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Livermore
Livermore
ZHEN

Cribstone Capital Management, LLC

SEC CIK
0001667163
Latest filing
Feb 14, 2023

The latest 13F from Cribstone Capital Management, LLC covers Q4 2022 (filed Feb 14, 2023): 415 long positions worth $171.7M. The top 10 holdings make up 33.1% of the portfolio, and the largest is State Street Technology Select Sector SPDR ETF at 6.0%. 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
29
Est. +$1.08M
Added
99
Est. +$19.0M
Reduced
79
Est. −$15.4M
Sold out
69
Est. −$4.08M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street Technology Select Sector SPDR ETF81369Y803
    6.0%$10.3M
  2. GLDSPDR Gold Trust
    3.8%$6.60MHistory
  3. State Street Financial Select Sector SPDR ETF81369Y605
    3.6%$6.18M
  4. Ssga Active ETF Tr78467V848
    3.3%$5.65M
  5. AAPLApple Inc.
    3.2%$5.50MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Ibonds Dec 2028 Term Corporate ETF46435U515
    +$3.11MAdded
  2. State Street Technology Select Sector SPDR ETF81369Y803
    +$1.59MAdded
  3. Invesco Exch TRD SLF Idx FD46138J783
    +$1.55MAdded
  4. iShares Ibonds Dec 2026 Term Corporate ETF46435GAA0
    +$1.38MAdded
  5. State Street Consumer Discretionary Select Sector SPDR ETF81369Y407
    +$1.16MAdded

Largest weight increases

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

  1. iShares Ibonds Dec 2028 Term Corporate ETF46435U515
    +1.80 pp0.2% → 2.0%
  2. Invesco Exch TRD SLF Idx FD46138J783
    +0.87 pp0.8% → 1.7%
  3. State Street Technology Select Sector SPDR ETF81369Y803
    +0.86 pp5.1% → 6.0%
  4. iShares Ibonds Dec 2026 Term Corporate ETF46435GAA0
    +0.77 pp0.6% → 1.4%
  5. Vanguard Ftse Developed Markets ETF921943858
    +0.63 pp2.2% → 2.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr46434VBA7
    −$2.81MSold out
  2. iShares Tr46434VAX8
    −$2.20MReduced
  3. Vanguard Information Technology ETF92204A702
    −$1.49MReduced
  4. Vanguard Communication Services ETF92204A884
    −$1.27MReduced
  5. iShares Tr46434VBG4
    −$1.12MReduced

Largest weight decreases

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

  1. iShares Tr46434VBA7
    −1.74 pp1.7% → 0.0%
  2. iShares Tr46434VAX8
    −1.50 pp3.9% → 2.4%
  3. Vanguard Information Technology ETF92204A702
    −0.89 pp1.0% → 0.1%
  4. iShares Tr46434VBG4
    −0.83 pp3.2% → 2.4%
  5. Vanguard Communication Services ETF92204A884
    −0.79 pp0.8% → <0.1%

Metrics

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

Portfolio value
$171.7M
+$9.92M (+6.1%) vs. prior quarter
Positions
415
−40 vs. prior quarter
Top 10 concentration
33.1%
Top 10 as share of value
Turnover
11.7%
Q4 2022, one quarter
Average holding period
7.4 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 $182.7M (Q1 2022)

Q1 2021: $152.0MQ2 2021: $164.8MQ3 2021: $167.8MQ4 2021: $180.2MQ1 2022: $182.7MQ2 2022: $162.6MQ3 2022: $161.7MQ4 2022: $171.7M
Q1 2021Q4 2022
13F filings of Cribstone Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2022Feb 14, 2023415$171.7MState Street Technology Select Sector SPDR ETFGLDState Street Financial Select Sector SPDR ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022455$161.7MState Street Technology Select Sector SPDR ETFiShares TrGLDvs. Q2 2022SEC
Q2 2022Aug 11, 2022530$162.6MState Street Technology Select Sector SPDR ETFSsga Active ETF TrGLDvs. Q1 2022SEC
Q1 2022May 16, 2022460$182.7MState Street Technology Select Sector SPDR ETFSsga Active ETF TrGLDvs. Q4 2021SEC
Q4 2021Feb 10, 2022433$180.2MState Street Technology Select Sector SPDR ETFSsga Active ETF TrSPYvs. Q3 2021SEC
Q3 2021Nov 18, 2021407$167.8MState Street Technology Select Sector SPDR ETFSsga Active ETF TrSPYvs. Q2 2021SEC
Q2 2021Aug 13, 2021358$164.8MState Street Technology Select Sector SPDR ETFSsga Active ETF TrSPYvs. Q1 2021SEC
Q1 2021Apr 23, 2021347$152.0MSsga Active ETF TrState Street Technology Select Sector SPDR ETFSPY–SEC