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Livermore
Livermore
ZHEN

Keudell/Morrison Wealth Management

SEC CIK
0001785498
Latest filing
Jul 15, 2026

The latest 13F from Keudell/Morrison Wealth Management covers Q2 2026 (filed Jul 15, 2026): 254 long positions worth $529.1M. The top 10 holdings make up 44.2% of the portfolio, and the largest is Schwab US Dividend Equity ETF at 10.1%. 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
21
Est. +$5.39M
Added
97
Est. +$26.1M
Reduced
94
Est. −$33.2M
Sold out
12
Est. −$2.37M

Top 5 holdings

Share of this quarter's portfolio value

  1. Schwab US Dividend Equity ETF808524797
    10.1%$53.6M
  2. TCW ETF Trust29287L700
    7.5%$39.7M
  3. Dimensional U.S. Core Equity 2 ETF25434V708
    5.6%$29.5M
  4. Vanguard Emerging Markets Government Bond ETF921946885
    4.8%$25.2M
  5. AAPLApple Inc.
    3.7%$19.4MHistory

Share of portfolio

Top 5 holdings and the other 249 positions, by share of portfolio value

  1. Schwab US Dividend Equity ETF10.1%
  2. TCW ETF Trust7.5%
  3. Dimensional U.S. Core Equity 2 ETF5.6%
  4. Vanguard Emerging Markets Government Bond ETF4.8%
  5. AAPL3.7%
  6. Other 249 positions68.4%

Biggest buys

New and added positions, by estimated amount bought

  1. Schwab US Dividend Equity ETF808524797
    +$5.07MAdded
  2. Tortoise Capital Series Trus890930308
    +$4.55MAdded
  3. SPDR Index Shs FDS78463X533
    +$3.77MAdded
  4. Legg Mason ETF Invt52468L505
    +$3.61MAdded
  5. VanEck ETF Trust92189F700
    +$2.66MAdded

Largest weight increases

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

  1. Tortoise Capital Series Trus890930308
    +0.66 pp2.3% → 3.0%
  2. SPDR Index Shs FDS78463X533
    +0.64 pp1.7% → 2.3%
  3. Legg Mason ETF Invt52468L505
    +0.53 pp2.0% → 2.6%
  4. Schwab US Dividend Equity ETF808524797
    +0.53 pp9.6% → 10.1%
  5. VanEck ETF Trust92189F700
    +0.34 pp1.2% → 1.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Dimensional ETF Trust25434V534
    −$13.3MReduced
  2. Schwab Fundamental International Equity ETF808524755
    −$9.84MReduced
  3. TCW ETF Trust29287L700
    −$3.48MReduced
  4. Dimensional U.S. Core Equity 2 ETF25434V708
    −$1.43MReduced
  5. HONHoneywell International Inc
    −$653.5KSold outHistory

Largest weight decreases

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

  1. Dimensional ETF Trust25434V534
    −2.02 pp2.8% → 0.8%
  2. Schwab Fundamental International Equity ETF808524755
    −1.87 pp4.4% → 2.5%
  3. TCW ETF Trust29287L700
    −1.34 pp8.8% → 7.5%
  4. XOMExxonMobil Holdings Corp
    −0.34 pp1.3% → 0.9%History
  5. CVXChevron Corp
    −0.23 pp0.8% → 0.6%History

Metrics

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

Portfolio value
$529.1M
+$40.0M (+8.2%) vs. prior quarter
Positions
254
+9 vs. prior quarter
Top 10 concentration
44.2%
Top 10 as share of value
Turnover
6.2%
Q2 2026, one quarter
Average holding period
2.9 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

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

Peak $529.1M (Q2 2026)

Q1 2021: $172.3MQ2 2021: $182.7MQ3 2021: $232.9MQ4 2021: $252.9MQ1 2022: $239.2MQ2 2022: $275.2MQ3 2022: $267.3MQ4 2022: $311.6MQ1 2023: $339.5MQ2 2023: $347.0MQ3 2023: $328.1MQ4 2023: $303.1MQ1 2024: $330.4MQ2 2024: $341.8MQ3 2024: $368.4MQ4 2024: $383.7MQ1 2025: $424.0MQ2 2025: $450.7MQ4 2025: $475.9MQ1 2026: $489.0MQ2 2026: $529.1M
Q1 2021Q2 2026
13F filings of Keudell/Morrison Wealth Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 15, 2026254$529.1MSchwab US Dividend Equity ETFTCW ETF TrustDimensional U.S. Core Equity 2 ETFvs. Q1 2026SEC
Q1 2026Apr 20, 2026245$489.0MSchwab US Dividend Equity ETFTCW ETF TrustDimensional U.S. Core Equity 2 ETFvs. Q4 2025SEC
Q4 2025Feb 6, 2026232$475.9MTCW ETF TrustSchwab US Dividend Equity ETFVanguard Emerging Markets Government Bond ETF–SEC
Q2 2025Jul 22, 2025228$450.7MVanEck ETF TrustFranklin Templeton ETF TrSchwab US Dividend Equity ETFvs. Q1 2025SEC
Q1 2025Apr 23, 2025218$424.0MFranklin Templeton ETF TrVanEck ETF TrustSimplify Exchange Traded Funvs. Q4 2024SEC
Q4 2024Jan 23, 2025220$383.7MSchwab US Dividend Equity ETFSchwab Fundamental International Equity ETFFranklin Templeton ETF Trvs. Q3 2024SEC
Q3 2024Oct 31, 2024219$368.4MSchwab Fundamental International Equity ETFSchwab US Dividend Equity ETFVanguard High Dividend Yield Index ETFvs. Q2 2024SEC
Q2 2024Jul 16, 2024206$341.8MVanguard Intermediate-Term Bond ETFVanguard High Dividend Yield Index ETFSchwab US Dividend Equity ETFvs. Q1 2024SEC
Q1 2024May 7, 2024204$330.4MVanguard Intermediate-Term Bond ETFVanguard High Dividend Yield Index ETFDimensional U.S. Core Equity 2 ETFvs. Q4 2023SEC
Q4 2023Feb 14, 2024191$303.1MVanguard Intermediate-Term Bond ETFVanguard High Dividend Yield Index ETFDimensional U.S. Core Equity 2 ETFvs. Q3 2023SEC
Q3 2023Oct 18, 2023179$328.1MVanguard Total Bond Market ETFVanguard Intermediate-Term Bond ETFVanguard High Dividend Yield Index ETFvs. Q2 2023SEC
Q2 2023Jul 20, 2023186$347.0MVanguard Total Bond Market ETFVanguard Intermediate-Term Bond ETFVanguard High Dividend Yield Index ETFvs. Q1 2023SEC
Q1 2023Apr 18, 2023183$339.5MVanguard Total Bond Market ETFVanguard Intermediate-Term Bond ETFVanguard High Dividend Yield Index ETFvs. Q4 2022SEC
Q4 2022Jan 20, 2023184$311.6MVanguard Total Bond Market ETFState Street SPDR Portfolio Aggregate Bond ETFVanguard High Dividend Yield Index ETFvs. Q3 2022SEC
Q3 2022Oct 12, 2022174$267.3MDimensional U.S. Core Equity 2 ETFVanguard High Dividend Yield Index ETFVanguard Intermediate-Term Bond ETFvs. Q2 2022SEC
Q2 2022Jul 18, 2022171$275.2MDimensional U.S. Core Equity 2 ETFVanguard Intermediate-Term Bond ETFVanguard High Dividend Yield Index ETFvs. Q1 2022SEC
Q1 2022Apr 18, 2022175$239.2MDimensional U.S. Core Equity 2 ETFVanguard Intermediate-Term Bond ETFAAPLvs. Q4 2021SEC
Q4 2021Feb 8, 2022186$252.9MDimensional U.S. Core Equity 2 ETFAAPLVanguard Morningstar Growth ETFvs. Q3 2021SEC
Q3 2021Dec 8, 2021Amended174$232.9MDimensional ETF TrustVanguard Energy ETFAAPLvs. Q2 2021SEC
Q2 2021Jul 13, 2021167$182.7MAAPLVanguard Energy ETFMSFTvs. Q1 2021SEC
Q1 2021Apr 13, 2021166$172.3MAAPLVanguard Energy ETFSPDR Series Trust–SEC