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Livermore
Livermore
ZHEN

Brown, Lisle/Cummings, Inc.

SEC CIK
0000014745
Latest filing
Sep 1, 2026

The latest 13F from Brown, Lisle/Cummings, Inc. covers Q2 2026 (filed Sep 1, 2026): 1,054 long positions worth $445.8M. The top 10 holdings make up 27.2% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 4.2%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 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
61
Est. +$6.33M
Added
261
Est. +$15.5M
Reduced
331
Est. −$6.37M
Sold out
28
Est. −$3.71M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    4.2%$18.9MHistory
  2. GOOGLAlphabet Inc.
    4.2%$18.8MHistory
  3. AAPLApple Inc.
    3.2%$14.4MHistory
  4. AMZNAmazon Com Inc
    3.0%$13.3MHistory
  5. MSFTMicrosoft Corp
    2.6%$11.6MHistory

Share of portfolio

Top 5 holdings and the other 1,049 positions, by share of portfolio value

  1. SPY4.2%
  2. GOOGL4.2%
  3. AAPL3.2%
  4. AMZN3.0%
  5. MSFT2.6%
  6. Other 1,049 positions82.7%

Biggest buys

New and added positions, by estimated amount bought

  1. HONHoneywell International Inc
    +$1.84MNewHistory
  2. HONAHoneywell Aerospace Inc.
    +$1.82MNewHistory
  3. SPCXSpace Exploration Technologies Corp
    +$1.14MNewHistory
  4. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +$976.4KAdded
  5. ARCCAres Capital Corp
    +$855.3KAddedHistory

Largest weight increases

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

  1. HONHoneywell International Inc
    +0.41 pp0.0% → 0.4%History
  2. HONAHoneywell Aerospace Inc.
    +0.41 pp0.0% → 0.4%History
  3. VRTVertiv Holdings Co
    +0.34 pp1.5% → 1.9%History
  4. GLWCorning Inc
    +0.34 pp0.4% → 0.8%History
  5. TXNTexas Instruments Inc
    +0.30 pp0.8% → 1.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HONHoneywell International Inc
    −$3.64MSold outHistory
  2. VEEVVeeva Systems Inc
    −$1.80MReducedHistory
  3. CMICummins Inc
    −$345.9KReducedHistory
  4. INTCIntel Corp
    −$332.3KReducedHistory
  5. ACNAccenture plc
    −$320.7KReducedHistory

Largest weight decreases

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

  1. HONHoneywell International Inc
    −0.91 pp0.9% → 0.0%History
  2. ACNAccenture plc
    −0.58 pp1.2% → 0.6%History
  3. VEEVVeeva Systems Inc
    −0.47 pp0.8% → 0.3%History
  4. XOMExxonMobil Holdings Corp
    −0.36 pp1.3% → 0.9%History
  5. NOCNorthrop Grumman Corp
    −0.17 pp0.5% → 0.3%History

Metrics

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

Portfolio value
$445.8M
+$45.3M (+11.3%) vs. prior quarter
Positions
1,054
+33 vs. prior quarter
Top 10 concentration
27.2%
Top 10 as share of value
Turnover
2.4%
Q2 2026, one quarter
Average holding period
17.5 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 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $445.8M (Q2 2026)

Q4 2021: $200.1MQ1 2022: $208.1MQ2 2022: $180.7MQ3 2022: $171.3MQ4 2022: $186.2MQ1 2023: $197.1MQ2 2023: $223.6MQ3 2023: $221.0MQ4 2023: $269.6MQ1 2024: $294.4MQ2 2024: $306.9MQ3 2024: $329.1MQ4 2024: $335.1MQ1 2025: $345.0MQ2 2025: $375.8MQ3 2025: $389.6MQ4 2025: $405.9MQ1 2026: $400.4MQ2 2026: $445.8M
Q4 2021Q2 2026
13F filings of Brown, Lisle/Cummings, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Sep 1, 20261,054$445.8MSPYGOOGLAAPLvs. Q1 2026SEC
Q1 2026Apr 20, 20261,021$400.4MSPYGOOGLAAPLvs. Q4 2025SEC
Q4 2025Jan 23, 2026742$405.9MSPYGOOGLMSFTvs. Q3 2025SEC
Q3 2025Oct 10, 2025760$389.6MSPYMSFTAAPLvs. Q2 2025SEC
Q2 2025Jul 16, 2025772$375.8MSPYMSFTICEvs. Q1 2025SEC
Q1 2025Apr 22, 2025784$345.0MSPYAAPLMSFTvs. Q4 2024SEC
Q4 2024Jan 27, 2025638$335.1MSPYMSFTAAPLvs. Q3 2024SEC
Q3 2024Oct 18, 2024619$329.1MSPYMSFTAAPLvs. Q2 2024SEC
Q2 2024Jul 17, 2024613$306.9MSPYMSFTAAPLvs. Q1 2024SEC
Q1 2024Jul 1, 2024558$294.4MSPYMSFTAAPLvs. Q4 2023SEC
Q4 2023Jul 1, 2024571$269.6MSPYAAPLMSFTvs. Q3 2023SEC
Q3 2023Jul 1, 2024550$221.0MSPYAAPLACNvs. Q2 2023SEC
Q2 2023Jul 1, 2024556$223.6MSPYAAPLMSFTvs. Q1 2023SEC
Q1 2023Jul 1, 2024533$197.1MSPYAAPLMSFTvs. Q4 2022SEC
Q4 2022Jul 1, 2024521$186.2MSPYAAPLACNvs. Q3 2022SEC
Q3 2022Jul 1, 2024512$171.3MSPYAAPLACNvs. Q2 2022SEC
Q2 2022Jul 1, 2024476$180.7MSPYAAPLACNvs. Q1 2022SEC
Q1 2022Jul 1, 2024479$208.1MSPYAAPLICEvs. Q4 2021SEC
Q4 2021Jul 1, 2024452$200.1MSPYAAPLACN–SEC