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Livermore
Livermore
ZHEN

Bickling Financial Services, Inc.

SEC CIK
0001844895
Latest filing
Jan 31, 2023

The latest 13F from Bickling Financial Services, Inc. covers Q4 2022 (filed Jan 31, 2023): 119 long positions worth $160.2M. The top 10 holdings make up 48.6% of the portfolio, and the largest is Invesco Exchange Traded FD T at 21.6%. Livermore has 8 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2022

Share counts compared with Q3 2022: 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
8
Est. +$2.46M
Added
63
Est. +$8.25M
Reduced
43
Est. −$6.38M
Sold out
5
Est. −$1.73M

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco Exchange Traded FD T46137V357
    21.6%$34.5M
  2. First Tr Exchange-Traded FD33734H106
    4.5%$7.26M
  3. Pacer US Cash Cows 100 ETF69374H881
    3.9%$6.24M
  4. BRK.BBerkshire Hathaway Inc
    3.7%$5.88MHistory
  5. First Tr Exchange Traded FD33738R605
    3.1%$4.96M

Share of portfolio

Top 5 holdings and the other 114 positions, by share of portfolio value

  1. Invesco Exchange Traded FD T21.6%
  2. First Tr Exchange-Traded FD4.5%
  3. Pacer US Cash Cows 100 ETF3.9%
  4. BRK.B3.7%
  5. First Tr Exchange Traded FD3.1%
  6. Other 114 positions63.2%

Biggest buys

New and added positions, by estimated amount bought

  1. Pacer US Cash Cows 100 ETF69374H881
    +$4.44MAdded
  2. iShares MSCI USA Min Vol Factor ETF46429B697
    +$2.34MAdded
  3. Invesco Exchange Traded FD T46137V357
    +$759.1KAdded
  4. WisdomTree Tr97717X669
    +$732.1KNew
  5. ESEversource Energy
    +$457.8KNewHistory

Largest weight increases

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

  1. Pacer US Cash Cows 100 ETF69374H881
    +2.82 pp1.1% → 3.9%
  2. iShares MSCI USA Min Vol Factor ETF46429B697
    +1.47 pp0.9% → 2.3%
  3. Invesco Exchange Traded FD T46137V357
    +1.05 pp20.5% → 21.6%
  4. WisdomTree Tr97717X669
    +0.46 pp0.0% → 0.5%
  5. ESEversource Energy
    +0.29 pp0.0% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. First Tr Exchange-Traded FD33734X853
    −$1.49MReduced
  2. Vanguard Real Estate ETF922908553
    −$923.0KSold out
  3. ARK Innovation ETF00214Q104
    −$697.3KReduced
  4. BSTZBlackRock Science & Technology Term Trust
    −$655.3KReducedHistory
  5. JPMorgan Ultra-Short Income ETF46641Q837
    −$541.0KSold out

Largest weight decreases

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

  1. ARK Innovation ETF00214Q104
    −1.21 pp3.3% → 2.1%
  2. First Tr Exchange-Traded FD33734X853
    −0.91 pp3.0% → 2.1%
  3. BSTZBlackRock Science & Technology Term Trust
    −0.79 pp2.1% → 1.4%History
  4. Vanguard Real Estate ETF922908553
    −0.62 pp0.6% → 0.0%
  5. AMZNAmazon Com Inc
    −0.53 pp1.5% → 0.9%History

Metrics

13F metrics for Q4 2022, computed only from the numbers in the filings. Definitions below.

Portfolio value
$160.2M
+$11.8M (+8.0%) vs. prior quarter
Positions
119
+3 vs. prior quarter
Top 10 concentration
48.6%
Top 10 as share of value
Turnover
5.3%
Q4 2022, one quarter
Average holding period
7.5 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

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

Peak $221.3M (Q2 2021)

Q1 2021: $198.7MQ2 2021: $221.3MQ3 2021: $197.1MQ4 2021: $206.1MQ1 2022: $194.9MQ2 2022: $157.7MQ3 2022: $148.4MQ4 2022: $160.2M
Q1 2021Q4 2022
13F filings of Bickling Financial Services, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2022Jan 31, 2023119$160.2MInvesco Exchange Traded FD TFirst Tr Exchange-Traded FDPacer US Cash Cows 100 ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022116$148.4MInvesco Exchange Traded FD TFirst Tr Exchange-Traded FDBRK.Bvs. Q2 2022SEC
Q2 2022Aug 12, 2022119$157.7MInvesco Exchange Traded FD TFirst Tr Exchange-Traded FDBRK.Bvs. Q1 2022SEC
Q1 2022May 25, 2022131$194.9MInvesco Exchange Traded FD TARK Innovation ETFBRK.Bvs. Q4 2021SEC
Q4 2021Feb 14, 2022132$206.1MInvesco Exchange Traded FD TARK Innovation ETFFirst Tr Exchange-Traded FDvs. Q3 2021SEC
Q3 2021Nov 1, 2021123$197.1MInvesco Exchange Traded FD TARK Innovation ETFFirst Tr Exchange-Traded FDvs. Q2 2021SEC
Q2 2021Aug 16, 2021136$221.3MInvesco Exchange Traded FD TARK Innovation ETFFirst Tr Exchange-Traded FDvs. Q1 2021SEC
Q1 2021May 12, 2021114$198.7MARK Innovation ETFSPYInvesco Exchange Traded FD T–SEC