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Livermore
Livermore
ZHEN

Cortland Associates Inc

SEC CIK
0001014315
Latest filing
Jul 28, 2026

The latest 13F from Cortland Associates Inc covers Q2 2026 (filed Jul 28, 2026): 62 long positions worth $691.8M. The top 10 holdings make up 57.9% of the portfolio, and the largest is Visa Inc. (V) at 7.9%. Livermore has 23 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
5
Est. +$53.3M
Added
13
Est. +$8.29M
Reduced
29
Est. −$94.0M
Sold out
5
Est. −$13.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. VVisa Inc.
    7.9%$54.3MHistory
  2. AMZNAmazon Com Inc
    7.4%$51.2MHistory
  3. BKNGBooking Holdings Inc.
    7.4%$51.1MHistory
  4. WTWWillis Towers Watson PLC
    6.6%$45.6MHistory
  5. RYAAYRyanair Holdings PLC
    6.1%$42.3MHistory

Share of portfolio

Top 5 holdings and the other 57 positions, by share of portfolio value

  1. V7.9%
  2. AMZN7.4%
  3. BKNG7.4%
  4. WTW6.6%
  5. RYAAY6.1%
  6. Other 57 positions64.6%

Biggest buys

New and added positions, by estimated amount bought

  1. METAMeta Platforms, Inc.
    +$18.0MNewHistory
  2. MCKMcKesson Corp
    +$13.5MNewHistory
  3. Airbus SE009279100
    +$11.6MNew
  4. ARESAres Management Corp
    +$10.0MNewHistory
  5. ICEIntercontinental Exchange, Inc.
    +$8.25MAddedHistory

Largest weight increases

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

  1. METAMeta Platforms, Inc.
    +2.60 pp0.0% → 2.6%History
  2. MCKMcKesson Corp
    +1.95 pp0.0% → 2.0%History
  3. Airbus SE009279100
    +1.68 pp0.0% → 1.7%
  4. ARESAres Management Corp
    +1.45 pp0.0% → 1.4%History
  5. ICEIntercontinental Exchange, Inc.
    +0.94 pp1.2% → 2.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GOOGAlphabet Inc.
    −$24.6MReducedHistory
  2. KDKyndryl Holdings, Inc.
    −$17.2MReducedHistory
  3. BROBrown & Brown, Inc.
    −$13.7MReducedHistory
  4. FCNCAFirst Citizens Bancshares Inc
    −$12.1MReducedHistory
  5. CSGPCostar Group, Inc.
    −$7.30MSold outHistory

Largest weight decreases

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

  1. KDKyndryl Holdings, Inc.
    −3.31 pp6.2% → 2.9%History
  2. GOOGAlphabet Inc.
    −2.07 pp6.2% → 4.1%History
  3. BROBrown & Brown, Inc.
    −2.02 pp3.7% → 1.7%History
  4. FCNCAFirst Citizens Bancshares Inc
    −1.23 pp4.7% → 3.5%History
  5. CSGPCostar Group, Inc.
    −1.05 pp1.0% → 0.0%History

Metrics

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

Portfolio value
$691.8M
−$4.96M (−0.7%) vs. prior quarter
Positions
62
0 vs. prior quarter
Top 10 concentration
57.9%
Top 10 as share of value
Turnover
8.9%
Q2 2026, one quarter
Average holding period
15.6 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 $961.9M (Q4 2021)

Q1 2021: $876.9MQ2 2021: $955.9MQ3 2021: $908.4MQ4 2021: $961.9MQ1 2022: $784.8MQ2 2022: $605.0MQ3 2022: $561.6MQ4 2022: $603.6MQ1 2023: $628.1MQ2 2023: $620.5MQ3 2023: $637.6MQ4 2023: $683.5MQ1 2024: $772.9MQ2 2024: $790.7MQ3 2024: $823.2MQ4 2024: $879.3MQ1 2025: $832.7MQ2 2025: $856.8MQ3 2025: $846.6MQ4 2025: $792.1MQ1 2026: $696.8MQ2 2026: $691.8M
Q1 2021Q2 2026
13F filings of Cortland Associates Inc by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 28, 202662$691.8MVAMZNBKNGvs. Q1 2026SEC
Q1 2026Apr 30, 202662$696.8MWTWBKNGVvs. Q4 2025SEC
Q4 2025Jan 28, 202662$792.1MWTWFCNCAVvs. Q3 2025SEC
Q3 2025Oct 23, 202564$846.6MWTWKDVvs. Q2 2025SEC
Q2 2025Jul 23, 202559$856.8MKDVBKNGvs. Q1 2025SEC
Q1 2025May 1, 202556$832.7MBKNGKDFISVvs. Q4 2024SEC
Q4 2024Jan 23, 202559$879.3MKDBKNGFISVvs. Q3 2024SEC
Q3 2024Oct 29, 202457$823.2MFISVBKNGCIvs. Q2 2024SEC
Q2 2024Jul 29, 202456$790.7MFISVBKNGCIvs. Q1 2024SEC
Q1 2024Apr 22, 202452$772.9MFISVCIVvs. Q4 2023SEC
Q4 2023Jan 30, 202453$683.5MFISVBKNGVvs. Q3 2023SEC
Q3 2023Oct 27, 202351$637.6MFISVCIVvs. Q2 2023SEC
Q2 2023Aug 3, 202353$620.5MVFISVWTWvs. Q1 2023SEC
Q1 2023Apr 20, 202351$628.1MVFCNCAWTWvs. Q4 2022SEC
Q4 2022Jan 27, 202356$603.6MVCIWTWvs. Q3 2022SEC
Q3 2022Nov 14, 2022Amended55$561.6MVCIWTWvs. Q2 2022SEC
Q2 2022Jul 22, 202257$605.0MCIVGPNvs. Q1 2022SEC
Q1 2022May 3, 202257$784.8MVGPNCIvs. Q4 2021SEC
Q4 2021Feb 1, 202262$961.9MMETAVGOOGLvs. Q3 2021SEC
Q3 2021Nov 2, 202164$908.4MMETAVGOOGLvs. Q2 2021SEC
Q2 2021Aug 2, 202163$955.9MMETAVGOOGLvs. Q1 2021SEC
Q1 2021May 4, 202161$876.9MMETAVGOOGL–SEC