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Livermore
Livermore
ZHEN

First International Bank & Trust

SEC CIK
0001910370
Latest filing
Oct 7, 2025

The latest 13F from First International Bank & Trust covers Q3 2025 (filed Oct 7, 2025): 56 long positions worth $287.7M. The top 10 holdings make up 80.0% of the portfolio, and the largest is Two RDS Shared Tr at 24.8%. 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
2
Est. +$442.7K
Added
7
Est. +$343.4K
Reduced
31
Est. −$8.68M
Sold out
9
Est. −$3.03M

Top 5 holdings

Share of this quarter's portfolio value

  1. Two RDS Shared Tr90214Q766
    24.8%$71.4M
  2. Invesco S&P 500 Quality ETF46137V241
    14.3%$41.1M
  3. Ssga Active ETF Tr78467V103
    8.3%$24.0M
  4. SPYSPDR S&P 500 ETF Trust
    6.8%$19.5MHistory
  5. WisdomTree Tr97717W851
    6.3%$18.3M

Share of portfolio

Top 5 holdings and the other 51 positions, by share of portfolio value

  1. Two RDS Shared Tr24.8%
  2. Invesco S&P 500 Quality ETF14.3%
  3. Ssga Active ETF Tr8.3%
  4. SPY6.8%
  5. WisdomTree Tr6.3%
  6. Other 51 positions39.4%

Biggest buys

New and added positions, by estimated amount bought

  1. ABBVAbbVie Inc.
    +$237.1KNewHistory
  2. Vanguard Morningstar Mid-Cap ETF922908629
    +$205.6KNew
  3. BRK.BBerkshire Hathaway Inc
    +$168.9KAddedHistory
  4. AXPAmerican Express Co
    +$61.1KAddedHistory
  5. COSTCostco Wholesale Corp
    +$57.4KAddedHistory

Largest weight increases

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

  1. ABBVAbbVie Inc.
    +0.08 pp0.0% → 0.1%History
  2. BRK.BBerkshire Hathaway Inc
    +0.08 pp0.5% → 0.6%History
  3. Vanguard Morningstar Mid-Cap ETF922908629
    +0.07 pp0.0% → 0.1%
  4. AXPAmerican Express Co
    +0.04 pp0.6% → 0.6%History
  5. iShares Tr464288414
    +0.02 pp0.7% → 0.7%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Two RDS Shared Tr90214Q766
    −$1.95MReduced
  2. WisdomTree Tr97717W851
    −$897.9KReduced
  3. Ssga Active ETF Tr78467V103
    −$866.8KReduced
  4. PPLTabrdn Platinum ETF Trust
    −$755.0KSold outHistory
  5. Invesco S&P 500 Quality ETF46137V241
    −$678.0KReduced

Largest weight decreases

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

  1. Two RDS Shared Tr90214Q766
    −0.49 pp25.3% → 24.8%
  2. PPLTabrdn Platinum ETF Trust
    −0.26 pp0.3% → 0.0%History
  3. iShares Tr464288646
    −0.18 pp0.8% → 0.6%
  4. Janus Detroit STR Tr47103U845
    −0.18 pp1.1% → 1.0%
  5. SLViShares Silver Trust
    −0.18 pp0.2% → 0.0%History

Metrics

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

Portfolio value
$287.7M
+$241.0K (+0.1%) vs. prior quarter
Positions
56
−7 vs. prior quarter
Top 10 concentration
80.0%
Top 10 as share of value
Turnover
0.3%
Q3 2025, one quarter
Average holding period
10.9 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 $316.2M (Q1 2025)

Q4 2021: $285.0MQ1 2022: $293.9MQ2 2022: $272.9MQ3 2022: $265.9MQ4 2022: $293.6MQ1 2023: $301.9MQ2 2023: $313.9MQ3 2023: $277.9MQ4 2023: $255.7MQ1 2024: $289.7MQ2 2024: $290.6MQ3 2024: $312.0MQ4 2024: $308.7MQ1 2025: $316.2MQ2 2025: $287.5MQ3 2025: $287.7M
Q4 2021Q3 2025
13F filings of First International Bank & Trust by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 7, 202556$287.7MTwo RDS Shared TrInvesco S&P 500 Quality ETFSsga Active ETF Trvs. Q2 2025SEC
Q2 2025Jul 8, 202563$287.5MTwo RDS Shared TrInvesco S&P 500 Quality ETFSsga Active ETF Trvs. Q1 2025SEC
Q1 2025May 12, 202570$316.2MTwo RDS Shared TrVanEck Morningstar Wide Moat ETFSsga Active ETF Trvs. Q4 2024SEC
Q4 2024Jan 10, 202570$308.7MTwo RDS Shared TrVanEck Morningstar Wide Moat ETFSPYvs. Q3 2024SEC
Q3 2024Oct 4, 202474$312.0MTwo RDS Shared TrVanEck Morningstar Wide Moat ETFSPYvs. Q2 2024SEC
Q2 2024Jul 3, 202471$290.6MTwo RDS Shared TrVanEck Morningstar Wide Moat ETFSPYvs. Q1 2024SEC
Q1 2024Apr 16, 202469$289.7MTwo RDS Shared TrVanEck Morningstar Wide Moat ETFSsga Active ETF Trvs. Q4 2023SEC
Q4 2023Jan 9, 202468$255.7MTwo RDS Shared TrVanEck Morningstar Wide Moat ETFTwo RDS Shared Trvs. Q3 2023SEC
Q3 2023Oct 12, 202372$277.9MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Trvs. Q2 2023SEC
Q2 2023Jul 17, 202387$313.9MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Trvs. Q1 2023SEC
Q1 2023Apr 14, 202387$301.9MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Trvs. Q4 2022SEC
Q4 2022Feb 9, 202383$293.6MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Trvs. Q3 2022SEC
Q3 2022Nov 1, 202280$265.9MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Trvs. Q2 2022SEC
Q2 2022Aug 9, 202280$272.9MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Trvs. Q1 2022SEC
Q1 2022Apr 8, 202297$293.9MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Trvs. Q4 2021SEC
Q4 2021Mar 29, 202293$285.0MTwo RDS Shared TrTwo RDS Shared TrTwo RDS Shared Tr–SEC