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Livermore
Livermore
ZHEN

JNBA Financial Advisors

SEC CIK
0001569118
Latest filing
Jul 23, 2026

The latest 13F from JNBA Financial Advisors covers Q2 2026 (filed Jul 23, 2026): 830 long positions worth $1.32B. The top 10 holdings make up 55.9% of the portfolio, and the largest is iShares Core S&P 500 ETF at 13.2%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: 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
93
Est. +$3.35M
Added
155
Est. +$33.9M
Reduced
159
Est. −$50.6M
Sold out
82
Est. −$1.05M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    13.2%$173.9M
  2. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    9.3%$122.5M
  3. iShares Tr46436E718
    7.0%$93.0M
  4. American Centy ETF Tr025072703
    5.2%$68.7M
  5. iShares Core S&P Mid-Cap ETF464287507
    4.6%$61.2M

Share of portfolio

Top 5 holdings and the other 825 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF13.2%
  2. State Street SPDR Portfolio Developed World Ex-US ETF9.3%
  3. iShares Tr7.0%
  4. American Centy ETF Tr5.2%
  5. iShares Core S&P Mid-Cap ETF4.6%
  6. Other 825 positions60.7%

Biggest buys

New and added positions, by estimated amount bought

  1. APGAPi Group Corp
    +$11.8MAddedHistory
  2. iShares Tr46436E718
    +$7.72MAdded
  3. American Centy ETF Tr025072703
    +$5.50MAdded
  4. State Street SPDR Portfolio S&P 500 ETF78464A854
    +$1.96MAdded
  5. AVGOBroadcom Inc.
    +$1.43MAddedHistory

Largest weight increases

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

  1. APGAPi Group Corp
    +0.83 pp1.4% → 2.2%History
  2. American Centy ETF Tr025072703
    +0.20 pp5.0% → 5.2%
  3. State Street SPDR Portfolio S&P 500 ETF78464A854
    +0.19 pp0.9% → 1.1%
  4. AVGOBroadcom Inc.
    +0.11 pp<0.1% → 0.1%History
  5. Vanguard Ftse Developed Markets ETF921943858
    +0.10 pp2.8% → 2.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street SPDR Portfolio S&P 600 Small Cap ETF78468R853
    −$10.0MReduced
  2. iShares Core S&P 500 ETF464287200
    −$7.22MReduced
  3. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    −$3.86MReduced
  4. iShares Core U.S. Aggregate Bond ETF464287226
    −$2.58MReduced
  5. State Street SPDR Portfolio S&P 400 Mid Cap ETF78464A847
    −$2.39MReduced

Largest weight decreases

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

  1. State Street SPDR Portfolio S&P 600 Small Cap ETF78468R853
    −0.65 pp1.3% → 0.6%
  2. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    −0.26 pp9.5% → 9.3%
  3. IAUiShares Gold Trust
    −0.22 pp1.0% → 0.7%History
  4. iShares Core U.S. Aggregate Bond ETF464287226
    −0.22 pp0.3% → <0.1%
  5. VanEck Morningstar Wide Moat ETF92189F643
    −0.22 pp2.9% → 2.7%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.32B
+$120.2M (+10.0%) vs. prior quarter
Positions
830
+11 vs. prior quarter
Top 10 concentration
55.9%
Top 10 as share of value
Turnover
3.0%
Q2 2026, one quarter
Average holding period
19.3 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

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

Peak $1.32B (Q2 2026)

Q1 2021: $688.8MQ2 2021: $738.4MQ3 2021: $744.0MQ4 2021: $818.8MQ1 2022: $755.0MQ2 2022: $659.3MQ3 2022: $648.1MQ4 2022: $719.6MQ1 2023: $768.4MQ2 2023: $834.1MQ3 2023: $800.9MQ4 2023: $879.3MQ1 2024: $952.2MQ2 2024: $947.8MQ3 2024: $992.9MQ4 2024: $979.3MQ1 2025: $964.6MQ2 2025: $1.04BQ3 2025: $1.10BQ4 2025: $1.14BQ1 2026: $1.20BQ2 2026: $1.32B
Q1 2021Q2 2026
13F filings of JNBA Financial Advisors by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 23, 2026830$1.32BiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFiShares Trvs. Q1 2026SEC
Q1 2026Apr 23, 2026819$1.20BiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFiShares Trvs. Q4 2025SEC
Q4 2025Jan 26, 2026796$1.14BiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFiShares Core S&P Mid-Cap ETFvs. Q3 2025SEC
Q3 2025Oct 28, 2025651$1.10BiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFiShares Core S&P Mid-Cap ETFvs. Q2 2025SEC
Q2 2025Jul 24, 2025651$1.04BiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q1 2025SEC
Q1 2025Apr 25, 2025647$964.6MiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q4 2024SEC
Q4 2024Jan 30, 2025648$979.3MiShares Core S&P 500 ETFVanEck Morningstar Wide Moat ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q3 2024SEC
Q3 2024Oct 31, 2024652$992.9MiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFVanEck Morningstar Wide Moat ETFvs. Q2 2024SEC
Q2 2024Jul 22, 2024640$947.8MiShares Core S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFVanEck Morningstar Wide Moat ETFvs. Q1 2024SEC
Q1 2024Apr 26, 2024668$952.2MiShares Core S&P 500 ETFVanEck Morningstar Wide Moat ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q4 2023SEC
Q4 2023Feb 8, 2024712$879.3MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q3 2023SEC
Q3 2023Nov 2, 2023748$800.9MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q2 2023SEC
Q2 2023Aug 3, 2023705$834.1MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q1 2023SEC
Q1 2023May 2, 2023723$768.4MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q4 2022SEC
Q4 2022Feb 7, 2023659$719.6MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q3 2022SEC
Q3 2022Nov 7, 2022709$648.1MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q2 2022SEC
Q2 2022Jul 22, 2022731$659.3MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q1 2022SEC
Q1 2022Apr 29, 2022718$755.0MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q4 2021SEC
Q4 2021Feb 3, 2022847$818.8MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q3 2021SEC
Q3 2021Nov 10, 2021749$744.0MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q2 2021SEC
Q2 2021Aug 4, 2021696$738.4MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETFvs. Q1 2021SEC
Q1 2021May 3, 2021663$688.8MVanEck Morningstar Wide Moat ETFiShares Core S&P Mid-Cap ETFVanguard Dividend Appreciation ETF–SEC