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Livermore
Livermore
ZHEN

Coury Firm Asset Management LLC

SEC CIK
0001921396
Latest filing
Nov 13, 2023

The latest 13F from Coury Firm Asset Management LLC covers Q3 2023 (filed Nov 13, 2023): 48 long positions worth $62.6M. The top 10 holdings make up 78.1% of the portfolio, and the largest is iShares MSCI Eafe ETF at 22.0%. Livermore has 8 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q3 2023

Share counts compared with Q2 2023: 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
9
Est. +$3.80M
Added
15
Est. +$2.76M
Reduced
17
Est. −$2.66M
Sold out
14
Est. −$8.34M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares MSCI Eafe ETF464287465
    22.0%$13.8M
  2. SPYSPDR S&P 500 ETF Trust
    18.2%$11.4MHistory
  3. Vanguard S&P 500 ETF922908363
    8.5%$5.30M
  4. iShares Tr464287234
    6.6%$4.14M
  5. State Street SPDR Portfolio Short Term Corporate Bond ETF78464A474
    5.7%$3.59M

Share of portfolio

Top 5 holdings and the other 43 positions, by share of portfolio value

  1. iShares MSCI Eafe ETF22.0%
  2. SPY18.2%
  3. Vanguard S&P 500 ETF8.5%
  4. iShares Tr6.6%
  5. State Street SPDR Portfolio Short Term Corporate Bond ETF5.7%
  6. Other 43 positions38.9%

Biggest buys

New and added positions, by estimated amount bought

  1. Direxion Shares ETF Trust25459Y207
    +$1.66MNew
  2. Vanguard S&P 500 ETF922908363
    +$1.02MAdded
  3. MSFTMicrosoft Corp
    +$380.2KAddedHistory
  4. VVisa Inc.
    +$376.9KNewHistory
  5. JNJJohnson & Johnson
    +$324.3KNewHistory

Largest weight increases

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

  1. Direxion Shares ETF Trust25459Y207
    +2.65 pp0.0% → 2.6%
  2. Vanguard S&P 500 ETF922908363
    +2.07 pp6.4% → 8.5%
  3. MSFTMicrosoft Corp
    +0.70 pp3.4% → 4.1%History
  4. METAMeta Platforms, Inc.
    +0.61 pp1.1% → 1.7%History
  5. VVisa Inc.
    +0.60 pp0.0% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464288588
    −$1.33MSold out
  2. iShares Tr464288661
    −$1.25MSold out
  3. Vanguard Mortgage-Backed Securities ETF92206C771
    −$1.12MSold out
  4. State Street SPDR Portfolio Short Term Corporate Bond ETF78464A474
    −$1.05MReduced
  5. State Street Health Care Select Sector SPDR ETF81369Y209
    −$724.7KSold out

Largest weight decreases

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

  1. iShares Tr464288588
    −1.92 pp1.9% → 0.0%
  2. iShares Tr464288661
    −1.80 pp1.8% → 0.0%
  3. Vanguard Mortgage-Backed Securities ETF92206C771
    −1.62 pp1.6% → 0.0%
  4. State Street Health Care Select Sector SPDR ETF81369Y209
    −1.05 pp1.0% → 0.0%
  5. State Street SPDR Portfolio Short Term Corporate Bond ETF78464A474
    −0.98 pp6.7% → 5.7%

Metrics

13F metrics for Q3 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$62.6M
−$6.73M (−9.7%) vs. prior quarter
Positions
48
−5 vs. prior quarter
Top 10 concentration
78.1%
Top 10 as share of value
Turnover
9.9%
Q3 2023, one quarter
Average holding period
7.2 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

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

Peak $131.6M (Q4 2021)

Q4 2021: $131.6MQ1 2022: $115.4MQ2 2022: $75.4MQ3 2022: $66.2MQ4 2022: $67.3MQ1 2023: $71.2MQ2 2023: $69.3MQ3 2023: $62.6M
Q4 2021Q3 2023
13F filings of Coury Firm Asset Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2023Nov 13, 202348$62.6MiShares MSCI Eafe ETFSPYVanguard S&P 500 ETFvs. Q2 2023SEC
Q2 2023Aug 14, 202353$69.3MiShares MSCI Eafe ETFSPYState Street SPDR Portfolio Short Term Corporate Bond ETFvs. Q1 2023SEC
Q1 2023May 9, 202355$71.2MiShares MSCI Eafe ETFSPYState Street SPDR Portfolio Short Term Corporate Bond ETFvs. Q4 2022SEC
Q4 2022Feb 14, 202346$67.3MiShares MSCI Eafe ETFSPYState Street SPDR Portfolio Short Term Corporate Bond ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202247$66.2MiShares MSCI Eafe ETFSPYiShares Trvs. Q2 2022SEC
Q2 2022Aug 15, 202247$75.4MiShares MSCI Eafe ETFSPYiShares Trvs. Q1 2022SEC
Q1 2022May 16, 202264$115.4MSPYiShares MSCI Eafe ETFiShares Trvs. Q4 2021SEC
Q4 2021Apr 12, 202262$131.6MiShares MSCI Eafe ETFSPYiShares Tr–SEC