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Livermore
Livermore
ZHEN

Laurel Wealth Advisors, Inc.

SEC CIK
0001666179
Latest filing
Feb 14, 2023

The latest 13F from Laurel Wealth Advisors, Inc. covers Q4 2022 (filed Feb 14, 2023): 641 long positions worth $1.01B. The top 10 holdings make up 17.4% of the portfolio, and the largest is Apple Inc. (AAPL) at 4.7%. Livermore has 8 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2022

Share counts compared with Q3 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
67
Est. +$52.1M
Added
210
Est. +$61.9M
Reduced
302
Est. −$73.9M
Sold out
42
Est. −$25.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    4.7%$47.8MHistory
  2. MSFTMicrosoft Corp
    1.9%$19.7MHistory
  3. SPYSPDR S&P 500 ETF Trust
    1.5%$15.6MHistory
  4. First Tr Exchng Traded FD VI33740F888
    1.4%$14.5M
  5. J P Morgan Exchange Traded F46641Q332
    1.4%$14.3M

Share of portfolio

Top 5 holdings and the other 636 positions, by share of portfolio value

  1. AAPL4.7%
  2. MSFT1.9%
  3. SPY1.5%
  4. First Tr Exchng Traded FD VI1.4%
  5. J P Morgan Exchange Traded F1.4%
  6. Other 636 positions89.0%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Ftse Emerging Markets ETF922042858
    +$12.6MNew
  2. Vanguard Mun BD FDS922907746
    +$9.50MNew
  3. Vanguard Ftse Developed Markets ETF921943858
    +$5.37MAdded
  4. JPMorgan Ultra-Short Income ETF46641Q837
    +$4.88MAdded
  5. First Tr Exchange Traded FD33738R407
    +$4.49MAdded

Largest weight increases

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

  1. Vanguard Ftse Emerging Markets ETF922042858
    +1.25 pp0.0% → 1.2%
  2. Vanguard Mun BD FDS922907746
    +0.94 pp0.0% → 0.9%
  3. Vanguard Ftse Developed Markets ETF921943858
    +0.55 pp0.3% → 0.8%
  4. JPMorgan Ultra-Short Income ETF46641Q837
    +0.45 pp0.4% → 0.8%
  5. First Tr Exchange Traded FD33738R407
    +0.40 pp0.6% → 1.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Inc464286533
    −$7.22MReduced
  2. SPYSPDR S&P 500 ETF Trust
    −$7.09MReducedHistory
  3. Schwab Fundamental International Equity ETF808524755
    −$5.91MReduced
  4. First Tr Exchange Trad FD VI33739H101
    −$4.60MReduced
  5. SPDR Index Shs FDS78463X541
    −$3.94MSold out

Largest weight decreases

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

  1. AAPLApple Inc.
    −0.77 pp5.5% → 4.7%History
  2. iShares Inc464286533
    −0.74 pp0.8% → <0.1%
  3. SPYSPDR S&P 500 ETF Trust
    −0.72 pp2.3% → 1.5%History
  4. First Tr Exchange Trad FD VI33739H101
    −0.59 pp1.2% → 0.6%
  5. Schwab Fundamental International Equity ETF808524755
    −0.54 pp0.6% → <0.1%

Metrics

13F metrics for Q4 2022, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.01B
+$76.4M (+8.1%) vs. prior quarter
Positions
641
+25 vs. prior quarter
Top 10 concentration
17.4%
Top 10 as share of value
Turnover
10.2%
Q4 2022, one quarter
Average holding period
6.5 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

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

Peak $1.29B (Q4 2021)

Q1 2021: $660.5MQ2 2021: $771.8MQ3 2021: $544.4MQ4 2021: $1.29BQ1 2022: $1.21BQ2 2022: $979.6MQ3 2022: $937.8MQ4 2022: $1.01B
Q1 2021Q4 2022
13F filings of Laurel Wealth Advisors, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2022Feb 14, 2023641$1.01BAAPLMSFTSPYvs. Q3 2022SEC
Q3 2022Nov 14, 2022616$937.8MAAPLSPYMSFTvs. Q2 2022SEC
Q2 2022Aug 12, 2022647$979.6MAAPLMSFTSPYvs. Q1 2022SEC
Q1 2022May 13, 2022728$1.21BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 14, 2022762$1.29BAAPLMSFTSPYvs. Q3 2021SEC
Q3 2021Nov 12, 2021443$544.4MAAPLMSFTSPYvs. Q2 2021SEC
Q2 2021Aug 16, 2021500$771.8MAAPLSPYMSFTvs. Q1 2021SEC
Q1 2021May 14, 2021450$660.5MAAPLSPYMSFT–SEC