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Livermore
Livermore
ZHEN

Tiaa, FSB

SEC CIK
0001711615
Latest filing
Jul 31, 2023

The latest 13F from Tiaa, FSB covers Q2 2023 (filed Jul 31, 2023): 572 long positions worth $27.6B. The top 10 holdings make up 48.2% of the portfolio, and the largest is iShares Core MSCI Eafe ETF at 14.4%. Livermore has 11 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
22
Est. +$28.8M
Added
187
Est. +$638.4M
Reduced
318
Est. −$1.15B
Sold out
19
Est. −$11.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core MSCI Eafe ETF46432F842
    14.4%$3.98B
  2. iShares Core MSCI Emerging Markets ETF46434G103
    6.1%$1.68B
  3. iShares Russell Mid-Cap Value ETF464287473
    5.1%$1.42B
  4. iShares Russell Mid-Cap Growth ETF464287481
    3.9%$1.09B
  5. Vanguard Ftse Developed Markets ETF921943858
    3.9%$1.08B

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core U.S. Aggregate Bond ETF464287226
    +$113.3MAdded
  2. iShares Tr464288588
    +$80.2MAdded
  3. iShares Tr464288414
    +$33.3MAdded
  4. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    +$28.4MAdded
  5. Vanguard Intermediate-Term Bond ETF921937819
    +$21.1MAdded

Largest weight increases

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

  1. iShares Core U.S. Aggregate Bond ETF464287226
    +0.32 pp2.2% → 2.5%
  2. iShares Tr464288588
    +0.25 pp1.1% → 1.3%
  3. MSFTMicrosoft Corp
    +0.12 pp0.8% → 0.9%History
  4. iShares Tr46435G425
    +0.12 pp1.5% → 1.6%
  5. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    +0.11 pp0.3% → 0.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464288273
    −$211.6MReduced
  2. iShares Tr46435U853
    −$205.3MReduced
  3. iShares Core MSCI Eafe ETF46432F842
    −$130.4MReduced
  4. iShares Russell 2000 Growth ETF464287648
    −$34.8MReduced
  5. iShares Tr464287630
    −$31.7MReduced

Largest weight decreases

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

  1. iShares Tr464288273
    −0.82 pp1.7% → 0.9%
  2. iShares Tr46435U853
    −0.78 pp1.1% → 0.4%
  3. iShares Core MSCI Eafe ETF46432F842
    −0.70 pp15.1% → 14.4%
  4. iShares Tr464287630
    −0.11 pp1.4% → 1.3%
  5. TAT&T Inc.
    −0.09 pp0.1% → <0.1%History

Metrics

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

Portfolio value
$27.6B
+$683.9M (+2.5%) vs. prior quarter
Positions
572
+3 vs. prior quarter
Top 10 concentration
48.2%
Top 10 as share of value
Turnover
2.4%
Q2 2023, one quarter
Average holding period
9.6 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

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

Peak $30.4B (Q4 2021)

Q1 2021: $28.0BQ2 2021: $29.2BQ3 2021: $28.8BQ4 2021: $30.4BQ1 2022: $28.8BQ2 2022: $25.4BQ3 2022: $23.3BQ4 2022: $25.4BQ1 2023: $27.0BQ2 2023: $27.6B
Q1 2021Q2 2023
13F filings of Tiaa, FSB by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2023Jul 31, 2023572$27.6BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETFvs. Q1 2023SEC
Q1 2023Apr 19, 2023569$27.0BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETFvs. Q4 2022SEC
Q4 2022Mar 3, 2023Amended566$25.4BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETFvs. Q3 2022SEC
Q3 2022Oct 11, 2022567$23.3BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETFvs. Q2 2022SEC
Q2 2022Aug 9, 2022592$25.4BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETFvs. Q1 2022SEC
Q1 2022Apr 13, 2022364$28.8BiShares Core MSCI Eafe ETFiShares Russell Mid-Cap Value ETFiShares Core MSCI Emerging Markets ETFvs. Q4 2021SEC
Q4 2021Feb 1, 2022368$30.4BiShares Core MSCI Eafe ETFiShares Russell Mid-Cap Value ETFiShares Core MSCI Emerging Markets ETFvs. Q3 2021SEC
Q3 2021Oct 14, 2021376$28.8BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETFvs. Q2 2021SEC
Q2 2021Jul 21, 2021385$29.2BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETFvs. Q1 2021SEC
Q1 2021Apr 21, 2021368$28.0BiShares Core MSCI Eafe ETFiShares Core MSCI Emerging Markets ETFiShares Russell Mid-Cap Value ETF–SEC