Skip to main content
Livermore
Livermore
中文EN

First Command Bank

SEC CIK
0001693750
Latest filing
Jul 21, 2023

The latest 13F from First Command Bank covers Q2 2023 (filed Jul 21, 2023): 417 long positions worth $1.06B. The top 10 holdings make up 74.8% of the portfolio, and the largest is iShares Core MSCI Eafe ETF at 14.9%. Livermore has 12 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2023

Share counts compared with Q1 2023: 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
52
Est. +$38.0M
Added
72
Est. +$69.7M
Reduced
117
Est. −$55.5M
Sold out
13
Est. −$656.6K

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core MSCI Eafe ETF46432F842
    14.9%$158.7M
  2. iShares Core S&P 500 ETF464287200
    14.9%$158.1M
  3. Vanguard Morningstar Mid-Cap ETF922908629
    8.9%$94.3M
  4. iShares Core Dividend Growth ETF46434V621
    6.8%$71.8M
  5. State Street SPDR Portfolio S&P 500 High Dividend ETF78468R788
    6.2%$65.8M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core MSCI Eafe ETF46432F842
    +$16.3MAdded
  2. Invesco S&P 500 Quality ETF46137V241
    +$15.5MAdded
  3. Dimensional ETF Trust25434V807
    +$12.7MNew
  4. Dimensional U.S. Small Cap ETF25434V500
    +$11.3MNew
  5. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    +$11.2MAdded

Largest weight increases

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

  1. Invesco S&P 500 Quality ETF46137V241
    +1.39 pp3.3% → 4.7%
  2. Dimensional ETF Trust25434V807
    +1.20 pp0.0% → 1.2%
  3. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    +1.11 pp4.3% → 5.5%
  4. Dimensional U.S. Small Cap ETF25434V500
    +1.06 pp0.0% → 1.1%
  5. Dimensional U.S. Targeted Value ETF25434V609
    +0.77 pp0.0% → 0.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Core Dividend Growth ETF46434V621
    −$19.2MReduced
  2. State Street SPDR Portfolio S&P 500 High Dividend ETF78468R788
    −$12.5MReduced
  3. Goldman Sachs ETF Tr381430503
    −$9.68MReduced
  4. Vanguard S&P 500 ETF922908363
    −$2.08MReduced
  5. iShares Core S&P Mid-Cap ETF464287507
    −$1.53MReduced

Largest weight decreases

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

  1. iShares Core Dividend Growth ETF46434V621
    −2.28 pp9.0% → 6.8%
  2. State Street SPDR Portfolio S&P 500 High Dividend ETF78468R788
    −2.02 pp8.2% → 6.2%
  3. Goldman Sachs ETF Tr381430503
    −0.94 pp2.8% → 1.9%
  4. Vanguard S&P 500 ETF922908363
    −0.20 pp1.9% → 1.7%
  5. iShares Core S&P Mid-Cap ETF464287507
    −0.17 pp0.6% → 0.5%

Metrics

13F metrics for Q2 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.06B
+$85.7M (+8.8%) vs. prior quarter
Positions
417
+39 vs. prior quarter
Top 10 concentration
74.8%
Top 10 as share of value
Turnover
5.5%
Q2 2023, one quarter
Average holding period
8.3 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

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

Peak $1.06B (Q2 2023)

Q1 2021: $463.3MQ2 2021: $891.0MQ3 2021: $582.8MQ4 2021: $582.8MQ1 2022: $729.3MQ2 2022: $686.3MQ3 2022: $687.9MQ4 2022: $788.1MQ1 2023: $977.6MQ2 2023: $1.06B
Q1 2021Q2 2023
13F filings of First Command Bank by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2023Jul 21, 2023417$1.06BiShares Core MSCI Eafe ETFiShares Core S&P 500 ETFVanguard Morningstar Mid-Cap ETFvs. Q1 2023SEC
Q1 2023Apr 14, 2023378$977.6MiShares Core MSCI Eafe ETFiShares Core S&P 500 ETFiShares Core Dividend Growth ETFvs. Q4 2022SEC
Q4 2022Jan 23, 2023391$788.1MiShares Core Dividend Growth ETFiShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 High Dividend ETFvs. Q3 2022SEC
Q3 2022Oct 24, 2022387$687.9MiShares Core Dividend Growth ETFiShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 High Dividend ETFvs. Q2 2022SEC
Q2 2022Aug 24, 2022Amended445$686.3MiShares Core Dividend Growth ETFiShares Core S&P 500 ETFiShares Core MSCI Eafe ETFvs. Q1 2022SEC
Q1 2022Aug 24, 2022Amended414$729.3MiShares Core Dividend Growth ETFiShares Core S&P 500 ETFiShares Core MSCI Eafe ETFvs. Q4 2021SEC
Q4 2021Jan 25, 2022452$582.8MiShares Core Dividend Growth ETFiShares Core S&P 500 ETFiShares Core MSCI Eafe ETFvs. Q3 2021SEC
Q3 2021Dec 16, 2021452$582.8MiShares Core Dividend Growth ETFiShares Core S&P 500 ETFiShares Core MSCI Eafe ETFvs. Q2 2021SEC
Q2 2021Jul 20, 2021436$891.0MiShares Core S&P 500 ETFiShares Core Dividend Growth ETFiShares Core MSCI Eafe ETFvs. Q1 2021SEC
Q1 2021Apr 20, 2021443$463.3MiShares Core S&P 500 ETFiShares Core MSCI Eafe ETFGoldman Sachs ETF Tr–SEC