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Livermore
Livermore
ZHEN

Shell Asset Management Co

SEC CIK
0001211028
Latest filing
Nov 7, 2025

The latest 13F from Shell Asset Management Co covers Q3 2025 (filed Nov 7, 2025): 1,141 long positions worth $995.7M. The top 10 holdings make up 31.0% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 6.6%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 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
9
Est. +$229.0K
Added
48
Est. +$9.36M
Reduced
1074
Est. −$2.01B
Sold out
135
Est. −$101.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    6.6%$66.2MHistory
  2. AAPLApple Inc.
    5.3%$52.7MHistory
  3. MSFTMicrosoft Corp
    5.2%$51.5MHistory
  4. AMZNAmazon Com Inc
    3.0%$29.6MHistory
  5. AVGOBroadcom Inc.
    2.2%$21.7MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. WMTWalmart Inc.
    +$1.44MAddedHistory
  2. Kraneshares Trust500767405
    +$960.7KAdded
  3. NUNu Holdings Ltd.
    +$894.7KAddedHistory
  4. MTBM&T Bank Corp
    +$864.7KAddedHistory
  5. iShares MSCI India ETF46429B598
    +$843.4KAdded

Largest weight increases

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

  1. iShares MSCI India ETF46429B598
    +0.98 pp0.5% → 1.5%
  2. Kraneshares Trust500767405
    +0.33 pp0.1% → 0.4%
  3. WMTWalmart Inc.
    +0.24 pp<0.1% → 0.3%History
  4. iShares Tr46434V423
    +0.17 pp0.1% → 0.2%
  5. NUNu Holdings Ltd.
    +0.16 pp<0.1% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. NVDANVIDIA Corp
    −$166.2MReducedHistory
  2. MSFTMicrosoft Corp
    −$129.5MReducedHistory
  3. AAPLApple Inc.
    −$126.4MReducedHistory
  4. AMZNAmazon Com Inc
    −$85.9MReducedHistory
  5. METAMeta Platforms, Inc.
    −$62.2MReducedHistory

Largest weight decreases

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

  1. AMZNAmazon Com Inc
    −1.01 pp4.0% → 3.0%History
  2. MSFTMicrosoft Corp
    −0.83 pp6.0% → 5.2%History
  3. METAMeta Platforms, Inc.
    −0.82 pp2.9% → 2.1%History
  4. COSTCostco Wholesale Corp
    −0.53 pp1.3% → 0.8%History
  5. BKNGBooking Holdings Inc.
    −0.51 pp0.7% → 0.2%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$995.7M
−$1.90B (−65.6%) vs. prior quarter
Positions
1,141
−126 vs. prior quarter
Top 10 concentration
31.0%
Top 10 as share of value
Turnover
0.5%
Q3 2025, one quarter
Average holding period
5.0 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 $5.16B (Q2 2021)

Q1 2021: $5.00BQ2 2021: $5.16BQ3 2021: $4.45BQ4 2021: $4.87BQ1 2022: $4.24BQ2 2022: $3.38BQ3 2022: $2.57BQ4 2022: $2.28BQ1 2023: $2.41BQ2 2023: $2.54BQ3 2023: $2.42BQ4 2023: $2.17BQ1 2024: $2.20BQ3 2024: $2.27BQ4 2024: $2.29BQ1 2025: $2.11BQ2 2025: $2.90BQ3 2025: $995.7M
Q1 2021Q3 2025
13F filings of Shell Asset Management Co by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 7, 20251,141$995.7MNVDAAAPLMSFTvs. Q2 2025SEC
Q2 2025Jul 23, 20251,267$2.90BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025May 14, 20251,260$2.11BAAPLNVDAMSFTvs. Q4 2024SEC
Q4 2024Feb 14, 20251,264$2.29BAAPLNVDAMSFTvs. Q3 2024SEC
Q3 2024Nov 7, 20241,255$2.27BMSFTAAPLNVDA–SEC
Q1 2024Jul 25, 20241,252$2.20BMSFTNVDAAAPLvs. Q4 2023SEC
Q4 2023Feb 14, 20241,249$2.17BMSFTAAPLAMZNvs. Q3 2023SEC
Q3 2023Nov 8, 20231,256$2.42BMSFTAAPLAMZNvs. Q2 2023SEC
Q2 2023Jul 28, 20231,277$2.54BAAPLMSFTAMZNvs. Q1 2023SEC
Q1 2023May 15, 20231,249$2.41BAAPLMSFTAMZNvs. Q4 2022SEC
Q4 2022Feb 7, 20231,336$2.28BAAPLMSFTAMZNvs. Q3 2022SEC
Q3 2022Nov 14, 20221,389$2.57BAAPLMSFTAMZNvs. Q2 2022SEC
Q2 2022Aug 9, 20221,401$3.38BAAPLMSFTAMZNvs. Q1 2022SEC
Q1 2022May 4, 20221,381$4.24BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 9, 20221,395$4.87BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Nov 4, 20211,376$4.45BMSFTAAPLAMZNvs. Q2 2021SEC
Q2 2021Aug 12, 20211,511$5.16BMSFTAAPLAMZNvs. Q1 2021SEC
Q1 2021May 10, 20211,447$5.00BMSFTAAPLAMZN–SEC