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Livermore
Livermore
ZHEN

TFG Advisers LLC

SEC CIK
0001806473
Latest filing
Jul 21, 2025

The latest 13F from TFG Advisers LLC covers Q2 2025 (filed Jul 21, 2025): 208 long positions worth $291.9M. The top 10 holdings make up 30.9% of the portfolio, and the largest is Apple Inc. (AAPL) at 5.3%. Livermore has 18 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 2025: 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
4
Est. +$841.5K
Added
104
Est. +$2.78M
Reduced
94
Est. −$2.49M
Sold out
4
Est. −$800.2K

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    5.3%$15.5MHistory
  2. MSFTMicrosoft Corp
    5.2%$15.1MHistory
  3. NVDANVIDIA Corp
    3.8%$11.0MHistory
  4. JPMJPMorgan Chase & Co
    3.6%$10.6MHistory
  5. COSTCostco Wholesale Corp
    3.0%$8.71MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. JPMorgan Ultra-Short Income ETF46641Q837
    +$570.3KAdded
  2. MPCMarathon Petroleum Corp
    +$215.5KNewHistory
  3. iShares MSCI USA Quality Factor ETF46432F339
    +$210.6KNew
  4. iShares S&P Mid-Cap 400 Growth ETF464287606
    +$208.5KNew
  5. MLIMueller Industries Inc
    +$206.9KNewHistory

Largest weight increases

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

  1. NVDANVIDIA Corp
    +1.03 pp2.7% → 3.8%History
  2. JPMJPMorgan Chase & Co
    +0.38 pp3.2% → 3.6%History
  3. GSGoldman Sachs Group Inc
    +0.19 pp0.8% → 1.0%History
  4. IBMInternational Business Machines Corp
    +0.16 pp1.1% → 1.3%History
  5. JPMorgan Ultra-Short Income ETF46641Q837
    +0.12 pp1.3% → 1.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. LULUlululemon athletica inc.
    −$223.9KSold outHistory
  2. EOGEOG Resources Inc
    −$215.8KSold outHistory
  3. UFPIUfp Industries Inc
    −$205.8KSold outHistory
  4. SPRYARS Pharmaceuticals, Inc.
    −$154.6KSold outHistory
  5. ADPAutomatic Data Processing Inc
    −$153.9KReducedHistory

Largest weight decreases

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

  1. AAPLApple Inc.
    −0.81 pp6.1% → 5.3%History
  2. UNHUnitedHealth Group Inc
    −0.67 pp1.5% → 0.8%History
  3. ABBVAbbVie Inc.
    −0.26 pp1.6% → 1.3%History
  4. PEPPepsiCo Inc
    −0.19 pp1.0% → 0.8%History
  5. ADPAutomatic Data Processing Inc
    −0.18 pp2.7% → 2.6%History

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$291.9M
+$16.3M (+5.9%) vs. prior quarter
Positions
208
0 vs. prior quarter
Top 10 concentration
30.9%
Top 10 as share of value
Turnover
1.2%
Q2 2025, one quarter
Average holding period
16.6 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

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

Peak $291.9M (Q2 2025)

Q1 2021: $193.9MQ2 2021: $207.1MQ3 2021: $206.5MQ4 2021: $229.4MQ1 2022: $218.1MQ2 2022: $187.7MQ3 2022: $179.2MQ4 2022: $195.0MQ1 2023: $206.8MQ2 2023: $220.0MQ3 2023: $212.8MQ4 2023: $238.3MQ1 2024: $255.5MQ2 2024: $257.7MQ3 2024: $278.0MQ4 2024: $277.9MQ1 2025: $275.6MQ2 2025: $291.9M
Q1 2021Q2 2025
13F filings of TFG Advisers LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Jul 21, 2025208$291.9MAAPLMSFTNVDAvs. Q1 2025SEC
Q1 2025May 15, 2025208$275.6MAAPLMSFTJPMvs. Q4 2024SEC
Q4 2024Jan 28, 2025207$277.9MAAPLMSFTNVDAvs. Q3 2024SEC
Q3 2024Oct 22, 2024207$278.0MAAPLMSFTNVDAvs. Q2 2024SEC
Q2 2024Jul 25, 2024195$257.7MAAPLMSFTNVDAvs. Q1 2024SEC
Q1 2024May 6, 2024203$255.5MAAPLMSFTJPMvs. Q4 2023SEC
Q4 2023Feb 13, 2024200$238.3MAAPLMSFTADPvs. Q3 2023SEC
Q3 2023Oct 19, 2023193$212.8MAAPLMSFTADPvs. Q2 2023SEC
Q2 2023Jul 19, 2023197$220.0MAAPLMSFTADPvs. Q1 2023SEC
Q1 2023May 2, 2023194$206.8MAAPLMSFTADPvs. Q4 2022SEC
Q4 2022Feb 1, 2023193$195.0MAAPLMSFTADPvs. Q3 2022SEC
Q3 2022Oct 21, 2022190$179.2MAAPLMSFTADPvs. Q2 2022SEC
Q2 2022Jul 20, 2022194$187.7MAAPLMSFTADPvs. Q1 2022SEC
Q1 2022Apr 20, 2022201$218.1MAAPLMSFTADPvs. Q4 2021SEC
Q4 2021Feb 1, 2022206$229.4MAAPLMSFTADPvs. Q3 2021SEC
Q3 2021Oct 21, 2021195$206.5MAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Jul 19, 2021194$207.1MAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021Apr 23, 2021188$193.9MAAPLMSFTAMZN–SEC