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Livermore
Livermore
ZHEN

Comerica Bank

SEC CIK
0000901541
Latest filing
Jan 29, 2026

The latest 13F from Comerica Bank covers Q4 2025 (filed Jan 29, 2026): 3,711 long positions worth $25.1B. The top 10 holdings make up 25.9% of the portfolio, and the largest is Eli Lilly & Co (LLY) at 6.4%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2025

Share counts compared with Q3 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
135
Est. +$22.1M
Added
1040
Est. +$775.9M
Reduced
2041
Est. −$3.19B
Sold out
133
Est. −$27.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. LLYEli Lilly & Co
    6.4%$1.60BHistory
  2. AAPLApple Inc.
    3.5%$874.5MHistory
  3. MSFTMicrosoft Corp
    3.2%$802.1MHistory
  4. iShares Core S&P 500 ETF464287200
    2.8%$705.4M
  5. NVDANVIDIA Corp
    2.8%$703.3MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core U.S. Aggregate Bond ETF464287226
    +$88.5MAdded
  2. iShares MSCI Eafe ETF464287465
    +$62.0MAdded
  3. Vanguard Ftse Emerging Markets ETF922042858
    +$23.4MAdded
  4. State Street SPDR Bloomberg Emerging Markets Local Bond ETF78464A391
    +$18.3MAdded
  5. CASHPathward Financial, Inc.
    +$16.6MAddedHistory

Largest weight increases

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

  1. iShares Core U.S. Aggregate Bond ETF464287226
    +0.39 pp0.6% → 1.0%
  2. iShares MSCI Eafe ETF464287465
    +0.30 pp0.6% → 0.9%
  3. iShares Core S&P 500 ETF464287200
    +0.26 pp2.6% → 2.8%
  4. SPYSPDR S&P 500 ETF Trust
    +0.12 pp1.1% → 1.2%History
  5. Vanguard Ftse Emerging Markets ETF922042858
    +0.10 pp0.2% → 0.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. FIXComfort Systems USA Inc
    −$143.5MReducedHistory
  2. TPRTapestry, Inc.
    −$67.2MReducedHistory
  3. COHRCoherent Corp.
    −$64.5MReducedHistory
  4. NVDANVIDIA Corp
    −$56.1MReducedHistory
  5. Vanguard World FD921910816
    −$49.6MReduced

Largest weight decreases

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

  1. FIXComfort Systems USA Inc
    −0.47 pp0.5% → <0.1%History
  2. TPRTapestry, Inc.
    −0.22 pp0.2% → <0.1%History
  3. MSFTMicrosoft Corp
    −0.21 pp3.4% → 3.2%History
  4. AXONAxon Enterprise, Inc.
    −0.19 pp0.2% → <0.1%History
  5. ORCLOracle Corp
    −0.17 pp0.5% → 0.4%History

Metrics

13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$25.1B
−$1.52B (−5.7%) vs. prior quarter
Positions
3,711
+2 vs. prior quarter
Top 10 concentration
25.9%
Top 10 as share of value
Turnover
3.1%
Q4 2025, one quarter
Average holding period
10.3 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

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

Peak $26.6B (Q3 2025)

Q1 2021: $16.8BQ2 2021: $16.6BQ3 2021: $16.6BQ4 2021: $13.6BQ1 2022: $13.8BQ2 2022: $12.2BQ3 2022: $11.9BQ4 2022: $12.9BQ2 2023: $954.3KQ3 2023: $19.2BQ4 2023: $21.7BQ1 2024: $23.2BQ2 2024: $24.0BQ3 2024: $25.3BQ4 2024: $24.8BQ1 2025: $23.8BQ2 2025: $25.8BQ3 2025: $26.6BQ4 2025: $25.1B
Q1 2021Q4 2025
13F filings of Comerica Bank by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2025Jan 29, 20263,711$25.1BLLYAAPLMSFTvs. Q3 2025SEC
Q3 2025Nov 14, 20253,709$26.6BLLYMSFTAAPLvs. Q2 2025SEC
Q2 2025Aug 14, 20253,691$25.8BLLYMSFTAAPLvs. Q1 2025SEC
Q1 2025May 14, 20253,685$23.8BLLYAAPLMSFTvs. Q4 2024SEC
Q4 2024Feb 14, 2025Amended3,674$24.8BLLYAAPLMSFTvs. Q3 2024SEC
Q3 2024Nov 14, 20243,672$25.3BLLYAAPLMSFTvs. Q2 2024SEC
Q2 2024Aug 15, 20243,700$24.0BLLYMSFTAAPLvs. Q1 2024SEC
Q1 2024May 16, 20243,744$23.2BMSFTAAPLLLYvs. Q4 2023SEC
Q4 2023Feb 14, 20243,728$21.7BAAPLMSFTLLYvs. Q3 2023SEC
Q3 2023Nov 21, 20233,790$19.2BAAPLMSFTiShares Core S&P 500 ETFvs. Q2 2023SEC
Q2 2023Aug 22, 20231,126$954.3KCoupa Software IncJamf Hldg CorpBill Com Hldgs Inc–SEC
Q4 2022Jan 26, 20232,127$12.9BAAPLMSFTiShares Core S&P 500 ETFvs. Q3 2022SEC
Q3 2022Oct 28, 20222,125$11.9BAAPLMSFTiShares Core S&P 500 ETFvs. Q2 2022SEC
Q2 2022Aug 2, 20222,151$12.2BAAPLMSFTiShares Core S&P 500 ETFvs. Q1 2022SEC
Q1 2022Apr 27, 20222,158$13.8BAAPLMSFTiShares Core S&P 500 ETFvs. Q4 2021SEC
Q4 2021Feb 18, 20222,152$13.6BAAPLMSFTiShares Core S&P 500 ETFvs. Q3 2021SEC
Q3 2021Nov 22, 20212,202$16.6BAAPLMSFTiShares Core S&P 500 ETFvs. Q2 2021SEC
Q2 2021Aug 26, 20212,339$16.6BAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021Apr 28, 20212,327$16.8BAAPLMSFTAMZN–SEC