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Livermore
Livermore
ZHEN

Exchange Capital Management, Inc.

SEC CIK
0001317733
Latest filing
Jul 21, 2025

The latest 13F from Exchange Capital Management, Inc. covers Q2 2025 (filed Jul 21, 2025): 206 long positions worth $670.0M. The top 10 holdings make up 27.6% of the portfolio, and the largest is Microsoft Corp (MSFT) at 5.3%. Livermore has 18 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 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
5
Est. +$1.32M
Added
75
Est. +$29.0M
Reduced
107
Est. −$23.6M
Sold out
6
Est. −$1.79M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    5.3%$35.8MHistory
  2. Vanguard Information Technology ETF92204A702
    3.7%$24.6M
  3. AMZNAmazon Com Inc
    3.2%$21.8MHistory
  4. GOOGLAlphabet Inc.
    3.1%$20.5MHistory
  5. WisdomTree Tr97717X263
    2.6%$17.5M

Share of portfolio

Top 5 holdings and the other 201 positions, by share of portfolio value

  1. MSFT5.3%
  2. Vanguard Information Technology ETF3.7%
  3. AMZN3.2%
  4. GOOGL3.1%
  5. WisdomTree Tr2.6%
  6. Other 201 positions82.1%

Biggest buys

New and added positions, by estimated amount bought

  1. Bondbloxx ETF Trust09789C754
    +$2.36MAdded
  2. Ssga Active Tr78470P770
    +$2.19MAdded
  3. Ssga Active Tr78470P820
    +$1.99MAdded
  4. Ssga Active Tr78470P812
    +$1.87MAdded
  5. Ssga Active Tr78470P788
    +$1.58MAdded

Largest weight increases

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

  1. Ssga Active Tr78470P770
    +0.31 pp0.2% → 0.5%
  2. Bondbloxx ETF Trust09789C754
    +0.31 pp0.6% → 0.9%
  3. Ssga Active Tr78470P820
    +0.29 pp0.1% → 0.4%
  4. Ssga Active Tr78470P812
    +0.27 pp0.1% → 0.4%
  5. Ssga Active Tr78470P788
    +0.19 pp0.6% → 0.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GWREGuidewire Software, Inc.
    −$3.21MReducedHistory
  2. Invesco Exch TRD SLF Idx FD46138J791
    −$2.25MReduced
  3. Invesco Exch TRD SLF Idx FD46138J783
    −$2.01MReduced
  4. Invesco Exch TRD SLF Idx FD46138J460
    −$1.26MReduced
  5. Invesco Exch TRD SLF Idx FD46138J825
    −$967.8KReduced

Largest weight decreases

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

  1. BRK.BBerkshire Hathaway Inc
    −0.48 pp2.7% → 2.2%History
  2. Invesco Exch TRD SLF Idx FD46138J791
    −0.37 pp0.5% → 0.1%
  3. Invesco Exch TRD SLF Idx FD46138J783
    −0.33 pp0.4% → 0.1%
  4. GWREGuidewire Software, Inc.
    −0.28 pp1.3% → 1.0%History
  5. Invesco Exch TRD SLF Idx FD46138J460
    −0.22 pp0.4% → 0.2%

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$670.0M
+$53.3M (+8.7%) vs. prior quarter
Positions
206
−1 vs. prior quarter
Top 10 concentration
27.6%
Top 10 as share of value
Turnover
3.9%
Q2 2025, one quarter
Average holding period
15.3 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 $670.0M (Q2 2025)

Q1 2021: $482.9MQ2 2021: $521.3MQ3 2021: $516.1MQ4 2021: $550.4MQ1 2022: $533.7MQ2 2022: $458.7MQ3 2022: $431.2MQ4 2022: $456.1MQ1 2023: $492.5MQ2 2023: $538.5MQ3 2023: $529.9MQ4 2023: $557.1MQ1 2024: $614.6MQ2 2024: $613.9MQ3 2024: $628.0MQ4 2024: $629.6MQ1 2025: $616.7MQ2 2025: $670.0M
Q1 2021Q2 2025
13F filings of Exchange Capital Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Jul 21, 2025206$670.0MMSFTVanguard Information Technology ETFAMZNvs. Q1 2025SEC
Q1 2025May 1, 2025207$616.7MMSFTVanguard Information Technology ETFAMZNvs. Q4 2024SEC
Q4 2024Feb 4, 2025211$629.6MMSFTGOOGLAMZNvs. Q3 2024SEC
Q3 2024Nov 1, 2024194$628.0MMSFTVanguard Information Technology ETFGOOGLvs. Q2 2024SEC
Q2 2024Jul 23, 2024193$613.9MMSFTGOOGLAMZNvs. Q1 2024SEC
Q1 2024Apr 18, 2024188$614.6MMSFTAMZNGOOGLvs. Q4 2023SEC
Q4 2023Feb 8, 2024181$557.1MMSFTGOOGLVanguard Information Technology ETFvs. Q3 2023SEC
Q3 2023Oct 30, 2023176$529.9MMSFTGOOGLWisdomTree Trvs. Q2 2023SEC
Q2 2023Jul 24, 2023176$538.5MMSFTGOOGLWisdomTree Trvs. Q1 2023SEC
Q1 2023May 3, 2023169$492.5MMSFTWisdomTree TrGOOGLvs. Q4 2022SEC
Q4 2022Feb 1, 2023161$456.1MMSFTWisdomTree TrBRK.Bvs. Q3 2022SEC
Q3 2022Oct 31, 2022161$431.2MMSFTGOOGLiShares Trvs. Q2 2022SEC
Q2 2022Jul 28, 2022158$458.7MMSFTGOOGLiShares Trvs. Q1 2022SEC
Q1 2022Apr 28, 2022162$533.7MMSFTGOOGLAMZNvs. Q4 2021SEC
Q4 2021Jan 27, 2022167$550.4MMSFTGOOGLAMZNvs. Q3 2021SEC
Q3 2021Nov 1, 2021165$516.1MMSFTGOOGLAMZNvs. Q2 2021SEC
Q2 2021Aug 5, 2021163$521.3MMSFTAMZNGOOGLvs. Q1 2021SEC
Q1 2021May 10, 2021162$482.9MMSFTMDYAMZN–SEC

13D and 13G filings

Companies where Exchange Capital Management, Inc. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Exchange Capital Management, Inc. does not currently report owning 5% or more of any company.

Latest filings

1 filing on file made by Exchange Capital Management, Inc. or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Exchange Capital Management, Inc.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
WisdomTree TrustFeb 5, 20214:23 PM ET13GOld format–New–SEC