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Livermore
Livermore
ZHEN

Bluestem Financial Advisors, LLC

SEC CIK
0001820680
Latest filing
Jul 22, 2026

The latest 13F from Bluestem Financial Advisors, LLC covers Q2 2026 (filed Jul 22, 2026): 34 long positions worth $285.5M. The top 10 holdings make up 83.3% of the portfolio, and the largest is Vanguard Total Bond Market ETF at 20.9%. Livermore has 24 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
2
Est. +$437.9K
Added
12
Est. +$8.29M
Reduced
19
Est. −$6.53M
Sold out
1
Est. −$821.7K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Total Bond Market ETF921937835
    20.9%$59.8M
  2. iShares Core S&P 500 ETF464287200
    20.5%$58.5M
  3. Vanguard Morningstar Small-Cap ETF922908751
    12.8%$36.7M
  4. Vanguard Ftse All-World Ex-US Index Fund922042775
    12.5%$35.7M
  5. Vanguard Real Estate ETF922908553
    5.3%$15.0M

Share of portfolio

Top 5 holdings and the other 29 positions, by share of portfolio value

  1. Vanguard Total Bond Market ETF20.9%
  2. iShares Core S&P 500 ETF20.5%
  3. Vanguard Morningstar Small-Cap ETF12.8%
  4. Vanguard Ftse All-World Ex-US Index Fund12.5%
  5. Vanguard Real Estate ETF5.3%
  6. Other 29 positions28.0%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Total Bond Market ETF921937835
    +$6.48MAdded
  2. iShares Esg Aware US Aggregate Bond ETF46435U549
    +$732.2KAdded
  3. Vanguard S&P 500 ETF922908363
    +$321.4KAdded
  4. RVMDRevolution Medicines, Inc.
    +$224.3KNewHistory
  5. CATCaterpillar Inc
    +$213.6KNewHistory

Largest weight increases

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

  1. Vanguard Total Bond Market ETF921937835
    +0.29 pp20.6% → 20.9%
  2. iShares Tr46435U663
    +0.17 pp1.8% → 2.0%
  3. iShares Tr46435U218
    +0.17 pp2.2% → 2.3%
  4. Vanguard S&P 500 ETF922908363
    +0.17 pp1.3% → 1.5%
  5. Vanguard World FD921910725
    +0.13 pp1.6% → 1.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Core S&P 500 ETF464287200
    −$2.83MReduced
  2. Vanguard Ftse All-World Ex-US Index Fund922042775
    −$865.0KReduced
  3. iShares Tr464287150
    −$821.7KSold out
  4. Vanguard Morningstar Small-Cap ETF922908751
    −$783.3KReduced
  5. Vanguard Morningstar Total Stock Market ETF922908769
    −$640.6KReduced

Largest weight decreases

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

  1. iShares Tr464287150
    −0.32 pp0.3% → 0.0%
  2. Vanguard Short-Term Bond ETF921937827
    −0.31 pp2.5% → 2.2%
  3. iShares Tr46432F859
    −0.20 pp1.8% → 1.6%
  4. iShares Core U.S. Aggregate Bond ETF464287226
    −0.19 pp1.7% → 1.5%
  5. iShares Core S&P 500 ETF464287200
    −0.17 pp20.7% → 20.5%

Metrics

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

Portfolio value
$285.5M
+$26.6M (+10.3%) vs. prior quarter
Positions
34
+1 vs. prior quarter
Top 10 concentration
83.3%
Top 10 as share of value
Turnover
2.7%
Q2 2026, one quarter
Average holding period
21.1 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

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

Peak $285.5M (Q2 2026)

Q1 2021: $140.5MQ2 2021: $148.4MQ3 2021: $153.1MQ4 2021: $160.9MQ1 2022: $159.4MQ2 2022: $143.8MQ3 2022: $141.3MQ4 2022: $152.1MQ1 2023: $162.4MQ2 2023: $165.4MQ3 2023: $163.9MQ4 2023: $172.0MQ1 2024: $193.5MQ2 2024: $197.9MQ3 2024: $214.3MQ4 2024: $212.5MQ1 2025: $213.8MQ2 2025: $233.3MQ3 2025: $255.5MQ4 2025: $258.9MQ1 2026: $258.9MQ2 2026: $285.5M
Q1 2021Q2 2026
13F filings of Bluestem Financial Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 202634$285.5MVanguard Total Bond Market ETFiShares Core S&P 500 ETFVanguard Morningstar Small-Cap ETFvs. Q1 2026SEC
Q1 2026Apr 29, 202633$258.9MiShares Core S&P 500 ETFVanguard Total Bond Market ETFVanguard Ftse All-World Ex-US Index Fundvs. Q4 2025SEC
Q4 2025Jan 21, 202630$258.9MVanguard Total Bond Market ETFiShares Core S&P 500 ETFVanguard Ftse All-World Ex-US Index Fundvs. Q3 2025SEC
Q3 2025Oct 8, 202529$255.5MVanguard Total Bond Market ETFiShares Core S&P 500 ETFVanguard Morningstar Small-Cap ETFvs. Q2 2025SEC
Q2 2025Jul 23, 202529$233.3MiShares Core S&P 500 ETFVanguard Total Bond Market ETFVanguard Ftse All-World Ex-US Index Fundvs. Q1 2025SEC
Q1 2025May 5, 202528$213.8MiShares Core S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Small-Cap ETFvs. Q4 2024SEC
Q4 2024Jan 30, 202527$212.5MiShares Core S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Small-Cap ETFvs. Q3 2024SEC
Q3 2024Nov 14, 202427$214.3MiShares Core S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Small-Cap ETFvs. Q2 2024SEC
Q2 2024Aug 6, 202427$197.9MiShares Core S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Small-Cap ETFvs. Q1 2024SEC
Q1 2024Apr 17, 202428$193.5MiShares Core S&P 500 ETFVanguard Morningstar Small-Cap ETFVanguard Short-Term Bond ETFvs. Q4 2023SEC
Q4 2023Feb 14, 202426$172.0MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETFvs. Q3 2023SEC
Q3 2023Nov 13, 202325$163.9MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETFvs. Q2 2023SEC
Q2 2023Jul 13, 202325$165.4MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETFvs. Q1 2023SEC
Q1 2023Apr 20, 202326$162.4MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETFvs. Q4 2022SEC
Q4 2022Jan 11, 202326$152.1MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETFvs. Q3 2022SEC
Q3 2022Oct 18, 202227$141.3MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETFvs. Q2 2022SEC
Q2 2022Nov 1, 2022Amended27$143.8MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETFvs. Q1 2022SEC
Q1 2022Apr 26, 2022Amended28$159.4MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Total Bond Market ETFvs. Q4 2021SEC
Q4 2021Jan 13, 202224$160.9MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Total Bond Market ETFvs. Q3 2021SEC
Q3 2021Oct 19, 202127$153.1MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Total Bond Market ETFvs. Q2 2021SEC
Q2 2021Aug 11, 202127$148.4MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Total Bond Market ETFvs. Q1 2021SEC
Q1 2021Apr 28, 202127$140.5MiShares Core S&P 500 ETFVanguard Short-Term Bond ETFVanguard Morningstar Small-Cap ETF–SEC