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Livermore
Livermore
ZHEN

HNP Capital LLC

SEC CIK
0001767841
Latest filing
May 18, 2023

The latest 13F from HNP Capital LLC covers Q1 2023 (filed May 18, 2023): 128 long positions worth $359.0M. The top 10 holdings make up 47.8% of the portfolio, and the largest is Vanguard Malvern FDS at 7.3%. Livermore has 10 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2023

Share counts compared with Q4 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
7
Est. +$3.51M
Added
22
Est. +$9.98M
Reduced
73
Est. −$12.1M
Sold out
10
Est. −$5.77M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Malvern FDS922020805
    7.3%$26.2M
  2. Vanguard Scottsdale FDS92206C102
    6.8%$24.5M
  3. iShares Tr464288646
    6.4%$23.1M
  4. Invesco Actively Managed Exc46090A879
    6.2%$22.1M
  5. Vanguard Mortgage-Backed Securities ETF92206C771
    5.6%$19.9M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Mortgage-Backed Securities ETF92206C771
    +$2.54MAdded
  2. State Street SPDR S&P Regional Banking ETF78464A698
    +$1.63MAdded
  3. Vanguard Scottsdale FDS92206C102
    +$1.36MAdded
  4. State Street SPDR S&P Bank ETF78464A797
    +$1.32MAdded
  5. DDominion Energy, Inc
    +$793.3KAddedHistory

Largest weight increases

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

  1. Vanguard Mortgage-Backed Securities ETF92206C771
    +0.80 pp4.8% → 5.6%
  2. Vanguard Scottsdale FDS92206C102
    +0.44 pp6.4% → 6.8%
  3. State Street SPDR S&P Bank ETF78464A797
    +0.25 pp0.6% → 0.9%
  4. State Street SPDR S&P Regional Banking ETF78464A698
    +0.20 pp1.0% → 1.2%
  5. Vanguard Malvern FDS922020805
    +0.19 pp7.1% → 7.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464288661
    −$2.87MSold out
  2. Invesco Exchange Traded FD T46137V357
    −$1.29MReduced
  3. BKTBlackRock Income Trust, Inc.
    −$1.29MReducedHistory
  4. iShares Tr46434V407
    −$985.8KReduced
  5. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375
    −$775.8KReduced

Largest weight decreases

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

  1. iShares Tr464288661
    −0.80 pp0.8% → 0.0%
  2. BKTBlackRock Income Trust, Inc.
    −0.34 pp1.1% → 0.7%History
  3. Invesco Exchange Traded FD T46137V357
    −0.26 pp4.9% → 4.7%
  4. CVSCVS Health Corp
    −0.22 pp1.0% → 0.8%History
  5. Vanguard Morningstar Mid-Cap ETF922908629
    −0.21 pp0.2% → 0.0%

Metrics

13F metrics for Q1 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$359.0M
+$1.29M (+0.4%) vs. prior quarter
Positions
128
−3 vs. prior quarter
Top 10 concentration
47.8%
Top 10 as share of value
Turnover
3.8%
Q1 2023, one quarter
Average holding period
8.7 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

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

Peak $442.0M (Q4 2021)

Q1 2021: $337.3MQ2 2021: $378.4MQ3 2021: $399.1MQ4 2021: $442.0MQ1 2022: $421.6MQ2 2022: $363.5MQ3 2022: $346.7MQ4 2022: $357.7MQ1 2023: $359.0M
Q1 2021Q1 2023
13F filings of HNP Capital LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2023May 18, 2023128$359.0MVanguard Malvern FDSVanguard Scottsdale FDSiShares Trvs. Q4 2022SEC
Q4 2022Jan 24, 2023131$357.7MVanguard Malvern FDSiShares TrVanguard Scottsdale FDSvs. Q3 2022SEC
Q3 2022Oct 18, 2022135$346.7MVanguard Malvern FDSiShares TrInvesco Actively Managed Excvs. Q2 2022SEC
Q2 2022Jul 20, 2022143$363.5MiShares TrVanguard Malvern FDSInvesco Actively Managed Excvs. Q1 2022SEC
Q1 2022Aug 15, 2022Amended153$421.6MiShares TrVanguard Malvern FDSInvesco Actively Managed Excvs. Q4 2021SEC
Q4 2021Jan 18, 2022167$442.0MiShares TrVanguard Malvern FDSInvesco Actively Managed Excvs. Q3 2021SEC
Q3 2021Oct 14, 2021155$399.1MiShares TrVanguard Malvern FDSInvesco Actively Managed Excvs. Q2 2021SEC
Q2 2021Jul 14, 2021149$378.4MiShares TrVanguard Malvern FDSInvesco Actively Managed Excvs. Q1 2021SEC
Q1 2021May 28, 2021142$337.3MiShares TrInvesco Actively Managed ExcState Street SPDR Portfolio Intermediate Term Corporate Bond ETF–SEC