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Livermore
Livermore
ZHEN

Bell Bank

SEC CIK
0001002672
Latest filing
Jul 15, 2026

The latest 13F from Bell Bank covers Q2 2026 (filed Jul 15, 2026): 195 long positions worth $2.62B. The top 10 holdings make up 70.0% of the portfolio, and the largest is Vanguard Morningstar Value ETF at 13.2%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 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
21
Est. +$37.8M
Added
91
Est. +$65.8M
Reduced
53
Est. −$90.3M
Sold out
14
Est. −$24.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Morningstar Value ETF922908744
    13.2%$346.3M
  2. iShares Core MSCI Eafe ETF46432F842
    13.0%$340.3M
  3. Vanguard Morningstar Growth ETF922908736
    11.8%$310.1M
  4. Invesco QQQ Trust Series I46090E103
    10.0%$261.8M
  5. Invesco Exchange Traded FD T46137V357
    4.9%$128.7M

Biggest buys

New and added positions, by estimated amount bought

  1. Janus Detroit STR Tr47103U845
    +$22.2MAdded
  2. SWKStanley Black & Decker, Inc.
    +$8.98MNewHistory
  3. HPQHP Inc
    +$8.73MNewHistory
  4. IPInternational Paper Co
    +$7.11MAddedHistory
  5. PGProcter & Gamble Co
    +$6.39MAddedHistory

Largest weight increases

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

  1. Janus Detroit STR Tr47103U845
    +0.75 pp1.0% → 1.8%
  2. SWKStanley Black & Decker, Inc.
    +0.34 pp0.0% → 0.3%History
  3. HPQHP Inc
    +0.33 pp0.0% → 0.3%History
  4. HPEHewlett Packard Enterprise Co
    +0.28 pp0.3% → 0.6%History
  5. IPInternational Paper Co
    +0.27 pp<0.1% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPDR Series Trust78468R523
    −$23.5MReduced
  2. STXSeagate Technology Holdings plc
    −$17.3MReducedHistory
  3. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$15.8MReduced
  4. DOWDow Inc.
    −$8.96MSold outHistory
  5. Vanguard Morningstar Value ETF922908744
    −$8.01MReduced

Largest weight decreases

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

  1. SPDR Series Trust78468R523
    −1.15 pp2.5% → 1.4%
  2. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −0.75 pp1.4% → 0.7%
  3. iShares Core MSCI Eafe ETF46432F842
    −0.65 pp13.6% → 13.0%
  4. LYBLyondellBasell Industries N.V.
    −0.39 pp0.4% → <0.1%History
  5. DOWDow Inc.
    −0.38 pp0.4% → 0.0%History

Metrics

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

Portfolio value
$2.62B
+$263.3M (+11.2%) vs. prior quarter
Positions
195
+7 vs. prior quarter
Top 10 concentration
70.0%
Top 10 as share of value
Turnover
4.2%
Q2 2026, one quarter
Average holding period
14.5 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 (Q1 2021), so positions held before then are understated.

13F filings by quarter

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

Peak $2.62B (Q2 2026)

Q1 2021: $694.7MQ2 2021: $757.7MQ3 2021: $801.6MQ4 2021: $877.1MQ1 2022: $896.3MQ2 2022: $835.5MQ3 2022: $781.9MQ4 2022: $860.7MQ1 2023: $945.0MQ2 2023: $943.6MQ3 2023: $913.7MQ4 2023: $1.04BQ1 2024: $1.16BQ2 2024: $1.19BQ3 2024: $845.2MQ4 2024: $1.34BQ1 2025: $1.85BQ2 2025: $2.15BQ3 2025: $2.31BQ4 2025: $2.34BQ1 2026: $2.36BQ2 2026: $2.62B
Q1 2021Q2 2026
13F filings of Bell Bank by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 15, 2026195$2.62BVanguard Morningstar Value ETFiShares Core MSCI Eafe ETFVanguard Morningstar Growth ETFvs. Q1 2026SEC
Q1 2026Apr 23, 2026188$2.36BiShares Core MSCI Eafe ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q4 2025SEC
Q4 2025Jan 14, 2026194$2.34BiShares Core MSCI Eafe ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q3 2025SEC
Q3 2025Oct 21, 2025198$2.31BiShares Core MSCI Eafe ETFVanguard Morningstar Growth ETFVanguard Morningstar Value ETFvs. Q2 2025SEC
Q2 2025Jul 11, 2025198$2.15BiShares Core MSCI Eafe ETFVanguard Morningstar Growth ETFVanguard Morningstar Value ETFvs. Q1 2025SEC
Q1 2025Apr 18, 2025186$1.85BiShares Core MSCI Eafe ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q4 2024SEC
Q4 2024Feb 3, 2025190$1.34BiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IVanguard High Dividend Yield Index ETFvs. Q3 2024SEC
Q3 2024Nov 6, 2024177$845.2MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IiShares Core U.S. Aggregate Bond ETFvs. Q2 2024SEC
Q2 2024Jul 31, 2024188$1.19BiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IVanguard High Dividend Yield Index ETFvs. Q1 2024SEC
Q1 2024Apr 23, 2024184$1.16BiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IVanguard High Dividend Yield Index ETFvs. Q4 2023SEC
Q4 2023Jan 23, 2024173$1.04BiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IVanguard High Dividend Yield Index ETFvs. Q3 2023SEC
Q3 2023Oct 30, 2023180$913.7MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IVanguard High Dividend Yield Index ETFvs. Q2 2023SEC
Q2 2023Jul 27, 2023185$943.6MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IVanguard High Dividend Yield Index ETFvs. Q1 2023SEC
Q1 2023Apr 19, 2023188$945.0MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IVanguard High Dividend Yield Index ETFvs. Q4 2022SEC
Q4 2022Jan 31, 2023182$860.7MInvesco QQQ Trust Series IiShares Core MSCI Eafe ETFVanguard S&P 500 ETFvs. Q3 2022SEC
Q3 2022Oct 11, 2022181$781.9MInvesco QQQ Trust Series IiShares Core MSCI Eafe ETFVanguard S&P 500 ETFvs. Q2 2022SEC
Q2 2022Jul 15, 2022201$835.5MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q1 2022SEC
Q1 2022Apr 25, 2022176$896.3MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Feb 1, 2022174$877.1MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q3 2021SEC
Q3 2021Oct 22, 2021169$801.6MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q2 2021SEC
Q2 2021Jul 30, 2021168$757.7MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q1 2021SEC
Q1 2021May 7, 2021164$694.7MiShares Core MSCI Eafe ETFInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETF–SEC