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Livermore
Livermore
ZHEN

Sage Mountain Advisors LLC

SEC CIK
0001832274
Latest filing
Aug 5, 2026

The latest 13F from Sage Mountain Advisors LLC covers Q2 2026 (filed Aug 5, 2026): 304 long positions worth $1.63B. The top 10 holdings make up 66.8% of the portfolio, and the largest is Janus Detroit STR Tr at 17.4%. 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
40
Est. +$13.7M
Added
80
Est. +$70.1M
Reduced
45
Est. −$22.8M
Sold out
17
Est. −$5.82M

Top 5 holdings

Share of this quarter's portfolio value

  1. Janus Detroit STR Tr47103U845
    17.4%$282.6M
  2. J P Morgan Exchange Traded F46641Q761
    12.9%$210.4M
  3. Vanguard Morningstar Total Stock Market ETF922908769
    9.8%$160.0M
  4. iShares MSCI USA Quality Factor ETF46432F339
    7.8%$126.3M
  5. iShares Tr46434V456
    5.2%$84.6M

Biggest buys

New and added positions, by estimated amount bought

  1. Janus Detroit STR Tr47103U845
    +$21.5MAdded
  2. Vanguard Morningstar Total Stock Market ETF922908769
    +$5.30MAdded
  3. Janus Detroit STR Tr47103U852
    +$4.68MAdded
  4. Vanguard Ftse Developed Markets ETF921943858
    +$4.30MAdded
  5. iShares Tr46434V456
    +$3.92MAdded

Largest weight increases

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

  1. Vanguard Morningstar Total Stock Market ETF922908769
    +0.45 pp9.4% → 9.8%
  2. Vanguard Ftse Developed Markets ETF921943858
    +0.21 pp2.5% → 2.7%
  3. GOOGLAlphabet Inc.
    +0.20 pp0.2% → 0.4%History
  4. FTNTFortinet, Inc.
    +0.16 pp0.2% → 0.4%History
  5. Invesco Exch TRD SLF Idx FD46138J619
    +0.13 pp0.5% → 0.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard S&P 500 ETF922908363
    −$5.30MReduced
  2. J P Morgan Exchange Traded F46641Q761
    −$4.08MReduced
  3. Vanguard Mun BD FDS922907746
    −$1.87MReduced
  4. GLDMWorld Gold Trust
    −$1.87MReducedHistory
  5. LIENChicago Atlantic BDC, Inc.
    −$1.81MReducedHistory

Largest weight decreases

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

  1. Vanguard S&P 500 ETF922908363
    −0.29 pp3.4% → 3.1%
  2. Vanguard Mun BD FDS922907746
    −0.18 pp0.6% → 0.4%
  3. GLDMWorld Gold Trust
    −0.18 pp0.2% → 0.1%History
  4. LIENChicago Atlantic BDC, Inc.
    −0.12 pp0.1% → <0.1%History
  5. SPDR Series Trust78468R812
    −0.11 pp2.0% → 1.9%

Metrics

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

Portfolio value
$1.63B
+$197.1M (+13.8%) vs. prior quarter
Positions
304
+23 vs. prior quarter
Top 10 concentration
66.8%
Top 10 as share of value
Turnover
1.9%
Q2 2026, one quarter
Average holding period
17.8 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 $1.89B (Q4 2025)

Q1 2021: $468.5MQ2 2021: $603.9MQ3 2021: $687.5MQ4 2021: $828.1MQ1 2022: $639.9MQ2 2022: $565.0MQ3 2022: $376.0MQ4 2022: $439.7MQ1 2023: $620.1MQ2 2023: $701.6MQ3 2023: $727.0MQ4 2023: $861.9MQ1 2024: $962.2MQ2 2024: $1.08BQ3 2024: $1.17BQ4 2024: $1.37BQ1 2025: $1.36BQ2 2025: $1.54BQ3 2025: $1.75BQ4 2025: $1.89BQ1 2026: $1.43BQ2 2026: $1.63B
Q1 2021Q2 2026
13F filings of Sage Mountain Advisors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 5, 2026304$1.63BJanus Detroit STR TrJ P Morgan Exchange Traded FVanguard Morningstar Total Stock Market ETFvs. Q1 2026SEC
Q1 2026May 11, 2026281$1.43BJanus Detroit STR TrJ P Morgan Exchange Traded FVanguard Morningstar Total Stock Market ETFvs. Q4 2025SEC
Q4 2025Jan 23, 2026559$1.89BJanus Detroit STR TrJ P Morgan Exchange Traded FVanguard Morningstar Total Stock Market ETFvs. Q3 2025SEC
Q3 2025Oct 29, 2025547$1.75BJanus Detroit STR TrJ P Morgan Exchange Traded FVanguard Morningstar Total Stock Market ETFvs. Q2 2025SEC
Q2 2025Jul 31, 2025494$1.54BJanus Detroit STR TrJ P Morgan Exchange Traded FVanguard Morningstar Total Stock Market ETFvs. Q1 2025SEC
Q1 2025May 2, 2025492$1.36BJanus Detroit STR TrJ P Morgan Exchange Traded FVanguard Morningstar Total Stock Market ETFvs. Q4 2024SEC
Q4 2024Feb 7, 2025473$1.37BJanus Detroit STR TrJ P Morgan Exchange Traded FVanguard Morningstar Total Stock Market ETFvs. Q3 2024SEC
Q3 2024Oct 29, 2024485$1.17BJanus Detroit STR TriShares MSCI USA Quality Factor ETFJ P Morgan Exchange Traded Fvs. Q2 2024SEC
Q2 2024Jul 31, 2024421$1.08BJanus Detroit STR TriShares MSCI USA Quality Factor ETFJ P Morgan Exchange Traded Fvs. Q1 2024SEC
Q1 2024Apr 23, 2024408$962.2MJanus Detroit STR TriShares MSCI USA Quality Factor ETFJ P Morgan Exchange Traded Fvs. Q4 2023SEC
Q4 2023Feb 1, 2024355$861.9MJanus Detroit STR TriShares MSCI USA Quality Factor ETFJ P Morgan Exchange Traded Fvs. Q3 2023SEC
Q3 2023Oct 25, 2023363$727.0MJanus Detroit STR TriShares MSCI USA Quality Factor ETFJ P Morgan Exchange Traded Fvs. Q2 2023SEC
Q2 2023Jul 24, 2023356$701.6MJanus Detroit STR TriShares MSCI USA Quality Factor ETFVanguard Morningstar Total Stock Market ETFvs. Q1 2023SEC
Q1 2023Apr 25, 2023333$620.1MiShares MSCI USA Quality Factor ETFJanus Detroit STR TrVanguard Morningstar Total Stock Market ETFvs. Q4 2022SEC
Q4 2022Feb 1, 2023297$439.7MiShares MSCI USA Quality Factor ETFVanguard Morningstar Total Stock Market ETFJanus Detroit STR Trvs. Q3 2022SEC
Q3 2022Oct 31, 2022390$376.0MiShares MSCI USA Quality Factor ETFVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFvs. Q2 2022SEC
Q2 2022Aug 25, 2022Amended617$565.0MiShares MSCI USA Quality Factor ETFVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFvs. Q1 2022SEC
Q1 2022Aug 25, 2022Amended616$639.9MiShares MSCI USA Quality Factor ETFVanguard S&P 500 ETFSPDR Series Trustvs. Q4 2021SEC
Q4 2021Feb 2, 2022690$828.1MiShares MSCI USA Quality Factor ETFARLPVanguard S&P 500 ETFvs. Q3 2021SEC
Q3 2021Nov 1, 2021575$687.5MiShares MSCI USA Quality Factor ETFARLPVanguard S&P 500 ETFvs. Q2 2021SEC
Q2 2021Jul 22, 2021524$603.9MiShares MSCI USA Quality Factor ETFARLPVanguard S&P 500 ETFvs. Q1 2021SEC
Q1 2021May 10, 2021462$468.5MiShares MSCI USA Quality Factor ETFVanguard S&P 500 ETFARLP–SEC