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Livermore
Livermore
ZHEN

Sovereign Investment Advisors, LLC

SEC CIK
0001908165
Latest filing
Aug 14, 2026

The latest 13F from Sovereign Investment Advisors, LLC covers Q2 2026 (filed Aug 14, 2026): 109 long positions worth $532.7M. The top 10 holdings make up 58.7% of the portfolio, and the largest is iShares Core S&P 500 ETF at 12.8%. 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
12
Est. +$4.05M
Added
36
Est. +$40.5M
Reduced
13
Est. −$8.33M
Sold out
9
Est. −$11.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    12.8%$68.4M
  2. Invesco QQQ Trust Series I46090E103
    7.1%$38.0M
  3. SPYSPDR S&P 500 ETF Trust
    6.9%$36.8MHistory
  4. iShares Core MSCI Eafe ETF46432F842
    5.9%$31.5M
  5. BNY Mellon ETF Trust09661T826
    5.9%$31.3M

Share of portfolio

Top 5 holdings and the other 104 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF12.8%
  2. Invesco QQQ Trust Series I7.1%
  3. SPY6.9%
  4. iShares Core MSCI Eafe ETF5.9%
  5. BNY Mellon ETF Trust5.9%
  6. Other 104 positions61.3%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Scottsdale FDS92206C599
    +$21.7MAdded
  2. iShares Tr46435G326
    +$7.61MAdded
  3. SPYSPDR S&P 500 ETF Trust
    +$5.95MAddedHistory
  4. Vanguard Total Bond Market ETF921937835
    +$1.79MAdded
  5. Janus Detroit STR Tr47103U654
    +$1.24MNew

Largest weight increases

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

  1. Vanguard Scottsdale FDS92206C599
    +4.08 pp0.1% → 4.2%
  2. iShares Tr46435G326
    +1.27 pp2.8% → 4.1%
  3. SPYSPDR S&P 500 ETF Trust
    +1.22 pp5.7% → 6.9%History
  4. iShares Core S&P 500 ETF464287200
    +0.24 pp12.6% → 12.8%
  5. Janus Detroit STR Tr47103U654
    +0.23 pp0.0% → 0.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares S&P 500 Growth ETF464287309
    −$9.48MSold out
  2. BNY Mellon ETF Trust09661T826
    −$2.27MReduced
  3. iShares Core MSCI Emerging Markets ETF46434G103
    −$2.18MReduced
  4. iShares MSCI USA Min Vol Factor ETF46429B697
    −$1.03MReduced
  5. AMZNAmazon Com Inc
    −$868.0KReducedHistory

Largest weight decreases

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

  1. iShares S&P 500 Growth ETF464287309
    −2.01 pp2.0% → 0.0%
  2. BNY Mellon ETF Trust09661T826
    −1.17 pp7.0% → 5.9%
  3. iShares MSCI USA Min Vol Factor ETF46429B697
    −0.44 pp3.2% → 2.7%
  4. iShares Core MSCI Emerging Markets ETF46434G103
    −0.26 pp2.9% → 2.6%
  5. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −0.24 pp1.3% → 1.0%

Metrics

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

Portfolio value
$532.7M
+$60.6M (+12.8%) vs. prior quarter
Positions
109
+3 vs. prior quarter
Top 10 concentration
58.7%
Top 10 as share of value
Turnover
4.0%
Q2 2026, one quarter
Average holding period
14.9 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 (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 $532.7M (Q2 2026)

Q1 2021: $251.9MQ2 2021: $264.8MQ3 2021: $250.7MQ4 2021: $256.7MQ1 2022: $253.9MQ2 2022: $230.8MQ3 2022: $223.4MQ4 2022: $238.3MQ1 2023: $252.1MQ2 2023: $264.7MQ3 2023: $255.0MQ4 2023: $268.2MQ1 2024: $289.9MQ2 2024: $268.2MQ3 2024: $304.9MQ4 2024: $336.1MQ1 2025: $287.3MQ2 2025: $363.6MQ3 2025: $366.5MQ4 2025: $399.8MQ1 2026: $472.1MQ2 2026: $532.7M
Q1 2021Q2 2026
13F filings of Sovereign Investment Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026109$532.7MiShares Core S&P 500 ETFInvesco QQQ Trust Series ISPYvs. Q1 2026SEC
Q1 2026May 12, 2026106$472.1MiShares Core S&P 500 ETFBNY Mellon ETF TrustInvesco QQQ Trust Series Ivs. Q4 2025SEC
Q4 2025Feb 13, 202639$399.8MiShares Core S&P 500 ETFInvesco QQQ Trust Series IiShares Core MSCI Eafe ETFvs. Q3 2025SEC
Q3 2025Oct 24, 202535$366.5MiShares Core S&P 500 ETFiShares MSCI USA Min Vol Factor ETFJanus Detroit STR Trvs. Q2 2025SEC
Q2 2025Jul 21, 202536$363.6MiShares Core S&P 500 ETFiShares MSCI USA Min Vol Factor ETFJanus Detroit STR Trvs. Q1 2025SEC
Q1 2025May 8, 202533$287.3MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q4 2024SEC
Q4 2024Feb 10, 202593$336.1MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q3 2024SEC
Q3 2024Nov 12, 202434$304.9MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q2 2024SEC
Q2 2024Aug 13, 202433$268.2MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q1 2024SEC
Q1 2024May 13, 202434$289.9MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q4 2023SEC
Q4 2023Feb 14, 202433$268.2MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q3 2023SEC
Q3 2023Nov 1, 202336$255.0MJanus Detroit STR TriShares Core S&P 500 ETFiShares MSCI USA Min Vol Factor ETFvs. Q2 2023SEC
Q2 2023Jul 19, 202340$264.7MJanus Detroit STR TriShares Core S&P 500 ETFiShares MSCI USA Min Vol Factor ETFvs. Q1 2023SEC
Q1 2023May 11, 202333$252.1MJanus Detroit STR TriShares Core S&P 500 ETFiShares MSCI USA Min Vol Factor ETFvs. Q4 2022SEC
Q4 2022Feb 14, 202332$238.3MJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFiShares Core S&P 500 ETFvs. Q3 2022SEC
Q3 2022Nov 10, 202232$223.4MJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFiShares Core S&P 500 ETFvs. Q2 2022SEC
Q2 2022Aug 4, 202232$230.8MJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFiShares Core S&P 500 ETFvs. Q1 2022SEC
Q1 2022Apr 28, 202229$253.9MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q4 2021SEC
Q4 2021Feb 7, 202229$256.7MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q3 2021SEC
Q3 2021Feb 7, 202230$250.7MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q2 2021SEC
Q2 2021Feb 7, 202230$264.8MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETFvs. Q1 2021SEC
Q1 2021Feb 7, 202230$251.9MiShares Core S&P 500 ETFJanus Detroit STR TriShares MSCI USA Min Vol Factor ETF–SEC