Karn, Couzens & Associates, Inc.
- SEC CIK
- 0001842433
- Latest filing
- Apr 19, 2022
The latest 13F from Karn, Couzens & Associates, Inc. covers Q1 2022 (filed Apr 19, 2022): 89 long positions worth $157.5M. The top 10 holdings make up 63.9% of the portfolio, and the largest is iShares Core S&P 500 ETF at 22.0%. Livermore has 5 filings on Form 13F from this institution, going back to Q1 2021.
What changed in Q1 2022
Share counts compared with Q4 2021: 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.
- New
- 10
- Est. +$14.3M
- Added
- 28
- Est. +$6.18M
- Reduced
- 25
- Est. −$2.32M
- Sold out
- 4
- Est. −$983.0K
Top 5 holdings
Share of this quarter's portfolio value
- iShares Core S&P 500 ETF46428720022.0%$34.7M
- Vanguard Index FDS9229086526.7%$10.5M
- PIMCO Enhanced Short Maturity Active Exchange-Traded Fund72201R8336.1%$9.65M
- Vanguard Dividend Appreciation ETF9219088446.0%$9.52M
- iShares Tr4642876895.2%$8.23M
Share of portfolio
Top 5 holdings and the other 84 positions, by share of portfolio value
- iShares Core S&P 500 ETF22.0%
- Vanguard Index FDS6.7%
- PIMCO Enhanced Short Maturity Active Exchange-Traded Fund6.1%
- Vanguard Dividend Appreciation ETF6.0%
- iShares Tr5.2%
- Other 84 positions53.9%
Biggest buys
New and added positions, by estimated amount bought
- PIMCO Enhanced Short Maturity Active Exchange-Traded Fund72201R833+$9.65MNew
- VanEck ETF Trust92189H201+$1.95MNew
- PIMCO ETF Tr72201R866+$1.82MAdded
- iShares Tr464288414+$754.3KAdded
- iShares Tips Bond ETF464287176+$600.5KAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- PIMCO Enhanced Short Maturity Active Exchange-Traded Fund72201R833+6.13 pp0.0% → 6.1%
- VanEck ETF Trust92189H201+1.24 pp0.0% → 1.2%
- PIMCO ETF Tr72201R866+1.13 pp0.2% → 1.3%
- iShares Tr464288414+0.41 pp0.5% → 0.9%
- BlackRock ETF Trust II092528207+0.34 pp0.0% → 0.3%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- iShares Tr464287457−$1.19MReduced
- First Tr Exch Traded FD III33739N108−$345.0KSold out
- First Tr Exchange-Traded FD33733E104−$221.0KSold out
- iShares U S ETF Tr46431W507−$214.8KReduced
- iShares Tr46435G193−$209.0KSold out
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- iShares Core S&P 500 ETF464287200−2.99 pp25.0% → 22.0%
- iShares Tr464287457−1.34 pp6.0% → 4.6%
- Vanguard Dividend Appreciation ETF921908844−0.88 pp6.9% → 6.0%
- iShares Tr464287689−0.74 pp6.0% → 5.2%
- iShares MSCI USA Min Vol Factor ETF46429B697−0.47 pp3.5% → 3.1%
Metrics
13F metrics for Q1 2022, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $157.5M
- +$11.6M (+8.0%) vs. prior quarter
- Positions
- 89
- +6 vs. prior quarter
- Top 10 concentration
- 63.9%
- Top 10 as share of value
- Turnover
- 2.2%
- Q1 2022, one quarter
- Average holding period
- 4.5 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
5 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $157.5M (Q1 2022)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q1 2022 | Apr 19, 2022 | 89 | $157.5M | iShares Core S&P 500 ETFVanguard Index FDSPIMCO Enhanced Short Maturity Active Exchange-Traded Fund | vs. Q4 2021 | SEC |
| Q4 2021 | Jan 14, 2022 | 83 | $145.8M | iShares Core S&P 500 ETFVanguard Index FDSVanguard Dividend Appreciation ETF | vs. Q3 2021 | SEC |
| Q3 2021 | Oct 20, 2021 | 74 | $131.3M | iShares Core S&P 500 ETFVanguard Index FDSiShares Tr | vs. Q2 2021 | SEC |
| Q2 2021 | Jul 21, 2021 | 73 | $128.9M | iShares Core S&P 500 ETFVanguard Index FDSiShares Tr | vs. Q1 2021 | SEC |
| Q1 2021 | Apr 22, 2021 | 65 | $111.4M | iShares Core S&P 500 ETFiShares TrVanguard Dividend Appreciation ETF | – | SEC |