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Livermore
Livermore
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First Command Advisory Services, Inc.

SEC CIK
0001727336
Latest filing
Aug 10, 2026

The latest 13F from First Command Advisory Services, Inc. covers Q2 2026 (filed Aug 10, 2026): 1,243 long positions worth $16.8B. The top 10 holdings make up 86.4% of the portfolio, and the largest is iShares Core S&P 500 ETF at 38.8%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 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
244
Est. +$5.00M
Added
490
Est. +$369.8M
Reduced
289
Est. −$368.0M
Sold out
145
Est. −$2.57M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    38.8%$6.52B
  2. BlackRock ETF Trust09290C103
    12.1%$2.03B
  3. Invesco Nasdaq 100 ETF46138G649
    8.1%$1.36B
  4. iShares Core S&P Mid-Cap ETF464287507
    7.4%$1.24B
  5. iShares Core S&P Small Cap ETF464287804
    5.8%$980.1M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Morningstar Mid-Cap ETF922908629
    +$74.2MAdded
  2. State Street SPDR Portfolio S&P 500 ETF78464A854
    +$59.9MAdded
  3. BlackRock ETF Trust09290C103
    +$45.9MAdded
  4. iShares Tr46434V613
    +$24.4MAdded
  5. iShares Core S&P Mid-Cap ETF464287507
    +$19.5MAdded

Largest weight increases

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

  1. BlackRock ETF Trust09290C103
    +0.64 pp11.4% → 12.1%
  2. State Street SPDR Portfolio S&P 500 ETF78464A854
    +0.39 pp2.2% → 2.6%
  3. iShares Core S&P Small Cap ETF464287804
    +0.37 pp5.5% → 5.8%
  4. iShares Core S&P Mid-Cap ETF464287507
    +0.17 pp7.2% → 7.4%
  5. State Street SPDR Portfolio S&P 400 Mid Cap ETF78464A847
    +0.09 pp0.7% → 0.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Invesco Nasdaq 100 ETF46138G649
    −$87.8MReduced
  2. Dimensional ETF Trust25434V534
    −$29.6MReduced
  3. Invesco S&P 500 Quality ETF46137V241
    −$25.8MReduced
  4. Vanguard Scottsdale FDS92206C102
    −$23.7MReduced
  5. Vanguard Morningstar Small-Cap ETF922908751
    −$21.1MReduced

Largest weight decreases

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

  1. SPDR Index Shs FDS78463X541
    −0.61 pp2.7% → 2.0%
  2. IAUiShares Gold Trust
    −0.23 pp0.6% → 0.4%History
  3. iShares Core MSCI Eafe ETF46432F842
    −0.20 pp1.6% → 1.4%
  4. Vanguard Scottsdale FDS92206C102
    −0.19 pp0.4% → 0.2%
  5. Vanguard Real Estate ETF922908553
    −0.12 pp0.3% → 0.2%

Metrics

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

Portfolio value
$16.8B
+$1.97B (+13.3%) vs. prior quarter
Positions
1,243
+99 vs. prior quarter
Top 10 concentration
86.4%
Top 10 as share of value
Turnover
2.3%
Q2 2026, one quarter
Average holding period
15.7 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

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

Peak $16.8B (Q2 2026)

Q1 2021: $6.91BQ2 2021: $7.55BQ3 2021: $7.45BQ4 2021: $7.87BQ1 2022: $6.69BQ2 2022: $6.29BQ3 2022: $5.90BQ4 2022: $6.42BQ1 2023: $5.85BQ2 2023: $6.23BQ3 2023: $7.60BQ4 2023: $8.55BQ1 2024: $9.54BQ2 2024: $9.64BQ3 2024: $10.4BQ4 2024: $10.5BQ1 2025: $10.4BQ2 2025: $11.6BQ3 2025: $13.8BQ4 2025: $14.3BQ1 2026: $14.8BQ2 2026: $16.8B
Q1 2021Q2 2026
13F filings of First Command Advisory Services, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 10, 20261,243$16.8BiShares Core S&P 500 ETFBlackRock ETF TrustInvesco Nasdaq 100 ETFvs. Q1 2026SEC
Q1 2026May 7, 20261,144$14.8BiShares Core S&P 500 ETFBlackRock ETF TrustInvesco Nasdaq 100 ETFvs. Q4 2025SEC
Q4 2025Feb 11, 2026783$14.3BiShares Core S&P 500 ETFBlackRock ETF TrustInvesco Nasdaq 100 ETFvs. Q3 2025SEC
Q3 2025Oct 31, 2025627$13.8BiShares Core S&P 500 ETFBlackRock ETF TrustInvesco Nasdaq 100 ETFvs. Q2 2025SEC
Q2 2025Aug 1, 2025611$11.6BiShares Core S&P 500 ETFInvesco Nasdaq 100 ETFiShares Core S&P Small Cap ETFvs. Q1 2025SEC
Q1 2025May 2, 2025616$10.4BiShares Core S&P 500 ETFiShares Core S&P Small Cap ETFiShares Core S&P Mid-Cap ETFvs. Q4 2024SEC
Q4 2024Feb 5, 2025443$10.5BiShares Core S&P 500 ETFInvesco Nasdaq 100 ETFiShares Core S&P Small Cap ETFvs. Q3 2024SEC
Q3 2024Oct 25, 2024469$10.4BiShares Core S&P 500 ETFiShares Core S&P Small Cap ETFInvesco Nasdaq 100 ETFvs. Q2 2024SEC
Q2 2024Jul 26, 2024513$9.64BiShares Core S&P 500 ETFInvesco Nasdaq 100 ETFiShares Core S&P Small Cap ETFvs. Q1 2024SEC
Q1 2024May 2, 2024583$9.54BiShares Core S&P 500 ETFiShares Core S&P Small Cap ETFInvesco Nasdaq 100 ETFvs. Q4 2023SEC
Q4 2023Feb 1, 2024476$8.55BiShares Core S&P 500 ETFiShares Core S&P Small Cap ETFInvesco Nasdaq 100 ETFvs. Q3 2023SEC
Q3 2023Nov 8, 2023468$7.60BiShares Core S&P 500 ETFiShares Core S&P Small Cap ETFInvesco Nasdaq 100 ETFvs. Q2 2023SEC
Q2 2023Jul 21, 202389$6.23BiShares Core S&P 500 ETFInvesco Nasdaq 100 ETFiShares Core S&P Small Cap ETFvs. Q1 2023SEC
Q1 2023Apr 14, 2023132$5.85BiShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 Growth ETFiShares Core S&P Small Cap ETFvs. Q4 2022SEC
Q4 2022Jan 20, 2023194$6.42BiShares Core S&P 500 ETFiShares Core Dividend Growth ETFiShares Core S&P Small Cap ETFvs. Q3 2022SEC
Q3 2022Oct 24, 2022103$5.90BiShares Core S&P 500 ETFiShares Core Dividend Growth ETFState Street SPDR Portfolio S&P 500 High Dividend ETFvs. Q2 2022SEC
Q2 2022Jul 21, 2022106$6.29BiShares Core S&P 500 ETFiShares Core Dividend Growth ETFState Street SPDR Portfolio S&P 500 High Dividend ETFvs. Q1 2022SEC
Q1 2022Apr 14, 202279$6.69BiShares Core Dividend Growth ETFiShares Core S&P 500 ETFGoldman Sachs ETF Trvs. Q4 2021SEC
Q4 2021Jan 25, 2022100$7.87BiShares Core Dividend Growth ETFiShares Core S&P 500 ETFGoldman Sachs ETF Trvs. Q3 2021SEC
Q3 2021Nov 12, 2021154$7.45BiShares Core S&P 500 ETFiShares Core Dividend Growth ETFGoldman Sachs ETF Trvs. Q2 2021SEC
Q2 2021Jul 20, 202167$7.55BiShares Core S&P 500 ETFiShares Core Dividend Growth ETFGoldman Sachs ETF Trvs. Q1 2021SEC
Q1 2021Apr 20, 202154$6.91BiShares Core S&P 500 ETFiShares Core Dividend Growth ETFGoldman Sachs ETF Tr–SEC