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Livermore
Livermore
ZHEN

TFC Financial Management

SEC CIK
0001827844
Latest filing
Jul 23, 2026

The latest 13F from TFC Financial Management covers Q2 2026 (filed Jul 23, 2026): 1,034 long positions worth $902.3M. The top 10 holdings make up 77.7% of the portfolio, and the largest is iShares Core S&P 500 ETF at 27.0%. Livermore has 22 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
97
Est. +$5.90M
Added
322
Est. +$12.8M
Reduced
140
Est. −$18.7M
Sold out
61
Est. −$990.7K

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    27.0%$243.5M
  2. iShares Tr46435G326
    13.6%$122.6M
  3. iShares Tr464287457
    9.3%$84.3M
  4. iShares Core MSCI Emerging Markets ETF46434G103
    6.7%$60.9M
  5. J P Morgan Exchange Traded F46641Q761
    6.1%$55.2M

Share of portfolio

Top 5 holdings and the other 1,029 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF27.0%
  2. iShares Tr13.6%
  3. iShares Tr9.3%
  4. iShares Core MSCI Emerging Markets ETF6.7%
  5. J P Morgan Exchange Traded F6.1%
  6. Other 1,029 positions37.2%

Biggest buys

New and added positions, by estimated amount bought

  1. ETF Calvert US Mid-Cap Core61774R403
    +$4.66MNew
  2. iShares Tr464287457
    +$2.93MAdded
  3. Vanguard Scottsdale FDS92206C623
    +$1.37MAdded
  4. J P Morgan Exchange Traded F46641Q761
    +$1.34MAdded
  5. Vanguard Morningstar Large-Cap ETF922908637
    +$690.9KAdded

Largest weight increases

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

  1. ETF Calvert US Mid-Cap Core61774R403
    +0.52 pp0.0% → 0.5%
  2. J P Morgan Exchange Traded F46641Q761
    +0.49 pp5.6% → 6.1%
  3. Vanguard Scottsdale FDS92206C623
    +0.45 pp2.3% → 2.8%
  4. Vanguard Morningstar Large-Cap ETF922908637
    +0.14 pp1.9% → 2.0%
  5. AMATApplied Materials Inc
    +0.07 pp<0.1% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Core S&P 500 ETF464287200
    −$5.92MReduced
  2. Vanguard Short-Term Bond ETF921937827
    −$1.82MReduced
  3. Vanguard Morningstar Small-Cap ETF922908751
    −$1.80MReduced
  4. iShares Core MSCI Emerging Markets ETF46434G103
    −$1.75MReduced
  5. DDOGDatadog, Inc.
    −$1.05MReducedHistory

Largest weight decreases

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

  1. Vanguard Short-Term Bond ETF921937827
    −0.31 pp1.1% → 0.7%
  2. Vanguard Morningstar Small-Cap ETF922908751
    −0.19 pp0.3% → 0.1%
  3. Vanguard Total Bond Market ETF921937835
    −0.16 pp0.5% → 0.4%
  4. ACNAccenture plc
    −0.13 pp0.3% → 0.2%History
  5. BRK.ABerkshire Hathaway Inc
    −0.11 pp0.4% → 0.3%History

Metrics

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

Portfolio value
$902.3M
+$90.6M (+11.2%) vs. prior quarter
Positions
1,034
+36 vs. prior quarter
Top 10 concentration
77.7%
Top 10 as share of value
Turnover
2.2%
Q2 2026, one quarter
Average holding period
18.8 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 $902.3M (Q2 2026)

Q1 2021: $253.1MQ2 2021: $292.7MQ3 2021: $301.4MQ4 2021: $329.4MQ1 2022: $350.5MQ2 2022: $335.3MQ3 2022: $315.6MQ4 2022: $346.7MQ1 2023: $386.9MQ2 2023: $406.7MQ3 2023: $419.0MQ4 2023: $494.6MQ1 2024: $562.9MQ2 2024: $570.2MQ3 2024: $632.2MQ4 2024: $632.3MQ1 2025: $653.2MQ2 2025: $730.0MQ3 2025: $780.5MQ4 2025: $797.3MQ1 2026: $811.6MQ2 2026: $902.3M
Q1 2021Q2 2026
13F filings of TFC Financial Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 23, 20261,034$902.3MiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2026SEC
Q1 2026Apr 23, 2026998$811.6MiShares Core S&P 500 ETFiShares TriShares Trvs. Q4 2025SEC
Q4 2025Jan 23, 2026963$797.3MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2025SEC
Q3 2025Oct 24, 2025996$780.5MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2025SEC
Q2 2025Jul 29, 2025972$730.0MiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2025SEC
Q1 2025Apr 24, 2025958$653.2MiShares Core S&P 500 ETFiShares TriShares Trvs. Q4 2024SEC
Q4 2024Jan 29, 2025978$632.3MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2024SEC
Q3 2024Oct 25, 20241,004$632.2MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2024SEC
Q2 2024Jul 23, 2024969$570.2MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q1 2024SEC
Q1 2024Apr 30, 2024904$562.9MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q4 2023SEC
Q4 2023Jan 25, 2024658$494.6MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q3 2023SEC
Q3 2023Oct 23, 2023673$419.0MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q2 2023SEC
Q2 2023Aug 7, 2023645$406.7MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q1 2023SEC
Q1 2023May 8, 2023687$386.9MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q4 2022SEC
Q4 2022Feb 13, 2023532$346.7MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q3 2022SEC
Q3 2022Oct 21, 2022547$315.6MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q2 2022SEC
Q2 2022Aug 3, 2022556$335.3MiShares Core S&P 500 ETFiShares TrDimensional ETF Trustvs. Q1 2022SEC
Q1 2022May 4, 2022547$350.5MiShares Core S&P 500 ETFiShares TrSESvs. Q4 2021SEC
Q4 2021Feb 2, 2022597$329.4MiShares Core S&P 500 ETFiShares TrDimensional U.S. Targeted Value ETFvs. Q3 2021SEC
Q3 2021Nov 2, 2021587$301.4MiShares Core S&P 500 ETFiShares TrDimensional U.S. Targeted Value ETFvs. Q2 2021SEC
Q2 2021Jul 29, 2021584$292.7MiShares Core S&P 500 ETFiShares TrDimensional U.S. Targeted Value ETFvs. Q1 2021SEC
Q1 2021May 3, 2021583$253.1MiShares Core S&P 500 ETFiShares TrJNJ–SEC