ALM First Financial Advisors, LLC
- SEC CIK
- 0001950054
- Latest filing
- Jul 10, 2026
The latest 13F from ALM First Financial Advisors, LLC covers Q2 2026 (filed Jul 10, 2026): 22 long positions worth $593.6M. The top 10 holdings make up 87.4% of the portfolio, and the largest is Vanguard S&P 500 ETF at 27.4%. Livermore has 22 filings on Form 13F from this institution, going back to Q4 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.
- New
- 0
- Added
- 10
- Est. +$130.4M
- Reduced
- 6
- Est. −$44.6M
- Sold out
- 3
- Est. −$92.2M
Top 5 holdings
Share of this quarter's portfolio value
- Vanguard S&P 500 ETF92290836327.4%$162.9M
- Cambria ETF Tr13206183911.6%$68.6M
- Cambria ETF Tr1320614099.5%$56.3M
- Cambria ETF Tr1320613009.1%$53.9M
- Cambria ETF Tr1320618888.6%$51.3M
Share of portfolio
Top 5 holdings and the other 17 positions, by share of portfolio value
- Vanguard S&P 500 ETF27.4%
- Cambria ETF Tr11.6%
- Cambria ETF Tr9.5%
- Cambria ETF Tr9.1%
- Cambria ETF Tr8.6%
- Other 17 positions33.8%
Biggest buys
New and added positions, by estimated amount bought
- Cambria ETF Tr132061300+$36.3MAdded
- Cambria ETF Tr132061706+$26.8MAdded
- Cambria ETF Tr132061888+$20.2MAdded
- Cambria ETF Tr132061409+$19.6MAdded
- Cambria ETF Tr132061813+$10.8MAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- Cambria ETF Tr132061300+6.14 pp2.9% → 9.1%
- Cambria ETF Tr132061409+4.91 pp4.6% → 9.5%
- Cambria ETF Tr132061706+4.81 pp2.7% → 7.5%
- Cambria ETF Tr132061888+3.28 pp5.4% → 8.6%
- Cambria ETF Tr132061813+1.97 pp2.6% → 4.5%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- Cambria ETF Tr132061508−$67.2MSold out
- Vanguard Total Bond Market ETF921937835−$32.1MReduced
- First Tr Exchange-Traded FD33739G103−$15.8MSold out
- Invesco Actvely MNGD Etc FD46090F100−$9.27MSold out
- Cambria ETF Tr132061201−$7.20MReduced
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- Cambria ETF Tr132061508−12.05 pp12.1% → 0.0%
- Vanguard Total Bond Market ETF921937835−5.92 pp8.1% → 2.2%
- First Tr Exchange-Traded FD33739G103−2.83 pp2.8% → 0.0%
- Invesco Actvely MNGD Etc FD46090F100−1.66 pp1.7% → 0.0%
- Cambria ETF Tr132061201−1.09 pp3.5% → 2.4%
Metrics
13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $593.6M
- +$36.2M (+6.5%) vs. prior quarter
- Positions
- 22
- −3 vs. prior quarter
- Top 10 concentration
- 87.4%
- Top 10 as share of value
- Turnover
- 22.7%
- Q2 2026, one quarter
- Average holding period
- 14.0 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 2022), so positions held before then are understated.
13F filings by quarter
15 quarters, going back to Q4 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $593.6M (Q2 2026)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | Jul 10, 2026 | 22 | $593.6M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q1 2026 | SEC |
| Q1 2026 | Apr 10, 2026 | 25 | $557.5M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q4 2025 | SEC |
| Q4 2025 | Jan 15, 2026 | 25 | $504.9M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q3 2025 | SEC |
| Q3 2025 | Nov 6, 2025 | 23 | $495.5M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q2 2025 | SEC |
| Q2 2025 | Aug 5, 2025 | 23 | $462.3M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q1 2025 | SEC |
| Q1 2025 | Apr 29, 2025 | 23 | $437.5M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q4 2024 | SEC |
| Q4 2024 | Jan 15, 2025 | 27 | $423.1M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q3 2024 | SEC |
| Q3 2024 | Oct 7, 2024 | 23 | $403.6M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q2 2024 | SEC |
| Q2 2024 | Sep 20, 2024Amended | 22 | $347.5M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q1 2024 | SEC |
| Q1 2024 | Sep 20, 2024Amended | 22 | $361.0M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q4 2023 | SEC |
| Q4 2023 | Sep 20, 2024Amended | 22 | $342.6M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q3 2023 | SEC |
| Q3 2023 | Sep 20, 2024Amended | 22 | $334.0M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q2 2023 | SEC |
| Q2 2023 | Sep 20, 2024Amended | 22 | $340.7M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q1 2023 | SEC |
| Q1 2023 | Sep 20, 2024Amended | 16 | $320.7M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | vs. Q4 2022 | SEC |
| Q4 2022 | Sep 20, 2024Amended | 16 | $312.6M | Vanguard S&P 500 ETFCambria ETF TrCambria ETF Tr | – | SEC |