River & Mercantile Investments Ltd
- SEC CIK
- 0001706247
- Latest filing
- Jan 31, 2023
The latest 13F from River & Mercantile Investments Ltd covers Q4 2022 (filed Jan 31, 2023): 3 long positions worth $184.5M. The top 10 holdings make up 100.0% of the portfolio, and the largest is Vanguard Scottsdale FDS at 88.3%. 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.
- New
- 0
- Added
- 2
- Est. +$40.5M
- Reduced
- 1
- Est. −$36.7M
- Sold out
- 1
- Est. −$5.31M
Top 5 holdings
Share of this quarter's portfolio value
- Vanguard Scottsdale FDS92206C40988.3%$163.0M
- Vanguard Ftse Developed Markets ETF9219438586.2%$11.5M
- Vanguard Total World Stock ETF9220427425.4%$10.0M
Share of portfolio
Each position's share of portfolio value
- Vanguard Scottsdale FDS88.3%
- Vanguard Ftse Developed Markets ETF6.2%
- Vanguard Total World Stock ETF5.4%
Biggest buys
New and added positions, by estimated amount bought
- Vanguard Scottsdale FDS92206C409+$31.3MAdded
- Vanguard Total World Stock ETF922042742+$9.26MAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- Vanguard Scottsdale FDS92206C409+15.17 pp73.2% → 88.3%
- Vanguard Total World Stock ETF922042742+5.04 pp0.4% → 5.4%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- Vanguard Ftse Developed Markets ETF921943858−$36.7MReduced
- Vanguard Ftse Emerging Markets ETF922042858−$5.31MSold out
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- Vanguard Ftse Developed Markets ETF921943858−17.22 pp23.5% → 6.2%
- Vanguard Ftse Emerging Markets ETF922042858−2.99 pp3.0% → 0.0%
Metrics
13F metrics for Q4 2022, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $184.5M
- +$6.65M (+3.7%) vs. prior quarter
- Positions
- 3
- −1 vs. prior quarter
- Top 10 concentration
- 100.0%
- Top 10 as share of value
- Turnover
- 22.4%
- Q4 2022, one quarter
- Average holding period
- 3.5 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 $455.5M (Q1 2022)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q4 2022 | Jan 31, 2023 | 3 | $184.5M | Vanguard Scottsdale FDSVanguard Ftse Developed Markets ETFVanguard Total World Stock ETF | vs. Q3 2022 | SEC |
| Q3 2022 | Oct 24, 2022 | 4 | $177.9M | Vanguard Scottsdale FDSVanguard Ftse Developed Markets ETFVanguard Ftse Emerging Markets ETF | vs. Q2 2022 | SEC |
| Q2 2022 | Jul 22, 2022 | 82 | $344.8M | Vanguard Scottsdale FDSVanguard Total World Stock ETFiShares Tr | vs. Q1 2022 | SEC |
| Q1 2022 | Apr 28, 2022 | 70 | $455.5M | Vanguard Ftse Developed Markets ETFSPDR Series TrustInvesco QQQ Tr | vs. Q4 2021 | SEC |
| Q4 2021 | Jan 24, 2022 | 4 | $354.1M | Vanguard Ftse Developed Markets ETFVanguard Total World Stock ETFiShares Tr | vs. Q3 2021 | SEC |
| Q3 2021 | Nov 2, 2021 | 5 | $328.8M | Vanguard Ftse Developed Markets ETFiShares TrVanguard Total World Stock ETF | vs. Q2 2021 | SEC |
| Q2 2021 | Aug 6, 2021 | 4 | $73.3M | iShares TrVanguard Total World Stock ETFVanguard S&P 500 ETF | vs. Q1 2021 | SEC |
| Q1 2021 | Aug 6, 2021 | 5 | $50.9M | Vanguard Total World Stock ETFVanguard S&P 500 ETFVanguard Ftse Emerging Markets ETF | – | SEC |