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Livermore
Livermore
ZHEN

Stringer Asset Management, LLC

SEC CIK
0001599210
Latest filing
Nov 14, 2022

The latest 13F from Stringer Asset Management, LLC covers Q3 2022 (filed Nov 14, 2022): 26 long positions worth $34.2M. The top 10 holdings make up 77.6% of the portfolio, and the largest is Invesco Exch TRD SLF Idx FD at 13.6%. 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
7
Est. +$3.25M
Added
10
Est. +$3.94M
Reduced
9
Est. −$16.2M
Sold out
10
Est. −$8.25M

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco Exch TRD SLF Idx FD46138J619
    13.6%$4.64M
  2. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    12.8%$4.38M
  3. Unified Ser Tr90470L550
    11.2%$3.82M
  4. iShares MSCI USA Momentum Factor ETF46432F396
    8.0%$2.74M
  5. Listed FDS Tr53656F805
    7.9%$2.71M

Biggest buys

New and added positions, by estimated amount bought

  1. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    +$1.49MNew
  2. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    +$1.19MAdded
  3. Goldman Sachs ETF Tr381430107
    +$940.7KAdded
  4. WisdomTree Tr97717X131
    +$745.9KAdded
  5. Simplify Exchange Traded Fun82889N699
    +$715.0KNew

Largest weight increases

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

  1. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    +10.21 pp2.6% → 12.8%
  2. Invesco Exch TRD SLF Idx FD46138J619
    +7.45 pp6.1% → 13.6%
  3. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    +4.36 pp0.0% → 4.4%
  4. Goldman Sachs ETF Tr381430107
    +3.51 pp1.4% → 4.9%
  5. WisdomTree Tr97717X131
    +2.33 pp0.7% → 3.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Unified Ser Tr90470L550
    −$10.8MReduced
  2. SPDR Index Shs FDS78463X434
    −$2.62MSold out
  3. Listed FDS Tr53656F805
    −$1.49MReduced
  4. Vanguard Morningstar Growth ETF922908736
    −$1.40MSold out
  5. State Street Financial Select Sector SPDR ETF81369Y605
    −$1.35MReduced

Largest weight decreases

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

  1. SPDR Index Shs FDS78463X434
    −5.60 pp5.6% → 0.0%
  2. iShares Inc464286525
    −5.53 pp8.1% → 2.6%
  3. State Street Financial Select Sector SPDR ETF81369Y605
    −3.90 pp7.8% → 3.9%
  4. State Street Health Care Select Sector SPDR ETF81369Y209
    −3.59 pp6.4% → 2.8%
  5. Flexshares Tr33939L860
    −3.41 pp6.7% → 3.3%

Metrics

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

Portfolio value
$34.2M
−$12.5M (−26.7%) vs. prior quarter
Positions
26
−3 vs. prior quarter
Top 10 concentration
77.6%
Top 10 as share of value
Turnover
17.8%
Q3 2022, one quarter
Average holding period
6.1 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 $106.7M (Q3 2021)

Q1 2021: $95.7MQ2 2021: $100.9MQ3 2021: $106.7MQ4 2021: $69.2MQ1 2022: $58.4MQ2 2022: $46.7MQ3 2022: $34.2M
Q1 2021Q3 2022
13F filings of Stringer Asset Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2022Nov 14, 202226$34.2MInvesco Exch TRD SLF Idx FDState Street SPDR Portfolio Aggregate Bond ETFUnified Ser Trvs. Q2 2022SEC
Q2 2022Aug 15, 202229$46.7MiShares IncListed FDS TrState Street Financial Select Sector SPDR ETFvs. Q1 2022SEC
Q1 2022May 16, 202230$58.4MSimplify Exchange Traded FuniShares MSCI USA Momentum Factor ETFFlexshares Trvs. Q4 2021SEC
Q4 2021Feb 14, 202230$69.2MFlexshares TrSimplify Exchange Traded FunFirst Tr Exch Traded FD IIIvs. Q3 2021SEC
Q3 2021Nov 16, 202133$106.7MSimplify Exchange Traded FuniShares MSCI USA Momentum Factor ETFState Street Health Care Select Sector SPDR ETFvs. Q2 2021SEC
Q2 2021Aug 16, 202132$100.9MFlexshares TrSimplify Exchange Traded FunInvesco Exch TRD SLF Idx FDvs. Q1 2021SEC
Q1 2021May 17, 202131$95.7MiShares TrListed FDS TrInvesco Exch TRD SLF Idx FD–SEC