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Livermore
Livermore
ZHEN

Goldstein Munger & Associates

SEC CIK
0001570251
Latest filing
Nov 8, 2022

The latest 13F from Goldstein Munger & Associates covers Q3 2022 (filed Nov 8, 2022): 32 long positions worth $303.5M. The top 10 holdings make up 86.4% of the portfolio, and the largest is iShares Tr at 42.8%. Livermore has 7 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2022

Share counts compared with Q2 2022: 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
1
Est. +$206.0K
Added
7
Est. +$2.22M
Reduced
7
Est. −$7.44M
Sold out
2
Est. −$430.0K

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr464287622
    42.8%$129.9M
  2. iShares MSCI Eafe ETF464287465
    8.1%$24.5M
  3. iShares Russell 2000 ETF464287655
    5.8%$17.5M
  4. IAUiShares Gold Trust
    5.6%$16.9MHistory
  5. Vanguard Ftse Developed Markets ETF921943858
    5.4%$16.5M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464287622
    +$1.04MAdded
  2. iShares Tr464287234
    +$514.4KAdded
  3. iShares MSCI Eafe ETF464287465
    +$304.0KAdded
  4. iShares Russell 2000 ETF464287655
    +$208.6KAdded
  5. Vanguard Morningstar Large-Cap ETF922908637
    +$206.0KNew

Largest weight increases

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

  1. iShares Tr464287622
    +1.96 pp40.8% → 42.8%
  2. iShares Russell 2000 ETF464287655
    +0.42 pp5.3% → 5.8%
  3. Vanguard Health Care ETF92204A504
    +0.10 pp2.3% → 2.4%
  4. iShares Tr464287689
    +0.09 pp1.6% → 1.7%
  5. Vanguard Morningstar Large-Cap ETF922908637
    +0.07 pp0.0% → 0.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GLDSPDR Gold Trust
    −$3.32MReducedHistory
  2. IAUiShares Gold Trust
    −$3.20MReducedHistory
  3. Vanguard Ftse Emerging Markets ETF922042858
    −$442.6KReduced
  4. Vanguard Ftse Developed Markets ETF921943858
    −$275.2KReduced
  5. Vanguard World FD921910725
    −$222.0KSold out

Largest weight decreases

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

  1. GLDSPDR Gold Trust
    −1.07 pp4.5% → 3.5%History
  2. IAUiShares Gold Trust
    −1.02 pp6.6% → 5.6%History
  3. Vanguard Ftse Emerging Markets ETF922042858
    −0.34 pp4.7% → 4.4%
  4. Vanguard Ftse Developed Markets ETF921943858
    −0.23 pp5.7% → 5.4%
  5. Vanguard World FD921910725
    −0.07 pp0.1% → 0.0%

Metrics

13F metrics for Q3 2022, computed only from the numbers in the filings. Definitions below.

Portfolio value
$303.5M
−$28.7M (−8.6%) vs. prior quarter
Positions
32
−1 vs. prior quarter
Top 10 concentration
86.4%
Top 10 as share of value
Turnover
0.8%
Q3 2022, one quarter
Average holding period
6.9 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

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

Peak $396.7M (Q4 2021)

Q1 2021: $358.0MQ2 2021: $379.1MQ3 2021: $372.7MQ4 2021: $396.7MQ1 2022: $385.8MQ2 2022: $332.2MQ3 2022: $303.5M
Q1 2021Q3 2022
13F filings of Goldstein Munger & Associates by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2022Nov 8, 202232$303.5MiShares TriShares MSCI Eafe ETFiShares Russell 2000 ETFvs. Q2 2022SEC
Q2 2022Aug 10, 202233$332.2MiShares TriShares MSCI Eafe ETFIAUvs. Q1 2022SEC
Q1 2022May 10, 202236$385.8MiShares TriShares MSCI Eafe ETFiShares Russell 2000 ETFvs. Q4 2021SEC
Q4 2021Feb 8, 202233$396.7MiShares TriShares MSCI Eafe ETFiShares Russell 2000 ETFvs. Q3 2021SEC
Q3 2021Nov 12, 202133$372.7MiShares TriShares MSCI Eafe ETFiShares Russell 2000 ETFvs. Q2 2021SEC
Q2 2021Jul 14, 202133$379.1MiShares TriShares MSCI Eafe ETFiShares Russell 2000 ETFvs. Q1 2021SEC
Q1 2021Apr 27, 202134$358.0MiShares TriShares MSCI Eafe ETFiShares Russell 2000 ETF–SEC