Skip to main content
Livermore
Livermore
ZHEN

Epstein & White Financial LLC

SEC CIK
0001713936
Latest filing
Aug 10, 2021

The latest 13F from Epstein & White Financial LLC covers Q2 2021 (filed Aug 10, 2021): 94 long positions worth $379.1M. The top 10 holdings make up 80.6% of the portfolio, and the largest is iShares Core S&P 500 ETF at 33.4%. Livermore has 2 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2021

Share counts compared with Q1 2021: 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
15
Est. +$4.92M
Added
47
Est. +$13.6M
Reduced
22
Est. −$1.66M
Sold out
6
Est. −$2.29M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    33.4%$126.5M
  2. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    9.4%$35.7M
  3. iShares MSCI USA Quality Factor ETF46432F339
    8.7%$33.0M
  4. iShares MSCI Acwi Ex U.S. ETF464288240
    7.1%$27.0M
  5. iShares Tr464287689
    4.2%$16.1M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core S&P 500 ETF464287200
    +$4.38MAdded
  2. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    +$1.43MAdded
  3. iShares MSCI USA Quality Factor ETF46432F339
    +$1.35MAdded
  4. FSKFS KKR Capital Corp
    +$1.24MNewHistory
  5. iShares MSCI Acwi Ex U.S. ETF464288240
    +$1.17MAdded

Largest weight increases

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

  1. iShares Core S&P 500 ETF464287200
    +0.48 pp32.9% → 33.4%
  2. FSKFS KKR Capital Corp
    +0.33 pp0.0% → 0.3%History
  3. iShares MSCI USA Quality Factor ETF46432F339
    +0.25 pp8.5% → 8.7%
  4. Schwab U.S. Broad Market ETF808524102
    +0.14 pp0.0% → 0.1%
  5. iShares MSCI USA Momentum Factor ETF46432F396
    +0.12 pp3.4% → 3.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. FS KKR Cap Corp II35952V303
    −$1.26MSold out
  2. iShares Tr464287689
    −$587.4KReduced
  3. iShares Tr464288356
    −$346.4KReduced
  4. iShares Tr464287150
    −$273.2KReduced
  5. JPMJPMorgan Chase & Co
    −$261.0KSold outHistory

Largest weight decreases

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

  1. FS KKR Cap Corp II35952V303
    −0.37 pp0.4% → 0.0%
  2. iShares Tr464288356
    −0.31 pp2.6% → 2.3%
  3. iShares Tr464287689
    −0.26 pp4.5% → 4.2%
  4. iShares Tr464287150
    −0.11 pp1.3% → 1.2%
  5. JPMJPMorgan Chase & Co
    −0.08 pp0.1% → 0.0%History

Metrics

13F metrics for Q2 2021, computed only from the numbers in the filings. Definitions below.

Portfolio value
$379.1M
+$35.6M (+10.4%) vs. prior quarter
Positions
94
+9 vs. prior quarter
Top 10 concentration
80.6%
Top 10 as share of value
Turnover
1.1%
Q2 2021, one quarter
Average holding period
2.0 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

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

Peak $379.1M (Q2 2021)

Q1 2021: $343.5MQ2 2021: $379.1M
Q1 2021Q2 2021
13F filings of Epstein & White Financial LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2021Aug 10, 202194$379.1MiShares Core S&P 500 ETFState Street SPDR Portfolio Aggregate Bond ETFiShares MSCI USA Quality Factor ETFvs. Q1 2021SEC
Q1 2021May 13, 202185$343.5MiShares Core S&P 500 ETFState Street SPDR Portfolio Aggregate Bond ETFiShares MSCI USA Quality Factor ETF–SEC