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Livermore
Livermore
ZHEN

LFA - Lugano Financial Advisors SA

SEC CIK
0001737871
Latest filing
Jul 28, 2026

The latest 13F from LFA - Lugano Financial Advisors SA covers Q2 2026 (filed Jul 28, 2026): 274 long positions worth $166.2M. The top 10 holdings make up 53.8% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 22.6%. 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
64
Est. +$3.31M
Added
42
Est. +$10.4M
Reduced
29
Est. −$15.0M
Sold out
13
Est. −$38.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    22.6%$37.5MHistory
  2. Schwab Fundamental Emerging Markets Equity ETF808524730
    7.8%$13.0M
  3. GLDSPDR Gold Trust
    4.9%$8.15MHistory
  4. iShares Tr464288638
    3.4%$5.72M
  5. Vanguard Scottsdale FDS92206C409
    3.1%$5.12M

Share of portfolio

Top 5 holdings and the other 269 positions, by share of portfolio value

  1. SPY22.6%
  2. Schwab Fundamental Emerging Markets Equity ETF7.8%
  3. GLD4.9%
  4. iShares Tr3.4%
  5. Vanguard Scottsdale FDS3.1%
  6. Other 269 positions58.1%

Biggest buys

New and added positions, by estimated amount bought

  1. SPYSPDR S&P 500 ETF Trust
    +$6.64MAddedHistory
  2. Vanguard World FD921910725
    +$682.6KAdded
  3. Vanguard Scottsdale FDS92206C409
    +$674.0KAdded
  4. Vanguard Intermediate-Term Corporate Bond ETF92206C870
    +$545.7KAdded
  5. PHYSSprott Physical Gold Trust
    +$543.2KNewHistory

Largest weight increases

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

  1. SPYSPDR S&P 500 ETF Trust
    +8.51 pp14.1% → 22.6%History
  2. Vanguard World FD921910725
    +0.99 pp1.6% → 2.6%
  3. iShares Tr464288638
    +0.80 pp2.6% → 3.4%
  4. Vanguard Scottsdale FDS92206C409
    +0.78 pp2.3% → 3.1%
  5. Invesco QQQ Trust Series I46090E103
    +0.69 pp1.3% → 2.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr46435G516
    −$21.9MSold out
  2. iShares Tr46435G243
    −$11.4MSold out
  3. SPDR Series Trust78464A151
    −$3.88MReduced
  4. GLDSPDR Gold Trust
    −$3.22MReducedHistory
  5. iShares Tr464287440
    −$2.74MSold out

Largest weight decreases

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

  1. iShares Tr46435G516
    −11.16 pp11.2% → 0.0%
  2. iShares Tr46435G243
    −5.78 pp5.8% → 0.0%
  3. GLDSPDR Gold Trust
    −1.96 pp6.9% → 4.9%History
  4. SPDR Series Trust78464A151
    −1.95 pp2.0% → <0.1%
  5. iShares Tr464287440
    −1.39 pp1.4% → 0.0%

Metrics

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

Portfolio value
$166.2M
−$30.4M (−15.5%) vs. prior quarter
Positions
274
+51 vs. prior quarter
Top 10 concentration
53.8%
Top 10 as share of value
Turnover
7.6%
Q2 2026, one quarter
Average holding period
15.4 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

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

Peak $196.6M (Q1 2026)

Q1 2021: $142.9MQ2 2021: $158.9MQ3 2021: $152.3MQ4 2021: $173.2MQ1 2022: $149.5MQ2 2022: $143.1MQ3 2022: $127.4MQ4 2022: $134.9MQ1 2023: $132.2MQ2 2023: $150.3MQ3 2023: $116.8MQ4 2023: $127.3MQ1 2024: $137.4MQ2 2024: $131.3MQ3 2024: $147.1MQ4 2024: $153.0MQ1 2025: $147.1MQ2 2025: $168.8MQ3 2025: $189.7MQ4 2025: $193.7MQ1 2026: $196.6MQ2 2026: $166.2M
Q1 2021Q2 2026
13F filings of LFA - Lugano Financial Advisors SA by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 28, 2026274$166.2MSPYSchwab Fundamental Emerging Markets Equity ETFGLDvs. Q1 2026SEC
Q1 2026May 5, 2026223$196.6MSPYiShares TrGLDvs. Q4 2025SEC
Q4 2025Jan 29, 2026235$193.7MSPYiShares TrGLDvs. Q3 2025SEC
Q3 2025Nov 5, 2025229$189.7MSPYiShares TriShares Trvs. Q2 2025SEC
Q2 2025Aug 7, 2025245$168.8MSPYiShares TriShares Trvs. Q1 2025SEC
Q1 2025Apr 28, 2025191$147.1MSPYGLDFirst Tr Exchange Traded FDvs. Q4 2024SEC
Q4 2024Feb 10, 2025193$153.0MSPYFirst Tr Exchange Traded FDGLDvs. Q3 2024SEC
Q3 2024Nov 7, 2024183$147.1MSPYGLDiShares Trvs. Q2 2024SEC
Q2 2024Jul 30, 2024172$131.3MSPYGLDiShares Trvs. Q1 2024SEC
Q1 2024May 3, 2024160$137.4MSPYiShares TrGLDvs. Q4 2023SEC
Q4 2023Jan 22, 2024170$127.3MSPYiShares TrGLDvs. Q3 2023SEC
Q3 2023Oct 23, 2023179$116.8MSPYInvesco Actvely MNGD Etc FDiShares Trvs. Q2 2023SEC
Q2 2023Aug 7, 2023169$150.3MSPYFirst Tr Exch Traded FD IIIiShares Trvs. Q1 2023SEC
Q1 2023May 9, 2023111$132.2MSPYFirst Tr Exch Traded FD IIIiShares Trvs. Q4 2022SEC
Q4 2022Feb 8, 2023117$134.9MSPYFirst Tr Exch Traded FD IIIVanguard Scottsdale FDSvs. Q3 2022SEC
Q3 2022Nov 8, 2022115$127.4MSPYInvesco Actvely MNGD Etc FDFirst Tr Exch Traded FD IIIvs. Q2 2022SEC
Q2 2022Jul 29, 2022132$143.1MSPYInvesco Actvely MNGD Etc FDFirst Tr Exch Traded FD IIIvs. Q1 2022SEC
Q1 2022May 9, 2022109$149.5MSPYInvesco Actvely MNGD Etc FDFirst Tr Exch Traded FD IIIvs. Q4 2021SEC
Q4 2021Jan 20, 2022118$173.2MVanguard Real Estate ETFSPYFirst Tr Exch Traded FD IIIvs. Q3 2021SEC
Q3 2021Oct 26, 2021105$152.3MInvesco Actvely MNGD Etc FDGLDSPYvs. Q2 2021SEC
Q2 2021Jul 27, 202198$158.9MInvesco Actvely MNGD Etc FDGLDSPYvs. Q1 2021SEC
Q1 2021Apr 27, 202194$142.9MGLDInvesco Actvely MNGD Etc FDiShares Tr–SEC