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Livermore
Livermore
ZHEN

Refined Wealth Management

SEC CIK
0001724729
Latest filing
Jul 21, 2026

The latest 13F from Refined Wealth Management covers Q2 2026 (filed Jul 21, 2026): 49 long positions worth $165.7M. The top 10 holdings make up 64.7% of the portfolio, and the largest is Vanguard Ftse Developed Markets ETF at 12.1%. Livermore has 21 filings on Form 13F from this institution, going back to Q2 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: 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
2
Est. +$444.2K
Added
19
Est. +$1.27M
Reduced
17
Est. −$693.1K
Sold out
3
Est. −$655.7K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Ftse Developed Markets ETF921943858
    12.1%$20.0M
  2. Invesco QQQ Trust Series I46090E103
    10.2%$17.0M
  3. Invesco Exchange Traded FD T46137V357
    8.5%$14.0M
  4. COINCoinbase Global, Inc.
    5.2%$8.61MHistory
  5. PIMCO ETF Tr72201R585
    5.1%$8.43M

Biggest buys

New and added positions, by estimated amount bought

  1. WisdomTree Tr97717X578
    +$224.8KNew
  2. AVGOBroadcom Inc.
    +$219.5KNewHistory
  3. PIMCO ETF Tr72201R585
    +$197.7KAdded
  4. BITBBitwise Bitcoin ETF
    +$180.0KAddedHistory
  5. iShares Flexible Income Active ETF092528603
    +$153.1KAdded

Largest weight increases

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

  1. iShares Inc46434G764
    +0.94 pp3.8% → 4.8%
  2. Vanguard Ftse Developed Markets ETF921943858
    +0.74 pp11.3% → 12.1%
  3. Invesco Exchange Traded FD T46137V357
    +0.53 pp7.9% → 8.5%
  4. Vanguard Morningstar Value ETF922908744
    +0.29 pp4.5% → 4.8%
  5. Invesco Exchange Traded FD T46137V464
    +0.18 pp1.5% → 1.7%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464288802
    −$236.1KSold out
  2. CCJCameco Corp
    −$211.8KSold outHistory
  3. XOMExxonMobil Holdings Corp
    −$207.8KSold outHistory
  4. MPCMarathon Petroleum Corp
    −$196.1KReducedHistory
  5. Invesco QQQ Trust Series I46090E103
    −$136.2KReduced

Largest weight decreases

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

  1. COINCoinbase Global, Inc.
    −1.32 pp6.5% → 5.2%History
  2. iShares Tr464288802
    −0.15 pp0.1% → 0.0%
  3. CCJCameco Corp
    −0.13 pp0.1% → 0.0%History
  4. XOMExxonMobil Holdings Corp
    −0.13 pp0.1% → 0.0%History
  5. MPCMarathon Petroleum Corp
    −0.11 pp3.9% → 3.7%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$165.7M
+$7.27M (+4.6%) vs. prior quarter
Positions
49
−1 vs. prior quarter
Top 10 concentration
64.7%
Top 10 as share of value
Turnover
0.8%
Q2 2026, one quarter
Average holding period
6.4 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 (Q2 2021), so positions held before then are understated.

13F filings by quarter

21 quarters, going back to Q2 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $165.7M (Q2 2026)

Q2 2021: $119.1MQ3 2021: $123.5MQ4 2021: $128.9MQ1 2022: $118.3MQ2 2022: $111.8MQ3 2022: $110.8MQ4 2022: $114.3MQ1 2023: $113.2MQ2 2023: $121.3MQ3 2023: $111.4MQ4 2023: $128.2MQ1 2024: $142.0MQ2 2024: $129.7MQ3 2024: $129.7MQ4 2024: $131.4MQ1 2025: $122.2MQ2 2025: $145.5MQ3 2025: $155.6MQ4 2025: $148.6MQ1 2026: $158.4MQ2 2026: $165.7M
Q2 2021Q2 2026
13F filings of Refined Wealth Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 202649$165.7MVanguard Ftse Developed Markets ETFInvesco QQQ Trust Series IInvesco Exchange Traded FD Tvs. Q1 2026SEC
Q1 2026Apr 21, 202650$158.4MVanguard Ftse Developed Markets ETFInvesco QQQ Trust Series IInvesco Exchange Traded FD Tvs. Q4 2025SEC
Q4 2025Jan 15, 202643$148.6MVanguard World FDInvesco QQQ Trust Series IVanguard Total International Bond ETFvs. Q3 2025SEC
Q3 2025Oct 21, 202536$155.6MCOINVanguard World FDVanguard Total International Bond ETFvs. Q2 2025SEC
Q2 2025Jul 17, 202533$145.5MCOINVanguard Total International Bond ETFVanguard World FDvs. Q1 2025SEC
Q1 2025Apr 22, 202527$122.2MVanguard Total International Bond ETFVanguard World FDInvesco QQQ Trust Series Ivs. Q4 2024SEC
Q4 2024Jan 22, 202527$131.4MNushares ETF TrVanguard Total International Bond ETFVanguard World FDvs. Q3 2024SEC
Q3 2024Oct 18, 202427$129.7MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q2 2024SEC
Q2 2024Jul 18, 202428$129.7MNushares ETF TrVanguard Total International Bond ETFVanguard World FDvs. Q1 2024SEC
Q1 2024Apr 18, 202429$142.0MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q4 2023SEC
Q4 2023Jan 22, 202426$128.2MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q3 2023SEC
Q3 2023Oct 16, 202326$111.4MNushares ETF TrVanguard Total International Bond ETFVanguard World FDvs. Q2 2023SEC
Q2 2023Jul 17, 202326$121.3MNushares ETF TrVanguard Total International Bond ETFVanguard World FDvs. Q1 2023SEC
Q1 2023Apr 17, 202325$113.2MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q4 2022SEC
Q4 2022Jan 17, 202326$114.3MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q3 2022SEC
Q3 2022Oct 20, 202225$110.8MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q2 2022SEC
Q2 2022Jul 19, 202225$111.8MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q1 2022SEC
Q1 2022Apr 20, 202226$118.3MVanguard Total International Bond ETFNushares ETF TrVanguard World FDvs. Q4 2021SEC
Q4 2021Feb 2, 202223$128.9MVanguard World FDiShares Tips Bond ETFSPDR Series Trustvs. Q3 2021SEC
Q3 2021Oct 18, 202121$123.5MVanguard World FDSsga Active ETF TriShares Tips Bond ETFvs. Q2 2021SEC
Q2 2021Jul 13, 202120$119.1MVanguard World FDiShares Tips Bond ETFSsga Active ETF Tr–SEC