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Livermore
Livermore
ZHEN

Brown Financial Advisors

SEC CIK
0002035548
Latest filing
Aug 26, 2026

The latest 13F from Brown Financial Advisors covers Q2 2026 (filed Aug 26, 2026): 212 long positions worth $286.4M. The top 10 holdings make up 27.6% of the portfolio, and the largest is State Street SPDR Portfolio S&P 500 ETF at 6.5%. Livermore has 9 filings on Form 13F from this institution, going back to Q2 2024.

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
25
Est. +$14.5M
Added
80
Est. +$13.8M
Reduced
106
Est. −$14.7M
Sold out
22
Est. −$13.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF78464A854
    6.5%$18.5M
  2. Doubleline ETF Trust25861R402
    3.7%$10.6M
  3. NVDANVIDIA Corp
    3.0%$8.45MHistory
  4. American Centy ETF Tr025072703
    2.3%$6.49M
  5. AMZNAmazon Com Inc
    2.2%$6.39MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. Bondbloxx ETF Trust09789C812
    +$3.53MAdded
  2. Bondbloxx ETF Trust09789C796
    +$3.12MNew
  3. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375
    +$2.24MNew
  4. Simplify Exchange Traded Fun82889N368
    +$1.70MNew
  5. CRWDCrowdStrike Holdings, Inc.
    +$1.62MNewHistory

Largest weight increases

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

  1. Bondbloxx ETF Trust09789C812
    +1.15 pp1.0% → 2.1%
  2. Bondbloxx ETF Trust09789C796
    +1.09 pp0.0% → 1.1%
  3. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375
    +0.78 pp0.0% → 0.8%
  4. NVDANVIDIA Corp
    +0.65 pp2.3% → 3.0%History
  5. Simplify Exchange Traded Fun82889N368
    +0.59 pp0.0% → 0.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Bondbloxx ETF Trust09789C846
    −$3.02MSold out
  2. Bondbloxx ETF Trust09789C838
    −$3.01MReduced
  3. iShares Tr464288638
    −$2.08MSold out
  4. BTCOInvesco Galaxy Bitcoin ETF
    −$1.59MSold outHistory
  5. Bondbloxx ETF Trust09789C754
    −$976.3KReduced

Largest weight decreases

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

  1. Bondbloxx ETF Trust09789C838
    −1.21 pp1.9% → 0.6%
  2. Bondbloxx ETF Trust09789C846
    −1.14 pp1.1% → 0.0%
  3. iShares Tr464288638
    −0.79 pp0.8% → 0.0%
  4. BTCOInvesco Galaxy Bitcoin ETF
    −0.60 pp0.6% → 0.0%History
  5. MSFTMicrosoft Corp
    −0.46 pp2.2% → 1.7%History

Metrics

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

Portfolio value
$286.4M
+$22.3M (+8.5%) vs. prior quarter
Positions
212
+3 vs. prior quarter
Top 10 concentration
27.6%
Top 10 as share of value
Turnover
10.2%
Q2 2026, one quarter
Average holding period
7.1 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 2024), so positions held before then are understated.

13F filings by quarter

9 quarters, going back to Q2 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $286.4M (Q2 2026)

Q2 2024: $223.8MQ3 2024: $242.9MQ4 2024: $249.0MQ1 2025: $242.5MQ2 2025: $256.2MQ3 2025: $270.7MQ4 2025: $273.2MQ1 2026: $264.0MQ2 2026: $286.4M
Q2 2024Q2 2026
13F filings of Brown Financial Advisors by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 26, 2026212$286.4MState Street SPDR Portfolio S&P 500 ETFDoubleline ETF TrustNVDAvs. Q1 2026SEC
Q1 2026May 15, 2026209$264.0MState Street SPDR Portfolio S&P 500 ETFDoubleline ETF TrustAMZNvs. Q4 2025SEC
Q4 2025Feb 17, 2026152$273.2MState Street SPDR Portfolio S&P 500 ETFDoubleline ETF TrustNVDAvs. Q3 2025SEC
Q3 2025Nov 14, 2025147$270.7MState Street SPDR Portfolio S&P 500 ETFDoubleline ETF TrustNVDAvs. Q2 2025SEC
Q2 2025Aug 15, 2025138$256.2MState Street SPDR Portfolio S&P 500 ETFMSFTNVDAvs. Q1 2025SEC
Q1 2025May 12, 2025130$242.5MState Street SPDR Portfolio S&P 500 ETFDoubleline ETF TrustNeos ETF Trustvs. Q4 2024SEC
Q4 2024Feb 4, 2025125$249.0MState Street SPDR Portfolio S&P 500 ETFNeos ETF TrustInnovator ETFs Trustvs. Q3 2024SEC
Q3 2024Nov 18, 2024125$242.9MState Street SPDR Portfolio S&P 500 ETFNeos ETF TrustState Street SPDR Portfolio Developed World Ex-US ETFvs. Q2 2024SEC
Q2 2024Aug 30, 2024219$223.8MState Street SPDR Portfolio S&P 500 ETFState Street SPDR Portfolio Developed World Ex-US ETFDoubleline ETF Trust–SEC