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Livermore
Livermore
ZHEN

F3Logic, LLC

SEC CIK
0001733777
Latest filing
Feb 14, 2023

The latest 13F from F3Logic, LLC covers Q4 2022 (filed Feb 14, 2023): 186 long positions worth $476.0M. The top 10 holdings make up 50.7% of the portfolio, and the largest is iShares Core U.S. Aggregate Bond ETF at 6.5%. Livermore has 8 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2022

Share counts compared with Q3 2022: 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
18
Est. +$11.5M
Added
43
Est. +$54.0M
Reduced
118
Est. −$85.7M
Sold out
12
Est. −$12.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core U.S. Aggregate Bond ETF464287226
    6.5%$30.7M
  2. Vanguard Morningstar Small-Cap Value ETF922908611
    6.4%$30.6M
  3. iShares Core S&P US Value ETF464287663
    6.3%$29.8M
  4. Vanguard Admiral FDS Inc921932778
    5.8%$27.6M
  5. iShares Tr46434V407
    5.5%$26.4M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core U.S. Aggregate Bond ETF464287226
    +$18.1MAdded
  2. iShares Core High Dividend ETF46429B663
    +$6.71MAdded
  3. iShares Core S&P US Value ETF464287663
    +$5.00MAdded
  4. iShares Core S&P U.S. Growth ETF464287671
    +$4.76MAdded
  5. iShares Tr46434V613
    +$4.10MAdded

Largest weight increases

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

  1. iShares Core U.S. Aggregate Bond ETF464287226
    +3.84 pp2.6% → 6.5%
  2. iShares Core S&P US Value ETF464287663
    +1.67 pp4.6% → 6.3%
  3. iShares Core High Dividend ETF46429B663
    +1.52 pp0.7% → 2.2%
  4. iShares Core S&P U.S. Growth ETF464287671
    +1.05 pp2.1% → 3.2%
  5. Vanguard Morningstar Small-Cap Value ETF922908611
    +0.90 pp5.5% → 6.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares U S ETF Tr46431W705
    −$21.2MReduced
  2. Kraneshares Tr500767728
    −$13.1MReduced
  3. Starboard Invt Tr85521B742
    −$10.7MReduced
  4. Invesco Exchange Traded FD T46137V258
    −$8.50MSold out
  5. Starboard Invt Tr85521B767
    −$8.16MReduced

Largest weight decreases

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

  1. iShares U S ETF Tr46431W705
    −4.29 pp5.9% → 1.6%
  2. Kraneshares Tr500767728
    −2.71 pp2.8% → 0.1%
  3. Starboard Invt Tr85521B742
    −2.08 pp2.2% → 0.2%
  4. Invesco Exchange Traded FD T46137V258
    −1.77 pp1.8% → 0.0%
  5. Starboard Invt Tr85521B767
    −1.54 pp4.6% → 3.0%

Metrics

13F metrics for Q4 2022, computed only from the numbers in the filings. Definitions below.

Portfolio value
$476.0M
−$3.44M (−0.7%) vs. prior quarter
Positions
186
+6 vs. prior quarter
Top 10 concentration
50.7%
Top 10 as share of value
Turnover
13.7%
Q4 2022, 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 (Q1 2021), so positions held before then are understated.

13F filings by quarter

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

Peak $855.9M (Q4 2021)

Q1 2021: $700.7MQ2 2021: $820.4MQ3 2021: $763.8MQ4 2021: $855.9MQ1 2022: $681.4MQ2 2022: $573.4MQ3 2022: $479.4MQ4 2022: $476.0M
Q1 2021Q4 2022
13F filings of F3Logic, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2022Feb 14, 2023186$476.0MiShares Core U.S. Aggregate Bond ETFVanguard Morningstar Small-Cap Value ETFiShares Core S&P US Value ETFvs. Q3 2022SEC
Q3 2022Oct 26, 2022180$479.4MiShares TriShares U S ETF TriShares Core MSCI Eafe ETFvs. Q2 2022SEC
Q2 2022Aug 3, 2022190$573.4MiShares Core MSCI Eafe ETFiShares U S ETF TrStarboard Invt Trvs. Q1 2022SEC
Q1 2022May 12, 2022217$681.4MiShares Core U.S. Aggregate Bond ETFiShares Core MSCI Eafe ETFKraneshares Trvs. Q4 2021SEC
Q4 2021Feb 4, 2022234$855.9MiShares Core U.S. Aggregate Bond ETFPacer Trendpilot US Bond ETFStarboard Invt Trvs. Q3 2021SEC
Q3 2021Nov 12, 2021233$763.8MPacer Trendpilot US Bond ETFiShares Core U.S. Aggregate Bond ETFKraneshares Trvs. Q2 2021SEC
Q2 2021Aug 10, 2021229$820.4MPacer Trendpilot US Bond ETFiShares Core U.S. Aggregate Bond ETFKraneshares Trvs. Q1 2021SEC
Q1 2021Apr 23, 2021239$700.7MiShares Core U.S. Aggregate Bond ETFPacer Trendpilot US Bond ETFKraneshares Tr–SEC