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Livermore
Livermore
ZHEN

Lindenwold Advisors

SEC CIK
0001874374
Latest filing
Dec 16, 2025

The latest 13F from Lindenwold Advisors covers Q3 2025 (filed Dec 16, 2025): 110 long positions worth $211.6M. The top 10 holdings make up 43.5% of the portfolio, and the largest is Vanguard Star FDS at 11.6%. Livermore has 16 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: 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
13
Est. +$8.11M
Added
70
Est. +$9.50M
Reduced
26
Est. −$7.27M
Sold out
10
Est. −$3.49M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Star FDS921909768
    11.6%$24.6M
  2. iShares Tr464288414
    5.3%$11.2M
  3. NVDANVIDIA Corp
    4.2%$8.91MHistory
  4. MSFTMicrosoft Corp
    3.8%$8.14MHistory
  5. AAPLApple Inc.
    3.7%$7.90MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. ZTSZoetis Inc.
    +$2.45MNewHistory
  2. NVDANVIDIA Corp
    +$2.21MAddedHistory
  3. AVGOBroadcom Inc.
    +$1.74MNewHistory
  4. Vanguard Star FDS921909768
    +$1.46MAdded
  5. Vanguard Mun BD FDS922907696
    +$1.19MAdded

Largest weight increases

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

  1. NVDANVIDIA Corp
    +1.26 pp2.9% → 4.2%History
  2. ZTSZoetis Inc.
    +1.16 pp0.0% → 1.2%History
  3. AVGOBroadcom Inc.
    +0.82 pp0.0% → 0.8%History
  4. Vanguard Mun BD FDS922907696
    +0.54 pp0.3% → 0.8%
  5. Dimensional ETF Trust25434V815
    +0.35 pp0.7% → 1.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AAPLApple Inc.
    −$2.02MReducedHistory
  2. UNHUnitedHealth Group Inc
    −$1.19MReducedHistory
  3. MSFTMicrosoft Corp
    −$1.16MReducedHistory
  4. MRKMerck & Co., Inc.
    −$1.09MSold outHistory
  5. KLACKLA Corp
    −$679.5KReducedHistory

Largest weight decreases

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

  1. MSFTMicrosoft Corp
    −0.79 pp4.6% → 3.8%History
  2. MRKMerck & Co., Inc.
    −0.57 pp0.6% → 0.0%History
  3. UNHUnitedHealth Group Inc
    −0.55 pp1.4% → 0.9%History
  4. AAPLApple Inc.
    −0.42 pp4.2% → 3.7%History
  5. WSMWilliams Sonoma Inc
    −0.33 pp0.3% → 0.0%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$211.6M
+$19.1M (+9.9%) vs. prior quarter
Positions
110
+3 vs. prior quarter
Top 10 concentration
43.5%
Top 10 as share of value
Turnover
5.3%
Q3 2025, 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

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

Peak $211.6M (Q3 2025)

Q4 2021: $171.4MQ1 2022: $162.9MQ2 2022: $140.6MQ3 2022: $135.1MQ4 2022: $149.2MQ1 2023: $161.3MQ2 2023: $163.1MQ3 2023: $160.6MQ4 2023: $176.0MQ1 2024: $187.0MQ2 2024: $187.4MQ3 2024: $198.5MQ4 2024: $187.3MQ1 2025: $179.6MQ2 2025: $192.5MQ3 2025: $211.6M
Q4 2021Q3 2025
13F filings of Lindenwold Advisors by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Dec 16, 2025110$211.6MVanguard Star FDSiShares TrNVDAvs. Q2 2025SEC
Q2 2025Jul 24, 2025107$192.5MVanguard Star FDSiShares TrMSFTvs. Q1 2025SEC
Q1 2025May 8, 2025108$179.6MVanguard Star FDSiShares TrAAPLvs. Q4 2024SEC
Q4 2024Feb 11, 2025111$187.3MVanguard Star FDSAAPLiShares Trvs. Q3 2024SEC
Q3 2024Nov 7, 2024115$198.5MVanguard Star FDSiShares TrAAPLvs. Q2 2024SEC
Q2 2024Aug 13, 2024112$187.4MVanguard Star FDSiShares TrMSFTvs. Q1 2024SEC
Q1 2024May 9, 2024117$187.0MVanguard Star FDSiShares TrMSFTvs. Q4 2023SEC
Q4 2023Feb 8, 2024114$176.0MVanguard Star FDSiShares TrAAPLvs. Q3 2023SEC
Q3 2023Oct 19, 2023111$160.6MVanguard Star FDSiShares TrAAPLvs. Q2 2023SEC
Q2 2023Aug 8, 2023112$163.1MVanguard Star FDSAAPLiShares Trvs. Q1 2023SEC
Q1 2023May 8, 2023113$161.3MVanguard Star FDSAAPLMSFTvs. Q4 2022SEC
Q4 2022Feb 13, 2023114$149.2MVanguard Star FDSAAPLMSFTvs. Q3 2022SEC
Q3 2022Oct 31, 2022107$135.1MVanguard Star FDSAAPLMSFTvs. Q2 2022SEC
Q2 2022Aug 5, 2022108$140.6MVanguard Star FDSAAPLMSFTvs. Q1 2022SEC
Q1 2022May 9, 2022124$162.9MVanguard Star FDSAAPLMSFTvs. Q4 2021SEC
Q4 2021Feb 14, 2022128$171.4MVanguard Star FDSAAPLMSFT–SEC