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Livermore
Livermore
ZHEN

Kearns & Associates LLC

SEC CIK
0001908695
Latest filing
Jul 23, 2026

The latest 13F from Kearns & Associates LLC covers Q2 2026 (filed Jul 23, 2026): 41 long positions worth $214.2M. The top 10 holdings make up 89.1% of the portfolio, and the largest is Vanguard Morningstar Total Stock Market ETF at 30.5%. 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
2
Est. +$588.8K
Added
9
Est. +$2.88M
Reduced
5
Est. −$994.6K
Sold out
1
Est. −$372.1K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Morningstar Total Stock Market ETF922908769
    30.5%$65.3M
  2. Vanguard S&P 500 ETF922908363
    28.9%$62.0M
  3. Vanguard Ftse Developed Markets ETF921943858
    10.9%$23.4M
  4. Vanguard Morningstar Small-Cap ETF922908751
    5.6%$11.9M
  5. Vanguard Ftse Emerging Markets ETF922042858
    3.5%$7.46M

Share of portfolio

Top 5 holdings and the other 36 positions, by share of portfolio value

  1. Vanguard Morningstar Total Stock Market ETF30.5%
  2. Vanguard S&P 500 ETF28.9%
  3. Vanguard Ftse Developed Markets ETF10.9%
  4. Vanguard Morningstar Small-Cap ETF5.6%
  5. Vanguard Ftse Emerging Markets ETF3.5%
  6. Other 36 positions20.6%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Morningstar Total Stock Market ETF922908769
    +$1.04MAdded
  2. Fidelity Merrimack STR Tr316188309
    +$798.3KAdded
  3. Vanguard Ftse Emerging Markets ETF922042858
    +$576.1KAdded
  4. AVGOBroadcom Inc.
    +$377.8KNewHistory
  5. Vanguard Ftse Developed Markets ETF921943858
    +$261.7KAdded

Largest weight increases

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

  1. Vanguard Morningstar Total Stock Market ETF922908769
    +0.51 pp30.0% → 30.5%
  2. Fidelity Merrimack STR Tr316188309
    +0.31 pp0.4% → 0.8%
  3. AVGOBroadcom Inc.
    +0.18 pp0.0% → 0.2%History
  4. Vanguard Ftse Emerging Markets ETF922042858
    +0.13 pp3.4% → 3.5%
  5. MDYSPDR S&P Midcap 400 ETF Trust
    +0.10 pp0.0% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MRSHMarsh & McLennan Companies, Inc.
    −$372.1KSold outHistory
  2. Vanguard S&P 500 ETF922908363
    −$324.2KReduced
  3. SPYSPDR S&P 500 ETF Trust
    −$232.2KReducedHistory
  4. COFCapital One Financial Corp
    −$217.7KReducedHistory
  5. WFCWells Fargo & Company
    −$169.4KReducedHistory

Largest weight decreases

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

  1. Vanguard S&P 500 ETF922908363
    −0.23 pp29.2% → 28.9%
  2. MRSHMarsh & McLennan Companies, Inc.
    −0.20 pp0.2% → 0.0%History
  3. SPYSPDR S&P 500 ETF Trust
    −0.12 pp3.3% → 3.1%History
  4. COFCapital One Financial Corp
    −0.11 pp0.2% → 0.1%History
  5. WFCWells Fargo & Company
    −0.10 pp0.2% → 0.1%History

Metrics

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

Portfolio value
$214.2M
+$28.3M (+15.2%) vs. prior quarter
Positions
41
+1 vs. prior quarter
Top 10 concentration
89.1%
Top 10 as share of value
Turnover
0.7%
Q2 2026, one quarter
Average holding period
18.1 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 $214.2M (Q2 2026)

Q4 2021: $102.3MQ1 2022: $96.4MQ2 2022: $75.4MQ3 2022: $73.9MQ4 2022: $95.0MQ1 2023: $100.5MQ2 2023: $110.3MQ3 2023: $106.0MQ4 2023: $117.3MQ1 2024: $128.9MQ2 2024: $133.9MQ3 2024: $151.7MQ4 2024: $154.7MQ1 2025: $154.2MQ2 2025: $174.4MQ3 2025: $188.4MQ4 2025: $193.6MQ1 2026: $185.9MQ2 2026: $214.2M
Q4 2021Q2 2026
13F filings of Kearns & Associates LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 23, 202641$214.2MVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q1 2026SEC
Q1 2026Apr 20, 202640$185.9MVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q4 2025SEC
Q4 2025Jan 8, 202640$193.6MVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q3 2025SEC
Q3 2025Oct 22, 202542$188.4MVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q2 2025SEC
Q2 2025Jul 9, 202544$174.4MVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q1 2025SEC
Q1 2025May 15, 202542$154.2MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q4 2024SEC
Q4 2024Jan 23, 202543$154.7MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q3 2024SEC
Q3 2024Oct 29, 202443$151.7MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q2 2024SEC
Q2 2024Aug 1, 202442$133.9MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q1 2024SEC
Q1 2024May 10, 202442$128.9MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q4 2023SEC
Q4 2023Jan 24, 202442$117.3MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q3 2023SEC
Q3 2023Nov 13, 202343$106.0MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q2 2023SEC
Q2 2023Aug 2, 202343$110.3MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q1 2023SEC
Q1 2023May 1, 202342$100.5MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q4 2022SEC
Q4 2022Jan 20, 202341$95.0MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Ftse Developed Markets ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202213$73.9MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap ETFvs. Q2 2022SEC
Q2 2022Jul 29, 202213$75.4MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap ETFvs. Q1 2022SEC
Q1 2022Apr 29, 202216$96.4MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap ETFvs. Q4 2021SEC
Q4 2021Feb 7, 202216$102.3MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap ETF–SEC