Theory Financial LLC
- SEC CIK
- 0001899158
- Latest filing
- Jul 31, 2026
The latest 13F from Theory Financial LLC covers Q2 2026 (filed Jul 31, 2026): 99 long positions worth $317.3M. The top 10 holdings make up 37.5% of the portfolio, and the largest is Schwab US Aggregate Bond ETF at 7.2%. Livermore has 18 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.
- New
- 10
- Est. +$13.3M
- Added
- 45
- Est. +$23.4M
- Reduced
- 31
- Est. −$18.1M
- Sold out
- 5
- Est. −$11.5M
Top 5 holdings
Share of this quarter's portfolio value
- Schwab US Aggregate Bond ETF8085248397.2%$22.9M
- State Street Communication Services Select Sector SPDR ETF81369Y8526.7%$21.1M
- State Street SPDR Portfolio S&P 500 ETF78464A8543.9%$12.2M
- iShares Tr4642885883.4%$10.8M
- DBX ETF Tr2330514323.0%$9.40M
Biggest buys
New and added positions, by estimated amount bought
- State Street SPDR Portfolio S&P 500 ETF78464A854+$4.91MAdded
- Roundhill ETF Trust77926X320+$3.78MNew
- iShares Tr464288281+$3.66MNew
- iShares Tr46434V613+$3.25MAdded
- BlackRock ETF Trust09290C665+$2.25MNew
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- State Street SPDR Portfolio S&P 500 ETF78464A854+1.62 pp2.2% → 3.9%
- Roundhill ETF Trust77926X320+1.19 pp0.0% → 1.2%
- iShares Tr464288281+1.15 pp0.0% → 1.2%
- iShares Tr46434V613+0.87 pp1.4% → 2.3%
- BlackRock ETF Trust09290C665+0.71 pp0.0% → 0.7%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- State Street Consumer Staples Select Sector SPDR ETF81369Y308−$7.21MSold out
- iShares MSCI USA Quality Factor ETF46432F339−$2.50MReduced
- State Street Health Care Select Sector SPDR ETF81369Y209−$2.25MReduced
- iShares Tr46435G672−$2.07MSold out
- iShares Tr464288877−$2.00MReduced
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- State Street Consumer Staples Select Sector SPDR ETF81369Y308−2.53 pp2.5% → 0.0%
- State Street Health Care Select Sector SPDR ETF81369Y209−0.77 pp2.3% → 1.5%
- iShares MSCI USA Quality Factor ETF46432F339−0.76 pp1.0% → 0.3%
- iShares Tr46435G672−0.73 pp0.7% → 0.0%
- iShares Tr464288877−0.69 pp0.8% → 0.1%
Metrics
13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $317.3M
- +$32.4M (+11.4%) vs. prior quarter
- Positions
- 99
- +5 vs. prior quarter
- Top 10 concentration
- 37.5%
- Top 10 as share of value
- Turnover
- 9.8%
- Q2 2026, one quarter
- Average holding period
- 9.9 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
18 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $317.3M (Q2 2026)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | Jul 31, 2026 | 99 | $317.3M | Schwab US Aggregate Bond ETFState Street Communication Services Select Sector SPDR ETFState Street SPDR Portfolio S&P 500 ETF | vs. Q1 2026 | SEC |
| Q1 2026 | May 5, 2026 | 94 | $284.9M | Schwab US Aggregate Bond ETFState Street Communication Services Select Sector SPDR ETFiShares Tr | vs. Q4 2025 | SEC |
| Q4 2025 | Feb 10, 2026 | 101 | $296.9M | Schwab US Aggregate Bond ETFState Street Communication Services Select Sector SPDR ETFVanguard Financials ETF | vs. Q3 2025 | SEC |
| Q3 2025 | Oct 29, 2025 | 90 | $283.7M | Schwab US Aggregate Bond ETFState Street Communication Services Select Sector SPDR ETFVanguard Financials ETF | vs. Q2 2025 | SEC |
| Q2 2025 | Aug 11, 2025 | 84 | $263.6M | Vanguard Financials ETFSchwab US Aggregate Bond ETFState Street Communication Services Select Sector SPDR ETF | vs. Q1 2025 | SEC |
| Q1 2025 | May 2, 2025 | 81 | $237.1M | Schwab US Aggregate Bond ETFVanguard Financials ETFState Street Health Care Select Sector SPDR ETF | vs. Q4 2024 | SEC |
| Q4 2024 | Feb 4, 2025 | 74 | $239.1M | Schwab US Aggregate Bond ETFVanguard Financials ETFState Street Communication Services Select Sector SPDR ETF | vs. Q3 2024 | SEC |
| Q3 2024 | Nov 7, 2024 | 66 | $226.9M | Schwab US Aggregate Bond ETFVanguard Financials ETFState Street Communication Services Select Sector SPDR ETF | vs. Q2 2024 | SEC |
| Q2 2024 | Jul 24, 2024 | 68 | $211.6M | Schwab US Aggregate Bond ETFState Street Communication Services Select Sector SPDR ETFVanguard Financials ETF | vs. Q1 2024 | SEC |
| Q1 2024 | May 13, 2024 | 73 | $196.4M | Schwab US Aggregate Bond ETFiShares TriShares Tr | vs. Q4 2023 | SEC |
| Q4 2023 | Feb 7, 2024 | 69 | $187.2M | Schwab US Aggregate Bond ETFiShares TriShares Tr | vs. Q3 2023 | SEC |
| Q3 2023 | Nov 15, 2023 | 67 | $170.5M | Schwab US Aggregate Bond ETFiShares TriShares Tr | vs. Q2 2023 | SEC |
| Q2 2023 | Aug 8, 2023 | 60 | $173.7M | Schwab US Aggregate Bond ETFiShares TriShares Tr | vs. Q1 2023 | SEC |
| Q1 2023 | May 12, 2023 | 60 | $166.7M | Schwab US Aggregate Bond ETFiShares TrSPDR Series Trust | vs. Q4 2022 | SEC |
| Q4 2022 | Feb 8, 2023 | 56 | $151.0M | Schwab US Aggregate Bond ETFSPDR Series TrustSchwab US Tips ETF | – | SEC |
| Q2 2022 | Aug 10, 2022 | 58 | $139.3M | Schwab US Aggregate Bond ETFSPDR Series TrustSchwab US Tips ETF | vs. Q1 2022 | SEC |
| Q1 2022 | May 12, 2022 | 59 | $151.0M | iShares Broad Usd Investment Grade Corporate Bond ETFWisdomTree TrSchwab US Tips ETF | vs. Q4 2021 | SEC |
| Q4 2021 | Feb 14, 2022 | 48 | $153.3M | iShares Broad Usd Investment Grade Corporate Bond ETFWisdomTree TrSchwab US Tips ETF | – | SEC |