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Livermore
Livermore
ZHEN

Brown Financial Advisory

SEC CIK
0001843853
Latest filing
Jul 28, 2026

The latest 13F from Brown Financial Advisory covers Q2 2026 (filed Jul 28, 2026): 49 long positions worth $239.4M. The top 10 holdings make up 91.2% of the portfolio, and the largest is State Street SPDR Portfolio S&P 500 ETF at 42.3%. 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
4
Est. +$1.17M
Added
5
Est. +$8.55M
Reduced
23
Est. −$2.19M
Sold out
4
Est. −$1.55M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF78464A854
    42.3%$101.2M
  2. Vanguard Morningstar Small-Cap ETF922908751
    18.7%$44.8M
  3. Dimensional ETF Trust25434V534
    14.8%$35.5M
  4. iShares Tr464287622
    4.6%$11.1M
  5. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    4.3%$10.4M

Biggest buys

New and added positions, by estimated amount bought

  1. State Street SPDR Portfolio S&P 500 ETF78464A854
    +$6.32MAdded
  2. Vanguard Morningstar Small-Cap ETF922908751
    +$1.96MAdded
  3. COKECoca-Cola Consolidated, Inc.
    +$492.6KNewHistory
  4. GOOGLAlphabet Inc.
    +$235.0KNewHistory
  5. Vanguard S&P 500 ETF922908363
    +$229.8KNew

Largest weight increases

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

  1. State Street SPDR Portfolio S&P 500 ETF78464A854
    +1.29 pp41.0% → 42.3%
  2. Dimensional ETF Trust25434V534
    +1.08 pp13.7% → 14.8%
  3. Vanguard Morningstar Small-Cap ETF922908751
    +0.36 pp18.4% → 18.7%
  4. COKECoca-Cola Consolidated, Inc.
    +0.21 pp0.0% → 0.2%History
  5. GOOGLAlphabet Inc.
    +0.10 pp0.0% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Fidelity Merrimack STR Tr316188309
    −$523.4KSold out
  2. Invesco Exchange Traded FD T46137V472
    −$392.6KSold out
  3. iShares Tr46434V456
    −$342.1KSold out
  4. Vanguard Scottsdale FDS92206C102
    −$294.4KSold out
  5. SXTSensient Technologies Corp
    −$250.0KReducedHistory

Largest weight decreases

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

  1. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    −0.37 pp4.7% → 4.3%
  2. Fidelity Merrimack STR Tr316188309
    −0.26 pp0.3% → 0.0%
  3. Invesco Exchange Traded FD T46137V472
    −0.19 pp0.2% → 0.0%
  4. iShares Tr464287622
    −0.19 pp4.8% → 4.6%
  5. iShares Tr46434V456
    −0.17 pp0.2% → 0.0%

Metrics

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

Portfolio value
$239.4M
+$37.8M (+18.7%) vs. prior quarter
Positions
49
0 vs. prior quarter
Top 10 concentration
91.2%
Top 10 as share of value
Turnover
1.7%
Q2 2026, one quarter
Average holding period
18.6 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 $239.4M (Q2 2026)

Q1 2021: $113.1MQ2 2021: $120.0MQ3 2021: $121.4MQ4 2021: $114.1MQ1 2022: $123.0MQ2 2022: $93.4MQ3 2022: $104.2MQ4 2022: $96.9MQ1 2023: $103.9MQ2 2023: $122.5MQ3 2023: $112.8MQ4 2023: $122.8MQ1 2024: $128.7MQ2 2024: $130.1MQ3 2024: $141.3MQ4 2024: $140.4MQ1 2025: $158.6MQ2 2025: $181.2MQ3 2025: $191.0MQ4 2025: $197.9MQ1 2026: $201.6MQ2 2026: $239.4M
Q1 2021Q2 2026
13F filings of Brown Financial Advisory by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 28, 202649$239.4MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q1 2026SEC
Q1 2026Apr 27, 202649$201.6MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q4 2025SEC
Q4 2025Jan 29, 202656$197.9MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q3 2025SEC
Q3 2025Oct 27, 202555$191.0MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q2 2025SEC
Q2 2025Jul 28, 202555$181.2MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q1 2025SEC
Q1 2025Apr 30, 202551$158.6MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q4 2024SEC
Q4 2024Jan 24, 202534$140.4MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q3 2024SEC
Q3 2024Oct 25, 202436$141.3MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q2 2024SEC
Q2 2024Jul 25, 202432$130.1MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q1 2024SEC
Q1 2024Apr 25, 202432$128.7MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q4 2023SEC
Q4 2023Jan 26, 202432$122.8MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q3 2023SEC
Q3 2023Oct 25, 202329$112.8MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q2 2023SEC
Q2 2023Jul 21, 202330$122.5MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFDimensional ETF Trustvs. Q1 2023SEC
Q1 2023Apr 24, 202328$103.9MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q4 2022SEC
Q4 2022Jan 25, 202329$96.9MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q3 2022SEC
Q3 2022Oct 21, 202227$104.2MState Street SPDR Portfolio S&P 500 ETFVanguard Morningstar Small-Cap ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q2 2022SEC
Q2 2022Jul 18, 202226$93.4MState Street SPDR Portfolio S&P 500 ETFiShares TrVanguard Morningstar Small-Cap ETFvs. Q1 2022SEC
Q1 2022Apr 29, 202229$123.0MState Street SPDR Portfolio S&P 500 ETFiShares TrVanguard Morningstar Small-Cap ETFvs. Q4 2021SEC
Q4 2021Jan 27, 202228$114.1MState Street SPDR Portfolio S&P 500 ETFiShares TrVanguard Morningstar Small-Cap ETFvs. Q3 2021SEC
Q3 2021Oct 20, 202126$121.4MState Street SPDR Portfolio S&P 500 ETFiShares TrVanguard Total Bond Market ETFvs. Q2 2021SEC
Q2 2021Jul 28, 202126$120.0MState Street SPDR Portfolio S&P 500 ETFiShares TrVanguard Total Bond Market ETFvs. Q1 2021SEC
Q1 2021Apr 28, 202126$113.1MState Street SPDR Portfolio S&P 500 ETFiShares TrVanguard Total Bond Market ETF–SEC