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Livermore
Livermore
ZHEN

Hickory Asset Management, Inc.

SEC CIK
0002053626
Latest filing
Jul 22, 2025

The latest 13F from Hickory Asset Management, Inc. covers Q2 2025 (filed Jul 22, 2025): 91 long positions worth $120.9M. The top 10 holdings make up 46.1% of the portfolio, and the largest is Vanguard S&P 500 ETF at 8.7%. Livermore has 3 filings on Form 13F from this institution, going back to Q4 2024.

What changed in Q2 2025

Share counts compared with Q1 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
5
Est. +$1.25M
Added
37
Est. +$1.99M
Reduced
38
Est. −$3.99M
Sold out
3
Est. −$725.7K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    8.7%$10.6M
  2. Invesco QQQ Trust Series I46090E103
    5.8%$7.02M
  3. First Trust Rising Dividend Achievers ETF33738R506
    5.5%$6.71M
  4. Invesco Nasdaq 100 ETF46138G649
    5.1%$6.20M
  5. First Tr Exchng Traded FD VI33740F698
    4.8%$5.79M

Share of portfolio

Top 5 holdings and the other 86 positions, by share of portfolio value

  1. Vanguard S&P 500 ETF8.7%
  2. Invesco QQQ Trust Series I5.8%
  3. First Trust Rising Dividend Achievers ETF5.5%
  4. Invesco Nasdaq 100 ETF5.1%
  5. First Tr Exchng Traded FD VI4.8%
  6. Other 86 positions70.0%

Biggest buys

New and added positions, by estimated amount bought

  1. PIMCO ETF Tr72201R585
    +$1.16MAdded
  2. First Tr Exchng Traded FD VI33740U802
    +$377.1KNew
  3. Invesco Exch Traded FD Tr II46138G698
    +$245.0KNew
  4. First Trust Rising Dividend Achievers ETF33738R506
    +$232.7KAdded
  5. BABoeing Co
    +$214.8KNewHistory

Largest weight increases

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

  1. PIMCO ETF Tr72201R585
    +0.89 pp1.1% → 2.0%
  2. METAMeta Platforms, Inc.
    +0.34 pp1.6% → 1.9%History
  3. First Tr Exchng Traded FD VI33740U802
    +0.31 pp0.0% → 0.3%
  4. BKNGBooking Holdings Inc.
    +0.23 pp1.3% → 1.5%History
  5. AMATApplied Materials Inc
    +0.22 pp0.3% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. VanEck Morningstar Wide Moat ETF92189F643
    −$610.5KReduced
  2. Invesco Exchange Traded FD T46137V431
    −$526.0KReduced
  3. Invesco Actively Managed Exc46090A879
    −$438.2KReduced
  4. First Tr Exchange Traded FD33741X102
    −$429.4KReduced
  5. Direxion Shares ETF Trust25459Y207
    −$281.9KSold out

Largest weight decreases

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

  1. VanEck Morningstar Wide Moat ETF92189F643
    −0.52 pp1.6% → 1.1%
  2. Invesco Actively Managed Exc46090A879
    −0.43 pp1.0% → 0.5%
  3. Invesco Exchange Traded FD T46137V431
    −0.43 pp2.2% → 1.8%
  4. First Tr Exchange Traded FD33741X102
    −0.39 pp1.7% → 1.3%
  5. Vanguard High Dividend Yield Index ETF921946406
    −0.28 pp4.2% → 3.9%

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$120.9M
+$8.38M (+7.4%) vs. prior quarter
Positions
91
+2 vs. prior quarter
Top 10 concentration
46.1%
Top 10 as share of value
Turnover
2.8%
Q2 2025, one quarter
Average holding period
3.0 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 2024), so positions held before then are understated.

13F filings by quarter

3 quarters, going back to Q4 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $120.9M (Q2 2025)

Q4 2024: $117.7MQ1 2025: $112.5MQ2 2025: $120.9M
Q4 2024Q2 2025
13F filings of Hickory Asset Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Jul 22, 202591$120.9MVanguard S&P 500 ETFInvesco QQQ Trust Series IFirst Trust Rising Dividend Achievers ETFvs. Q1 2025SEC
Q1 2025Apr 16, 202589$112.5MVanguard S&P 500 ETFInvesco QQQ Trust Series IFirst Trust Rising Dividend Achievers ETFvs. Q4 2024SEC
Q4 2024Jan 30, 202590$117.7MVanguard S&P 500 ETFInvesco QQQ Trust Series IFirst Trust Rising Dividend Achievers ETF–SEC