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Livermore
Livermore
ZHEN

Virginia National Bank

SEC CIK
0001758163
Latest filing
Oct 19, 2023

The latest 13F from Virginia National Bank covers Q3 2023 (filed Oct 19, 2023): 35 long positions worth $21.9M. The top 10 holdings make up 54.7% of the portfolio, and the largest is iShares Core S&P US Value ETF at 6.9%. Livermore has 7 filings on Form 13F from this institution, going back to Q1 2022.

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
2
Est. +$451.4K
Added
3
Est. +$461.0K
Reduced
18
Est. −$4.73M
Sold out
9
Est. −$2.77M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P US Value ETF464287663
    6.9%$1.52M
  2. Invesco Exch TRD SLF Idx FD46138J841
    6.6%$1.45M
  3. Pacer US Cash Cows 100 ETF69374H881
    6.2%$1.36M
  4. Invesco Exch TRD SLF Idx FD46138J825
    5.6%$1.24M
  5. Invesco Exchange Traded FD T46137V548
    5.5%$1.21M

Share of portfolio

Top 5 holdings and the other 30 positions, by share of portfolio value

  1. iShares Core S&P US Value ETF6.9%
  2. Invesco Exch TRD SLF Idx FD6.6%
  3. Pacer US Cash Cows 100 ETF6.2%
  4. Invesco Exch TRD SLF Idx FD5.6%
  5. Invesco Exchange Traded FD T5.5%
  6. Other 30 positions69.1%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr46429B655
    +$345.4KAdded
  2. American Centy ETF Tr025072877
    +$231.7KNew
  3. Alps ETF Tr00162Q452
    +$219.7KNew
  4. Global X Uranium ETF37954Y871
    +$105.1KAdded
  5. Janus Detroit STR Tr47103U886
    +$10.5KAdded

Largest weight increases

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

  1. iShares Tr46429B655
    +2.39 pp2.5% → 4.9%
  2. American Centy ETF Tr025072877
    +1.06 pp0.0% → 1.1%
  3. Global X Uranium ETF37954Y871
    +1.01 pp0.8% → 1.8%
  4. Alps ETF Tr00162Q452
    +1.00 pp0.0% → 1.0%
  5. Janus Detroit STR Tr47103U886
    +0.50 pp1.4% → 1.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard S&P 500 ETF922908363
    −$1.87MReduced
  2. Invesco Exchange Traded FD T46137V233
    −$575.3KReducedConverted for a 10-for-1 split
  3. Victory Portfolios II92647N824
    −$568.8KSold out
  4. Vanguard Morningstar Mid-Cap ETF922908629
    −$559.1KReduced
  5. iShares MSCI Eafe ETF464287465
    −$517.2KReduced

Largest weight decreases

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

  1. Vanguard S&P 500 ETF922908363
    −5.65 pp10.5% → 4.8%
  2. Victory Portfolios II92647N824
    −1.96 pp2.0% → 0.0%
  3. Vanguard Morningstar Mid-Cap ETF922908629
    −1.85 pp2.8% → 0.9%
  4. Invesco Exchange Traded FD T46137V233
    −1.65 pp3.4% → 1.8%
  5. iShares MSCI Eafe ETF464287465
    −1.60 pp3.0% → 1.4%

Metrics

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

Portfolio value
$21.9M
−$7.06M (−24.4%) vs. prior quarter
Positions
35
−7 vs. prior quarter
Top 10 concentration
54.7%
Top 10 as share of value
Turnover
3.6%
Q3 2023, one quarter
Average holding period
5.8 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 2022), so positions held before then are understated.

13F filings by quarter

7 quarters, going back to Q1 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $87.6M (Q1 2022)

Q1 2022: $87.6MQ2 2022: $63.9MQ3 2022: $31.3MQ4 2022: $27.1MQ1 2023: $28.4MQ2 2023: $29.0MQ3 2023: $21.9M
Q1 2022Q3 2023
13F filings of Virginia National Bank by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2023Oct 19, 202335$21.9MiShares Core S&P US Value ETFInvesco Exch TRD SLF Idx FDPacer US Cash Cows 100 ETFvs. Q2 2023SEC
Q2 2023Jul 7, 202342$29.0MVanguard S&P 500 ETFInvesco Exch TRD SLF Idx FDiShares Core S&P US Value ETFvs. Q1 2023SEC
Q1 2023May 1, 202339$28.4MVanguard S&P 500 ETFInvesco Exch TRD SLF Idx FDiShares Core S&P US Value ETFvs. Q4 2022SEC
Q4 2022Feb 9, 202340$27.1MVanguard S&P 500 ETFInvesco Exch TRD SLF Idx FDiShares Core S&P US Value ETFvs. Q3 2022SEC
Q3 2022Nov 4, 202238$31.3MVanguard S&P 500 ETFMCOiShares MSCI Eafe ETFvs. Q2 2022SEC
Q2 2022Jul 7, 202260$63.9MVanguard S&P 500 ETFiShares Core S&P 500 ETFMCOvs. Q1 2022SEC
Q1 2022Apr 27, 202265$87.6MVanguard S&P 500 ETFiShares Core S&P 500 ETFiShares MSCI Eafe ETF–SEC