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Livermore
Livermore
ZHEN

Armbruster Capital Management, Inc.

SEC CIK
0001664847
Latest filing
Jul 16, 2026

The latest 13F from Armbruster Capital Management, Inc. covers Q2 2026 (filed Jul 16, 2026): 125 long positions worth $670.8M. The top 10 holdings make up 57.7% of the portfolio, and the largest is iShares MSCI USA Momentum Factor ETF at 10.5%. Livermore has 23 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. +$586.9K
Added
25
Est. +$4.71M
Reduced
60
Est. −$20.4M
Sold out
9
Est. −$5.47M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares MSCI USA Momentum Factor ETF46432F396
    10.5%$70.7M
  2. Vanguard Wellington FD921935805
    9.6%$64.1M
  3. Invesco Exchange Traded FD T46137V258
    6.2%$41.8M
  4. Invesco Exch Traded FD Tr II46138E354
    6.0%$40.4M
  5. iShares MSCI USA Quality Factor ETF46432F339
    5.6%$37.7M

Share of portfolio

Top 5 holdings and the other 120 positions, by share of portfolio value

  1. iShares MSCI USA Momentum Factor ETF10.5%
  2. Vanguard Wellington FD9.6%
  3. Invesco Exchange Traded FD T6.2%
  4. Invesco Exch Traded FD Tr II6.0%
  5. iShares MSCI USA Quality Factor ETF5.6%
  6. Other 120 positions62.0%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Morningstar Total Stock Market ETF922908769
    +$931.4KAdded
  2. Invesco Exch Traded FD Tr II46138E354
    +$766.1KAdded
  3. iShares MSCI Eafe Min Vol Factor ETF46429B689
    +$658.4KAdded
  4. iShares Tr46434V456
    +$445.8KAdded
  5. iShares Tr46434V449
    +$398.1KAdded

Largest weight increases

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

  1. iShares MSCI USA Quality Factor ETF46432F339
    +0.27 pp5.4% → 5.6%
  2. Vanguard Wellington FD921935706
    +0.21 pp4.7% → 4.9%
  3. Vanguard Morningstar Total Stock Market ETF922908769
    +0.15 pp0.2% → 0.3%
  4. iShares Tr46434V449
    +0.10 pp3.6% → 3.7%
  5. Invesco Exch Traded FD Tr II46138G102
    +0.07 pp2.0% → 2.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares MSCI USA Momentum Factor ETF46432F396
    −$2.15MReduced
  2. XOMExxonMobil Holdings Corp
    −$1.90MSold outHistory
  3. INTCIntel Corp
    −$1.77MReducedHistory
  4. iShares Core MSCI Eafe ETF46432F842
    −$1.31MReduced
  5. Invesco QQQ Trust Series I46090E103
    −$1.26MReduced

Largest weight decreases

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

  1. XOMExxonMobil Holdings Corp
    −0.31 pp0.3% → 0.0%History
  2. Invesco Exchange Traded FD T46137V258
    −0.29 pp6.5% → 6.2%
  3. iShares Core MSCI Eafe ETF46432F842
    −0.26 pp2.3% → 2.1%
  4. iShares Tr46435G409
    −0.20 pp4.4% → 4.2%
  5. PHParker-Hannifin Corp
    −0.17 pp0.2% → 0.0%History

Metrics

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

Portfolio value
$670.8M
+$60.6M (+9.9%) vs. prior quarter
Positions
125
−7 vs. prior quarter
Top 10 concentration
57.7%
Top 10 as share of value
Turnover
0.8%
Q2 2026, one quarter
Average holding period
20.9 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 $670.8M (Q2 2026)

Q1 2021: $337.5MQ2 2021: $354.4MQ3 2021: $349.9MQ4 2021: $437.0MQ1 2022: $415.4MQ2 2022: $369.8MQ3 2022: $350.6MQ4 2022: $385.8MQ1 2023: $391.5MQ2 2023: $406.3MQ3 2023: $395.8MQ4 2023: $439.1MQ1 2024: $470.0MQ2 2024: $481.6MQ3 2024: $502.0MQ4 2024: $492.2MQ1 2025: $501.4MQ2 2025: $552.1MQ3 2025: $587.6MQ4 2025: $595.5MQ1 2026: $610.2MQ2 2026: $670.8M
Q1 2021Q2 2026
13F filings of Armbruster Capital Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 16, 2026125$670.8MiShares MSCI USA Momentum Factor ETFVanguard Wellington FDInvesco Exchange Traded FD Tvs. Q1 2026SEC
Q1 2026Apr 21, 2026132$610.2MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q4 2025SEC
Q4 2025Jan 23, 2026132$595.5MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q3 2025SEC
Q3 2025Oct 20, 2025131$587.6MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exch Traded FD Tr IIvs. Q2 2025SEC
Q2 2025Jul 23, 2025128$552.1MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exch Traded FD Tr IIvs. Q1 2025SEC
Q1 2025Apr 16, 2025128$501.4MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exch Traded FD Tr IIvs. Q4 2024SEC
Q4 2024Jan 22, 2025132$492.2MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q3 2024SEC
Q3 2024Nov 4, 2024130$502.0MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q2 2024SEC
Q2 2024Jul 29, 2024118$481.6MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q1 2024SEC
Q1 2024May 7, 2024107$470.0MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q4 2023SEC
Q4 2023Feb 1, 2024101$439.1MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q3 2023SEC
Q3 2023Oct 17, 2023100$395.8MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETFvs. Q2 2023SEC
Q2 2023Aug 3, 2023106$406.3MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETFvs. Q1 2023SEC
Q1 2023May 9, 2023102$391.5MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETFvs. Q4 2022SEC
Q4 2022Feb 13, 2023103$385.8MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETFvs. Q3 2022SEC
Q3 2022Nov 16, 2022Amended105$350.6MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETFvs. Q2 2022SEC
Q2 2022Aug 1, 2022109$369.8MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETFvs. Q1 2022SEC
Q1 2022May 5, 2022124$415.4MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETFvs. Q4 2021SEC
Q4 2021Feb 15, 2022122$437.0MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q3 2021SEC
Q3 2021Oct 21, 202194$349.9MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q2 2021SEC
Q2 2021Aug 6, 202198$354.4MVanguard Wellington FDiShares MSCI USA Momentum Factor ETFInvesco Exchange Traded FD Tvs. Q1 2021SEC
Q1 2021Apr 29, 202191$337.5MVanguard Wellington FDInvesco Exchange Traded FD TiShares MSCI USA Momentum Factor ETF–SEC