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Livermore
Livermore
ZHEN

Financial Advisors, LLC

SEC CIK
0001766909
Latest filing
Nov 7, 2025

The latest 13F from Financial Advisors, LLC covers Q3 2025 (filed Nov 7, 2025): 80 long positions worth $564.3M. The top 10 holdings make up 87.4% of the portfolio, and the largest is iShares MSCI USA Min Vol Factor ETF at 18.3%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: 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
4
Est. +$897.9K
Added
21
Est. +$1.85M
Reduced
12
Est. −$10.3M
Sold out
2
Est. −$507.2K

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares MSCI USA Min Vol Factor ETF46429B697
    18.3%$103.4M
  2. Schwab U.S. Large-Cap Growth ETF808524300
    16.6%$93.8M
  3. Schwab U.S. Large-Cap Value ETF808524409
    13.5%$76.0M
  4. iShares Tr46435G847
    11.3%$64.0M
  5. iShares MSCI USA Quality Factor ETF46432F339
    11.2%$63.1M

Biggest buys

New and added positions, by estimated amount bought

  1. Invesco QQQ Trust Series I46090E103
    +$600.4KAdded
  2. iShares Core S&P Small Cap ETF464287804
    +$429.5KAdded
  3. NVDANVIDIA Corp
    +$315.9KAddedHistory
  4. INTCIntel Corp
    +$271.9KNewHistory
  5. GSGoldman Sachs Group Inc
    +$214.7KNewHistory

Largest weight increases

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

  1. iShares Core S&P Small Cap ETF464287804
    +0.44 pp10.7% → 11.1%
  2. AAPLApple Inc.
    +0.20 pp1.0% → 1.2%History
  3. Invesco QQQ Trust Series I46090E103
    +0.11 pp0.2% → 0.3%
  4. iShares Russell 1000 Growth ETF464287614
    +0.07 pp1.3% → 1.4%
  5. NVDANVIDIA Corp
    +0.07 pp0.1% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Schwab U.S. Large-Cap Growth ETF808524300
    −$3.33MReduced
  2. iShares MSCI USA Quality Factor ETF46432F339
    −$2.12MReduced
  3. iShares Tr46435G847
    −$1.49MReduced
  4. iShares MSCI USA Min Vol Factor ETF46429B697
    −$1.25MReduced
  5. Schwab U.S. Large-Cap Value ETF808524409
    −$1.23MReduced

Largest weight decreases

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

  1. iShares MSCI USA Min Vol Factor ETF46429B697
    −0.91 pp19.2% → 18.3%
  2. iShares MSCI USA Quality Factor ETF46432F339
    −0.24 pp11.4% → 11.2%
  3. Schwab U.S. Large-Cap Value ETF808524409
    −0.21 pp13.7% → 13.5%
  4. Schwab U.S. Large-Cap ETF808524201
    −0.07 pp1.0% → 0.9%
  5. CSXCSX Corp
    −0.07 pp0.1% → 0.0%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$564.3M
+$27.4M (+5.1%) vs. prior quarter
Positions
80
+2 vs. prior quarter
Top 10 concentration
87.4%
Top 10 as share of value
Turnover
0.5%
Q3 2025, one quarter
Average holding period
18.3 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

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

Peak $564.3M (Q3 2025)

Q1 2021: $250.6MQ2 2021: $285.1MQ3 2021: $295.6MQ4 2021: $328.2MQ1 2022: $320.4MQ2 2022: $283.1MQ3 2022: $287.7MQ4 2022: $366.0MQ1 2023: $394.9MQ2 2023: $419.6MQ3 2023: $404.0MQ4 2023: $446.1MQ1 2024: $483.1MQ2 2024: $489.0MQ3 2024: $524.9MQ4 2024: $521.3MQ1 2025: $506.8MQ2 2025: $536.9MQ3 2025: $564.3M
Q1 2021Q3 2025
13F filings of Financial Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 7, 202580$564.3MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q2 2025SEC
Q2 2025Jul 29, 202578$536.9MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q1 2025SEC
Q1 2025May 2, 202581$506.8MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q4 2024SEC
Q4 2024Jan 15, 202583$521.3MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q3 2024SEC
Q3 2024Oct 16, 202478$524.9MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q2 2024SEC
Q2 2024Jul 15, 202474$489.0MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q1 2024SEC
Q1 2024May 3, 202477$483.1MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q4 2023SEC
Q4 2023Feb 5, 202476$446.1MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q3 2023SEC
Q3 2023Oct 10, 202373$404.0MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q2 2023SEC
Q2 2023Aug 1, 202379$419.6MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q1 2023SEC
Q1 2023May 4, 202380$394.9MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q4 2022SEC
Q4 2022Feb 14, 202379$366.0MiShares MSCI USA Min Vol Factor ETFSchwab U.S. Large-Cap Value ETFSchwab U.S. Large-Cap Growth ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202276$287.7MiShares MSCI USA Min Vol Factor ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q2 2022SEC
Q2 2022Aug 12, 202276$283.1MiShares MSCI USA Min Vol Factor ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q1 2022SEC
Q1 2022May 12, 202287$320.4MiShares MSCI USA Min Vol Factor ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2021SEC
Q4 2021Feb 11, 202287$328.2MiShares MSCI USA Min Vol Factor ETFiShares TriShares MSCI Eafe Min Vol Factor ETFvs. Q3 2021SEC
Q3 2021Nov 12, 202188$295.6MiShares MSCI USA Min Vol Factor ETFiShares TriShares MSCI Eafe Min Vol Factor ETFvs. Q2 2021SEC
Q2 2021Aug 13, 202187$285.1MiShares MSCI USA Min Vol Factor ETFiShares TriShares MSCI Eafe Min Vol Factor ETFvs. Q1 2021SEC
Q1 2021Apr 16, 202181$250.6MiShares MSCI USA Min Vol Factor ETFiShares TriShares MSCI Eafe Min Vol Factor ETF–SEC