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Livermore
Livermore
ZHEN

Financial Advisory Service, Inc.

SEC CIK
0001596957
Latest filing
Jul 29, 2026

The latest 13F from Financial Advisory Service, Inc. covers Q2 2026 (filed Jul 29, 2026): 516 long positions worth $1.92B. The top 10 holdings make up 34.7% of the portfolio, and the largest is Invesco Exchange Traded FD T at 5.8%. 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
32
Est. +$12.6M
Added
257
Est. +$128.7M
Reduced
119
Est. −$9.55M
Sold out
24
Est. −$4.64M

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco Exchange Traded FD T46137V357
    5.8%$112.1M
  2. J P Morgan Exchange Traded F46641Q332
    4.9%$94.1M
  3. iShares Tr464287119
    3.8%$73.0M
  4. American Centy ETF Tr025072349
    3.5%$67.1M
  5. iShares Tr464288885
    3.4%$66.0M

Share of portfolio

Top 5 holdings and the other 511 positions, by share of portfolio value

  1. Invesco Exchange Traded FD T5.8%
  2. J P Morgan Exchange Traded F4.9%
  3. iShares Tr3.8%
  4. American Centy ETF Tr3.5%
  5. iShares Tr3.4%
  6. Other 511 positions78.5%

Biggest buys

New and added positions, by estimated amount bought

  1. Invesco Exchange Traded FD T46137V357
    +$10.5MAdded
  2. J P Morgan Exchange Traded F46641Q670
    +$9.85MAdded
  3. iShares Tr464288885
    +$8.28MAdded
  4. J P Morgan Exchange Traded F46641Q332
    +$7.69MAdded
  5. Ssga Active ETF Tr78467V848
    +$5.55MAdded

Largest weight increases

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

  1. CORTCorcept Therapeutics Inc
    +0.66 pp0.8% → 1.5%History
  2. LRCXLam Research Corp
    +0.38 pp0.5% → 0.9%History
  3. J P Morgan Exchange Traded F46641Q670
    +0.31 pp1.2% → 1.5%
  4. SPDR Series Trust78464A201
    +0.30 pp2.1% → 2.4%
  5. iShares Tr464287119
    +0.28 pp3.5% → 3.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Core High Dividend ETF46429B663
    −$1.26MReducedConverted for a 5-for-1 split
  2. iShares Core S&P 500 ETF464287200
    −$931.6KReduced
  3. HONHoneywell International Inc
    −$892.5KSold outHistory
  4. Kraneshares Trust500767769
    −$422.0KReduced
  5. Schwab U.S. Large-Cap Value ETF808524409
    −$382.2KReduced

Largest weight decreases

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

  1. iShares Core High Dividend ETF46429B663
    −0.18 pp0.8% → 0.6%
  2. American Centy ETF Tr025072364
    −0.17 pp1.1% → 1.0%
  3. Schwab U.S. Large-Cap Value ETF808524409
    −0.11 pp2.0% → 1.9%
  4. iShares Core S&P 500 ETF464287200
    −0.07 pp0.5% → 0.4%
  5. Schwab Fundamental International Equity ETF808524755
    −0.07 pp0.6% → 0.6%

Metrics

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

Portfolio value
$1.92B
+$313.5M (+19.5%) vs. prior quarter
Positions
516
+8 vs. prior quarter
Top 10 concentration
34.7%
Top 10 as share of value
Turnover
0.8%
Q2 2026, one quarter
Average holding period
18.8 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

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

Peak $1.92B (Q2 2026)

Q1 2021: $960.7MQ2 2021: $1.07BQ3 2021: $1.07BQ4 2021: $1.09BQ1 2022: $1.06BQ2 2022: $949.8MQ3 2022: $900.5MQ4 2022: $882.6MQ1 2023: $922.5MQ2 2023: $790.5MQ3 2023: $935.4MQ4 2023: $1.05BQ1 2024: $1.13BQ2 2024: $1.16BQ3 2024: $1.26BQ4 2024: $1.19BQ1 2025: $1.23BQ2 2025: $1.35BQ3 2025: $1.48BQ4 2025: $1.55BQ1 2026: $1.61BQ2 2026: $1.92B
Q1 2021Q2 2026
13F filings of Financial Advisory Service, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 29, 2026516$1.92BInvesco Exchange Traded FD TJ P Morgan Exchange Traded FiShares Trvs. Q1 2026SEC
Q1 2026Jun 10, 2026508$1.61BInvesco Exchange Traded FD TJ P Morgan Exchange Traded FiShares Trvs. Q4 2025SEC
Q4 2025Feb 18, 2026510$1.55BJ P Morgan Exchange Traded FInvesco Exchange Traded FD TiShares Trvs. Q3 2025SEC
Q3 2025Oct 29, 2025460$1.48BJ P Morgan Exchange Traded FInvesco Exchange Traded FD TiShares Trvs. Q2 2025SEC
Q2 2025Aug 14, 2025452$1.35BJ P Morgan Exchange Traded FInvesco Exchange Traded FD TiShares Trvs. Q1 2025SEC
Q1 2025May 5, 2025429$1.23BJ P Morgan Exchange Traded FInvesco Exchange Traded FD TiShares Trvs. Q4 2024SEC
Q4 2024Feb 14, 2025428$1.19BJ P Morgan Exchange Traded FiShares TrState Street SPDR S&P 400 Mid Cap Value ETFvs. Q3 2024SEC
Q3 2024Oct 17, 2024438$1.26BJ P Morgan Exchange Traded FiShares TriShares Trvs. Q2 2024SEC
Q2 2024Jul 29, 2024436$1.16BJ P Morgan Exchange Traded FiShares TriShares Trvs. Q1 2024SEC
Q1 2024Apr 29, 2024446$1.13BJ P Morgan Exchange Traded FiShares TriShares Trvs. Q4 2023SEC
Q4 2023Jan 23, 2024432$1.05BJ P Morgan Exchange Traded FiShares TriShares Trvs. Q3 2023SEC
Q3 2023Oct 23, 2023413$935.4MJ P Morgan Exchange Traded FInvesco Exch Traded FD Tr IIiShares Trvs. Q2 2023SEC
Q2 2023Aug 8, 2023399$790.5MJ P Morgan Exchange Traded FiShares TriShares Trvs. Q1 2023SEC
Q1 2023May 11, 2023417$922.5MJ P Morgan Exchange Traded FInvesco Exch Traded FD Tr IIiShares Trvs. Q4 2022SEC
Q4 2022Feb 1, 2023415$882.6MSchwab U.S. Large-Cap Value ETFJ P Morgan Exchange Traded FiShares Trvs. Q3 2022SEC
Q3 2022Oct 20, 2022400$900.5MSchwab U.S. Large-Cap Value ETFInvesco Exchange Traded FD TiShares Trvs. Q2 2022SEC
Q2 2022Aug 2, 2022398$949.8MSchwab U.S. Large-Cap Value ETFInvesco Exchange Traded FD TVanguard Total World Stock ETFvs. Q1 2022SEC
Q1 2022May 4, 2022387$1.06BSchwab U.S. Large-Cap Value ETFInvesco Exchange Traded FD TiShares Trvs. Q4 2021SEC
Q4 2021Feb 11, 2022399$1.09BSchwab U.S. Large-Cap Value ETFInvesco Exchange Traded FD TiShares Trvs. Q3 2021SEC
Q3 2021Nov 15, 2021397$1.07BSchwab U.S. Large-Cap Value ETFInvesco Exchange Traded FD TVanguard Total World Stock ETFvs. Q2 2021SEC
Q2 2021Jul 29, 2021372$1.07BSchwab U.S. Large-Cap Value ETFInvesco Exchange Traded FD TVanguard Total World Stock ETFvs. Q1 2021SEC
Q1 2021May 17, 2021349$960.7MSchwab U.S. Large-Cap Value ETFInvesco Exchange Traded FD TVanguard Total World Stock ETF–SEC