MD Financial Management Inc.
- SEC CIK
- 0001724264
- Latest filing
- Feb 14, 2022
The latest 13F from MD Financial Management Inc. covers Q4 2021 (filed Feb 14, 2022): 303 long positions worth $4.15B. The top 10 holdings make up 34.4% of the portfolio, and the largest is State Street Technology Select Sector SPDR ETF at 4.1%. Livermore has 6 filings on Form 13F from this institution, going back to Q1 2021.
What changed in Q4 2021
Share counts compared with Q3 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.
- New
- 26
- Est. +$33.6M
- Added
- 131
- Est. +$290.9M
- Reduced
- 130
- Est. −$286.9M
- Sold out
- 21
- Est. −$13.0M
Top 5 holdings
Share of this quarter's portfolio value
- State Street Technology Select Sector SPDR ETF81369Y8034.1%$168.9M
- iShares Tr4642883724.0%$165.2M
- iShares U.S. Treasury Bond ETF46429B2673.8%$158.6M
- iShares Inc4642865253.8%$157.2M
- iShares Core MSCI Emerging Markets ETF46434G1033.6%$150.4M
Share of portfolio
Top 5 holdings and the other 298 positions, by share of portfolio value
- State Street Technology Select Sector SPDR ETF4.1%
- iShares Tr4.0%
- iShares U.S. Treasury Bond ETF3.8%
- iShares Inc3.8%
- iShares Core MSCI Emerging Markets ETF3.6%
- Other 298 positions80.7%
Biggest buys
New and added positions, by estimated amount bought
- iShares Inc464286525+$106.1MAdded
- iShares Tr464288281+$40.3MAdded
- iShares Core MSCI Eafe ETF46432F842+$27.2MAdded
- State Street Materials Select Sector SPDR ETF81369Y100+$21.0MAdded
- State Street Technology Select Sector SPDR ETF81369Y803+$16.8MAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- iShares Inc464286525+2.56 pp1.2% → 3.8%
- iShares Tr464288281+0.85 pp2.1% → 2.9%
- State Street Technology Select Sector SPDR ETF81369Y803+0.76 pp3.3% → 4.1%
- iShares Core MSCI Eafe ETF46432F842+0.55 pp2.5% → 3.1%
- State Street Materials Select Sector SPDR ETF81369Y100+0.53 pp0.3% → 0.8%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- Vanguard Real Estate ETF922908553−$69.8MReduced
- Vanguard Morningstar Small-Cap ETF922908751−$51.3MReduced
- iShares Core S&P 500 ETF464287200−$40.4MReduced
- State Street Communication Services Select Sector SPDR ETF81369Y852−$23.0MReduced
- State Street Energy Select Sector SPDR ETF81369Y506−$19.5MReduced
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- Vanguard Real Estate ETF922908553−1.34 pp4.1% → 2.7%
- Vanguard Morningstar Small-Cap ETF922908751−1.30 pp3.7% → 2.4%
- iShares Core S&P 500 ETF464287200−0.85 pp2.3% → 1.5%
- State Street Communication Services Select Sector SPDR ETF81369Y852−0.69 pp1.7% → 1.0%
- State Street Energy Select Sector SPDR ETF81369Y506−0.46 pp0.7% → 0.3%
Metrics
13F metrics for Q4 2021, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $4.15B
- +$200.8M (+5.1%) vs. prior quarter
- Positions
- 303
- +5 vs. prior quarter
- Top 10 concentration
- 34.4%
- Top 10 as share of value
- Turnover
- 7.4%
- Q4 2021, 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
4 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $4.15B (Q4 2021)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q4 2021 | Feb 14, 2022 | 303 | $4.15B | State Street Technology Select Sector SPDR ETFiShares TriShares U.S. Treasury Bond ETF | vs. Q3 2021 | SEC |
| Q3 2021 | Jan 19, 2022Amended | 298 | $3.95B | Vanguard Real Estate ETFiShares TriShares U.S. Treasury Bond ETF | vs. Q2 2021 | SEC |
| Q2 2021 | Jul 21, 2021 | 296 | $3.49B | SPYiShares TrVanguard Real Estate ETF | vs. Q1 2021 | SEC |
| Q1 2021 | May 6, 2021 | 231 | $3.43B | SPYiShares TrVanguard Real Estate ETF | – | SEC |
13D and 13G filings
Companies where MD Financial Management Inc. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.
Current stakes of 5% or more
MD Financial Management Inc. does not currently report owning 5% or more of any company.
Latest filings
34 filings on file made by MD Financial Management Inc. or listing it as a reporting person; the latest 20 are shown.
| Company | Filed (ET) | Filer | Form | Stake | Change | Event date | Filing |
|---|---|---|---|---|---|---|---|
| BGSIBoyd Group Services Inc. | Sep 8, 202612:25 PM ET | 1832 Asset Management L.P.and 2 others | 13G/A | 10.50%2.93M shares | +2.00 ppfrom 8.50% | Aug 31, 2026 | SEC |
| OTEXOpen Text Corp | Sep 8, 202611:25 AM ET | 1832 Asset Management L.P.and 2 others | 13G/A | 8.90%21.6M shares | −2.10 ppfrom 11.00% | Aug 31, 2026 | SEC |
| Crescent Private Credit Income Corpcommon stock, $0.01 par value per share | Aug 12, 20265:05 PM ET | 1832 Asset Management L.P.and 1 other | 13G/A | 3.20%667.0K shares | −0.70 ppfrom 3.90%Below 5% | Jun 30, 2026 | SEC |
| TFIITFI International Inc. | Aug 12, 20265:00 PM ET | 1832 Asset Management L.P.and 2 others | 13G/A | 2.70%2.24M shares | −1.26 ppfrom 3.96%Below 5% | Jun 30, 2026 | SEC |
| CAECae Inc | Aug 12, 20264:45 PM ET | 1832 Asset Management L.P.and 2 others | 13G/A | 6.30%20.2M shares | +1.10 ppfrom 5.20% | Jun 30, 2026 | SEC |
| CAECae Inc | May 1, 20263:55 PM ET | 1832 Asset Management L.P.and 2 others | 13G/A | 5.20%16.8M shares | – | Mar 31, 2026 | SEC |
| CIGIColliers International Group Inc. | May 1, 20263:46 PM ET | 1832 Asset Management L.P.and 2 others | 13G | 6.50%3.22M shares | +1.70 ppfrom 4.80% | Mar 31, 2026 | SEC |
| OTEXOpen Text Corp | May 1, 20263:35 PM ET | 1832 Asset Management L.P.and 2 others | 13G/A | 11.00%27.0M shares | +2.64 ppfrom 8.36% | Mar 31, 2026 | SEC |
| BGSIBoyd Group Services Inc. | Feb 11, 20263:40 PM ET | 1832 Asset Management L.P.and 2 others | 13G | 8.50%2.36M shares | New | Dec 31, 2025 | SEC |
| CIGIColliers International Group Inc. | Feb 11, 20262:59 PM ET | 1832 Asset Management L.P.and 2 others | 13G/A | 4.80%2.39M shares | −0.33 ppfrom 5.13%Below 5% | Dec 31, 2025 | SEC |
| Crescent Private Credit Income Corpcommon stock, $0.01 par value per share | Feb 11, 202611:59 AM ET | 1832 Asset Management L.P.and 1 other | 13G | 3.90%667.3K shares | −0.44 ppfrom 4.34%Below 5% | Dec 31, 2025 | SEC |
| GILGildan Activewear Inc. | Oct 16, 20253:13 PM ET | 1832 Asset Management L.P.and 3 others | 13G/A | 4.59%6.85M shares | −0.33 ppfrom 4.92%Below 5% | Sep 30, 2025 | SEC |
| OTEXOpen Text Corp | Oct 7, 20255:36 PM ET | 1832 Asset Management L.P.and 3 others | 13G/A | 8.36%21.2M shares | +0.51 ppfrom 7.85% | Sep 30, 2025 | SEC |
| Crescent Private Credit Income CorpCommon stock, $0.01 par value per share | Aug 5, 202510:36 AM ET | 1832 Asset Management L.P.and 1 other | 13G/A | 4.34%508.2K shares | −1.88 ppfrom 6.21%Below 5% | Jul 31, 2025 | SEC |
| CIGIColliers International Group Inc. | Jul 31, 20255:24 PM ET | 1832 Asset Management L.P.and 3 others | 13G | 5.13%2.53M shares | New | Jun 30, 2025 | SEC |
| BIPBrookfield Infrastructure Partners L.P. | Jul 31, 20255:13 PM ET | 1832 Asset Management L.P.and 3 others | 13G/A | 3.35%15.5M shares | −0.37 ppfrom 3.72%Below 5% | Jun 30, 2025 | SEC |
| GILGildan Activewear Inc. | Jul 31, 20255:03 PM ET | 1832 Asset Management L.P.and 3 others | 13G | 4.92%7.41M shares | +0.34 ppfrom 4.58%Below 5% | Jun 30, 2025 | SEC |
| STNStantec Inc | Jul 31, 20254:56 PM ET | 1832 Asset Management L.P.and 3 others | 13G/A | 4.35%4.96M shares | −0.59 ppfrom 4.95%Below 5% | Jun 30, 2025 | SEC |
| TFIITFI International Inc. | Jul 31, 20254:44 PM ET | 1832 Asset Management L.P.and 3 others | 13G | 3.96%3.30M shares | NewBelow 5% | Jun 30, 2025 | SEC |
| OTEXOpen Text Corp | Apr 15, 20252:26 PM ET | 1832 Asset Management L.P.and 3 others | 13G/A | 7.85%20.6M shares | – | Mar 31, 2025 | SEC |