Skip to main content
Livermore
Livermore
ZHEN

Cutler Group LP

SEC CIK
0001534270
Latest filing
Apr 19, 2024

The latest 13F from Cutler Group LP covers Q1 2024 (filed Apr 19, 2024): 898 long positions worth $198.2M. The top 10 holdings make up 22.9% of the portfolio, and the largest is iShares Tr at 4.3%. 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
195
Est. +$32.7M
Added
161
Est. +$30.9M
Reduced
504
Est. −$462.0M
Sold out
725
Est. −$164.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr464287150
    4.3%$8.51M
  2. iShares S&P 500 Growth ETF464287309
    4.0%$7.85M
  3. MDGLMadrigal Pharmaceuticals, Inc.
    2.1%$4.22MHistory
  4. State Street Utilities Select Sector SPDR ETF81369Y886
    2.1%$4.22M
  5. Direxion Shs ETF Tr25459W458
    2.0%$4.02M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares S&P 500 Growth ETF464287309
    +$7.85MNew
  2. State Street Utilities Select Sector SPDR ETF81369Y886
    +$4.22MNew
  3. ProShares Tr74347R206
    +$2.44MAdded
  4. iShares Tr464287150
    +$2.41MAdded
  5. State Street Health Care Select Sector SPDR ETF81369Y209
    +$2.01MAdded

Largest weight increases

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

  1. iShares S&P 500 Growth ETF464287309
    +3.96 pp0.0% → 4.0%
  2. iShares Tr464287150
    +3.52 pp0.8% → 4.3%
  3. State Street Utilities Select Sector SPDR ETF81369Y886
    +2.13 pp0.0% → 2.1%
  4. MDGLMadrigal Pharmaceuticals, Inc.
    +1.70 pp0.4% → 2.1%History
  5. iShares Semiconductor ETF464287523
    +1.50 pp0.3% → 1.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$25.7MReducedHistory
  2. iShares Tr464287432
    −$25.0MReduced
  3. iShares Tr464288513
    −$17.8MSold out
  4. iShares Russell 2000 ETF464287655
    −$17.3MReduced
  5. CCitigroup Inc
    −$16.9MReducedHistory

Largest weight decreases

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

  1. iShares Tr464287432
    −3.42 pp3.7% → 0.3%
  2. iShares Tr464288513
    −2.47 pp2.5% → 0.0%
  3. SPYSPDR S&P 500 ETF Trust
    −2.05 pp3.6% → 1.6%History
  4. ORCLOracle Corp
    −1.80 pp1.8% → 0.0%History
  5. CCitigroup Inc
    −1.76 pp2.0% → 0.2%History

Metrics

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

Portfolio value
$198.2M
−$521.7M (−72.5%) vs. prior quarter
Positions
898
−530 vs. prior quarter
Top 10 concentration
22.9%
Top 10 as share of value
Turnover
13.8%
Q1 2024, one quarter
Average holding period
5.8 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 $1.46B (Q4 2021)

Q1 2021: $1.20BQ2 2021: $1.35BQ3 2021: $1.32BQ4 2021: $1.46BQ1 2022: $1.07BQ2 2022: $733.6MQ3 2022: $828.5MQ4 2022: $819.3MQ1 2023: $636.0MQ2 2023: $423.4MQ3 2023: $625.9MQ4 2023: $719.9MQ1 2024: $198.2M
Q1 2021Q1 2024
13F filings of Cutler Group LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2024Apr 19, 2024898$198.2MiShares TriShares S&P 500 Growth ETFMDGLvs. Q4 2023SEC
Q4 2023Jan 18, 20241,428$719.9MiShares TrSPYiShares Russell 2000 ETFvs. Q3 2023SEC
Q3 2023Nov 7, 20231,528$625.9MiShares TrNVDAState Street Utilities Select Sector SPDR ETFvs. Q2 2023SEC
Q2 2023Jul 18, 20231,504$423.4MNVDAiShares TrFDXvs. Q1 2023SEC
Q1 2023May 1, 20231,559$636.0MState Street Energy Select Sector SPDR ETFVanEck ETF TrustVanEck ETF Trustvs. Q4 2022SEC
Q4 2022Feb 7, 20231,877$819.3MNFLXState Street Energy Select Sector SPDR ETFInvesco QQQ Trust Series Ivs. Q3 2022SEC
Q3 2022Oct 25, 20222,049$828.5MInvesco QQQ Trust Series ISPYiShares Trvs. Q2 2022SEC
Q2 2022Aug 4, 20222,004$733.6MDIAVanEck Semiconductor ETFUUPvs. Q1 2022SEC
Q1 2022Apr 14, 20222,014$1.07BInvesco QQQ Trust Series IiShares TrState Street Energy Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Jan 18, 20222,077$1.46BSPYInvesco QQQ Trust Series IState Street Technology Select Sector SPDR ETFvs. Q3 2021SEC
Q3 2021Oct 26, 20212,124$1.32BProShares TrSPYState Street Health Care Select Sector SPDR ETFvs. Q2 2021SEC
Q2 2021Jul 19, 20212,133$1.35BVanEck ETF TrustVanEck ETF TrustMETAvs. Q1 2021SEC
Q1 2021Apr 26, 20212,022$1.20BVanguard Morningstar Total Stock Market ETFCRWDDirexion Shs ETF Tr–SEC