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Livermore
Livermore
ZHEN

Stephens Consulting, LLC

SEC CIK
0001961632
Latest filing
Jan 13, 2026

The latest 13F from Stephens Consulting, LLC covers Q4 2025 (filed Jan 13, 2026): 476 long positions worth $309.4M. The top 10 holdings make up 78.1% of the portfolio, and the largest is Vanguard S&P 500 ETF at 21.4%. Livermore has 17 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q4 2025

Share counts compared with Q3 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
131
Est. +$1.51M
Added
96
Est. +$21.3M
Reduced
32
Est. −$5.13M
Sold out
41
Est. −$967.4K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    21.4%$66.3M
  2. Vanguard Total Bond Market ETF921937835
    9.7%$30.2M
  3. Fidelity Covington Trust31609A404
    8.9%$27.4M
  4. Vanguard Morningstar Mid-Cap ETF922908629
    8.3%$25.7M
  5. Vanguard Morningstar Value ETF922908744
    7.1%$22.1M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Morningstar Small-Cap ETF922908751
    +$15.6MAdded
  2. BABoeing Co
    +$1.31MAddedHistory
  3. HOODRobinhood Markets, Inc.
    +$678.6KAddedHistory
  4. Vanguard S&P 500 ETF922908363
    +$552.5KAdded
  5. Vanguard Total Bond Market ETF921937835
    +$510.3KAdded

Largest weight increases

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

  1. Vanguard Morningstar Small-Cap ETF922908751
    +4.99 pp0.9% → 5.9%
  2. BABoeing Co
    +0.41 pp0.1% → 0.6%History
  3. HOODRobinhood Markets, Inc.
    +0.13 pp0.3% → 0.5%History
  4. GOOGLAlphabet Inc.
    +0.11 pp<0.1% → 0.1%History
  5. OKLOOklo Inc.
    +0.10 pp<0.1% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. NVDANVIDIA Corp
    −$2.02MReducedHistory
  2. RJFRaymond James Financial Inc
    −$1.56MReducedHistory
  3. AMZNAmazon Com Inc
    −$819.9KReducedHistory
  4. SNOWSnowflake Inc.
    −$451.1KSold outHistory
  5. CRWVCoreWeave, Inc.
    −$273.7KSold outHistory

Largest weight decreases

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

  1. RJFRaymond James Financial Inc
    −0.89 pp3.0% → 2.1%History
  2. NVDANVIDIA Corp
    −0.75 pp1.6% → 0.8%History
  3. AMZNAmazon Com Inc
    −0.27 pp0.3% → <0.1%History
  4. American Centy ETF Tr025072877
    −0.25 pp5.0% → 4.8%
  5. BRK.BBerkshire Hathaway Inc
    −0.23 pp3.1% → 2.9%History

Metrics

13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$309.4M
+$19.4M (+6.7%) vs. prior quarter
Positions
476
+90 vs. prior quarter
Top 10 concentration
78.1%
Top 10 as share of value
Turnover
2.0%
Q4 2025, one quarter
Average holding period
14.9 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

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

Peak $419.0M (Q2 2025)

Q4 2021: $118.3MQ1 2022: $121.5MQ2 2022: $122.4MQ3 2022: $111.2MQ4 2022: $150.6MQ1 2023: $165.9MQ2 2023: $252.4MQ3 2023: $246.2MQ4 2023: $295.2MQ1 2024: $325.9MQ2 2024: $350.8MQ3 2024: $390.0MQ4 2024: $398.7MQ1 2025: $397.7MQ2 2025: $419.0MQ3 2025: $290.0MQ4 2025: $309.4M
Q4 2021Q4 2025
13F filings of Stephens Consulting, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2025Jan 13, 2026476$309.4MVanguard S&P 500 ETFVanguard Total Bond Market ETFFidelity Covington Trustvs. Q3 2025SEC
Q3 2025Oct 15, 2025386$290.0MVanguard S&P 500 ETFVanguard Total Bond Market ETFFidelity Covington Trustvs. Q2 2025SEC
Q2 2025Jul 25, 20251,182$419.0MVanguard S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Mid-Cap ETFvs. Q1 2025SEC
Q1 2025Apr 17, 20251,512$397.7MVanguard S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Mid-Cap ETFvs. Q4 2024SEC
Q4 2024Jan 27, 2025516$398.7MVanguard S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Mid-Cap ETFvs. Q3 2024SEC
Q3 2024Oct 18, 2024513$390.0MVanguard S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Mid-Cap ETFvs. Q2 2024SEC
Q2 2024Jul 29, 2024646$350.8MVanguard S&P 500 ETFVanguard Total Bond Market ETFVanguard Morningstar Mid-Cap ETFvs. Q1 2024SEC
Q1 2024Apr 17, 2024475$325.9MVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Total Bond Market ETFvs. Q4 2023SEC
Q4 2023Feb 1, 2024485$295.2MVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Morningstar Value ETFvs. Q3 2023SEC
Q3 2023Oct 25, 2023502$246.2MVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Morningstar Value ETFvs. Q2 2023SEC
Q2 2023Jul 21, 2023499$252.4MVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFVanguard Morningstar Value ETFvs. Q1 2023SEC
Q1 2023Apr 19, 2023523$165.9MVanguard S&P 500 ETFVanguard Morningstar Value ETFVanguard Morningstar Mid-Cap ETFvs. Q4 2022SEC
Q4 2022Jan 20, 2023501$150.6MVanguard S&P 500 ETFVanguard Morningstar Value ETFVanguard Morningstar Mid-Cap ETFvs. Q3 2022SEC
Q3 2022Jan 20, 2023561$111.2MVanguard S&P 500 ETFVanguard Morningstar Value ETFVanguard Morningstar Mid-Cap ETFvs. Q2 2022SEC
Q2 2022Jan 20, 2023540$122.4MVanguard S&P 500 ETFiShares TrVanguard Morningstar Value ETFvs. Q1 2022SEC
Q1 2022Jan 20, 2023548$121.5MVanguard S&P 500 ETFVanguard Morningstar Value ETFVanguard Morningstar Mid-Cap ETFvs. Q4 2021SEC
Q4 2021Jan 20, 2023672$118.3MVanguard S&P 500 ETFVanguard Morningstar Mid-Cap ETFBRK.B–SEC