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Livermore
Livermore
ZHEN

First Ascent Asset Management, LLC

SEC CIK
0001805758
Latest filing
Feb 5, 2024

The latest 13F from First Ascent Asset Management, LLC covers Q4 2023 (filed Feb 5, 2024): 53 long positions worth $892.4M. The top 10 holdings make up 73.4% of the portfolio, and the largest is Vanguard S&P 500 ETF at 12.8%. Livermore has 12 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2023

Share counts compared with Q3 2023: 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
0
Added
43
Est. +$52.9M
Reduced
10
Est. −$2.89M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    12.8%$114.2M
  2. Vanguard Morningstar Total Stock Market ETF922908769
    10.0%$89.0M
  3. Vanguard Mun BD FDS922907746
    9.0%$80.5M
  4. Dimensional U.S. Core Equity 2 ETF25434V708
    9.0%$80.4M
  5. iShares Tr46434V613
    7.2%$64.3M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Mun BD FDS922907746
    +$7.76MAdded
  2. Vanguard S&P 500 ETF922908363
    +$7.08MAdded
  3. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    +$6.78MAdded
  4. Vanguard Star FDS921909768
    +$3.86MAdded
  5. Vanguard Morningstar Total Stock Market ETF922908769
    +$2.97MAdded

Largest weight increases

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

  1. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    +0.45 pp6.4% → 6.8%
  2. Vanguard S&P 500 ETF922908363
    +0.36 pp12.4% → 12.8%
  3. Vanguard Index FDS922908652
    +0.26 pp2.3% → 2.6%
  4. iShares Tr46435U218
    +0.24 pp1.4% → 1.6%
  5. Vanguard Mun BD FDS922907746
    +0.17 pp8.8% → 9.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Dimensional ETF Trust25434V849
    −$1.81MReduced
  2. Vanguard Ftse Developed Markets ETF921943858
    −$458.8KReduced
  3. Dimensional U.S. Core Equity 2 ETF25434V708
    −$146.2KReduced
  4. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$125.1KReduced
  5. Vanguard Ftse Emerging Markets ETF922042858
    −$113.8KReduced

Largest weight decreases

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

  1. Dimensional ETF Trust25434V849
    −0.73 pp5.6% → 4.9%
  2. Dimensional U.S. Core Equity 2 ETF25434V708
    −0.31 pp9.3% → 9.0%
  3. Vanguard Ftse Developed Markets ETF921943858
    −0.06 pp0.2% → 0.2%
  4. Dimensional ETF Trust25434V872
    −0.05 pp0.5% → 0.5%
  5. Goldman Sachs ETF Tr38149W101
    −0.05 pp0.5% → 0.5%

Metrics

13F metrics for Q4 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$892.4M
+$117.9M (+15.2%) vs. prior quarter
Positions
53
0 vs. prior quarter
Top 10 concentration
73.4%
Top 10 as share of value
Turnover
0.3%
Q4 2023, one quarter
Average holding period
10.9 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

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

Peak $892.4M (Q4 2023)

Q1 2021: $275.7MQ2 2021: $377.3MQ3 2021: $450.4MQ4 2021: $524.4MQ1 2022: $555.7MQ2 2022: $529.5MQ3 2022: $517.9MQ4 2022: $654.2MQ1 2023: $675.2MQ2 2023: $750.8MQ3 2023: $774.6MQ4 2023: $892.4M
Q1 2021Q4 2023
13F filings of First Ascent Asset Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2023Feb 5, 202453$892.4MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Mun BD FDSvs. Q3 2023SEC
Q3 2023Nov 8, 202353$774.6MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q2 2023SEC
Q2 2023Aug 1, 202371$750.8MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFDimensional U.S. Core Equity 2 ETFvs. Q1 2023SEC
Q1 2023May 10, 202369$675.2MVanguard S&P 500 ETFDimensional U.S. Core Equity 2 ETFVanguard Mun BD FDSvs. Q4 2022SEC
Q4 2022Feb 7, 202368$654.2MVanguard S&P 500 ETFVanguard Mun BD FDSDimensional U.S. Core Equity 2 ETFvs. Q3 2022SEC
Q3 2022Oct 24, 202241$517.9MVanguard S&P 500 ETFVanguard Mun BD FDSiShares Trvs. Q2 2022SEC
Q2 2022Jul 22, 202241$529.5MVanguard S&P 500 ETFVanguard Mun BD FDSiShares Trvs. Q1 2022SEC
Q1 2022May 4, 202240$555.7MVanguard S&P 500 ETFiShares TrVanguard Morningstar Total Stock Market ETFvs. Q4 2021SEC
Q4 2021Feb 11, 202234$524.4MVanguard S&P 500 ETFiShares TrVanguard Morningstar Total Stock Market ETFvs. Q3 2021SEC
Q3 2021Nov 15, 202134$450.4MVanguard S&P 500 ETFiShares TrVanguard Morningstar Total Stock Market ETFvs. Q2 2021SEC
Q2 2021Aug 3, 202124$377.3MVanguard S&P 500 ETFiShares TrVanguard Morningstar Total Stock Market ETFvs. Q1 2021SEC
Q1 2021Apr 23, 202122$275.7MVanguard S&P 500 ETFiShares TrVanguard Morningstar Total Stock Market ETF–SEC