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Livermore
Livermore
ZHEN

Howard Financial Services, Ltd.

SEC CIK
0001768130
Latest filing
Jul 7, 2026

The latest 13F from Howard Financial Services, Ltd. covers Q2 2026 (filed Jul 7, 2026): 268 long positions worth $1.00B. The top 10 holdings make up 48.4% of the portfolio, and the largest is iShares MSCI USA Quality Factor ETF at 11.3%. 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
55
Est. +$15.4M
Added
134
Est. +$38.2M
Reduced
52
Est. −$16.2M
Sold out
9
Est. −$2.81M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares MSCI USA Quality Factor ETF46432F339
    11.3%$112.7M
  2. Schwab US Dividend Equity ETF808524797
    6.2%$61.9M
  3. Vanguard Dividend Appreciation ETF921908844
    4.7%$47.5M
  4. AAPLApple Inc.
    4.0%$40.1MHistory
  5. Invesco Exchange Traded FD T46137V431
    4.0%$40.1M

Biggest buys

New and added positions, by estimated amount bought

  1. Schwab U.S. Large-Cap Growth ETF808524300
    +$3.51MAdded
  2. Vanguard Malvern FDS922020755
    +$3.02MAdded
  3. INTCIntel Corp
    +$2.91MAddedHistory
  4. iShares MSCI USA Quality Factor ETF46432F339
    +$2.35MAdded
  5. WisdomTree Tr97717X669
    +$2.22MAdded

Largest weight increases

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

  1. Schwab U.S. Large-Cap Growth ETF808524300
    +0.42 pp2.3% → 2.8%
  2. iShares MSCI USA Quality Factor ETF46432F339
    +0.39 pp10.9% → 11.3%
  3. INTCIntel Corp
    +0.38 pp<0.1% → 0.4%History
  4. WisdomTree Tr97717X578
    +0.31 pp1.5% → 1.8%
  5. Vanguard Malvern FDS922020755
    +0.22 pp0.8% → 1.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. JPMorgan Ultra-Short Income ETF46641Q837
    −$3.56MReduced
  2. SPDR Series Trust78468R408
    −$1.86MReduced
  3. Ssga Active ETF Tr78467V848
    −$1.73MReduced
  4. Invesco Exchange Traded FD T46137V431
    −$1.58MReduced
  5. UAMYUnited States Antimony Corp
    −$1.43MReducedHistory

Largest weight decreases

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

  1. JPMorgan Ultra-Short Income ETF46641Q837
    −0.50 pp1.3% → 0.8%
  2. Ssga Active ETF Tr78467V848
    −0.46 pp2.4% → 1.9%
  3. SPDR Series Trust78468R408
    −0.42 pp2.1% → 1.7%
  4. UAMYUnited States Antimony Corp
    −0.21 pp0.2% → <0.1%History
  5. Invesco Exchange Traded FD T46137V357
    −0.18 pp4.2% → 4.0%

Metrics

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

Portfolio value
$1.00B
+$113.5M (+12.8%) vs. prior quarter
Positions
268
+46 vs. prior quarter
Top 10 concentration
48.4%
Top 10 as share of value
Turnover
2.0%
Q2 2026, one quarter
Average holding period
18.5 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 $1.00B (Q2 2026)

Q1 2021: $222.6MQ2 2021: $255.2MQ3 2021: $266.7MQ4 2021: $329.8MQ1 2022: $337.3MQ2 2022: $294.5MQ3 2022: $308.5MQ4 2022: $380.6MQ1 2023: $410.2MQ2 2023: $418.8MQ3 2023: $436.0MQ4 2023: $518.1MQ1 2024: $580.2MQ2 2024: $610.2MQ3 2024: $692.5MQ4 2024: $735.1MQ1 2025: $734.4MQ2 2025: $760.7MQ3 2025: $817.3MQ4 2025: $855.1MQ1 2026: $887.9MQ2 2026: $1.00B
Q1 2021Q2 2026
13F filings of Howard Financial Services, Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 7, 2026268$1.00BiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFVanguard Dividend Appreciation ETFvs. Q1 2026SEC
Q1 2026Apr 7, 2026222$887.9MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFVanguard Dividend Appreciation ETFvs. Q4 2025SEC
Q4 2025Jan 12, 2026205$855.1MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFVanguard Dividend Appreciation ETFvs. Q3 2025SEC
Q3 2025Oct 23, 2025199$817.3MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFVanguard Dividend Appreciation ETFvs. Q2 2025SEC
Q2 2025Jul 2, 2025183$760.7MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFVanguard Dividend Appreciation ETFvs. Q1 2025SEC
Q1 2025Apr 7, 2025183$734.4MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFVanguard Dividend Appreciation ETFvs. Q4 2024SEC
Q4 2024Jan 15, 2025186$735.1MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFVanguard Dividend Appreciation ETFvs. Q3 2024SEC
Q3 2024Oct 8, 2024168$692.5MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFInvesco Exchange Traded FD Tvs. Q2 2024SEC
Q2 2024Jul 12, 2024156$610.2MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFInvesco Exchange Traded FD Tvs. Q1 2024SEC
Q1 2024Apr 16, 2024159$580.2MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFInvesco Exchange Traded FD Tvs. Q4 2023SEC
Q4 2023Jan 9, 2024152$518.1MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFInvesco Exchange Traded FD Tvs. Q3 2023SEC
Q3 2023Oct 10, 2023145$436.0MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFInvesco Exchange Traded FD Tvs. Q2 2023SEC
Q2 2023Jul 12, 2023141$418.8MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFInvesco Exchange Traded FD Tvs. Q1 2023SEC
Q1 2023Apr 5, 2023141$410.2MSchwab US Dividend Equity ETFInvesco Exchange Traded FD TiShares MSCI USA Quality Factor ETFvs. Q4 2022SEC
Q4 2022Jan 13, 2023139$380.6MSchwab US Dividend Equity ETFInvesco Exchange Traded FD TiShares MSCI USA Quality Factor ETFvs. Q3 2022SEC
Q3 2022Oct 12, 2022129$308.5MSchwab US Dividend Equity ETFiShares MSCI USA Quality Factor ETFInvesco Exchange Traded FD Tvs. Q2 2022SEC
Q2 2022Jul 18, 2022123$294.5MSchwab US Dividend Equity ETFiShares MSCI USA Quality Factor ETFInvesco Exchange Traded FD Tvs. Q1 2022SEC
Q1 2022Apr 20, 2022134$337.3MiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFInvesco Exchange Traded FD Tvs. Q4 2021SEC
Q4 2021Jan 27, 2022129$329.8MiShares MSCI USA Quality Factor ETFInvesco Exchange Traded FD TSchwab US Dividend Equity ETFvs. Q3 2021SEC
Q3 2021Nov 1, 2021125$266.7MInvesco Exchange Traded FD TiShares MSCI USA Quality Factor ETFSchwab US Dividend Equity ETFvs. Q2 2021SEC
Q2 2021Aug 6, 2021124$255.2MSchwab US Dividend Equity ETFInvesco Exchange Traded FD TiShares MSCI USA Quality Factor ETFvs. Q1 2021SEC
Q1 2021May 3, 2021124$222.6MSchwab US Dividend Equity ETFInvesco Exchange Traded FD TiShares MSCI USA Quality Factor ETF–SEC