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Livermore
Livermore
ZHEN

Zhang Financial LLC

SEC CIK
0001776290
Latest filing
Jul 30, 2026

The latest 13F from Zhang Financial LLC covers Q2 2026 (filed Jul 30, 2026): 392 long positions worth $3.42B. The top 10 holdings make up 48.4% of the portfolio, and the largest is Vanguard S&P 500 ETF at 6.9%. Livermore has 23 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
34
Est. +$15.2M
Added
183
Est. +$243.9M
Reduced
114
Est. −$49.0M
Sold out
9
Est. −$5.45M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    6.9%$235.6M
  2. Dimensional ETF Trust25434V401
    6.4%$218.0M
  3. iShares Tr464287150
    6.0%$204.8M
  4. Vanguard Morningstar Total Stock Market ETF922908769
    5.9%$203.6M
  5. Vanguard Star FDS921909768
    5.6%$192.0M

Share of portfolio

Top 5 holdings and the other 387 positions, by share of portfolio value

  1. Vanguard S&P 500 ETF6.9%
  2. Dimensional ETF Trust6.4%
  3. iShares Tr6.0%
  4. Vanguard Morningstar Total Stock Market ETF5.9%
  5. Vanguard Star FDS5.6%
  6. Other 387 positions69.2%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core U.S. Aggregate Bond ETF464287226
    +$19.4MAdded
  2. Vanguard Scottsdale FDS92206C730
    +$16.6MAdded
  3. Vanguard Malvern FDS922020748
    +$15.6MAdded
  4. Vanguard Scottsdale FDS92206C714
    +$15.4MAdded
  5. Vanguard Star FDS921909768
    +$14.0MAdded

Largest weight increases

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

  1. Vanguard Scottsdale FDS92206C730
    +0.48 pp0.2% → 0.7%
  2. Vanguard Scottsdale FDS92206C714
    +0.44 pp0.2% → 0.6%
  3. Vanguard Scottsdale FDS92206C680
    +0.38 pp0.2% → 0.6%
  4. Vanguard Malvern FDS922020748
    +0.23 pp1.4% → 1.6%
  5. Vanguard Ftse Developed Markets ETF921943858
    +0.16 pp0.8% → 1.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MUMicron Technology Inc
    −$5.12MReducedHistory
  2. Vanguard Morningstar Total Stock Market ETF922908769
    −$4.91MReduced
  3. BRK.ABerkshire Hathaway Inc
    −$3.74MReducedHistory
  4. Dimensional U.S. Targeted Value ETF25434V609
    −$3.69MReduced
  5. HONHoneywell International Inc
    −$3.03MSold outHistory

Largest weight decreases

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

  1. Vanguard Morningstar Total Stock Market ETF922908769
    −0.30 pp6.2% → 5.9%
  2. SYKStryker Corp
    −0.23 pp1.2% → 1.0%History
  3. Vanguard Scottsdale FDS92206C409
    −0.21 pp1.1% → 0.9%
  4. Dimensional U.S. Core Equity 2 ETF25434V708
    −0.19 pp4.4% → 4.2%
  5. BRK.ABerkshire Hathaway Inc
    −0.13 pp0.2% → 0.1%History

Metrics

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

Portfolio value
$3.42B
+$532.2M (+18.4%) vs. prior quarter
Positions
392
+25 vs. prior quarter
Top 10 concentration
48.4%
Top 10 as share of value
Turnover
1.7%
Q2 2026, one quarter
Average holding period
18.8 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 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 $3.42B (Q2 2026)

Q1 2021: $372.8MQ2 2021: $407.6MQ3 2021: $432.4MQ4 2021: $564.2MQ1 2022: $592.3MQ2 2022: $623.2MQ3 2022: $663.3MQ4 2022: $784.2MQ1 2023: $875.6MQ2 2023: $974.6MQ3 2023: $986.7MQ4 2023: $1.16BQ1 2024: $1.35BQ2 2024: $1.43BQ3 2024: $1.58BQ4 2024: $1.75BQ1 2025: $1.89BQ2 2025: $2.17BQ3 2025: $2.46BQ4 2025: $2.68BQ1 2026: $2.89BQ2 2026: $3.42B
Q1 2021Q2 2026
13F filings of Zhang Financial LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 30, 2026392$3.42BVanguard S&P 500 ETFDimensional ETF TrustiShares Trvs. Q1 2026SEC
Q1 2026May 6, 2026367$2.89BVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFDimensional ETF Trustvs. Q4 2025SEC
Q4 2025Feb 10, 2026339$2.68BVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFDimensional ETF Trustvs. Q3 2025SEC
Q3 2025Nov 10, 2025316$2.46BVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFDimensional ETF Trustvs. Q2 2025SEC
Q2 2025Aug 1, 2025291$2.17BVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFDimensional ETF Trustvs. Q1 2025SEC
Q1 2025Apr 15, 2025301$1.89BDimensional ETF TrustVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFvs. Q4 2024SEC
Q4 2024Jan 16, 2025295$1.75BDimensional ETF TrustVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFvs. Q3 2024SEC
Q3 2024Oct 15, 2024276$1.58BVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFDimensional ETF Trustvs. Q2 2024SEC
Q2 2024Jul 19, 2024267$1.43BVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFDimensional ETF Trustvs. Q1 2024SEC
Q1 2024Apr 24, 2024266$1.35BVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFDimensional ETF Trustvs. Q4 2023SEC
Q4 2023Jan 31, 2024254$1.16BVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFiShares Trvs. Q3 2023SEC
Q3 2023Oct 11, 2023232$986.7MVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFiShares Trvs. Q2 2023SEC
Q2 2023Jul 18, 2023247$974.6MVanguard Morningstar Total Stock Market ETFiShares TrVanguard S&P 500 ETFvs. Q1 2023SEC
Q1 2023May 11, 2023229$875.6MVanguard Morningstar Total Stock Market ETFiShares TrVanguard S&P 500 ETFvs. Q4 2022SEC
Q4 2022May 17, 2023Amended227$784.2MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Morningstar Small-Cap Value ETFvs. Q3 2022SEC
Q3 2022Oct 18, 2022217$663.3MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Morningstar Small-Cap Value ETFvs. Q2 2022SEC
Q2 2022Jul 14, 2022215$623.2MVanguard Morningstar Total Stock Market ETFiShares TrVanguard Morningstar Small-Cap Value ETFvs. Q1 2022SEC
Q1 2022Apr 21, 2022218$592.3MVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap Value ETFiShares Trvs. Q4 2021SEC
Q4 2021Feb 10, 2022207$564.2MVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap Value ETFIAUvs. Q3 2021SEC
Q3 2021Oct 20, 2021165$432.4MVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap Value ETFIAUvs. Q2 2021SEC
Q2 2021Jul 26, 2021143$407.6MVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap Value ETFIAUvs. Q1 2021SEC
Q1 2021Apr 21, 2021128$372.8MVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap Value ETFIAU–SEC