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Livermore
Livermore
ZHEN

L.M. Kohn & Company

SEC CIK
0000870260
Latest filing
Nov 4, 2025

The latest 13F from L.M. Kohn & Company covers Q3 2025 (filed Nov 4, 2025): 121 long positions worth $83.2M. The top 10 holdings make up 33.8% of the portfolio, and the largest is Apple Inc. (AAPL) at 6.0%. Livermore has 15 filings on Form 13F from this institution, going back to Q1 2022.

What changed in Q3 2025

Share counts compared with Q2 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
3
Est. +$775.3K
Added
12
Est. +$758.1K
Reduced
98
Est. −$196.6M
Sold out
162
Est. −$115.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    6.0%$5.00MHistory
  2. MSFTMicrosoft Corp
    4.9%$4.06MHistory
  3. PGProcter & Gamble Co
    4.2%$3.53MHistory
  4. AMZNAmazon Com Inc
    3.5%$2.91MHistory
  5. JPMJPMorgan Chase & Co
    3.0%$2.54MHistory

Share of portfolio

Top 5 holdings and the other 116 positions, by share of portfolio value

  1. AAPL6.0%
  2. MSFT4.9%
  3. PG4.2%
  4. AMZN3.5%
  5. JPM3.0%
  6. Other 116 positions78.3%

Biggest buys

New and added positions, by estimated amount bought

  1. PANWPalo Alto Networks Inc
    +$356.3KNewHistory
  2. Capital Grp Fixed Incm ETF T14020Y102
    +$218.1KNew
  3. First Tr Exchng Traded FD VI33740U885
    +$200.8KNew
  4. State Street Health Care Select Sector SPDR ETF81369Y209
    +$172.0KAdded
  5. ProShares Tr74347B680
    +$149.4KAdded

Largest weight increases

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

  1. Invesco Exch Traded FD Tr II46138E362
    +1.15 pp0.3% → 1.4%
  2. State Street Health Care Select Sector SPDR ETF81369Y209
    +1.08 pp0.2% → 1.3%
  3. State Street Utilities Select Sector SPDR ETF81369Y886
    +1.05 pp0.3% → 1.3%
  4. ProShares Tr74347B680
    +0.87 pp0.2% → 1.1%
  5. ProShares Tr74347B698
    +0.65 pp0.2% → 0.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AAPLApple Inc.
    −$31.9MReducedHistory
  2. NVDANVIDIA Corp
    −$27.1MReducedHistory
  3. GABCGerman American Bancorp, Inc.
    −$18.9MSold outHistory
  4. AMZNAmazon Com Inc
    −$14.2MReducedHistory
  5. SPYSPDR S&P 500 ETF Trust
    −$11.6MReducedHistory

Largest weight decreases

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

  1. GABCGerman American Bancorp, Inc.
    −5.09 pp5.1% → 0.0%History
  2. NVDANVIDIA Corp
    −4.07 pp6.7% → 2.6%History
  3. SPYSPDR S&P 500 ETF Trust
    −2.02 pp3.1% → 1.1%History
  4. AAPLApple Inc.
    −2.00 pp8.0% → 6.0%History
  5. COSTCostco Wholesale Corp
    −1.45 pp3.6% → 2.2%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$83.2M
−$287.8M (−77.6%) vs. prior quarter
Positions
121
−159 vs. prior quarter
Top 10 concentration
33.8%
Top 10 as share of value
Turnover
0.7%
Q3 2025, 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 2022), so positions held before then are understated.

13F filings by quarter

15 quarters, going back to Q1 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $394.5M (Q3 2024)

Q1 2022: $259.4MQ2 2022: $214.0MQ3 2022: $204.2MQ4 2022: $213.7MQ1 2023: $241.3MQ2 2023: $264.9MQ3 2023: $274.0MQ4 2023: $313.3MQ1 2024: $355.9MQ2 2024: $369.3MQ3 2024: $394.5MQ4 2024: $386.4MQ1 2025: $382.8MQ2 2025: $371.0MQ3 2025: $83.2M
Q1 2022Q3 2025
13F filings of L.M. Kohn & Company by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 4, 2025121$83.2MAAPLMSFTPGvs. Q2 2025SEC
Q2 2025Aug 4, 2025280$371.0MAAPLNVDAGABCvs. Q1 2025SEC
Q1 2025Apr 21, 2025275$382.8MAAPLNVDAGABCvs. Q4 2024SEC
Q4 2024Jan 30, 2025260$386.4MAAPLNVDAAMZNvs. Q3 2024SEC
Q3 2024Nov 14, 2024285$394.5MAAPLNVDAGABCvs. Q2 2024SEC
Q2 2024Jul 31, 2024267$369.3MAAPLNVDAAMZNvs. Q1 2024SEC
Q1 2024Apr 25, 2024273$355.9MAAPLGABCAMZNvs. Q4 2023SEC
Q4 2023Feb 9, 2024246$313.3MAAPLGABCAMZNvs. Q3 2023SEC
Q3 2023Nov 6, 2023238$274.0MAAPLGABCState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q2 2023SEC
Q2 2023Aug 8, 2023236$264.9MAAPLState Street SPDR Bloomberg 1-3 Month T-Bill ETFAMZNvs. Q1 2023SEC
Q1 2023May 8, 2023222$241.3MAAPLState Street SPDR Bloomberg 1-3 Month T-Bill ETFGABCvs. Q4 2022SEC
Q4 2022Feb 8, 2023222$213.7MAAPLState Street SPDR Bloomberg 1-3 Month T-Bill ETFAMZNvs. Q3 2022SEC
Q3 2022Oct 19, 2022218$204.2MAAPLAMZNState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q2 2022SEC
Q2 2022Aug 5, 2022233$214.0MAAPLAMZNCOSTvs. Q1 2022SEC
Q1 2022May 25, 2022242$259.4MAAPLAMZNCOST–SEC