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Livermore
Livermore
ZHEN

Ascendant Capital Management, LLC

SEC CIK
0001808361
Latest filing
May 15, 2023

The latest 13F from Ascendant Capital Management, LLC covers Q1 2023 (filed May 15, 2023): 58 long positions worth $75.2M. The top 10 holdings make up 40.9% of the portfolio, and the largest is State Street SPDR Bloomberg 1-3 Month T-Bill ETF at 8.2%. Livermore has 8 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2023

Share counts compared with Q4 2022: 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
41
Est. +$53.1M
Added
11
Est. +$5.12M
Reduced
3
Est. −$587.8K
Sold out
23
Est. −$17.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    8.2%$6.15M
  2. iShares Tr464288414
    4.7%$3.56M
  3. iShares Tr46429B655
    4.7%$3.53M
  4. Ssga Active ETF Tr78467V608
    4.7%$3.52M
  5. Invesco Exch Traded FD Tr II46138G805
    4.3%$3.23M

Share of portfolio

Top 5 holdings and the other 53 positions, by share of portfolio value

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF8.2%
  2. iShares Tr4.7%
  3. iShares Tr4.7%
  4. Ssga Active ETF Tr4.7%
  5. Invesco Exch Traded FD Tr II4.3%
  6. Other 53 positions73.4%

Biggest buys

New and added positions, by estimated amount bought

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +$6.15MNew
  2. iShares Tr46429B655
    +$3.53MNew
  3. Ssga Active ETF Tr78467V608
    +$3.52MNew
  4. Invesco Exch Traded FD Tr II46138G805
    +$3.23MNew
  5. Vanguard Total International Bond ETF92203J407
    +$2.64MNew

Largest weight increases

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

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +8.18 pp0.0% → 8.2%
  2. iShares Tr46429B655
    +4.69 pp0.0% → 4.7%
  3. Ssga Active ETF Tr78467V608
    +4.69 pp0.0% → 4.7%
  4. Invesco Exch Traded FD Tr II46138G805
    +4.29 pp0.0% → 4.3%
  5. Vanguard Total International Bond ETF92203J407
    +3.51 pp0.0% → 3.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street Health Care Select Sector SPDR ETF81369Y209
    −$2.45MSold out
  2. NOCNorthrop Grumman Corp
    −$1.64MSold outHistory
  3. Invesco Exch Traded FD Tr II46138G508
    −$1.35MSold out
  4. LLYEli Lilly & Co
    −$1.10MSold outHistory
  5. State Street SPDR S&P Biotech ETF78464A870
    −$1.04MSold out

Largest weight decreases

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

  1. State Street Health Care Select Sector SPDR ETF81369Y209
    −7.46 pp7.5% → 0.0%
  2. NOCNorthrop Grumman Corp
    −4.99 pp5.0% → 0.0%History
  3. Invesco Exch Traded FD Tr II46138G508
    −4.13 pp4.1% → 0.0%
  4. LLYEli Lilly & Co
    −3.35 pp3.3% → 0.0%History
  5. State Street SPDR S&P Biotech ETF78464A870
    −3.17 pp3.2% → 0.0%

Metrics

13F metrics for Q1 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$75.2M
+$42.4M (+129.4%) vs. prior quarter
Positions
58
+18 vs. prior quarter
Top 10 concentration
40.9%
Top 10 as share of value
Turnover
33.9%
Q1 2023, one quarter
Average holding period
1.7 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

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

Peak $140.5M (Q2 2021)

Q1 2021: $114.0MQ2 2021: $140.5MQ3 2021: $132.2MQ4 2021: $126.5MQ2 2022: $33.3MQ3 2022: $23.9MQ4 2022: $32.8MQ1 2023: $75.2M
Q1 2021Q1 2023
13F filings of Ascendant Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2023May 15, 202358$75.2MState Street SPDR Bloomberg 1-3 Month T-Bill ETFiShares TriShares Trvs. Q4 2022SEC
Q4 2022Feb 14, 202340$32.8MState Street Health Care Select Sector SPDR ETFiShares TrNOCvs. Q3 2022SEC
Q3 2022Nov 14, 202226$23.9MiShares TriShares TriShares Trvs. Q2 2022SEC
Q2 2022Aug 15, 202233$33.3MiShares TrState Street Utilities Select Sector SPDR ETFGOOGL–SEC
Q4 2021Mar 22, 202261$126.5MiShares TrVanEck ETF TrustSPDR Series Trustvs. Q3 2021SEC
Q3 2021Nov 16, 202167$132.2MInvesco Exch Traded FD Tr IISPDR Series TrustVanEck ETF Trustvs. Q2 2021SEC
Q2 2021Aug 16, 202162$140.5MVanEck ETF TrustiShares TrSPDR Series Trustvs. Q1 2021SEC
Q1 2021May 17, 202160$114.0MiShares TrSPDR Series TrustVanEck ETF Trust–SEC