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Livermore
Livermore
ZHEN

Income Research & Management

SEC CIK
0001165830
Latest filing
Jul 24, 2026

The latest 13F from Income Research & Management covers Q2 2026 (filed Jul 24, 2026): 30 long positions worth $184.5M. The top 10 holdings make up 51.6% of the portfolio, and the largest is Bofa Fin LLC at 5.8%. 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. +$35.7M
Added
1
Est. +$411.6K
Reduced
11
Est. −$16.7M
Sold out
1
Est. −$9.32M

Top 5 holdings

Share of this quarter's portfolio value

  1. Bofa Fin LLC09709UV70
    5.8%$10.7M
  2. Euronet Worldwide, Inc.298736AL3
    5.6%$10.3M
  3. Uber Technologies, Inc90353TAM2
    5.5%$10.2M
  4. Alliant Energy Corp018802AE8
    5.4%$9.90M
  5. Wec Energy Group, Inc.92939UAT3
    5.2%$9.62M

Share of portfolio

Top 5 holdings and the other 25 positions, by share of portfolio value

  1. Bofa Fin LLC5.8%
  2. Euronet Worldwide, Inc.5.6%
  3. Uber Technologies, Inc5.5%
  4. Alliant Energy Corp5.4%
  5. Wec Energy Group, Inc.5.2%
  6. Other 25 positions72.5%

Biggest buys

New and added positions, by estimated amount bought

  1. Alliant Energy Corp018802AE8
    +$9.90MNew
  2. Wec Energy Group, Inc.92939UAT3
    +$9.62MNew
  3. Southern Co842587ED5
    +$9.44MNew
  4. Firstenergy Corp337932AV9
    +$3.73MNew
  5. Firstenergy Corp337932AT4
    +$3.01MNew

Largest weight increases

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

  1. Alliant Energy Corp018802AE8
    +5.37 pp0.0% → 5.4%
  2. Wec Energy Group, Inc.92939UAT3
    +5.21 pp0.0% → 5.2%
  3. Southern Co842587ED5
    +5.12 pp0.0% → 5.1%
  4. Firstenergy Corp337932AV9
    +2.02 pp0.0% → 2.0%
  5. Firstenergy Corp337932AT4
    +1.63 pp0.0% → 1.6%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. American WTR Cap Corp03040WBE4
    −$9.32MSold out
  2. Akamai Technologies Inc00971TAL5
    −$4.25MReduced
  3. On Semiconductor Corp682189AU9
    −$3.71MReduced
  4. Bofa Fin LLC09709UV70
    −$1.63MReduced
  5. Envista Holdings Corp29415FAD6
    −$1.37MReduced

Largest weight decreases

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

  1. American WTR Cap Corp03040WBE4
    −5.53 pp5.5% → 0.0%
  2. Akamai Technologies Inc00971TAL5
    −2.68 pp6.9% → 4.2%
  3. On Semiconductor Corp682189AU9
    −1.26 pp6.0% → 4.7%
  4. Nextera Energy Cap Hldgs Inc65339KCY4
    −1.23 pp4.9% → 3.6%
  5. Bofa Fin LLC09709UV70
    −1.16 pp7.0% → 5.8%

Metrics

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

Portfolio value
$184.5M
+$15.9M (+9.4%) vs. prior quarter
Positions
30
+4 vs. prior quarter
Top 10 concentration
51.6%
Top 10 as share of value
Turnover
14.8%
Q2 2026, one quarter
Average holding period
6.7 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 $374.2M (Q2 2025)

Q1 2021: $247.7MQ2 2021: $271.1MQ3 2021: $240.5MQ4 2021: $251.2MQ1 2022: $252.7MQ2 2022: $233.1MQ3 2022: $213.0MQ4 2022: $211.9MQ1 2023: $193.6MQ2 2023: $160.9MQ3 2023: $127.8MQ4 2023: $144.3MQ1 2024: $148.2MQ2 2024: $173.4MQ3 2024: $207.7MQ4 2024: $209.6MQ1 2025: $234.8MQ2 2025: $374.2MQ3 2025: $204.5MQ4 2025: $190.4MQ1 2026: $168.6MQ2 2026: $184.5M
Q1 2021Q2 2026
13F filings of Income Research & Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 24, 202630$184.5MBofa Fin LLCEuronet Worldwide, Inc.Uber Technologies, Incvs. Q1 2026SEC
Q1 2026Apr 17, 202626$168.6MBofa Fin LLCAkamai Technologies IncCapital Southwest Corpvs. Q4 2025SEC
Q4 2025Jan 20, 202632$190.4MBofa Fin LLCEuronet Worldwide, Inc.Akamai Technologies Incvs. Q3 2025SEC
Q3 2025Oct 16, 202535$204.5MEuronet Worldwide, Inc.CMS Energy CorpPPL Cap FDG Incvs. Q2 2025SEC
Q2 2025Jul 17, 202540$374.2MVanguard BD Index FDSVanguard Long-Term Treasury ETFVanguard World FDvs. Q1 2025SEC
Q1 2025Apr 22, 202527$234.8MExpedia Group, Inc.PPL Cap FDG IncAlliant Energy Corpvs. Q4 2024SEC
Q4 2024Jan 21, 202525$209.6MExpedia Group, Inc.Alliant Energy CorpPPL Cap FDG Incvs. Q3 2024SEC
Q3 2024Oct 22, 202422$207.7MVentas Rlty Ltd PartnershipExpedia Group, Inc.Alliant Energy Corpvs. Q2 2024SEC
Q2 2024Jul 23, 202418$173.4MExpedia Group, Inc.Alliant Energy CorpNew MTN Fin Corpvs. Q1 2024SEC
Q1 2024Apr 25, 202416$148.2MAlliant Energy CorpEuronet Worldwide, Inc.New MTN Fin Corpvs. Q4 2023SEC
Q4 2023Jan 19, 202412$144.3MBooking Holdings Inc.Southwest Airls CoExpedia Group, Inc.vs. Q3 2023SEC
Q3 2023Oct 24, 202310$127.8MAres Capital CorpEuronet Worldwide, Inc.Expedia Group, Inc.vs. Q2 2023SEC
Q2 2023Jul 21, 202316$160.9MAres Capital CorpEuronet Worldwide, Inc.Western Digital Corpvs. Q1 2023SEC
Q1 2023Apr 20, 202317$193.6MBooking Holdings Inc.Western Digital CorpAres Capital Corpvs. Q4 2022SEC
Q4 2022Jan 31, 202321$211.9MWestern Digital CorpAres Capital CorpBooking Holdings Inc.vs. Q3 2022SEC
Q3 2022Oct 20, 202222$213.0MWestern Digital CorpAres Capital CorpSouthwest Airls Covs. Q2 2022SEC
Q2 2022Jul 21, 202224$233.1MWestern Digital CorpAres Capital CorpEuronet Worldwide, Inc.vs. Q1 2022SEC
Q1 2022Apr 22, 2022Amended22$252.7MTPG Specialty Lending IncPioneer Nat Res CoExpedia Group, Inc.vs. Q4 2021SEC
Q4 2021Jan 24, 202218$251.2MTPG Specialty Lending IncPioneer Nat Res CoAres Capital Corpvs. Q3 2021SEC
Q3 2021Oct 19, 202115$240.5MTPG Specialty Lending IncPioneer Nat Res CoFortive Corpvs. Q2 2021SEC
Q2 2021Aug 5, 202116$271.1MProspect Cap CorpWestern Digital CorpAres Capital Corpvs. Q1 2021SEC
Q1 2021Apr 15, 202115$247.7MWestern Digital CorpProspect Cap CorpAres Capital Corp–SEC