0.4% → 0.0%
  3. US Treasury Bill 01/11/24912797GC5
    −0.28 pp0.3% → 0.0%
  4. Radian Group Inc750236AX9
    −0.27 pp0.3% → 0.0%
  5. Malvern Bancorp Inc FXD/FLT561409AC7
    −0.23 pp0.2% → 0.0%

Metrics

13F metrics for Q1 2024, computed only from the numbers in the filings. Definitions below.

Portfolio value
$292.3M
+$11.5M (+4.1%) vs. prior quarter
Positions
955
−33 vs. prior quarter
Top 10 concentration
30.4%
Top 10 as share of value
Turnover
2.9%
Q1 2024, one quarter
Average holding period
11.5 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

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

Peak $292.3M (Q1 2024)

Q1 2021: $191.2MQ2 2021: $200.2MQ3 2021: $197.3MQ4 2021: $216.0MQ1 2022: $213.7MQ2 2022: $185.8MQ3 2022: $174.1MQ4 2022: $191.2MQ1 2023: $204.3MQ2 2023: $215.8MQ3 2023: $254.4MQ4 2023: $280.8MQ1 2024: $292.3M
Q1 2021Q1 2024
13F filings of Highlander Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2024May 20, 2024955$292.3MMSFTBRK.BUNHvs. Q4 2023SEC
Q4 2023Jan 24, 2024988$280.8MUNHAAPLMSFTvs. Q3 2023SEC
Q3 2023Nov 13, 2023958$254.4MUNHAAPLBRK.Bvs. Q2 2023SEC
Q2 2023Aug 14, 2023669$215.8MUNHAAPLMSFTvs. Q1 2023SEC
Q1 2023May 15, 2023688$204.3MUNHAAPLMSFTvs. Q4 2022SEC
Q4 2022Feb 15, 2023657$191.2MUNHAAPLBRK.Bvs. Q3 2022SEC
Q3 2022Nov 14, 2022648$174.1MUNHAAPLMSFTvs. Q2 2022SEC
Q2 2022Aug 15, 2022656$185.8MUNHAAPLMSFTvs. Q1 2022SEC
Q1 2022May 9, 2022640$213.7MUNHAAPLMSFTvs. Q4 2021SEC
Q4 2021Feb 14, 2022621$216.0MUNHAAPLMSFTvs. Q3 2021SEC
Q3 2021Nov 15, 2021619$197.3MUNHAAPLMSFTvs. Q2 2021SEC
Q2 2021Aug 10, 2021633$200.2MUNHAAPLMSFTvs. Q1 2021SEC
Q1 2021May 14, 2021639$191.2MUNHAAPLMSFT–SEC