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Livermore
Livermore
ZHEN

High Falls Advisors, Inc

SEC CIK
0001569139
Latest filing
Feb 18, 2026

The latest 13F from High Falls Advisors, Inc covers Q4 2025 (filed Feb 18, 2026): 144 long positions worth $493.6M. The top 10 holdings make up 59.4% of the portfolio, and the largest is iShares Tr at 9.0%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2025

Share counts compared with Q3 2025: 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
7
Est. +$2.57M
Added
60
Est. +$30.7M
Reduced
62
Est. −$31.4M
Sold out
9
Est. −$2.91M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr46434V613
    9.0%$44.2M
  2. iShares Core S&P 500 ETF464287200
    8.4%$41.5M
  3. iShares S&P 500 Value ETF464287408
    7.2%$35.4M
  4. BlackRock ETF Trust09290C103
    7.0%$34.5M
  5. iShares S&P 500 Growth ETF464287309
    6.0%$29.5M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares S&P 500 Value ETF464287408
    +$10.5MAdded
  2. iShares Core MSCI Emerging Markets ETF46434G103
    +$5.44MAdded
  3. iShares MSCI USA Momentum Factor ETF46432F396
    +$4.67MAdded
  4. BlackRock ETF Trust09290C780
    +$1.60MAdded
  5. iShares S&P 100 ETF464287101
    +$1.49MAdded

Largest weight increases

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

  1. iShares S&P 500 Value ETF464287408
    +2.17 pp5.0% → 7.2%
  2. iShares Core MSCI Emerging Markets ETF46434G103
    +1.12 pp4.4% → 5.5%
  3. iShares MSCI USA Momentum Factor ETF46432F396
    +0.88 pp1.6% → 2.5%
  4. iShares S&P 100 ETF464287101
    +0.37 pp4.8% → 5.2%
  5. BlackRock ETF Trust09290C103
    +0.28 pp6.7% → 7.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares MSCI USA Quality Factor ETF46432F339
    −$12.0MReduced
  2. iShares Tr464288877
    −$3.84MReduced
  3. iShares Tr464288885
    −$1.82MReduced
  4. Invesco QQQ Trust Series I46090E103
    −$1.78MReduced
  5. iShares Tr46429B747
    −$1.51MReduced

Largest weight decreases

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

  1. iShares MSCI USA Quality Factor ETF46432F339
    −2.42 pp5.4% → 3.0%
  2. iShares Tr464288877
    −0.59 pp5.2% → 4.7%
  3. iShares Tr46434V613
    −0.43 pp9.4% → 9.0%
  4. iShares Tr464288885
    −0.38 pp0.7% → 0.3%
  5. Invesco QQQ Trust Series I46090E103
    −0.35 pp1.2% → 0.8%

Metrics

13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$493.6M
+$7.97M (+1.6%) vs. prior quarter
Positions
144
−2 vs. prior quarter
Top 10 concentration
59.4%
Top 10 as share of value
Turnover
6.8%
Q4 2025, one quarter
Average holding period
12.9 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

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

Peak $493.6M (Q4 2025)

Q1 2021: $348.3MQ2 2021: $371.7MQ3 2021: $368.2MQ4 2021: $391.8MQ1 2022: $372.7MQ2 2022: $321.8MQ3 2022: $305.1MQ4 2022: $321.1MQ1 2023: $336.0MQ2 2023: $350.7MQ3 2023: $333.1MQ4 2023: $373.8MQ1 2024: $397.4MQ2 2024: $411.7MQ3 2024: $436.8MQ4 2024: $431.2MQ1 2025: $426.0MQ2 2025: $451.9MQ3 2025: $485.7MQ4 2025: $493.6M
Q1 2021Q4 2025
13F filings of High Falls Advisors, Inc by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2025Feb 18, 2026144$493.6MiShares TriShares Core S&P 500 ETFiShares S&P 500 Value ETFvs. Q3 2025SEC
Q3 2025Nov 14, 2025146$485.7MiShares TriShares Core S&P 500 ETFBlackRock ETF Trustvs. Q2 2025SEC
Q2 2025Aug 15, 2025142$451.9MiShares TriShares Core S&P 500 ETFiShares MSCI USA Quality Factor ETFvs. Q1 2025SEC
Q1 2025May 13, 2025125$426.0MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2024SEC
Q4 2024Feb 14, 2025116$431.2MiShares Core S&P 500 ETFiShares TriShares S&P 500 Growth ETFvs. Q3 2024SEC
Q3 2024Nov 15, 2024120$436.8MiShares Core S&P 500 ETFiShares TriShares S&P 500 Growth ETFvs. Q2 2024SEC
Q2 2024Aug 15, 2024123$411.7MiShares Core S&P 500 ETFiShares TriShares S&P 500 Growth ETFvs. Q1 2024SEC
Q1 2024May 16, 2024123$397.4MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2023SEC
Q4 2023Feb 15, 2024110$373.8MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q3 2023SEC
Q3 2023Nov 15, 2023102$333.1MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2023SEC
Q2 2023Aug 15, 2023111$350.7MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q1 2023SEC
Q1 2023May 15, 2023105$336.0MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2022SEC
Q4 2022Feb 14, 2023114$321.1MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2022SEC
Q3 2022Nov 14, 2022108$305.1MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2022SEC
Q2 2022Aug 15, 2022109$321.8MiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2022SEC
Q1 2022May 16, 2022117$372.7MiShares Core S&P 500 ETFiShares TriShares Trvs. Q4 2021SEC
Q4 2021Feb 15, 2022130$391.8MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2021SEC
Q3 2021Nov 15, 2021117$368.2MiShares TriShares Core S&P 500 ETFiShares Trvs. Q2 2021SEC
Q2 2021Aug 16, 2021118$371.7MiShares TriShares Core S&P 500 ETFiShares U.S. Treasury Bond ETFvs. Q1 2021SEC
Q1 2021May 14, 2021113$348.3MiShares TriShares Core S&P 500 ETFiShares U.S. Treasury Bond ETF–SEC