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Livermore
Livermore
ZHEN

Flagstone Financial Management

SEC CIK
0001968890
Latest filing
Jul 21, 2026

The latest 13F from Flagstone Financial Management covers Q2 2026 (filed Jul 21, 2026): 77 long positions worth $447.2M. The top 10 holdings make up 80.4% of the portfolio, and the largest is Dimensional ETF Trust at 28.5%. 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
6
Est. +$1.59M
Added
23
Est. +$9.75M
Reduced
18
Est. −$1.73M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. Dimensional ETF Trust25434V401
    28.5%$127.4M
  2. iShares Tr464288638
    10.0%$44.8M
  3. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    7.5%$33.4M
  4. State Street SPDR Portfolio Short Term Corporate Bond ETF78464A474
    6.3%$28.2M
  5. SPDR Series Trust78464A672
    5.7%$25.7M

Share of portfolio

Top 5 holdings and the other 72 positions, by share of portfolio value

  1. Dimensional ETF Trust28.5%
  2. iShares Tr10.0%
  3. State Street SPDR Portfolio Developed World Ex-US ETF7.5%
  4. State Street SPDR Portfolio Short Term Corporate Bond ETF6.3%
  5. SPDR Series Trust5.7%
  6. Other 72 positions41.9%

Biggest buys

New and added positions, by estimated amount bought

  1. Dimensional ETF Trust25434V401
    +$2.00MAdded
  2. iShares Tr464288638
    +$1.79MAdded
  3. PIMCO ETF Tr72201R866
    +$1.14MAdded
  4. SPDR Series Trust78464A672
    +$1.11MAdded
  5. Vanguard Total International Bond ETF92203J407
    +$989.1KAdded

Largest weight increases

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

  1. Dimensional ETF Trust25434V401
    +1.55 pp26.9% → 28.5%
  2. American Centy ETF Tr025072877
    +0.14 pp5.3% → 5.4%
  3. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    +0.09 pp7.4% → 7.5%
  4. AMATApplied Materials Inc
    +0.08 pp0.0% → 0.1%History
  5. STXSeagate Technology Holdings plc
    +0.08 pp0.0% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Dimensional ETF Trust25434V732
    −$422.5KReduced
  2. American Centy ETF Tr025072604
    −$387.8KReduced
  3. American Centy ETF Tr025072885
    −$327.0KReduced
  4. Vanguard Ftse Developed Markets ETF921943858
    −$98.4KReduced
  5. Dimensional ETF Trust25434V823
    −$82.7KReduced

Largest weight decreases

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

  1. BRK.BBerkshire Hathaway Inc
    −0.09 pp1.4% → 1.4%History
  2. XOMExxonMobil Holdings Corp
    −0.09 pp0.3% → 0.2%History
  3. American Centy ETF Tr025072703
    −0.07 pp1.1% → 1.0%
  4. Vanguard Ftse Developed Markets ETF921943858
    −0.02 pp0.1% → 0.1%
  5. Dimensional ETF Trust25434V823
    −0.02 pp0.1% → 0.1%

Metrics

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

Portfolio value
$447.2M
+$44.3M (+11.0%) vs. prior quarter
Positions
77
+6 vs. prior quarter
Top 10 concentration
80.4%
Top 10 as share of value
Turnover
0.4%
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 $447.2M (Q2 2026)

Q4 2022: $164.2MQ1 2023: $200.4MQ2 2023: $212.9MQ3 2023: $218.6MQ4 2023: $244.1MQ1 2024: $258.8MQ2 2024: $268.8MQ3 2024: $298.2MQ4 2024: $301.0MQ1 2025: $310.5MQ2 2025: $348.9MQ3 2025: $379.0MQ4 2025: $389.9MQ1 2026: $402.9MQ2 2026: $447.2M
Q4 2022Q2 2026
13F filings of Flagstone Financial Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 202677$447.2MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q1 2026SEC
Q1 2026Apr 27, 202671$402.9MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q4 2025SEC
Q4 2025Feb 9, 202666$389.9MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q3 2025SEC
Q3 2025Oct 31, 202562$379.0MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q2 2025SEC
Q2 2025Jul 29, 202559$348.9MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q1 2025SEC
Q1 2025Apr 21, 202553$310.5MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q4 2024SEC
Q4 2024Jan 24, 202554$301.0MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q3 2024SEC
Q3 2024Oct 15, 202453$298.2MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q2 2024SEC
Q2 2024Jul 24, 202445$268.8MDimensional ETF TrustiShares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q1 2024SEC
Q1 2024May 1, 202443$258.8MDimensional ETF TrustState Street SPDR Portfolio Developed World Ex-US ETFState Street SPDR Portfolio Short Term Corporate Bond ETFvs. Q4 2023SEC
Q4 2023Jan 26, 202444$244.1MDimensional ETF TrustState Street SPDR Portfolio Short Term Corporate Bond ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q3 2023SEC
Q3 2023Oct 25, 202337$218.6MDimensional ETF TrustState Street SPDR Portfolio Short Term Corporate Bond ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q2 2023SEC
Q2 2023Jul 13, 202339$212.9MDimensional ETF TrustState Street SPDR Portfolio Short Term Corporate Bond ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q1 2023SEC
Q1 2023Apr 20, 202340$200.4MDimensional ETF TrustState Street SPDR Portfolio Short Term Corporate Bond ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q4 2022SEC
Q4 2022Mar 10, 202342$164.2MDimensional ETF TrustState Street SPDR Portfolio Short Term Corporate Bond ETFState Street SPDR Portfolio Developed World Ex-US ETF–SEC