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Livermore
Livermore
ZHEN

KCS Wealth Advisory

SEC CIK
0001697719
Latest filing
Nov 3, 2023

The latest 13F from KCS Wealth Advisory covers Q3 2023 (filed Nov 3, 2023): 133 long positions worth $234.5M. The top 10 holdings make up 38.3% of the portfolio, and the largest is Apple Inc. (AAPL) at 12.4%. Livermore has 11 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2023

Share counts compared with Q2 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
3
Est. +$615.4K
Added
20
Est. +$3.26M
Reduced
108
Est. −$42.0M
Sold out
23
Est. −$9.76M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    12.4%$29.1MHistory
  2. Janus Detroit STR Tr47103U845
    5.4%$12.6M
  3. Vanguard Scottsdale FDS92206C102
    5.0%$11.7M
  4. Goldman Sachs ETF Tr381430230
    3.5%$8.29M
  5. iShares Core S&P 500 ETF464287200
    2.4%$5.56M

Biggest buys

New and added positions, by estimated amount bought

  1. Janus Detroit STR Tr47103U753
    +$756.7KAdded
  2. RUSHARush Enterprises Inc
    +$495.8KAddedHistory
  3. PFEPfizer Inc
    +$347.3KAddedHistory
  4. iShares Tr46434VAX8
    +$301.4KAdded
  5. XOMExxonMobil Holdings Corp
    +$235.6KNewHistory

Largest weight increases

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

  1. Janus Detroit STR Tr47103U753
    +0.43 pp0.4% → 0.8%
  2. iShares Tr464288588
    +0.35 pp1.8% → 2.2%
  3. ELVElevance Health, Inc.
    +0.25 pp1.0% → 1.2%History
  4. iShares Tr46434VAX8
    +0.17 pp0.2% → 0.4%
  5. PFEPfizer Inc
    +0.17 pp0.2% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Core S&P 500 ETF464287200
    −$3.12MReduced
  2. Janus Detroit STR Tr47103U845
    −$2.72MReduced
  3. GERGoldman Sachs MLP & Energy Renaissance Fund
    −$2.53MSold outHistory
  4. iShares Tr46434V860
    −$2.42MReduced
  5. MSFTMicrosoft Corp
    −$1.74MReducedHistory

Largest weight decreases

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

  1. GERGoldman Sachs MLP & Energy Renaissance Fund
    −0.88 pp0.9% → 0.0%History
  2. iShares Tr46434V860
    −0.78 pp1.1% → 0.3%
  3. iShares Core S&P 500 ETF464287200
    −0.75 pp3.1% → 2.4%
  4. EPR.PEEpr Properties
    −0.44 pp0.4% → 0.0%History
  5. iShares Core MSCI Eafe ETF46432F842
    −0.41 pp1.2% → 0.8%

Metrics

13F metrics for Q3 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$234.5M
−$54.1M (−18.7%) vs. prior quarter
Positions
133
−20 vs. prior quarter
Top 10 concentration
38.3%
Top 10 as share of value
Turnover
1.5%
Q3 2023, one quarter
Average holding period
9.2 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

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

Peak $288.6M (Q2 2023)

Q1 2021: $193.7MQ2 2021: $212.5MQ3 2021: $211.5MQ4 2021: $249.1MQ1 2022: $216.2MQ2 2022: $224.9MQ3 2022: $216.8MQ4 2022: $240.7MQ1 2023: $264.4MQ2 2023: $288.6MQ3 2023: $234.5M
Q1 2021Q3 2023
13F filings of KCS Wealth Advisory by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2023Nov 3, 2023133$234.5MAAPLJanus Detroit STR TrVanguard Scottsdale FDSvs. Q2 2023SEC
Q2 2023Jul 18, 2023153$288.6MAAPLJanus Detroit STR TrVanguard Scottsdale FDSvs. Q1 2023SEC
Q1 2023Apr 18, 2023145$264.4MAAPLJanus Detroit STR TrVanguard Scottsdale FDSvs. Q4 2022SEC
Q4 2022Feb 8, 2023143$240.7MAAPLJanus Detroit STR TrVanguard Scottsdale FDSvs. Q3 2022SEC
Q3 2022Oct 21, 2022143$216.8MAAPLiShares Core S&P 500 ETFVanguard Scottsdale FDSvs. Q2 2022SEC
Q2 2022Jul 22, 2022149$224.9MAAPLiShares Core S&P 500 ETFVanguard Scottsdale FDSvs. Q1 2022SEC
Q1 2022Apr 13, 2022157$216.2MiShares Core S&P 500 ETFBRK.BVanguard Scottsdale FDSvs. Q4 2021SEC
Q4 2021Jan 26, 2022161$249.1MAAPLiShares Core S&P 500 ETFMSFTvs. Q3 2021SEC
Q3 2021Oct 20, 2021148$211.5MAAPLiShares Core S&P 500 ETFiShares Trvs. Q2 2021SEC
Q2 2021Jul 27, 2021150$212.5MAAPLiShares Core S&P 500 ETFiShares Trvs. Q1 2021SEC
Q1 2021Apr 19, 2021149$193.7MAAPLiShares Core S&P 500 ETFiShares Tr–SEC