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Livermore
Livermore
ZHEN

Freestate Advisors LLC

SEC CIK
0001660328
Latest filing
Jul 9, 2026

The latest 13F from Freestate Advisors LLC covers Q2 2026 (filed Jul 9, 2026): 42 long positions worth $133.9M. The top 10 holdings make up 81.3% of the portfolio, and the largest is State Street SPDR Portfolio S&P 500 Value ETF at 14.8%. Livermore has 11 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
2
Est. +$675.7K
Added
33
Est. +$2.03M
Reduced
5
Est. −$898.4K
Sold out
2
Est. −$506.4K

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    14.8%$19.8M
  2. Vanguard S&P 500 ETF922908363
    13.2%$17.7M
  3. Schwab International Equity ETF808524805
    12.3%$16.5M
  4. iShares Core U.S. Aggregate Bond ETF464287226
    10.1%$13.6M
  5. iShares Tr46434V407
    8.4%$11.2M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr46436E718
    +$734.9KAdded
  2. American Centy ETF Tr025072349
    +$459.1KNew
  3. Vanguard S&P 500 ETF922908363
    +$303.6KAdded
  4. NVDANVIDIA Corp
    +$216.6KNewHistory
  5. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375
    +$195.3KAdded

Largest weight increases

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

  1. Vanguard S&P 500 ETF922908363
    +1.12 pp12.1% → 13.2%
  2. iShares Tr46436E718
    +0.50 pp0.8% → 1.3%
  3. American Centy ETF Tr025072349
    +0.34 pp0.0% → 0.3%
  4. SPYSPDR S&P 500 ETF Trust
    +0.20 pp2.6% → 2.8%History
  5. NVDANVIDIA Corp
    +0.16 pp0.0% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    −$598.3KReduced
  2. DOWDow Inc.
    −$264.6KSold outHistory
  3. AMZNAmazon Com Inc
    −$241.8KSold outHistory
  4. Schwab International Equity ETF808524805
    −$138.1KReduced
  5. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$100.9KReduced

Largest weight decreases

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

  1. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    −0.39 pp15.2% → 14.8%
  2. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −0.28 pp3.1% → 2.8%
  3. DOWDow Inc.
    −0.21 pp0.2% → 0.0%History
  4. AMZNAmazon Com Inc
    −0.19 pp0.2% → 0.0%History

Metrics

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

Portfolio value
$133.9M
+$8.80M (+7.0%) vs. prior quarter
Positions
42
0 vs. prior quarter
Top 10 concentration
81.3%
Top 10 as share of value
Turnover
1.1%
Q2 2026, one quarter
Average holding period
7.8 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

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

Peak $133.9M (Q2 2026)

Q1 2021: $85.7MQ2 2021: $88.5MQ3 2021: $88.2MQ3 2024: $96.1MQ4 2024: $96.7MQ1 2025: $100.8MQ2 2025: $112.0MQ3 2025: $119.2MQ4 2025: $123.1MQ1 2026: $125.1MQ2 2026: $133.9M
Q1 2021Q2 2026
13F filings of Freestate Advisors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 9, 202642$133.9MState Street SPDR Portfolio S&P 500 Value ETFVanguard S&P 500 ETFSchwab International Equity ETFvs. Q1 2026SEC
Q1 2026Apr 9, 202642$125.1MState Street SPDR Portfolio S&P 500 Value ETFVanguard S&P 500 ETFSchwab International Equity ETFvs. Q4 2025SEC
Q4 2025Jan 12, 202641$123.1MState Street SPDR Portfolio S&P 500 Value ETFVanguard S&P 500 ETFSchwab International Equity ETFvs. Q3 2025SEC
Q3 2025Oct 7, 202542$119.2MState Street SPDR Portfolio S&P 500 Value ETFVanguard S&P 500 ETFSchwab International Equity ETFvs. Q2 2025SEC
Q2 2025Jul 16, 202546$112.0MState Street SPDR Portfolio S&P 500 Value ETFSchwab International Equity ETFVanguard S&P 500 ETFvs. Q1 2025SEC
Q1 2025Apr 9, 202538$100.8MState Street SPDR Portfolio S&P 500 Value ETFSchwab International Equity ETFVanguard S&P 500 ETFvs. Q4 2024SEC
Q4 2024Jan 14, 202537$96.7MState Street SPDR Portfolio S&P 500 Value ETFiShares TrSchwab International Equity ETFvs. Q3 2024SEC
Q3 2024Oct 9, 202436$96.1MState Street SPDR Portfolio S&P 500 Value ETFiShares TrSchwab International Equity ETF–SEC
Q3 2021Oct 12, 20218$88.2MState Street SPDR Portfolio S&P 500 Growth ETFState Street SPDR Portfolio S&P 500 Value ETFSPYvs. Q2 2021SEC
Q2 2021Jul 12, 20218$88.5MState Street SPDR Portfolio S&P 500 Growth ETFState Street SPDR Portfolio S&P 500 Value ETFSPYvs. Q1 2021SEC
Q1 2021Apr 13, 20218$85.7MiShares TrState Street SPDR Portfolio S&P 500 Value ETFState Street SPDR Portfolio S&P 500 Growth ETF–SEC