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Livermore
Livermore
ZHEN

Orion Portfolio Solutions, LLC

SEC CIK
0001802647
Latest filing
May 15, 2025

The latest 13F from Orion Portfolio Solutions, LLC covers Q1 2025 (filed May 15, 2025): 1,877 long positions worth $10.2B. The top 10 holdings make up 23.5% of the portfolio, and the largest is Northern LTS FD Tr IV at 8.8%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2025

Share counts compared with Q4 2024: 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
189
Est. +$487.3M
Added
973
Est. +$1.29B
Reduced
705
Est. −$1.47B
Sold out
129
Est. −$69.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. Northern LTS FD Tr IV66538H591
    8.8%$902.2M
  2. iShares Core S&P 500 ETF464287200
    3.0%$305.7M
  3. Northern LTS FD Tr IV66538H179
    2.1%$213.9M
  4. AAPLApple Inc.
    2.1%$213.1MHistory
  5. MSFTMicrosoft Corp
    1.6%$163.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. AAPLApple Inc.
    +$201.1MAddedHistory
  2. iShares Core S&P 500 ETF464287200
    +$159.5MAdded
  3. MSFTMicrosoft Corp
    +$138.6MAddedHistory
  4. AMZNAmazon Com Inc
    +$107.2MAddedHistory
  5. Advisors Inner Circle FD II00791R830
    +$105.8MNew

Largest weight increases

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

  1. AAPLApple Inc.
    +2.00 pp0.1% → 2.1%History
  2. MSFTMicrosoft Corp
    +1.50 pp0.1% → 1.6%History
  3. iShares Core S&P 500 ETF464287200
    +1.47 pp1.5% → 3.0%
  4. Advisors Inner Circle FD II00791R830
    +1.04 pp0.0% → 1.0%
  5. AMZNAmazon Com Inc
    +1.02 pp0.1% → 1.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ELVElevance Health, Inc.
    −$387.3MReducedHistory
  2. APDAir Products & Chemicals, Inc.
    −$146.7MReducedHistory
  3. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    −$110.9MReduced
  4. ADBEAdobe Inc.
    −$93.7MReducedHistory
  5. FISVFiserv Inc
    −$81.5MReducedHistory

Largest weight decreases

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

  1. ELVElevance Health, Inc.
    −2.19 pp2.3% → 0.1%History
  2. FISVFiserv Inc
    −1.67 pp1.8% → 0.1%History
  3. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    −1.21 pp1.3% → 0.1%
  4. APDAir Products & Chemicals, Inc.
    −1.06 pp1.2% → 0.1%History
  5. Northern LTS FD Tr IV66538H591
    −0.97 pp9.8% → 8.8%

Metrics

13F metrics for Q1 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$10.2B
+$168.8M (+1.7%) vs. prior quarter
Positions
1,877
+60 vs. prior quarter
Top 10 concentration
23.5%
Top 10 as share of value
Turnover
15.2%
Q1 2025, one quarter
Average holding period
12.9 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

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

Peak $10.2B (Q1 2025)

Q1 2021: $2.31BQ2 2021: $2.55BQ3 2021: $2.72BQ4 2021: $2.99BQ1 2022: $2.85BQ2 2022: $2.49BQ3 2022: $2.53BQ4 2022: $2.86BQ1 2023: $7.79BQ2 2023: $9.35BQ3 2023: $8.27BQ4 2023: $8.61BQ1 2024: $9.34BQ2 2024: $9.47BQ3 2024: $10.0BQ4 2024: $10.0BQ1 2025: $10.2B
Q1 2021Q1 2025
13F filings of Orion Portfolio Solutions, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2025May 15, 2025Amended1,877$10.2BNorthern LTS FD Tr IViShares Core S&P 500 ETFNorthern LTS FD Tr IVvs. Q4 2024SEC
Q4 2024Feb 12, 20251,817$10.0BNorthern LTS FD Tr IVELVNorthern LTS FD Tr IVvs. Q3 2024SEC
Q3 2024Nov 15, 20241,776$10.0BNorthern LTS FD Tr IViShares Core S&P 500 ETFAAPLvs. Q2 2024SEC
Q2 2024Aug 13, 20241,711$9.47BNorthern LTS FD Tr IViShares Core S&P 500 ETFMSFTvs. Q1 2024SEC
Q1 2024May 9, 20241,681$9.34BNorthern LTS FD Tr IViShares Core S&P 500 ETFMSFTvs. Q4 2023SEC
Q4 2023Feb 9, 20241,649$8.61BNorthern LTS FD Tr IVMSFTVanguard Morningstar Total Stock Market ETFvs. Q3 2023SEC
Q3 2023Nov 1, 20231,609$8.27BNorthern LTS FD Tr IViShares Core S&P 500 ETFVanguard Morningstar Total Stock Market ETFvs. Q2 2023SEC
Q2 2023Aug 17, 2023Amended1,619$9.35BNorthern LTS FD Tr IViShares Core S&P 500 ETFVanguard Morningstar Total Stock Market ETFvs. Q1 2023SEC
Q1 2023Aug 30, 2023Amended1,555$7.79BNorthern LTS FD Tr IViShares Core S&P 500 ETFVanguard Morningstar Total Stock Market ETFvs. Q4 2022SEC
Q4 2022Feb 8, 2023795$2.86BNorthern LTS FD Tr IVState Street SPDR Portfolio S&P 500 Value ETFiShares Core S&P 500 ETFvs. Q3 2022SEC
Q3 2022Nov 9, 2022716$2.53BNorthern LTS FD Tr IViShares Core S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q2 2022SEC
Q2 2022Jul 14, 2022677$2.49BNorthern LTS FD Tr IViShares TrVanguard Ftse Developed Markets ETFvs. Q1 2022SEC
Q1 2022May 19, 2022691$2.85BNorthern LTS FD Tr IVSchwab Fundamental U.S. Large Company ETFVanguard Ftse Developed Markets ETFvs. Q4 2021SEC
Q4 2021Feb 9, 2022692$2.99BNorthern LTS FD Tr IViShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 Growth ETFvs. Q3 2021SEC
Q3 2021Nov 10, 2021637$2.72BNorthern LTS FD Tr IViShares Core S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q2 2021SEC
Q2 2021Aug 5, 2021613$2.55BNorthern LTS FD Tr IVVanguard Ftse Developed Markets ETFState Street SPDR Portfolio S&P 500 Growth ETFvs. Q1 2021SEC
Q1 2021May 17, 2021548$2.31BNorthern LTS FD Tr IVVanguard Ftse Developed Markets ETFiShares Core S&P Small Cap ETF–SEC