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Livermore
Livermore
ZHEN

Capstone Financial Advisors, Inc.

SEC CIK
0001599217
Latest filing
Aug 14, 2026

The latest 13F from Capstone Financial Advisors, Inc. covers Q2 2026 (filed Aug 14, 2026): 191 long positions worth $2.05B. The top 10 holdings make up 74.6% of the portfolio, and the largest is Vanguard Morningstar Total Stock Market ETF at 17.8%. 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
22
Est. +$8.74M
Added
93
Est. +$23.3M
Reduced
53
Est. −$15.2M
Sold out
16
Est. −$4.90M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Morningstar Total Stock Market ETF922908769
    17.8%$365.9M
  2. iShares Tr464287622
    12.7%$261.1M
  3. Dimensional U.S. Core Equity 2 ETF25434V708
    12.0%$245.9M
  4. Flexshares Tr33939L795
    7.3%$150.7M
  5. Vanguard Total Bond Market ETF921937835
    6.6%$134.5M

Share of portfolio

Top 5 holdings and the other 186 positions, by share of portfolio value

  1. Vanguard Morningstar Total Stock Market ETF17.8%
  2. iShares Tr12.7%
  3. Dimensional U.S. Core Equity 2 ETF12.0%
  4. Flexshares Tr7.3%
  5. Vanguard Total Bond Market ETF6.6%
  6. Other 186 positions43.6%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Morningstar Total Stock Market ETF922908769
    +$7.19MAdded
  2. Vanguard Total Bond Market ETF921937835
    +$4.46MAdded
  3. SBUXStarbucks Corp
    +$2.98MNewHistory
  4. Flexshares Tr33939L795
    +$2.96MAdded
  5. Vanguard Total International Bond ETF92203J407
    +$1.56MAdded

Largest weight increases

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

  1. Vanguard Morningstar Total Stock Market ETF922908769
    +1.08 pp16.7% → 17.8%
  2. SBUXStarbucks Corp
    +0.15 pp0.0% → 0.1%History
  3. iShares Tr464287150
    +0.10 pp1.7% → 1.8%
  4. AMDAdvanced Micro Devices Inc
    +0.08 pp<0.1% → 0.1%History
  5. LRCXLam Research Corp
    +0.06 pp0.1% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464287622
    −$3.61MReduced
  2. Vanguard Mun BD FDS922907746
    −$1.84MReduced
  3. Flexshares Tr33939L100
    −$1.45MReduced
  4. Vanguard Total World Stock ETF922042742
    −$1.15MSold out
  5. Vanguard S&P 500 ETF922908363
    −$1.09MReduced

Largest weight decreases

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

  1. MCDMcDonalds Corp
    −0.71 pp3.3% → 2.5%History
  2. Flexshares Tr33939L803
    −0.13 pp2.3% → 2.2%
  3. Vanguard Mun BD FDS922907746
    −0.13 pp0.4% → 0.3%
  4. Dimensional World Ex U.S. Core Equity 2 ETF25434V880
    −0.11 pp3.8% → 3.7%
  5. MSTRStrategy Inc
    −0.06 pp0.1% → <0.1%History

Metrics

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

Portfolio value
$2.05B
+$195.8M (+10.5%) vs. prior quarter
Positions
191
+6 vs. prior quarter
Top 10 concentration
74.6%
Top 10 as share of value
Turnover
1.0%
Q2 2026, one quarter
Average holding period
21.1 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

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

Peak $2.05B (Q2 2026)

Q1 2021: $1.13BQ2 2021: $1.27BQ3 2021: $1.28BQ4 2021: $1.38BQ1 2022: $1.38BQ2 2022: $1.17BQ3 2022: $1.08BQ4 2022: $1.18BQ1 2023: $1.26BQ2 2023: $1.33BQ3 2023: $1.27BQ4 2023: $1.40BQ1 2024: $1.49BQ2 2024: $1.51BQ3 2024: $1.63BQ4 2024: $1.62BQ1 2025: $1.59BQ2 2025: $1.73BQ3 2025: $1.85BQ4 2025: $1.88BQ1 2026: $1.86BQ2 2026: $2.05B
Q1 2021Q2 2026
13F filings of Capstone Financial Advisors, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026191$2.05BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q1 2026SEC
Q1 2026May 15, 2026185$1.86BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q4 2025SEC
Q4 2025Feb 17, 2026184$1.88BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q3 2025SEC
Q3 2025Nov 14, 2025182$1.85BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q2 2025SEC
Q2 2025Aug 8, 2025176$1.73BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q1 2025SEC
Q1 2025May 9, 2025156$1.59BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q4 2024SEC
Q4 2024Feb 14, 2025155$1.62BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q3 2024SEC
Q3 2024Nov 14, 2024157$1.63BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q2 2024SEC
Q2 2024Aug 13, 2024157$1.51BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q1 2024SEC
Q1 2024May 14, 2024150$1.49BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q4 2023SEC
Q4 2023Feb 13, 2024151$1.40BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q3 2023SEC
Q3 2023Nov 13, 2023146$1.27BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q2 2023SEC
Q2 2023Aug 15, 2023147$1.33BVanguard Morningstar Total Stock Market ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q1 2023SEC
Q1 2023May 12, 2023140$1.26BiShares TrVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q4 2022SEC
Q4 2022Feb 15, 2023140$1.18BiShares TrVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q3 2022SEC
Q3 2022Nov 15, 2022141$1.08BiShares TrVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q2 2022SEC
Q2 2022Sep 2, 2022141$1.17BiShares TrVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q1 2022SEC
Q1 2022May 13, 2022143$1.38BiShares TrVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q4 2021SEC
Q4 2021Feb 11, 2022141$1.38BiShares TrVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q3 2021SEC
Q3 2021Nov 15, 2021142$1.28BiShares TrVanguard Morningstar Total Stock Market ETFVanguard Total Bond Market ETFvs. Q2 2021SEC
Q2 2021Aug 16, 2021138$1.27BiShares TrVanguard Morningstar Total Stock Market ETFVanguard Total Bond Market ETFvs. Q1 2021SEC
Q1 2021May 13, 2021130$1.13BiShares TrVanguard Total Bond Market ETFVanguard Total International Bond ETF–SEC