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Livermore
Livermore
ZHEN

Bernzott Capital Advisors

SEC CIK
0001260468
Latest filing
Jul 21, 2026

The latest 13F from Bernzott Capital Advisors covers Q2 2026 (filed Jul 21, 2026): 35 long positions worth $249.9M. The top 10 holdings make up 49.1% of the portfolio, and the largest is Vanguard Total World Stock ETF at 20.1%. 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
2
Est. +$7.48M
Added
13
Est. +$42.1M
Reduced
20
Est. −$37.9M
Sold out
5
Est. −$552.4K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Total World Stock ETF922042742
    20.1%$50.3M
  2. VSHVishay Intertechnology Inc
    4.3%$10.7MHistory
  3. CVBFCVB Financial Corp
    3.9%$9.65MHistory
  4. Vanguard Total Bond Market ETF921937835
    3.8%$9.46M
  5. MPMP Materials Corp.
    3.3%$8.31MHistory

Share of portfolio

Top 5 holdings and the other 30 positions, by share of portfolio value

  1. Vanguard Total World Stock ETF20.1%
  2. VSH4.3%
  3. CVBF3.9%
  4. Vanguard Total Bond Market ETF3.8%
  5. MP3.3%
  6. Other 30 positions64.6%

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Total World Stock ETF922042742
    +$33.8MAdded
  2. SYYSysco Corp
    +$4.19MNewHistory
  3. Vanguard Dividend Appreciation ETF921908844
    +$3.29MNew
  4. Vanguard Total Bond Market ETF921937835
    +$2.55MAdded
  5. Vanguard Calif Tax Free FDS922021605
    +$1.26MAdded

Largest weight increases

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

  1. Vanguard Total World Stock ETF922042742
    +13.16 pp7.0% → 20.1%
  2. SYYSysco Corp
    +1.68 pp0.0% → 1.7%History
  3. Vanguard Dividend Appreciation ETF921908844
    +1.32 pp0.0% → 1.3%
  4. WSCWillScot Holdings Corp
    +0.81 pp1.4% → 2.2%History
  5. Vanguard Total Bond Market ETF921937835
    +0.47 pp3.3% → 3.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. VSHVishay Intertechnology Inc
    −$14.5MReducedHistory
  2. AROCArchrock, Inc.
    −$2.98MReducedHistory
  3. JNJJohnson & Johnson
    −$2.09MReducedHistory
  4. LWLamb Weston Holdings, Inc.
    −$2.08MReducedHistory
  5. SLGNSilgan Holdings Inc
    −$1.97MReducedHistory

Largest weight decreases

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

  1. DVNDevon Energy Corp
    −1.40 pp2.9% → 1.6%History
  2. AMTAmerican Tower Corp
    −1.38 pp3.5% → 2.1%History
  3. JNJJohnson & Johnson
    −1.31 pp3.6% → 2.3%History
  4. AROCArchrock, Inc.
    −1.29 pp4.2% → 2.9%History
  5. JJSFJ&J Snack Foods Corp
    −1.28 pp3.3% → 2.1%History

Metrics

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

Portfolio value
$249.9M
+$41.2M (+19.7%) vs. prior quarter
Positions
35
−3 vs. prior quarter
Top 10 concentration
49.1%
Top 10 as share of value
Turnover
16.8%
Q2 2026, one quarter
Average holding period
12.4 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 $1.18B (Q2 2021)

Q1 2021: $1.14BQ2 2021: $1.18BQ3 2021: $1.11BQ4 2021: $1.16BQ1 2022: $1.09BQ2 2022: $904.9MQ3 2022: $725.1MQ4 2022: $773.4MQ1 2023: $483.9MQ2 2023: $463.2MQ3 2023: $290.4MQ4 2023: $256.2MQ1 2024: $252.6MQ2 2024: $217.1MQ3 2024: $232.4MQ4 2024: $202.2MQ1 2025: $203.1MQ2 2025: $195.9MQ3 2025: $211.9MQ4 2025: $210.2MQ1 2026: $208.7MQ2 2026: $249.9M
Q1 2021Q2 2026
13F filings of Bernzott Capital Advisors by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 202635$249.9MVanguard Total World Stock ETFVSHCVBFvs. Q1 2026SEC
Q1 2026Apr 30, 202638$208.7MVanguard Total World Stock ETFAROCMPvs. Q4 2025SEC
Q4 2025Feb 3, 202639$210.2MVanguard Total World Stock ETFCMCOSLGNvs. Q3 2025SEC
Q3 2025Oct 28, 202532$211.9MHIJBIMPvs. Q2 2025SEC
Q2 2025Jul 30, 202533$195.9MMPNVEEJBIvs. Q1 2025SEC
Q1 2025May 5, 202538$203.1MMPHCIAMTvs. Q4 2024SEC
Q4 2024Jan 15, 202542$202.2MHCIHHHNFGvs. Q3 2024SEC
Q3 2024Oct 25, 202435$232.4MMPORCLAMTvs. Q2 2024SEC
Q2 2024Jul 26, 202437$217.1MHALOORCLAMTvs. Q1 2024SEC
Q1 2024May 1, 202437$252.6MHCIGVAHLMNvs. Q4 2023SEC
Q4 2023Feb 12, 202442$256.2MBRK.BHHHGVAvs. Q3 2023SEC
Q3 2023Oct 23, 202346$290.4MHHHBRK.BGVAvs. Q2 2023SEC
Q2 2023Jul 27, 202350$463.2MAPGHHCHCIvs. Q1 2023SEC
Q1 2023Apr 27, 202351$483.9MHHCGVATRNOvs. Q4 2022SEC
Q4 2022Jan 18, 202350$773.4MHHCATSGGVAvs. Q3 2022SEC
Q3 2022Dec 22, 2022Amended52$725.1MHIADTNATSGvs. Q2 2022SEC
Q2 2022Jul 25, 202250$904.9MHIWSCATSGvs. Q1 2022SEC
Q1 2022Apr 20, 202250$1.09BWSCCMPATSGvs. Q4 2021SEC
Q4 2021Feb 3, 202250$1.16BHIWSCSSTKvs. Q3 2021SEC
Q3 2021Oct 19, 202149$1.11BWSCSSTKHIvs. Q2 2021SEC
Q2 2021Aug 10, 202149$1.18BSSTKHIBVvs. Q1 2021SEC
Q1 2021May 13, 202147$1.14BSSTKHIBV–SEC