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Livermore
Livermore
ZHEN

Professional Financial Management, Inc.

SEC CIK
0002130270
Latest filing
Jul 15, 2026

The latest 13F from Professional Financial Management, Inc. covers Q2 2026 (filed Jul 15, 2026): 24 long positions worth $98.6M. The top 10 holdings make up 74.4% of the portfolio, and the largest is Vanguard Long-Term Treasury ETF at 16.4%. Livermore has 3 filings on Form 13F from this institution, going back to Q4 2025.

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
3
Est. +$9.07M
Added
10
Est. +$7.02M
Reduced
11
Est. −$3.33M
Sold out
2
Est. −$8.77M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Long-Term Treasury ETF92206C847
    16.4%$16.2M
  2. VanEck ETF Trust92189F791
    8.6%$8.43M
  3. Cambria ETF Tr132061862
    8.4%$8.31M
  4. Vanguard World FD921910709
    8.0%$7.88M
  5. Vanguard Scottsdale FDS92206C706
    7.1%$7.03M

Share of portfolio

Top 5 holdings and the other 19 positions, by share of portfolio value

  1. Vanguard Long-Term Treasury ETF16.4%
  2. VanEck ETF Trust8.6%
  3. Cambria ETF Tr8.4%
  4. Vanguard World FD8.0%
  5. Vanguard Scottsdale FDS7.1%
  6. Other 19 positions51.5%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Scottsdale FDS92206C706
    +$7.03MNew
  2. Vanguard Long-Term Treasury ETF92206C847
    +$2.76MAdded
  3. T Rowe Price Exchange-Traded87283Q701
    +$2.17MAdded
  4. SPDR Series Trust78464A664
    +$1.47MNew
  5. Schwab Fundamental Emerging Markets Equity ETF808524730
    +$578.6KNew

Largest weight increases

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

  1. Vanguard Scottsdale FDS92206C706
    +7.13 pp0.0% → 7.1%
  2. Vanguard Long-Term Treasury ETF92206C847
    +2.40 pp14.1% → 16.4%
  3. T Rowe Price Exchange-Traded87283Q701
    +2.12 pp3.1% → 5.2%
  4. SPDR Series Trust78464A664
    +1.49 pp0.0% → 1.5%
  5. Schwab Fundamental Emerging Markets Equity ETF808524730
    +0.59 pp0.0% → 0.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Simplify Exchange Traded Fun82889N525
    −$6.38MSold out
  2. Cambria ETF Tr132061706
    −$2.76MReduced
  3. iShares Inc46434G764
    −$2.39MSold out
  4. MYIBlackRock Muniyield Quality Fund III, Inc.
    −$118.4KReducedHistory
  5. LEOBNY Mellon Strategic Municipals, Inc.
    −$79.6KReducedHistory

Largest weight decreases

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

  1. Simplify Exchange Traded Fun82889N525
    −6.64 pp6.6% → 0.0%
  2. iShares Inc46434G764
    −2.49 pp2.5% → 0.0%
  3. Cambria ETF Tr132061706
    −2.18 pp9.1% → 6.9%
  4. iShares Tr464288653
    −0.21 pp5.2% → 5.0%
  5. iShares Tr46436E718
    −0.13 pp2.8% → 2.7%

Metrics

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

Portfolio value
$98.6M
+$2.54M (+2.6%) vs. prior quarter
Positions
24
+1 vs. prior quarter
Top 10 concentration
74.4%
Top 10 as share of value
Turnover
12.4%
Q2 2026, one quarter
Average holding period
2.7 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 2025), so positions held before then are understated.

13F filings by quarter

3 quarters, going back to Q4 2025. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $98.6M (Q2 2026)

Q4 2025: $88.2MQ1 2026: $96.1MQ2 2026: $98.6M
Q4 2025Q2 2026
13F filings of Professional Financial Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 15, 202624$98.6MVanguard Long-Term Treasury ETFVanEck ETF TrustCambria ETF Trvs. Q1 2026SEC
Q1 2026May 12, 202623$96.1MVanguard Long-Term Treasury ETFVanEck ETF TrustCambria ETF Trvs. Q4 2025SEC
Q4 2025May 12, 202621$88.2MVanEck ETF TrustVanguard Long-Term Treasury ETFCambria ETF Tr–SEC