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Livermore
Livermore
ZHEN

Hollencrest Capital Management

SEC CIK
0001161722
Latest filing
Aug 13, 2026

The latest 13F from Hollencrest Capital Management covers Q2 2026 (filed Aug 13, 2026): 1,191 long positions worth $1.52B. The top 10 holdings make up 47.7% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 12.3%. 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
163
Est. +$165.9M
Added
190
Est. +$47.1M
Reduced
279
Est. −$1.63B
Sold out
141
Est. −$77.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    12.3%$186.8MHistory
  2. Invesco QQQ Trust Series I46090E103
    6.9%$104.4M
  3. First Tr Exchng Traded FD VI33740U547
    4.9%$75.1M
  4. Vanguard S&P 500 ETF922908363
    4.8%$72.5M
  5. First Tr Exchng Traded FD VI33740F284
    4.5%$69.0M

Share of portfolio

Top 5 holdings and the other 1,186 positions, by share of portfolio value

  1. SPY12.3%
  2. Invesco QQQ Trust Series I6.9%
  3. First Tr Exchng Traded FD VI4.9%
  4. Vanguard S&P 500 ETF4.8%
  5. First Tr Exchng Traded FD VI4.5%
  6. Other 1,186 positions66.7%

Biggest buys

New and added positions, by estimated amount bought

  1. First Tr Exchng Traded FD VI33740U547
    +$75.1MNew
  2. First Tr Exchng Traded FD VI33740F284
    +$69.0MNew
  3. iShares Tr464287515
    +$17.4MAdded
  4. AMDAdvanced Micro Devices Inc
    +$3.88MAddedHistory
  5. CATCaterpillar Inc
    +$3.79MAddedHistory

Largest weight increases

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

  1. First Tr Exchng Traded FD VI33740U547
    +4.93 pp0.0% → 4.9%
  2. First Tr Exchng Traded FD VI33740F284
    +4.53 pp0.0% → 4.5%
  3. iShares Tr464287515
    +1.15 pp<0.1% → 1.1%
  4. AMDAdvanced Micro Devices Inc
    +0.38 pp<0.1% → 0.4%History
  5. FNFFidelity National Financial, Inc.
    +0.36 pp0.5% → 0.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard S&P 500 ETF922908363
    −$364.8MReduced
  2. AAPLApple Inc.
    −$277.4MReducedHistory
  3. Invesco Nasdaq 100 ETF46138G649
    −$111.4MReduced
  4. GOOGLAlphabet Inc.
    −$102.0MReducedHistory
  5. BRK.ABerkshire Hathaway Inc
    −$68.2MSold outHistory

Largest weight decreases

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

  1. Vanguard S&P 500 ETF922908363
    −9.40 pp14.2% → 4.8%
  2. AAPLApple Inc.
    −8.25 pp9.8% → 1.6%History
  3. GOOGLAlphabet Inc.
    −2.64 pp3.4% → 0.8%History
  4. BRK.ABerkshire Hathaway Inc
    −2.54 pp2.5% → 0.0%History
  5. Invesco Nasdaq 100 ETF46138G649
    −2.43 pp3.9% → 1.5%

Metrics

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

Portfolio value
$1.52B
−$1.16B (−43.3%) vs. prior quarter
Positions
1,191
+22 vs. prior quarter
Top 10 concentration
47.7%
Top 10 as share of value
Turnover
10.1%
Q2 2026, one quarter
Average holding period
16.9 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

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

Peak $2.89B (Q4 2025)

Q1 2021: $1.06BQ2 2021: $1.09BQ3 2021: $1.12BQ4 2021: $1.27BQ1 2022: $1.12BQ2 2022: $853.2MQ3 2022: $792.0MQ4 2022: $808.9MQ1 2023: $936.8MQ2 2023: $963.3MQ3 2023: $883.3MQ4 2023: $1.06BQ1 2024: $2.18BQ2 2024: $2.27BQ3 2024: $2.42BQ4 2024: $2.48BQ1 2025: $2.28BQ2 2025: $2.34BQ3 2025: $2.77BQ4 2025: $2.89BQ1 2026: $2.69BQ2 2026: $1.52B
Q1 2021Q2 2026
13F filings of Hollencrest Capital Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 20261,191$1.52BSPYInvesco QQQ Trust Series IFirst Tr Exchng Traded FD VIvs. Q1 2026SEC
Q1 2026May 7, 20261,169$2.69BVanguard S&P 500 ETFAAPLSPYvs. Q4 2025SEC
Q4 2025Feb 12, 20261,139$2.89BVanguard S&P 500 ETFAAPLSPYvs. Q3 2025SEC
Q3 2025Nov 3, 20251,103$2.77BVanguard S&P 500 ETFAAPLSPYvs. Q2 2025SEC
Q2 2025Aug 18, 20251,094$2.34BVanguard S&P 500 ETFAAPLSPYvs. Q1 2025SEC
Q1 2025May 5, 20251,088$2.28BVanguard S&P 500 ETFAAPLSPYvs. Q4 2024SEC
Q4 2024Feb 10, 20251,107$2.48BVanguard S&P 500 ETFAAPLSPYvs. Q3 2024SEC
Q3 2024Nov 1, 20241,074$2.42BVanguard S&P 500 ETFAAPLSPYvs. Q2 2024SEC
Q2 2024Aug 13, 20241,053$2.27BVanguard S&P 500 ETFAAPLSPYvs. Q1 2024SEC
Q1 2024May 1, 20241,052$2.18BVanguard S&P 500 ETFAAPLSPYvs. Q4 2023SEC
Q4 2023Feb 14, 20241,029$1.06BSPYInvesco QQQ Trust Series IVanguard S&P 500 ETFvs. Q3 2023SEC
Q3 2023Nov 13, 20231,058$883.3MSPYUPSVanguard S&P 500 ETFvs. Q2 2023SEC
Q2 2023Aug 10, 20231,107$963.3MSPYUPSVanguard S&P 500 ETFvs. Q1 2023SEC
Q1 2023May 16, 20231,122$936.8MSPYUPSInvesco QQQ Trust Series Ivs. Q4 2022SEC
Q4 2022Feb 7, 20231,119$808.9MSPYInvesco QQQ Trust Series IUPSvs. Q3 2022SEC
Q3 2022Oct 28, 2022320$792.0MSPYInvesco QQQ Trust Series IUPSvs. Q2 2022SEC
Q2 2022Jul 21, 2022350$853.2MSPYInvesco QQQ Trust Series IUPSvs. Q1 2022SEC
Q1 2022Apr 18, 2022376$1.12BSPYInvesco QQQ Trust Series IUPSvs. Q4 2021SEC
Q4 2021Jan 7, 2022385$1.27BSPYInvesco QQQ Trust Series IUPSvs. Q3 2021SEC
Q3 2021Oct 13, 2021396$1.12BSPYInvesco QQQ Trust Series IUPSvs. Q2 2021SEC
Q2 2021Jul 21, 2021396$1.09BSPYInvesco QQQ Trust Series IUPSvs. Q1 2021SEC
Q1 2021Apr 29, 2021380$1.06BSPYInvesco QQQ Trust Series IUPS–SEC