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Livermore
Livermore
ZHEN

Landmark Financial Advisors, LLC

SEC CIK
0001641440
Latest filing
Feb 13, 2024

The latest 13F from Landmark Financial Advisors, LLC covers Q4 2023 (filed Feb 13, 2024): 91 long positions worth $277.9M. The top 10 holdings make up 58.2% of the portfolio, and the largest is Vanguard Ftse Developed Markets ETF at 9.5%. Livermore has 12 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2023

Share counts compared with Q3 2023: 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. +$914.7K
Added
45
Est. +$16.3M
Reduced
32
Est. −$4.01M
Sold out
2
Est. −$1.28M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Ftse Developed Markets ETF921943858
    9.5%$26.4M
  2. Flexshares Tr33939L407
    7.9%$21.9M
  3. iShares Tr46429B747
    6.6%$18.4M
  4. Vanguard S&P 500 ETF922908363
    6.0%$16.6M
  5. Dimensional ETF Trust25434V849
    5.9%$16.4M

Share of portfolio

Top 5 holdings and the other 86 positions, by share of portfolio value

  1. Vanguard Ftse Developed Markets ETF9.5%
  2. Flexshares Tr7.9%
  3. iShares Tr6.6%
  4. Vanguard S&P 500 ETF6.0%
  5. Dimensional ETF Trust5.9%
  6. Other 86 positions64.1%

Biggest buys

New and added positions, by estimated amount bought

  1. Dimensional ETF Trust25434V849
    +$7.42MAdded
  2. Vanguard Total Bond Market ETF921937835
    +$2.15MAdded
  3. Dimensional Emerging Core Equity Market ETF25434V302
    +$1.24MAdded
  4. iShares Tr46429B747
    +$785.4KAdded
  5. Flexshares Tr33939L662
    +$696.9KAdded

Largest weight increases

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

  1. Dimensional ETF Trust25434V849
    +2.41 pp3.5% → 5.9%
  2. Vanguard Total Bond Market ETF921937835
    +0.48 pp4.3% → 4.8%
  3. Dimensional Emerging Core Equity Market ETF25434V302
    +0.38 pp1.1% → 1.5%
  4. Vanguard Real Estate ETF922908553
    +0.24 pp2.0% → 2.3%
  5. Dimensional U.S. Targeted Value ETF25434V609
    +0.24 pp4.4% → 4.7%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GILGildan Activewear Inc.
    −$1.05MSold outHistory
  2. Vanguard BD Index FDS92203C303
    −$595.8KReduced
  3. Vanguard Ftse Emerging Markets ETF922042858
    −$542.1KReduced
  4. Flexshares Tr33939L795
    −$506.7KReduced
  5. Flexshares Tr33939L407
    −$463.7KReduced

Largest weight decreases

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

  1. Flexshares Tr33939L407
    −1.10 pp9.0% → 7.9%
  2. Flexshares Tr33939L886
    −0.83 pp5.7% → 4.9%
  3. Vanguard Ftse Emerging Markets ETF922042858
    −0.45 pp3.6% → 3.1%
  4. GILGildan Activewear Inc.
    −0.43 pp0.4% → 0.0%History
  5. Vanguard BD Index FDS92203C303
    −0.29 pp0.7% → 0.4%

Metrics

13F metrics for Q4 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$277.9M
+$31.9M (+13.0%) vs. prior quarter
Positions
91
+2 vs. prior quarter
Top 10 concentration
58.2%
Top 10 as share of value
Turnover
2.0%
Q4 2023, one quarter
Average holding period
10.6 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

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

Peak $277.9M (Q4 2023)

Q1 2021: $185.7MQ2 2021: $209.2MQ3 2021: $185.5MQ4 2021: $224.8MQ1 2022: $208.2MQ2 2022: $203.5MQ3 2022: $189.3MQ4 2022: $216.7MQ1 2023: $227.7MQ2 2023: $243.6MQ3 2023: $246.0MQ4 2023: $277.9M
Q1 2021Q4 2023
13F filings of Landmark Financial Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2023Feb 13, 202491$277.9MVanguard Ftse Developed Markets ETFFlexshares TriShares Trvs. Q3 2023SEC
Q3 2023Oct 13, 202389$246.0MVanguard Ftse Developed Markets ETFFlexshares TriShares Trvs. Q2 2023SEC
Q2 2023Jul 18, 202390$243.6MVanguard Ftse Developed Markets ETFFlexshares TriShares Trvs. Q1 2023SEC
Q1 2023Apr 13, 202387$227.7MVanguard Ftse Developed Markets ETFFlexshares TriShares Trvs. Q4 2022SEC
Q4 2022Jan 23, 202387$216.7MVanguard Ftse Developed Markets ETFFlexshares TrVanguard S&P 500 ETFvs. Q3 2022SEC
Q3 2022Nov 10, 202279$189.3MVanguard Ftse Developed Markets ETFFlexshares TrVanguard Ftse Emerging Markets ETFvs. Q2 2022SEC
Q2 2022Aug 3, 202280$203.5MVanguard Ftse Developed Markets ETFFlexshares TrVanguard Ftse Emerging Markets ETFvs. Q1 2022SEC
Q1 2022May 16, 202284$208.2MVanguard Ftse Developed Markets ETFFlexshares TrVanguard Ftse Emerging Markets ETFvs. Q4 2021SEC
Q4 2021Jan 26, 202285$224.8MVanguard Ftse Developed Markets ETFVanguard Ftse Emerging Markets ETFFlexshares Trvs. Q3 2021SEC
Q3 2021Nov 12, 202166$185.5MVanguard Ftse Developed Markets ETFVanguard Ftse Emerging Markets ETFUSBvs. Q2 2021SEC
Q2 2021Aug 12, 202176$209.2MVanguard Ftse Developed Markets ETFVanguard Ftse Emerging Markets ETFUSBvs. Q1 2021SEC
Q1 2021May 11, 202167$185.7MVanguard Ftse Developed Markets ETFVanguard Ftse Emerging Markets ETFUSB–SEC