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Litman Gregory Wealth Management's Q3 2022 Holdings: Increased bullishness on S&P 500, decreased confidence in managed futures strategies

Ava Hoppe | 23 April, 2023

As the third quarter of 2022 drew to a close, Litman Gregory Wealth Management LLC made some significant changes to its holdings, as evidenced by the recently released 13F report. While the overall changes made by the firm were modest, there were several notable adjustments that were worth exploring.

Perhaps the most significant shift made by Litman Gregory was to ramp up its holdings in the Vanguard 500 ETF (VOO). In the third quarter of 2022, the firm held just over 145,000 shares of VOO, with a total value of around $47.8 million. By the fourth quarter, however, these numbers had ballooned considerably. Litman Gregory held over 191,000 shares of VOO, with a total value of nearly $67.2 million. This represents a staggering increase of 40.5% in terms of both shares held and value.

This move suggests that Litman Gregory is bullish on the prospects of the S&P 500 more broadly. The Vanguard 500 ETF tracks the performance of this benchmark index and offers investors broad exposure to some of the largest and most successful public companies in the United States. By increasing its holdings in VOO, Litman Gregory may be positioning itself to benefit from continued market gains.

Another notable change made by Litman Gregory was to reduce its holdings in iMGP DBi Managed Futures Strategy ETF (DBMF). In the third quarter of 2022, the firm held over 466,000 shares of DBMF, with a total value of over $15.8 million. By the fourth quarter, however, these numbers had decreased considerably, with Litman Gregory holding just over 415,000 shares of DBMF, with a total value of around $12.1 million. This represents a decrease of 23.6% in terms of both shares held and value.

This adjustment implies that Litman Gregory may be less confident about the future prospects of managed futures strategies. Managed futures are typically used to hedge against market volatility and provide investors with exposure to a diversified mix of assets that can generate returns in both up and down markets. However, it's possible that Litman Gregory believes the risk-reward profile of this approach is less favorable than the firm previously thought.

Litman Gregory also made a number of smaller adjustments to its holdings during the quarter. For example, the firm increased its holdings in the SPDR Portfolio Short Term Corporate Bond ETF (SPSB) and the Vanguard FTSE Developed Markets ETF (VEA) by 11.5% and 13.2%, respectively. Litman Gregory also decreased its holdings in the iShares Core S&P Total US Stock Mkt ETF (ITOT) and the Invesco S&P 500 Equal Weight ETF (RSP) by 3.6% and 100%, respectively.

The firm's decision to completely divest from the Invesco S&P 500 Equal Weight ETF is particularly interesting. This fund is designed to give equal weight to all stocks in the S&P 500, which means that smaller companies have a greater impact on the overall performance of the fund. It's possible that Litman Gregory believes that this approach is less effective than simply investing in the broader S&P 500, which gives more weight to the largest and most successful companies in the index.

Overall, the changes made by Litman Gregory Wealth Management LLC in the third quarter of 2022 were relatively modest, but they do offer some insight into how the firm views the current investment landscape. By increasing its holdings in the Vanguard 500 ETF and reducing its holdings in the iMGP DBi Managed Futures Strategy ETF, for example, the firm may be signaling its confidence in the prospects of the broader US stock market while expressing concerns about the future of managed futures strategies.

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