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Livermore
Livermore
ZHEN

Sanford Advisory Services, LLC

SEC CIK
0001932496
Latest filing
Feb 8, 2023

The latest 13F from Sanford Advisory Services, LLC covers Q4 2022 (filed Feb 8, 2023): 119 long positions worth $419.9M. The top 10 holdings make up 57.8% of the portfolio, and the largest is iShares MSCI USA Min Vol Factor ETF at 8.1%. Livermore has 8 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2022

Share counts compared with Q3 2022: 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
18
Est. +$22.5M
Added
47
Est. +$38.7M
Reduced
35
Est. −$17.6M
Sold out
8
Est. −$1.61M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares MSCI USA Min Vol Factor ETF46429B697
    8.1%$34.1M
  2. Goldman Sachs ETF Tr381430503
    7.9%$33.3M
  3. iShares Core S&P Mid-Cap ETF464287507
    7.9%$33.0M
  4. iShares Core S&P 500 ETF464287200
    7.0%$29.5M
  5. SYKStryker Corp
    6.8%$28.5MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Short-Term Bond ETF921937827
    +$8.96MAdded
  2. iShares Core U.S. Aggregate Bond ETF464287226
    +$6.20MAdded
  3. Vanguard S&P 500 ETF922908363
    +$4.98MAdded
  4. iShares Tr464288414
    +$3.80MAdded
  5. iShares Tr464288158
    +$3.48MAdded

Largest weight increases

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

  1. Vanguard Short-Term Bond ETF921937827
    +2.12 pp0.1% → 2.2%
  2. iShares Core U.S. Aggregate Bond ETF464287226
    +1.42 pp0.4% → 1.8%
  3. Vanguard S&P 500 ETF922908363
    +1.10 pp0.8% → 1.9%
  4. iShares Tr464288414
    +0.87 pp0.3% → 1.1%
  5. Vanguard Total International Bond ETF92203J407
    +0.83 pp0.0% → 0.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Goldman Sachs ETF Tr381430503
    −$4.23MReduced
  2. iShares Core S&P 500 ETF464287200
    −$2.44MReduced
  3. iShares Core S&P Mid-Cap ETF464287507
    −$1.69MReduced
  4. iShares MSCI Eafe Min Vol Factor ETF46429B689
    −$1.68MReduced
  5. iShares Tr464287150
    −$1.28MReduced

Largest weight decreases

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

  1. Goldman Sachs ETF Tr381430503
    −2.07 pp10.0% → 7.9%
  2. iShares Core S&P 500 ETF464287200
    −1.49 pp8.5% → 7.0%
  3. iShares Core S&P Mid-Cap ETF464287507
    −1.12 pp9.0% → 7.9%
  4. iShares Core Dividend Growth ETF46434V621
    −0.70 pp7.2% → 6.5%
  5. iShares Tr464287150
    −0.54 pp2.1% → 1.6%

Metrics

13F metrics for Q4 2022, computed only from the numbers in the filings. Definitions below.

Portfolio value
$419.9M
+$69.7M (+19.9%) vs. prior quarter
Positions
119
+10 vs. prior quarter
Top 10 concentration
57.8%
Top 10 as share of value
Turnover
5.0%
Q4 2022, one quarter
Average holding period
6.9 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

8 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $441.2M (Q4 2021)

Q1 2021: $358.7MQ2 2021: $388.3MQ3 2021: $398.7MQ4 2021: $441.2MQ1 2022: $366.9MQ2 2022: $353.8MQ3 2022: $350.1MQ4 2022: $419.9M
Q1 2021Q4 2022
13F filings of Sanford Advisory Services, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2022Feb 8, 2023119$419.9MiShares MSCI USA Min Vol Factor ETFGoldman Sachs ETF TriShares Core S&P Mid-Cap ETFvs. Q3 2022SEC
Q3 2022Nov 9, 2022109$350.1MGoldman Sachs ETF TriShares Core S&P Mid-Cap ETFiShares MSCI USA Min Vol Factor ETFvs. Q2 2022SEC
Q2 2022Jul 28, 2022114$353.8MiShares Core S&P 500 ETFGoldman Sachs ETF TriShares MSCI USA Min Vol Factor ETFvs. Q1 2022SEC
Q1 2022Jul 28, 2022111$366.9MGoldman Sachs ETF TriShares MSCI USA Min Vol Factor ETFiShares Core S&P Mid-Cap ETFvs. Q4 2021SEC
Q4 2021Jul 28, 2022111$441.2MiShares Core S&P 500 ETFGoldman Sachs ETF TriShares MSCI USA Min Vol Factor ETFvs. Q3 2021SEC
Q3 2021Jul 28, 2022110$398.7MiShares Core S&P 500 ETFGoldman Sachs ETF TriShares MSCI USA Min Vol Factor ETFvs. Q2 2021SEC
Q2 2021Jul 28, 2022107$388.3MiShares MSCI USA Min Vol Factor ETFGoldman Sachs ETF TriShares Core S&P 500 ETFvs. Q1 2021SEC
Q1 2021Jul 28, 2022103$358.7MiShares MSCI USA Min Vol Factor ETFGoldman Sachs ETF TriShares Core S&P 500 ETF–SEC