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Livermore
Livermore
ZHEN

Cornerstone National Bank & Trust Co

SEC CIK
0002104293
Latest filing
Jul 21, 2026

The latest 13F from Cornerstone National Bank & Trust Co covers Q2 2026 (filed Jul 21, 2026): 216 long positions worth $295.9M. The top 10 holdings make up 51.4% of the portfolio, and the largest is Vanguard Malvern FDS at 9.2%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

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
15
Est. +$880.7K
Added
25
Est. +$49.3M
Reduced
66
Est. −$38.6M
Sold out
8
Est. −$308.5K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Malvern FDS922020805
    9.2%$27.3M
  2. Vanguard Morningstar Total Stock Market ETF922908769
    7.5%$22.1M
  3. Vanguard S&P 500 ETF922908363
    7.1%$21.0M
  4. iShares Core U.S. Aggregate Bond ETF464287226
    4.9%$14.5M
  5. Flexshares Tr33939L308
    4.2%$12.5M

Share of portfolio

Top 5 holdings and the other 211 positions, by share of portfolio value

  1. Vanguard Malvern FDS9.2%
  2. Vanguard Morningstar Total Stock Market ETF7.5%
  3. Vanguard S&P 500 ETF7.1%
  4. iShares Core U.S. Aggregate Bond ETF4.9%
  5. Flexshares Tr4.2%
  6. Other 211 positions67.1%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard S&P 500 ETF922908363
    +$8.92MAdded
  2. iShares Core U.S. Aggregate Bond ETF464287226
    +$8.74MAdded
  3. Vanguard Total Bond Market ETF921937835
    +$8.04MAdded
  4. Vanguard Scottsdale FDS92206C409
    +$4.84MAdded
  5. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    +$3.66MAdded

Largest weight increases

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

  1. Vanguard S&P 500 ETF922908363
    +3.19 pp3.9% → 7.1%
  2. iShares Core U.S. Aggregate Bond ETF464287226
    +2.77 pp2.1% → 4.9%
  3. Vanguard Total Bond Market ETF921937835
    +2.57 pp1.7% → 4.2%
  4. Vanguard Scottsdale FDS92206C409
    +1.52 pp1.3% → 2.9%
  5. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    +1.31 pp0.8% → 2.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Flexshares Tr33939L761
    −$6.04MReduced
  2. Flexshares Tr33939L779
    −$4.30MReduced
  3. Vanguard Malvern FDS922020805
    −$3.45MReduced
  4. SPDR Series Trust78468R408
    −$3.36MReduced
  5. Flexshares Tr33939L308
    −$2.66MReduced

Largest weight decreases

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

  1. Flexshares Tr33939L761
    −2.59 pp6.4% → 3.8%
  2. Vanguard Malvern FDS922020805
    −2.18 pp11.4% → 9.2%
  3. Flexshares Tr33939L779
    −1.85 pp4.6% → 2.8%
  4. SPDR Series Trust78468R408
    −1.58 pp5.4% → 3.9%
  5. iShares U.S. Treasury Bond ETF46429B267
    −0.96 pp2.9% → 2.0%

Metrics

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

Portfolio value
$295.9M
+$24.4M (+9.0%) vs. prior quarter
Positions
216
+7 vs. prior quarter
Top 10 concentration
51.4%
Top 10 as share of value
Turnover
13.7%
Q2 2026, one quarter
Average holding period
13.4 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 (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $295.9M (Q2 2026)

Q1 2021: $213.1MQ2 2021: $228.5MQ3 2021: $226.6MQ4 2021: $228.0MQ1 2022: $226.9MQ2 2022: $199.8MQ3 2022: $182.4MQ4 2022: $179.0MQ1 2023: $183.5MQ2 2023: $172.9MQ3 2023: $162.7MQ4 2023: $186.7MQ1 2024: $198.3MQ2 2024: $203.7MQ3 2024: $221.3MQ4 2024: $217.7MQ1 2025: $223.5MQ2 2025: $232.5MQ3 2025: $245.2MQ4 2025: $250.7MQ1 2026: $271.4MQ2 2026: $295.9M
Q1 2021Q2 2026
13F filings of Cornerstone National Bank & Trust Co by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 2026216$295.9MVanguard Malvern FDSVanguard Morningstar Total Stock Market ETFVanguard S&P 500 ETFvs. Q1 2026SEC
Q1 2026Apr 14, 2026209$271.4MVanguard Malvern FDSVanguard Morningstar Total Stock Market ETFFlexshares Trvs. Q4 2025SEC
Q4 2025Jan 29, 2026199$250.7MVanguard Malvern FDSVanguard Morningstar Total Stock Market ETFFlexshares Trvs. Q3 2025SEC
Q3 2025Jan 28, 2026171$245.2MVanguard Malvern FDSVanguard Morningstar Total Stock Market ETFFlexshares Trvs. Q2 2025SEC
Q2 2025Jan 28, 2026171$232.5MVanguard Malvern FDSVanguard Morningstar Total Stock Market ETFFlexshares Trvs. Q1 2025SEC
Q1 2025Jan 28, 2026170$223.5MSPDR Series TrustFlexshares TrVanguard Morningstar Total Stock Market ETFvs. Q4 2024SEC
Q4 2024Jan 28, 2026166$217.7MSPDR Series TrustFlexshares TrVanguard Morningstar Total Stock Market ETFvs. Q3 2024SEC
Q3 2024Jan 28, 2026166$221.3MSPDR Series TrustFlexshares TrVanguard Morningstar Total Stock Market ETFvs. Q2 2024SEC
Q2 2024Jan 28, 202662$203.7MFlexshares TrSPDR Series TrustVanguard Morningstar Total Stock Market ETFvs. Q1 2024SEC
Q1 2024Jan 28, 202661$198.3MFlexshares TrSPDR Series TrustVanguard Morningstar Total Stock Market ETFvs. Q4 2023SEC
Q4 2023Jan 28, 202660$186.7MFlexshares TrSPDR Series TrustFlexshares Trvs. Q3 2023SEC
Q3 2023Jan 28, 202656$162.7MFlexshares TrFlexshares TrFlexshares Trvs. Q2 2023SEC
Q2 2023Jan 28, 202656$172.9MFlexshares TrFlexshares TrFlexshares Trvs. Q1 2023SEC
Q1 2023Jan 28, 202655$183.5MFlexshares TrFlexshares TrFlexshares Trvs. Q4 2022SEC
Q4 2022Jan 28, 202660$179.0MFlexshares TrFlexshares TrFlexshares Trvs. Q3 2022SEC
Q3 2022Jan 28, 202660$182.4MFlexshares TrFlexshares TrFlexshares Trvs. Q2 2022SEC
Q2 2022Jan 28, 202659$199.8MFlexshares TrFlexshares TriShares U.S. Treasury Bond ETFvs. Q1 2022SEC
Q1 2022Jan 28, 202661$226.9MFlexshares TrFlexshares TriShares U.S. Treasury Bond ETFvs. Q4 2021SEC
Q4 2021Jan 28, 202663$228.0MFlexshares TrFlexshares TrFlexshares Trvs. Q3 2021SEC
Q3 2021Jan 28, 202662$226.6MFlexshares TrFlexshares TrFlexshares Trvs. Q2 2021SEC
Q2 2021Jan 28, 202660$228.5MFlexshares TrFlexshares TrFlexshares Trvs. Q1 2021SEC
Q1 2021Jan 28, 202661$213.1MFlexshares TrFlexshares TrFlexshares Tr–SEC