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Livermore
Livermore
ZHEN

Mangham Associates,LLC

SEC CIK
0001730480
Latest filing
Oct 16, 2023

The latest 13F from Mangham Associates,LLC covers Q3 2023 (filed Oct 16, 2023): 14 long positions worth $53.9M. The top 10 holdings make up 97.4% of the portfolio, and the largest is Vanguard Total World Stock ETF at 33.0%. Livermore has 11 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2023

Share counts compared with Q2 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
0
Added
6
Est. +$3.87M
Reduced
7
Est. −$4.91M
Sold out
2
Est. −$1.85M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Total World Stock ETF922042742
    33.0%$17.8M
  2. Vanguard S&P 500 ETF922908363
    26.5%$14.3M
  3. Vanguard Morningstar Value ETF922908744
    15.2%$8.20M
  4. GLDSPDR Gold Trust
    7.3%$3.92MHistory
  5. iShares Core S&P Small Cap ETF464287804
    4.5%$2.41M

Biggest buys

New and added positions, by estimated amount bought

  1. GLDSPDR Gold Trust
    +$3.39MAddedHistory
  2. Vanguard Morningstar Value ETF922908744
    +$417.8KAdded
  3. Vanguard Scottsdale FDS92206C409
    +$35.2KAdded
  4. Vanguard Morningstar Mid-Cap ETF922908629
    +$12.0KAdded
  5. iShares Core S&P Small Cap ETF464287804
    +$7.92KAdded

Largest weight increases

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

  1. GLDSPDR Gold Trust
    +6.33 pp0.9% → 7.3%History
  2. Vanguard Morningstar Value ETF922908744
    +1.60 pp13.6% → 15.2%
  3. iShares Core S&P Small Cap ETF464287804
    +0.15 pp4.3% → 4.5%
  4. Vanguard Scottsdale FDS92206C409
    +0.14 pp0.9% → 1.1%
  5. Vanguard Morningstar Mid-Cap ETF922908629
    +0.03 pp0.6% → 0.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Total World Stock ETF922042742
    −$1.48MReduced
  2. GLDMWorld Gold Trust
    −$1.42MSold outHistory
  3. Vanguard S&P 500 ETF922908363
    −$1.40MReduced
  4. iShares Inc46434G848
    −$1.33MReduced
  5. PIMCO Enhanced Short Maturity Active Exchange-Traded Fund72201R833
    −$504.9KReduced

Largest weight decreases

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

  1. GLDMWorld Gold Trust
    −2.42 pp2.4% → 0.0%History
  2. iShares Inc46434G848
    −2.01 pp4.7% → 2.7%
  3. Vanguard S&P 500 ETF922908363
    −1.20 pp27.7% → 26.5%
  4. Vanguard S&P 500 Value ETF921932703
    −0.72 pp0.7% → 0.0%
  5. PIMCO Enhanced Short Maturity Active Exchange-Traded Fund72201R833
    −0.63 pp3.3% → 2.7%

Metrics

13F metrics for Q3 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$53.9M
−$4.81M (−8.2%) vs. prior quarter
Positions
14
−2 vs. prior quarter
Top 10 concentration
97.4%
Top 10 as share of value
Turnover
6.9%
Q3 2023, one quarter
Average holding period
9.3 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

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

Peak $158.2M (Q2 2021)

Q1 2021: $103.6MQ2 2021: $158.2MQ3 2021: $155.4MQ4 2021: $151.1MQ1 2022: $105.9MQ2 2022: $94.1MQ3 2022: $84.8MQ4 2022: $68.8MQ1 2023: $63.2MQ2 2023: $58.8MQ3 2023: $53.9M
Q1 2021Q3 2023
13F filings of Mangham Associates,LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2023Oct 16, 202314$53.9MVanguard Total World Stock ETFVanguard S&P 500 ETFVanguard Morningstar Value ETFvs. Q2 2023SEC
Q2 2023Aug 11, 202316$58.8MVanguard Total World Stock ETFVanguard S&P 500 ETFVanguard Morningstar Value ETFvs. Q1 2023SEC
Q1 2023May 9, 202319$63.2MVanguard Total World Stock ETFVanguard S&P 500 ETFPIMCO Enhanced Short Maturity Active Exchange-Traded Fundvs. Q4 2022SEC
Q4 2022Feb 14, 202319$68.8MVanguard S&P 500 ETFVanguard Total World Stock ETFVanguard Morningstar Value ETFvs. Q3 2022SEC
Q3 2022Nov 1, 202219$84.8MPIMCO Enhanced Short Maturity Active Exchange-Traded FundVanguard S&P 500 ETFVanguard Total World Stock ETFvs. Q2 2022SEC
Q2 2022Aug 10, 202219$94.1MVanguard S&P 500 ETFPIMCO Enhanced Short Maturity Active Exchange-Traded FundVanguard Total World Stock ETFvs. Q1 2022SEC
Q1 2022May 4, 202210$105.9MVanguard S&P 500 ETFPIMCO Enhanced Short Maturity Active Exchange-Traded FundVanguard Total World Stock ETFvs. Q4 2021SEC
Q4 2021Feb 10, 20228$151.1MVanguard S&P 500 ETFPIMCO Enhanced Short Maturity Active Exchange-Traded FundVanguard Total World Stock ETFvs. Q3 2021SEC
Q3 2021Nov 12, 20217$155.4MVanguard S&P 500 ETFPIMCO Enhanced Short Maturity Active Exchange-Traded FundVanguard Total World Stock ETFvs. Q2 2021SEC
Q2 2021Aug 10, 20216$158.2MVanguard S&P 500 ETFPIMCO Enhanced Short Maturity Active Exchange-Traded FundVanguard Total World Stock ETFvs. Q1 2021SEC
Q1 2021May 14, 20215$103.6MVanguard S&P 500 ETFVanguard Total World Stock ETFVanguard Mun BD FDS–SEC