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Livermore
Livermore
ZHEN

KCM Investment Advisors LLC

SEC CIK
0001109228
Latest filing
Aug 13, 2026

The latest 13F from KCM Investment Advisors LLC covers Q2 2026 (filed Aug 13, 2026): 400 long positions worth $3.37B. The top 10 holdings make up 34.8% of the portfolio, and the largest is State Street Technology Select Sector SPDR ETF at 7.7%. 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
29
Est. +$12.4M
Added
105
Est. +$34.9M
Reduced
200
Est. −$45.9M
Sold out
22
Est. −$17.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street Technology Select Sector SPDR ETF81369Y803
    7.7%$258.3M
  2. AAPLApple Inc.
    7.1%$240.3MHistory
  3. MSFTMicrosoft Corp
    3.2%$109.0MHistory
  4. COSTCostco Wholesale Corp
    3.1%$104.1MHistory
  5. GOOGLAlphabet Inc.
    2.8%$95.7MHistory

Share of portfolio

Top 5 holdings and the other 395 positions, by share of portfolio value

  1. State Street Technology Select Sector SPDR ETF7.7%
  2. AAPL7.1%
  3. MSFT3.2%
  4. COST3.1%
  5. GOOGL2.8%
  6. Other 395 positions76.0%

Biggest buys

New and added positions, by estimated amount bought

  1. State Street Health Care Select Sector SPDR ETF81369Y209
    +$3.61MAdded
  2. State Street Consumer Discretionary Select Sector SPDR ETF81369Y407
    +$3.60MAdded
  3. VanEck Semiconductor ETF92189F676
    +$1.49MAdded
  4. State Street SPDR S&P Biotech ETF78464A870
    +$1.48MAdded
  5. HONHoneywell International Inc
    +$1.42MNewHistory

Largest weight increases

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

  1. State Street Technology Select Sector SPDR ETF81369Y803
    +1.72 pp5.9% → 7.7%
  2. Vanguard Information Technology ETF92204A702
    +0.42 pp1.8% → 2.2%
  3. CATCaterpillar Inc
    +0.42 pp1.2% → 1.6%History
  4. VanEck Semiconductor ETF92189F676
    +0.20 pp0.3% → 0.5%
  5. LLYEli Lilly & Co
    +0.14 pp0.7% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. XOMExxonMobil Holdings Corp
    −$5.55MSold outHistory
  2. ABTAbbott Laboratories
    −$4.74MReducedHistory
  3. MCDMcDonalds Corp
    −$4.18MReducedHistory
  4. HONHoneywell International Inc
    −$2.89MSold outHistory
  5. AAPLApple Inc.
    −$2.66MReducedHistory

Largest weight decreases

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

  1. COSTCostco Wholesale Corp
    −0.63 pp3.7% → 3.1%History
  2. CVXChevron Corp
    −0.62 pp2.2% → 1.5%History
  3. WMTWalmart Inc.
    −0.43 pp2.3% → 1.9%History
  4. MCDMcDonalds Corp
    −0.30 pp0.8% → 0.5%History
  5. State Street Energy Select Sector SPDR ETF81369Y506
    −0.30 pp1.3% → 1.0%

Metrics

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

Portfolio value
$3.37B
+$354.3M (+11.8%) vs. prior quarter
Positions
400
+7 vs. prior quarter
Top 10 concentration
34.8%
Top 10 as share of value
Turnover
1.5%
Q2 2026, one quarter
Average holding period
21.1 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 $3.37B (Q2 2026)

Q1 2021: $2.26BQ2 2021: $2.47BQ3 2021: $2.51BQ4 2021: $2.87BQ1 2022: $2.73BQ2 2022: $2.29BQ3 2022: $2.16BQ4 2022: $2.32BQ1 2023: $2.47BQ2 2023: $2.49BQ3 2023: $2.32BQ4 2023: $2.51BQ1 2024: $2.71BQ2 2024: $2.79BQ3 2024: $2.95BQ4 2024: $2.90BQ1 2025: $2.78BQ2 2025: $2.98BQ3 2025: $3.11BQ4 2025: $3.12BQ1 2026: $3.01BQ2 2026: $3.37B
Q1 2021Q2 2026
13F filings of KCM Investment Advisors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026400$3.37BState Street Technology Select Sector SPDR ETFAAPLMSFTvs. Q1 2026SEC
Q1 2026May 15, 2026393$3.01BAAPLState Street Technology Select Sector SPDR ETFCOSTvs. Q4 2025SEC
Q4 2025Feb 13, 2026394$3.12BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q3 2025SEC
Q3 2025Nov 12, 2025383$3.11BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q2 2025SEC
Q2 2025Aug 6, 2025378$2.98BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q1 2025SEC
Q1 2025May 14, 2025362$2.78BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q4 2024SEC
Q4 2024Feb 13, 2025367$2.90BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q3 2024SEC
Q3 2024Nov 6, 2024373$2.95BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q2 2024SEC
Q2 2024Jul 29, 2024367$2.79BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q1 2024SEC
Q1 2024May 7, 2024376$2.71BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q4 2023SEC
Q4 2023Feb 13, 2024365$2.51BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q3 2023SEC
Q3 2023Nov 8, 2023365$2.32BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q2 2023SEC
Q2 2023Aug 9, 2023378$2.49BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q1 2023SEC
Q1 2023May 9, 2023406$2.47BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q4 2022SEC
Q4 2022Jan 31, 2023388$2.32BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q3 2022SEC
Q3 2022Nov 10, 2022377$2.16BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q2 2022SEC
Q2 2022Aug 15, 2022384$2.29BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q1 2022SEC
Q1 2022May 13, 2022409$2.73BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q4 2021SEC
Q4 2021Feb 14, 2022419$2.87BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q3 2021SEC
Q3 2021Nov 12, 2021394$2.51BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q2 2021SEC
Q2 2021Oct 21, 2021Amended388$2.47BAAPLState Street Technology Select Sector SPDR ETFMSFTvs. Q1 2021SEC
Q1 2021May 13, 2021367$2.26BAAPLState Street Technology Select Sector SPDR ETFMSFT–SEC