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Livermore
Livermore
ZHEN

D. Scott Neal, Inc.

SEC CIK
0001596920
Latest filing
Oct 28, 2025

The latest 13F from D. Scott Neal, Inc. covers Q3 2025 (filed Oct 28, 2025): 58 long positions worth $216.2M. The top 10 holdings make up 78.9% of the portfolio, and the largest is SPDR Gold Trust (GLD) at 16.7%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 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
4
Est. +$848.5K
Added
7
Est. +$294.0K
Reduced
15
Est. −$2.71M
Sold out
1
Est. −$221.6K

Top 5 holdings

Share of this quarter's portfolio value

  1. GLDSPDR Gold Trust
    16.7%$36.1MHistory
  2. Invesco QQQ Trust Series I46090E103
    14.3%$30.9M
  3. State Street Communication Services Select Sector SPDR ETF81369Y852
    10.1%$21.9M
  4. UNMUnum Group
    9.3%$20.0MHistory
  5. AJGArthur J. Gallagher & Co.
    8.1%$17.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. State Street Utilities Select Sector SPDR ETF81369Y886
    +$257.9KAdded
  2. MUMicron Technology Inc
    +$227.2KNewHistory
  3. iShares Tr464288752
    +$214.5KNew
  4. BACBank of America Corp
    +$205.9KNewHistory
  5. WMTWalmart Inc.
    +$200.9KNewHistory

Largest weight increases

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

  1. FLEXFlex Ltd.
    +0.52 pp6.7% → 7.2%History
  2. State Street Utilities Select Sector SPDR ETF81369Y886
    +0.11 pp1.2% → 1.4%
  3. AAPLApple Inc.
    +0.11 pp0.7% → 0.8%History
  4. MUMicron Technology Inc
    +0.11 pp0.0% → 0.1%History
  5. iShares Tr464288752
    +0.10 pp0.0% → 0.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. UNMUnum Group
    −$557.4KReducedHistory
  2. SPYSPDR S&P 500 ETF Trust
    −$473.0KReducedHistory
  3. IAUiShares Gold Trust
    −$453.5KReducedHistory
  4. GLDSPDR Gold Trust
    −$306.1KReducedHistory
  5. AJGArthur J. Gallagher & Co.
    −$294.6KReducedHistory

Largest weight decreases

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

  1. UNMUnum Group
    −1.39 pp10.7% → 9.3%History
  2. AJGArthur J. Gallagher & Co.
    −1.08 pp9.2% → 8.1%History
  3. NSANational Storage Affiliates Trust
    −0.51 pp4.1% → 3.6%History
  4. SPYSPDR S&P 500 ETF Trust
    −0.22 pp2.1% → 1.9%History
  5. NVONovo Nordisk A S
    −0.11 pp0.1% → 0.0%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$216.2M
+$15.6M (+7.8%) vs. prior quarter
Positions
58
+3 vs. prior quarter
Top 10 concentration
78.9%
Top 10 as share of value
Turnover
0.5%
Q3 2025, one quarter
Average holding period
12.3 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

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

Peak $265.3M (Q4 2021)

Q1 2021: $223.1MQ2 2021: $220.4MQ3 2021: $236.5MQ4 2021: $265.3MQ1 2022: $251.8MQ2 2022: $240.5MQ3 2022: $237.9MQ4 2022: $206.0MQ1 2023: $179.0MQ2 2023: $133.0MQ3 2023: $117.0MQ4 2023: $112.3MQ1 2024: $152.9MQ2 2024: $179.6MQ3 2024: $189.1MQ4 2024: $182.3MQ1 2025: $180.3MQ2 2025: $200.6MQ3 2025: $216.2M
Q1 2021Q3 2025
13F filings of D. Scott Neal, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 28, 202558$216.2MGLDInvesco QQQ Trust Series IState Street Communication Services Select Sector SPDR ETFvs. Q2 2025SEC
Q2 2025Jul 8, 202555$200.6MGLDInvesco QQQ Trust Series IUNMvs. Q1 2025SEC
Q1 2025Apr 11, 202554$180.3MGLDInvesco QQQ Trust Series IUNMvs. Q4 2024SEC
Q4 2024Jan 14, 202555$182.3MInvesco QQQ Trust Series IGLDUNMvs. Q3 2024SEC
Q3 2024Oct 17, 202458$189.1MInvesco QQQ Trust Series IGLDUNMvs. Q2 2024SEC
Q2 2024Jul 15, 202463$179.6MInvesco QQQ Trust Series IGLDAJGvs. Q1 2024SEC
Q1 2024Apr 11, 202461$152.9MGLDABBVUNMvs. Q4 2023SEC
Q4 2023Jan 17, 202459$112.3MGLDAMRKLACvs. Q3 2023SEC
Q3 2023Oct 11, 202362$117.0MGLDXOMAJGvs. Q2 2023SEC
Q2 2023Jul 17, 202363$133.0MGLDKLACAJGvs. Q1 2023SEC
Q1 2023Apr 12, 202363$179.0MProShares TrGLDABBVvs. Q4 2022SEC
Q4 2022Jan 11, 202357$206.0MProShares TrInvesco Actvely MNGD Etc FDAMRvs. Q3 2022SEC
Q3 2022Oct 27, 202260$237.9MProShares TrInvesco QQQ Trust Series IInvesco Actvely MNGD Etc FDvs. Q2 2022SEC
Q2 2022Jul 11, 202261$240.5MProShares TrInvesco QQQ Trust Series IInvesco Actvely MNGD Etc FDvs. Q1 2022SEC
Q1 2022May 4, 202264$251.8MVanguard Malvern FDSInvesco QQQ Trust Series IGLDvs. Q4 2021SEC
Q4 2021Jan 21, 202257$265.3MVanguard Malvern FDSInvesco QQQ Trust Series IVanguard Morningstar Mid-Cap Growth ETFvs. Q3 2021SEC
Q3 2021Nov 4, 202151$236.5MiShares TrInvesco QQQ Trust Series IInvesco Exch Traded FD Tr IIvs. Q2 2021SEC
Q2 2021Aug 2, 202149$220.4MiShares TrInvesco QQQ Trust Series IInvesco Exch Traded FD Tr IIvs. Q1 2021SEC
Q1 2021Apr 30, 202147$223.1MiShares TrInvesco QQQ Trust Series IInvesco Exch Traded FD Tr II–SEC