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Livermore
Livermore
ZHEN

Highland Financial Advisors, LLC

SEC CIK
0001939237
Latest filing
Jul 9, 2026

The latest 13F from Highland Financial Advisors, LLC covers Q2 2026 (filed Jul 9, 2026): 73 long positions worth $454.6M. The top 10 holdings make up 72.1% of the portfolio, and the largest is State Street SPDR Portfolio S&P 500 ETF at 10.2%. Livermore has 17 filings on Form 13F from this institution, going back to Q2 2022.

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
8
Est. +$13.7M
Added
35
Est. +$36.7M
Reduced
19
Est. −$25.7M
Sold out
2
Est. −$439.3K

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF78464A854
    10.2%$46.4M
  2. Invesco Nasdaq 100 ETF46138G649
    10.0%$45.2M
  3. American Centy ETF Tr025072885
    9.3%$42.5M
  4. Dimensional ETF Trust25434V104
    9.0%$41.1M
  5. Vanguard Scottsdale FDS92206C680
    8.4%$38.3M

Share of portfolio

Top 5 holdings and the other 68 positions, by share of portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF10.2%
  2. Invesco Nasdaq 100 ETF10.0%
  3. American Centy ETF Tr9.3%
  4. Dimensional ETF Trust9.0%
  5. Vanguard Scottsdale FDS8.4%
  6. Other 68 positions53.0%

Biggest buys

New and added positions, by estimated amount bought

  1. American Centy ETF Tr025072703
    +$14.4MAdded
  2. American Centy ETF Tr025072802
    +$11.1MNew
  3. Vanguard Scottsdale FDS92206C680
    +$6.75MAdded
  4. American Centy ETF Tr025072299
    +$4.22MAdded
  5. American Centy ETF Tr025072281
    +$2.12MAdded

Largest weight increases

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

  1. American Centy ETF Tr025072703
    +2.49 pp5.5% → 7.9%
  2. American Centy ETF Tr025072802
    +2.45 pp0.0% → 2.5%
  3. Vanguard Scottsdale FDS92206C680
    +1.28 pp7.1% → 8.4%
  4. American Centy ETF Tr025072299
    +0.88 pp0.5% → 1.4%
  5. iShares Tr46436E767
    +0.48 pp0.7% → 1.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Goldman Sachs ETF Tr38149W820
    −$16.1MReduced
  2. Invesco Nasdaq 100 ETF46138G649
    −$2.59MReduced
  3. State Street SPDR Portfolio S&P 500 ETF78464A854
    −$1.75MReduced
  4. Vanguard Information Technology ETF92204A702
    −$1.43MReducedConverted for a 8-for-1 split
  5. Dimensional ETF Trust25434V104
    −$815.2KReduced

Largest weight decreases

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

  1. Goldman Sachs ETF Tr38149W820
    −3.71 pp4.5% → 0.8%
  2. IAUiShares Gold Trust
    −1.06 pp3.1% → 2.1%History
  3. State Street SPDR Portfolio S&P 500 ETF78464A854
    −0.87 pp11.1% → 10.2%
  4. Dimensional ETF Trust25434V104
    −0.62 pp9.7% → 9.0%
  5. American Centy ETF Tr025072885
    −0.50 pp9.8% → 9.3%

Metrics

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

Portfolio value
$454.6M
+$75.9M (+20.0%) vs. prior quarter
Positions
73
+6 vs. prior quarter
Top 10 concentration
72.1%
Top 10 as share of value
Turnover
6.3%
Q2 2026, one quarter
Average holding period
14.8 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 (Q2 2022), so positions held before then are understated.

13F filings by quarter

17 quarters, going back to Q2 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $454.6M (Q2 2026)

Q2 2022: $145.9MQ3 2022: $144.1MQ4 2022: $169.8MQ1 2023: $184.2MQ2 2023: $194.0MQ3 2023: $193.1MQ4 2023: $230.0MQ1 2024: $249.9MQ2 2024: $268.9MQ3 2024: $281.4MQ4 2024: $288.7MQ1 2025: $279.6MQ2 2025: $311.5MQ3 2025: $348.8MQ4 2025: $360.7MQ1 2026: $378.7MQ2 2026: $454.6M
Q2 2022Q2 2026
13F filings of Highland Financial Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 9, 202673$454.6MState Street SPDR Portfolio S&P 500 ETFInvesco Nasdaq 100 ETFAmerican Centy ETF Trvs. Q1 2026SEC
Q1 2026Apr 21, 202667$378.7MState Street SPDR Portfolio S&P 500 ETFInvesco Nasdaq 100 ETFAmerican Centy ETF Trvs. Q4 2025SEC
Q4 2025Jan 23, 202666$360.7MState Street SPDR Portfolio S&P 500 ETFInvesco Nasdaq 100 ETFDimensional ETF Trustvs. Q3 2025SEC
Q3 2025Oct 22, 202558$348.8MState Street SPDR Portfolio S&P 500 ETFInvesco Nasdaq 100 ETFAmerican Centy ETF Trvs. Q2 2025SEC
Q2 2025Jul 15, 202554$311.5MState Street SPDR Portfolio S&P 500 ETFInvesco Nasdaq 100 ETFAmerican Centy ETF Trvs. Q1 2025SEC
Q1 2025Apr 8, 202553$279.6MState Street SPDR Portfolio S&P 500 ETFAmerican Centy ETF TrDimensional ETF Trustvs. Q4 2024SEC
Q4 2024Jan 30, 202557$288.7MState Street SPDR Portfolio S&P 500 ETFInvesco Nasdaq 100 ETFAmerican Centy ETF Trvs. Q3 2024SEC
Q3 2024Oct 30, 202452$281.4MState Street SPDR Portfolio S&P 500 ETFInvesco Nasdaq 100 ETFAmerican Centy ETF Trvs. Q2 2024SEC
Q2 2024Jul 17, 202454$268.9MState Street SPDR Portfolio S&P 500 ETFAmerican Centy ETF TrDimensional ETF Trustvs. Q1 2024SEC
Q1 2024May 6, 202454$249.9MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFVanguard Scottsdale FDSvs. Q4 2023SEC
Q4 2023Jan 18, 202454$230.0MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFVanguard Scottsdale FDSvs. Q3 2023SEC
Q3 2023Oct 25, 202344$193.1MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFVanguard Scottsdale FDSvs. Q2 2023SEC
Q2 2023Jul 13, 202344$194.0MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFDimensional ETF Trustvs. Q1 2023SEC
Q1 2023Apr 17, 202344$184.2MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFDimensional ETF Trustvs. Q4 2022SEC
Q4 2022Feb 8, 202345$169.8MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFAmerican Centy ETF Trvs. Q3 2022SEC
Q3 2022Nov 15, 202255$144.1MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFVanguard Scottsdale FDSvs. Q2 2022SEC
Q2 2022Aug 4, 202248$145.9MVanguard High Dividend Yield Index ETFState Street SPDR Portfolio S&P 500 ETFVanguard Scottsdale FDS–SEC