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Livermore
Livermore
ZHEN

Keystone Financial Services

SEC CIK
0001865158
Latest filing
Aug 5, 2026

The latest 13F from Keystone Financial Services covers Q2 2026 (filed Aug 5, 2026): 131 long positions worth $388.4M. The top 10 holdings make up 61.2% of the portfolio, and the largest is iShares Core S&P 500 ETF at 17.7%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 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
20
Est. +$23.2M
Added
60
Est. +$40.9M
Reduced
44
Est. −$58.3M
Sold out
8
Est. −$2.41M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    17.7%$68.8M
  2. iShares Tr46434V613
    7.6%$29.5M
  3. iShares S&P 500 Growth ETF464287309
    6.9%$26.9M
  4. BlackRock ETF Trust09290C103
    6.7%$25.9M
  5. iShares S&P 500 Value ETF464287408
    5.9%$22.8M

Share of portfolio

Top 5 holdings and the other 126 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF17.7%
  2. iShares Tr7.6%
  3. iShares S&P 500 Growth ETF6.9%
  4. BlackRock ETF Trust6.7%
  5. iShares S&P 500 Value ETF5.9%
  6. Other 126 positions55.2%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core S&P 500 ETF464287200
    +$27.2MAdded
  2. BlackRock ETF Trust09290C764
    +$8.78MNew
  3. iShares Tr46434V613
    +$6.81MAdded
  4. BlackRock ETF Trust09290C665
    +$5.33MNew
  5. BlackRock ETF Trust II092528835
    +$4.13MNew

Largest weight increases

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

  1. iShares Core S&P 500 ETF464287200
    +7.06 pp10.7% → 17.7%
  2. BlackRock ETF Trust09290C764
    +2.26 pp0.0% → 2.3%
  3. BlackRock ETF Trust09290C665
    +1.37 pp0.0% → 1.4%
  4. BlackRock ETF Trust II092528835
    +1.06 pp0.0% → 1.1%
  5. iShares Tr46434V613
    +0.93 pp6.7% → 7.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares MSCI USA Quality Factor ETF46432F339
    −$11.2MReduced
  2. iShares Tr464288877
    −$10.1MReduced
  3. iShares Core MSCI Emerging Markets ETF46434G103
    −$7.39MReduced
  4. iShares Tr46435G672
    −$5.21MReduced
  5. iShares S&P 500 Value ETF464287408
    −$5.05MReduced

Largest weight decreases

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

  1. iShares Tr464288877
    −3.12 pp5.4% → 2.3%
  2. iShares MSCI USA Quality Factor ETF46432F339
    −2.88 pp3.3% → 0.4%
  3. iShares S&P 500 Value ETF464287408
    −1.73 pp7.6% → 5.9%
  4. iShares Core MSCI Emerging Markets ETF46434G103
    −1.67 pp5.7% → 4.0%
  5. iShares Tr46435G672
    −1.53 pp1.6% → 0.1%

Metrics

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

Portfolio value
$388.4M
+$47.7M (+14.0%) vs. prior quarter
Positions
131
+12 vs. prior quarter
Top 10 concentration
61.2%
Top 10 as share of value
Turnover
16.6%
Q2 2026, one quarter
Average holding period
12.9 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 (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $388.4M (Q2 2026)

Q4 2021: $194.9MQ1 2022: $173.6MQ2 2022: $183.9MQ3 2022: $172.1MQ4 2022: $186.0MQ1 2023: $186.7MQ2 2023: $195.8MQ3 2023: $188.9MQ4 2023: $211.6MQ1 2024: $229.2MQ2 2024: $241.3MQ3 2024: $257.9MQ4 2024: $261.2MQ1 2025: $262.4MQ2 2025: $294.0MQ3 2025: $322.7MQ4 2025: $331.3MQ1 2026: $340.7MQ2 2026: $388.4M
Q4 2021Q2 2026
13F filings of Keystone Financial Services by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 5, 2026131$388.4MiShares Core S&P 500 ETFiShares TriShares S&P 500 Growth ETFvs. Q1 2026SEC
Q1 2026May 6, 2026119$340.7MiShares Core S&P 500 ETFiShares S&P 500 Value ETFiShares S&P 500 Growth ETFvs. Q4 2025SEC
Q4 2025Feb 12, 2026121$331.3MiShares Core S&P 500 ETFBlackRock ETF TrustiShares Trvs. Q3 2025SEC
Q3 2025Nov 13, 2025128$322.7MiShares TriShares MSCI USA Quality Factor ETFiShares Core S&P 500 ETFvs. Q2 2025SEC
Q2 2025Aug 7, 2025116$294.0MiShares TriShares Core S&P 500 ETFiShares MSCI USA Quality Factor ETFvs. Q1 2025SEC
Q1 2025Apr 23, 2025100$262.4MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2024SEC
Q4 2024Jan 31, 2025102$261.2MiShares Core S&P 500 ETFiShares TriShares S&P 500 Growth ETFvs. Q3 2024SEC
Q3 2024Nov 5, 202497$257.9MiShares Core S&P 500 ETFiShares TriShares S&P 500 Growth ETFvs. Q2 2024SEC
Q2 2024Jul 23, 202487$241.3MiShares Core S&P 500 ETFiShares TriShares S&P 500 Growth ETFvs. Q1 2024SEC
Q1 2024Jun 13, 202486$229.2MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2023SEC
Q4 2023Jan 29, 202482$211.6MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q3 2023SEC
Q3 2023Nov 8, 202372$188.9MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2023SEC
Q2 2023Aug 2, 202373$195.8MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q1 2023SEC
Q1 2023Apr 28, 202379$186.7MiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2022SEC
Q4 2022Feb 1, 202380$186.0MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2022SEC
Q3 2022Oct 28, 202279$172.1MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2022SEC
Q2 2022Aug 3, 202281$183.9MiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2022SEC
Q1 2022May 10, 202274$173.6MiShares Core S&P 500 ETFiShares TriShares Trvs. Q4 2021SEC
Q4 2021Feb 1, 202285$194.9MiShares TriShares Core S&P 500 ETFiShares Tr–SEC