Skip to main content
Livermore
Livermore
ZHEN

Churchill Management Corp

SEC CIK
0001094749
Latest filing
Jul 18, 2025

The latest 13F from Churchill Management Corp covers Q2 2025 (filed Jul 18, 2025): 164 long positions worth $9.21B. The top 10 holdings make up 62.8% of the portfolio, and the largest is State Street Technology Select Sector SPDR ETF at 13.2%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 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
34
Est. +$1.06B
Added
53
Est. +$140.2M
Reduced
61
Est. −$441.2M
Sold out
26
Est. −$306.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street Technology Select Sector SPDR ETF81369Y803
    13.2%$1.22B
  2. Invesco QQQ Trust Series I46090E103
    7.8%$721.1M
  3. SPYSPDR S&P 500 ETF Trust
    7.2%$659.3MHistory
  4. State Street Financial Select Sector SPDR ETF81369Y605
    5.7%$527.8M
  5. iShares Core S&P 500 ETF464287200
    5.6%$513.1M

Share of portfolio

Top 5 holdings and the other 159 positions, by share of portfolio value

  1. State Street Technology Select Sector SPDR ETF13.2%
  2. Invesco QQQ Trust Series I7.8%
  3. SPY7.2%
  4. State Street Financial Select Sector SPDR ETF5.7%
  5. iShares Core S&P 500 ETF5.6%
  6. Other 159 positions60.5%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Information Technology ETF92204A702
    +$454.5MNew
  2. Vanguard Morningstar Small-Cap ETF922908751
    +$224.2MNew
  3. iShares MSCI USA Momentum Factor ETF46432F396
    +$220.3MNew
  4. State Street Technology Select Sector SPDR ETF81369Y803
    +$48.1MAdded
  5. PLTRPalantir Technologies Inc.
    +$23.7MNewHistory

Largest weight increases

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

  1. Vanguard Information Technology ETF92204A702
    +4.93 pp0.0% → 4.9%
  2. Vanguard Morningstar Small-Cap ETF922908751
    +2.43 pp0.0% → 2.4%
  3. iShares MSCI USA Momentum Factor ETF46432F396
    +2.39 pp0.0% → 2.4%
  4. State Street Technology Select Sector SPDR ETF81369Y803
    +1.12 pp12.1% → 13.2%
  5. PLTRPalantir Technologies Inc.
    +0.26 pp0.0% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Russell 1000 Growth ETF464287614
    −$340.1MReduced
  2. iShares Core S&P US Value ETF464287663
    −$173.3MSold out
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    −$51.8MReduced
  4. Invesco QQQ Trust Series I46090E103
    −$27.4MReduced
  5. MDTMedtronic plc
    −$12.5MSold outHistory

Largest weight decreases

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

  1. iShares Russell 1000 Growth ETF464287614
    −3.65 pp6.3% → 2.7%
  2. iShares Core S&P US Value ETF464287663
    −2.20 pp2.2% → 0.0%
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    −1.61 pp5.0% → 3.4%
  4. State Street Financial Select Sector SPDR ETF81369Y605
    −0.66 pp6.4% → 5.7%
  5. Vanguard S&P 500 ETF922908363
    −0.32 pp5.7% → 5.3%

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$9.21B
+$1.33B (+16.8%) vs. prior quarter
Positions
164
+8 vs. prior quarter
Top 10 concentration
62.8%
Top 10 as share of value
Turnover
8.8%
Q2 2025, one quarter
Average holding period
12.9 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

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

Peak $9.21B (Q2 2025)

Q1 2021: $6.08BQ2 2021: $6.78BQ3 2021: $6.65BQ4 2021: $7.18BQ1 2022: $5.67BQ2 2022: $3.99BQ3 2022: $3.73BQ4 2022: $4.14BQ1 2023: $4.88BQ2 2023: $5.92BQ3 2023: $5.92BQ4 2023: $6.50BQ1 2024: $8.02BQ2 2024: $8.48BQ3 2024: $8.72BQ4 2024: $9.16BQ1 2025: $7.88BQ2 2025: $9.21B
Q1 2021Q2 2025
13F filings of Churchill Management Corp by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Jul 18, 2025164$9.21BState Street Technology Select Sector SPDR ETFInvesco QQQ Trust Series ISPYvs. Q1 2025SEC
Q1 2025Apr 25, 2025156$7.88BState Street Technology Select Sector SPDR ETFInvesco QQQ Trust Series ISPYvs. Q4 2024SEC
Q4 2024Jan 14, 2025164$9.16BState Street Technology Select Sector SPDR ETFInvesco QQQ Trust Series ISPYvs. Q3 2024SEC
Q3 2024Oct 15, 2024160$8.72BState Street Technology Select Sector SPDR ETFInvesco QQQ Trust Series ISPYvs. Q2 2024SEC
Q2 2024Jul 22, 2024163$8.48BInvesco QQQ Trust Series IState Street Technology Select Sector SPDR ETFSPYvs. Q1 2024SEC
Q1 2024Apr 11, 2024162$8.02BState Street Technology Select Sector SPDR ETFInvesco QQQ Trust Series ISPYvs. Q4 2023SEC
Q4 2023Jan 16, 2024147$6.50BState Street Technology Select Sector SPDR ETFInvesco QQQ Trust Series IiShares Russell 1000 Growth ETFvs. Q3 2023SEC
Q3 2023Oct 12, 2023153$5.92BState Street Technology Select Sector SPDR ETFiShares Russell 1000 Growth ETFInvesco QQQ Trust Series Ivs. Q2 2023SEC
Q2 2023Jul 18, 2023139$5.92BState Street Technology Select Sector SPDR ETFiShares Russell 1000 Growth ETFiShares Core S&P 500 ETFvs. Q1 2023SEC
Q1 2023Apr 13, 2023128$4.88BState Street Technology Select Sector SPDR ETFVanguard Morningstar Value ETFiShares Core S&P 500 ETFvs. Q4 2022SEC
Q4 2022Feb 10, 2023Amended117$4.14BVanguard Morningstar Value ETFState Street Technology Select Sector SPDR ETFiShares Core S&P 500 ETFvs. Q3 2022SEC
Q3 2022Oct 11, 2022112$3.73BVanguard Morningstar Value ETFState Street Technology Select Sector SPDR ETFiShares Core S&P 500 ETFvs. Q2 2022SEC
Q2 2022Jul 8, 2022115$3.99BVanguard Morningstar Value ETFState Street Technology Select Sector SPDR ETFiShares Core S&P 500 ETFvs. Q1 2022SEC
Q1 2022Apr 12, 2022119$5.67BVanguard Morningstar Value ETFState Street Technology Select Sector SPDR ETFSPYvs. Q4 2021SEC
Q4 2021Jan 11, 2022142$7.18BState Street Technology Select Sector SPDR ETFVanguard Morningstar Value ETFiShares Core S&P 500 ETFvs. Q3 2021SEC
Q3 2021Oct 13, 2021133$6.65BVanguard Morningstar Value ETFState Street Technology Select Sector SPDR ETFiShares Core S&P 500 ETFvs. Q2 2021SEC
Q2 2021Jul 8, 2021137$6.78BVanguard Morningstar Value ETFState Street Technology Select Sector SPDR ETFiShares Core S&P 500 ETFvs. Q1 2021SEC
Q1 2021Apr 8, 2021133$6.08BVanguard Morningstar Value ETFState Street Technology Select Sector SPDR ETFiShares Core S&P 500 ETF–SEC