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Livermore
Livermore
ZHEN

Financial Advisory Group

SEC CIK
0001539338
Latest filing
May 10, 2024

The latest 13F from Financial Advisory Group covers Q1 2024 (filed May 10, 2024): 91 long positions worth $566.8M. The top 10 holdings make up 71.4% of the portfolio, and the largest is Vanguard S&P 500 ETF at 15.6%. 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
6
Est. +$1.55M
Added
26
Est. +$14.5M
Reduced
36
Est. −$11.5M
Sold out
2
Est. −$207.2K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    15.6%$88.3M
  2. DBX ETF Tr233051200
    11.9%$67.7M
  3. SPYSPDR S&P 500 ETF Trust
    11.3%$63.9MHistory
  4. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    7.9%$44.5M
  5. iShares Core S&P Mid-Cap ETF464287507
    5.8%$32.6M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares U.S. Treasury Bond ETF46429B267
    +$2.64MAdded
  2. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    +$2.41MAdded
  3. Vanguard S&P 500 ETF922908363
    +$2.24MAdded
  4. DBX ETF Tr233051200
    +$1.65MAdded
  5. SPDR Series Trust78464A664
    +$1.28MAdded

Largest weight increases

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

  1. Vanguard S&P 500 ETF922908363
    +0.75 pp14.8% → 15.6%
  2. DBX ETF Tr233051200
    +0.63 pp11.3% → 11.9%
  3. iShares Core S&P Mid-Cap ETF464287507
    +0.30 pp5.5% → 5.8%
  4. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    +0.28 pp7.6% → 7.9%
  5. iShares U.S. Treasury Bond ETF46429B267
    +0.16 pp3.8% → 4.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$2.09MReducedHistory
  2. iShares Tr464288588
    −$1.36MReduced
  3. iShares Core U.S. Aggregate Bond ETF464287226
    −$1.34MReduced
  4. DIASPDR Dow Jones Industrial Average ETF Trust
    −$1.21MReducedHistory
  5. Vanguard Intermediate-Term Corporate Bond ETF92206C870
    −$766.6KReduced

Largest weight decreases

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

  1. AAPLApple Inc.
    −0.50 pp2.9% → 2.4%History
  2. iShares Core U.S. Aggregate Bond ETF464287226
    −0.30 pp0.8% → 0.5%
  3. DIASPDR Dow Jones Industrial Average ETF Trust
    −0.30 pp4.9% → 4.6%History
  4. iShares Tr464288588
    −0.30 pp0.7% → 0.4%
  5. ARK Innovation ETF00214Q104
    −0.25 pp1.2% → 0.9%

Metrics

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

Portfolio value
$566.8M
+$39.5M (+7.5%) vs. prior quarter
Positions
91
+4 vs. prior quarter
Top 10 concentration
71.4%
Top 10 as share of value
Turnover
2.1%
Q1 2024, one quarter
Average holding period
11.8 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 $566.8M (Q1 2024)

Q1 2021: $390.7MQ2 2021: $418.1MQ3 2021: $451.6MQ4 2021: $507.5MQ1 2022: $514.9MQ2 2022: $470.6MQ3 2022: $443.8MQ4 2022: $471.3MQ1 2023: $495.4MQ2 2023: $506.3MQ3 2023: $485.5MQ4 2023: $527.3MQ1 2024: $566.8M
Q1 2021Q1 2024
13F filings of Financial Advisory Group by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2024May 10, 202491$566.8MVanguard S&P 500 ETFDBX ETF TrSPYvs. Q4 2023SEC
Q4 2023Feb 13, 202487$527.3MVanguard S&P 500 ETFSPYDBX ETF Trvs. Q3 2023SEC
Q3 2023Dec 7, 202381$485.5MVanguard S&P 500 ETFDBX ETF TrSPYvs. Q2 2023SEC
Q2 2023Aug 9, 202390$506.3MVanguard S&P 500 ETFSPYDBX ETF Trvs. Q1 2023SEC
Q1 2023May 11, 202388$495.4MVanguard S&P 500 ETFDBX ETF TrSPYvs. Q4 2022SEC
Q4 2022Feb 9, 202387$471.3MVanguard S&P 500 ETFDBX ETF TrSPYvs. Q3 2022SEC
Q3 2022Nov 14, 202291$443.8MVanguard S&P 500 ETFDBX ETF TrSPYvs. Q2 2022SEC
Q2 2022Aug 10, 202288$470.6MVanguard S&P 500 ETFDBX ETF TrSPYvs. Q1 2022SEC
Q1 2022May 12, 202297$514.9MDBX ETF TrVanguard S&P 500 ETFSPYvs. Q4 2021SEC
Q4 2021Feb 14, 202295$507.5MSPYDBX ETF TrVanguard S&P 500 ETFvs. Q3 2021SEC
Q3 2021Nov 9, 202192$451.6MSPYVanguard S&P 500 ETFDBX ETF Trvs. Q2 2021SEC
Q2 2021Aug 10, 202191$418.1MSPYVanguard S&P 500 ETFDBX ETF Trvs. Q1 2021SEC
Q1 2021May 14, 202183$390.7MSPYVanguard S&P 500 ETFDBX ETF Tr–SEC