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Livermore
Livermore
ZHEN

Kapstone Financial Advisors LLC

SEC CIK
0001966087
Latest filing
Aug 7, 2026

The latest 13F from Kapstone Financial Advisors LLC covers Q2 2026 (filed Aug 7, 2026): 175 long positions worth $238.8M. The top 10 holdings make up 48.1% of the portfolio, and the largest is iShares Core S&P 500 ETF at 19.2%. Livermore has 15 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.

Full comparison
New
27
Est. +$7.33M
Added
44
Est. +$10.3M
Reduced
49
Est. −$3.20M
Sold out
6
Est. −$1.07M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    19.2%$45.9M
  2. AAPLApple Inc.
    7.5%$17.9MHistory
  3. iShares Core High Dividend ETF46429B663
    5.7%$13.7M
  4. iShares S&P 500 Growth ETF464287309
    3.1%$7.39M
  5. Invesco QQQ Trust Series I46090E103
    2.3%$5.49M

Share of portfolio

Top 5 holdings and the other 170 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF19.2%
  2. AAPL7.5%
  3. iShares Core High Dividend ETF5.7%
  4. iShares S&P 500 Growth ETF3.1%
  5. Invesco QQQ Trust Series I2.3%
  6. Other 170 positions62.1%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core S&P 500 ETF464287200
    +$1.37MAdded
  2. GSGoldman Sachs Group Inc
    +$1.21MAddedHistory
  3. iShares S&P 500 Growth ETF464287309
    +$987.6KAdded
  4. Vanguard Morningstar Value ETF922908744
    +$662.7KAdded
  5. Vanguard Morningstar Growth ETF922908736
    +$636.2KAddedConverted for a 6-for-1 split

Largest weight increases

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

  1. iShares S&P 500 Growth ETF464287309
    +0.51 pp2.6% → 3.1%
  2. GSGoldman Sachs Group Inc
    +0.51 pp0.1% → 0.6%History
  3. Invesco QQQ Trust Series I46090E103
    +0.28 pp2.0% → 2.3%
  4. Vanguard Morningstar Growth ETF922908736
    +0.27 pp0.2% → 0.4%
  5. Vanguard Morningstar Value ETF922908744
    +0.26 pp0.3% → 0.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CVXChevron Corp
    −$793.7KReducedHistory
  2. MUMicron Technology Inc
    −$497.5KReducedHistory
  3. AAPLApple Inc.
    −$348.4KReducedHistory
  4. COPConocoPhillips
    −$238.4KSold outHistory
  5. GILDGilead Sciences, Inc.
    −$217.0KSold outHistory

Largest weight decreases

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

  1. CVXChevron Corp
    −0.62 pp0.9% → 0.3%History
  2. METAMeta Platforms, Inc.
    −0.46 pp2.4% → 1.9%History
  3. AAPLApple Inc.
    −0.35 pp7.9% → 7.5%History
  4. Vanguard High Dividend Yield Index ETF921946406
    −0.21 pp2.1% → 1.9%
  5. iShares Select Dividend ETF464287168
    −0.20 pp1.6% → 1.4%

Metrics

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

Portfolio value
$238.8M
+$34.7M (+17.0%) vs. prior quarter
Positions
175
+21 vs. prior quarter
Top 10 concentration
48.1%
Top 10 as share of value
Turnover
1.9%
Q2 2026, one quarter
Average holding period
12.8 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 (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 $238.8M (Q2 2026)

Q4 2022: $109.8MQ1 2023: $110.9MQ2 2023: $120.8MQ3 2023: $111.0MQ4 2023: $127.5MQ1 2024: $146.9MQ2 2024: $152.5MQ3 2024: $165.0MQ4 2024: $187.4MQ1 2025: $176.8MQ2 2025: $200.5MQ3 2025: $212.3MQ4 2025: $201.2MQ1 2026: $204.1MQ2 2026: $238.8M
Q4 2022Q2 2026
13F filings of Kapstone Financial Advisors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 7, 2026175$238.8MiShares Core S&P 500 ETFAAPLiShares Core High Dividend ETFvs. Q1 2026SEC
Q1 2026Apr 22, 2026154$204.1MiShares Core S&P 500 ETFAAPLiShares Core High Dividend ETFvs. Q4 2025SEC
Q4 2025Feb 5, 2026133$201.2MiShares Core S&P 500 ETFAAPLiShares Core High Dividend ETFvs. Q3 2025SEC
Q3 2025Nov 7, 2025122$212.3MiShares Core S&P 500 ETFMSTRAAPLvs. Q2 2025SEC
Q2 2025Jul 11, 2025120$200.5MiShares Core S&P 500 ETFMSTRAAPLvs. Q1 2025SEC
Q1 2025Apr 11, 2025112$176.8MiShares Core S&P 500 ETFMSTRAAPLvs. Q4 2024SEC
Q4 2024Feb 6, 2025114$187.4MiShares Core S&P 500 ETFMSTRAAPLvs. Q3 2024SEC
Q3 2024Nov 6, 2024108$165.0MiShares Core S&P 500 ETFAAPLMSTRvs. Q2 2024SEC
Q2 2024Aug 2, 2024108$152.5MiShares Core S&P 500 ETFAAPLiShares Core High Dividend ETFvs. Q1 2024SEC
Q1 2024May 13, 2024102$146.9MiShares Core S&P 500 ETFAAPLMSTRvs. Q4 2023SEC
Q4 2023Feb 5, 202497$127.5MiShares Core S&P 500 ETFAAPLiShares Core High Dividend ETFvs. Q3 2023SEC
Q3 2023Nov 3, 202391$111.0MAAPLiShares Core S&P 500 ETFiShares Core High Dividend ETFvs. Q2 2023SEC
Q2 2023Aug 8, 2023100$120.8MAAPLiShares Core S&P 500 ETFiShares Core High Dividend ETFvs. Q1 2023SEC
Q1 2023Apr 20, 202394$110.9MAAPLiShares Core S&P 500 ETFiShares Core High Dividend ETFvs. Q4 2022SEC
Q4 2022Feb 15, 202399$109.8MAAPLiShares Core S&P 500 ETFiShares Core High Dividend ETF–SEC