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Livermore
Livermore
ZHEN

Bristlecone Advisors, LLC

SEC CIK
0001671716
Latest filing
Oct 24, 2025

The latest 13F from Bristlecone Advisors, LLC covers Q3 2025 (filed Oct 24, 2025): 233 long positions worth $1.20B. The top 10 holdings make up 39.8% of the portfolio, and the largest is Microsoft Corp (MSFT) at 9.8%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: 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
22
Est. +$19.6M
Added
71
Est. +$24.9M
Reduced
93
Est. −$97.6M
Sold out
82
Est. −$19.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    9.8%$117.2MHistory
  2. iShares Core S&P 500 ETF464287200
    5.6%$67.0M
  3. NVDANVIDIA Corp
    4.1%$48.5MHistory
  4. AAPLApple Inc.
    3.8%$45.2MHistory
  5. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    3.5%$41.8M

Biggest buys

New and added positions, by estimated amount bought

  1. FTNTFortinet, Inc.
    +$6.23MNewHistory
  2. Vanguard Total Bond Market ETF921937835
    +$4.42MAdded
  3. Raytheon Technologies Com00755E105
    +$4.24MNew
  4. JPMorgan Ultra-Short Income ETF46641Q837
    +$3.48MAdded
  5. iShares Core S&P 500 ETF464287200
    +$2.38MAdded

Largest weight increases

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

  1. iShares Core S&P 500 ETF464287200
    +0.57 pp5.0% → 5.6%
  2. FTNTFortinet, Inc.
    +0.52 pp0.0% → 0.5%History
  3. Vanguard Total Bond Market ETF921937835
    +0.38 pp1.5% → 1.9%
  4. Raytheon Technologies Com00755E105
    +0.35 pp0.0% → 0.4%
  5. JPMorgan Ultra-Short Income ETF46641Q837
    +0.29 pp1.2% → 1.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MSFTMicrosoft Corp
    −$46.5MReducedHistory
  2. Vanguard Morningstar Total Stock Market ETF922908769
    −$11.5MReduced
  3. FTNTFortinet, Inc.
    −$8.08MSold outHistory
  4. AMZNAmazon Com Inc
    −$7.71MReducedHistory
  5. Vanguard Information Technology ETF92204A702
    −$6.10MReduced

Largest weight decreases

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

  1. MSFTMicrosoft Corp
    −3.41 pp13.2% → 9.8%History
  2. Vanguard Morningstar Total Stock Market ETF922908769
    −0.89 pp1.0% → 0.1%
  3. FTNTFortinet, Inc.
    −0.68 pp0.7% → 0.0%History
  4. AMZNAmazon Com Inc
    −0.66 pp2.9% → 2.2%History
  5. Vanguard Information Technology ETF92204A702
    −0.42 pp0.7% → 0.3%

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.20B
+$5.72M (+0.5%) vs. prior quarter
Positions
233
−60 vs. prior quarter
Top 10 concentration
39.8%
Top 10 as share of value
Turnover
3.7%
Q3 2025, one quarter
Average holding period
17.6 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

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

Peak $1.28B (Q4 2024)

Q1 2021: $661.9MQ2 2021: $739.0MQ3 2021: $764.0MQ4 2021: $833.1MQ1 2022: $814.4MQ2 2022: $809.8MQ3 2022: $766.0MQ4 2022: $815.7MQ1 2023: $911.8MQ2 2023: $995.1MQ3 2023: $889.9MQ4 2023: $989.6MQ1 2024: $1.14BQ2 2024: $1.17BQ3 2024: $1.25BQ4 2024: $1.28BQ1 2025: $1.22BQ2 2025: $1.19BQ3 2025: $1.20B
Q1 2021Q3 2025
13F filings of Bristlecone Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 24, 2025233$1.20BMSFTiShares Core S&P 500 ETFNVDAvs. Q2 2025SEC
Q2 2025Aug 4, 2025293$1.19BMSFTiShares Core S&P 500 ETFNVDAvs. Q1 2025SEC
Q1 2025May 12, 2025377$1.22BMSFTiShares Core S&P 500 ETFAAPLvs. Q4 2024SEC
Q4 2024Jan 29, 2025361$1.28BMSFTAAPLiShares Core S&P 500 ETFvs. Q3 2024SEC
Q3 2024Oct 24, 2024364$1.25BMSFTiShares Core S&P 500 ETFAAPLvs. Q2 2024SEC
Q2 2024Jul 25, 2024290$1.17BMSFTiShares Core S&P 500 ETFAAPLvs. Q1 2024SEC
Q1 2024Apr 22, 2024270$1.14BMSFTiShares Core S&P 500 ETFAAPLvs. Q4 2023SEC
Q4 2023Jan 25, 2024272$989.6MMSFTAAPLiShares Core S&P 500 ETFvs. Q3 2023SEC
Q3 2023Oct 16, 2023260$889.9MMSFTAAPLiShares Core U.S. Aggregate Bond ETFvs. Q2 2023SEC
Q2 2023Aug 3, 2023277$995.1MMSFTInvesco QQQ Trust Series IAAPLvs. Q1 2023SEC
Q1 2023May 11, 2023353$911.8MMSFTInvesco QQQ Trust Series IAAPLvs. Q4 2022SEC
Q4 2022Feb 14, 2023256$815.7MMSFTInvesco QQQ Trust Series IiShares Core S&P 500 ETFvs. Q3 2022SEC
Q3 2022Oct 27, 2022236$766.0MMSFTAAPLInvesco QQQ Trust Series Ivs. Q2 2022SEC
Q2 2022Jul 25, 2022241$809.8MMSFTInvesco QQQ Trust Series IAAPLvs. Q1 2022SEC
Q1 2022Apr 22, 2022228$814.4MMSFTAAPLiShares Core S&P 500 ETFvs. Q4 2021SEC
Q4 2021Jan 19, 2022228$833.1MMSFTAAPLiShares Core S&P 500 ETFvs. Q3 2021SEC
Q3 2021Oct 19, 2021215$764.0MMSFTAAPLiShares Core S&P 500 ETFvs. Q2 2021SEC
Q2 2021Jul 21, 2021213$739.0MMSFTiShares Core S&P 500 ETFAAPLvs. Q1 2021SEC
Q1 2021Apr 30, 2021206$661.9MMSFTiShares Core S&P 500 ETFAAPL–SEC