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Livermore
Livermore
ZHEN

Capital Fund Management S.A.

SEC CIK
0001323645
Latest filing
Aug 13, 2026

The latest 13F from Capital Fund Management S.A. covers Q2 2026 (filed Aug 13, 2026): 945 long positions worth $14.0B. The top 10 holdings make up 13.0% of the portfolio, and the largest is Amazon Com Inc (AMZN) at 1.9%. 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
284
Est. +$2.05B
Added
418
Est. +$4.12B
Reduced
243
Est. −$3.82B
Sold out
172
Est. −$1.39B

Top 5 holdings

Share of this quarter's portfolio value

  1. AMZNAmazon Com Inc
    1.9%$258.6MHistory
  2. AMDAdvanced Micro Devices Inc
    1.7%$242.4MHistory
  3. MSFTMicrosoft Corp
    1.7%$240.6MHistory
  4. CCitigroup Inc
    1.5%$213.1MHistory
  5. TSLATesla, Inc.
    1.5%$208.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. SPYSPDR S&P 500 ETF Trust
    +$120.4MNewHistory
  2. CRMSalesforce, Inc.
    +$105.7MAddedHistory
  3. INTCIntel Corp
    +$89.2MAddedHistory
  4. WFCWells Fargo & Company
    +$83.7MNewHistory
  5. MDTMedtronic plc
    +$81.2MAddedHistory

Largest weight increases

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

  1. AMDAdvanced Micro Devices Inc
    +1.23 pp0.5% → 1.7%History
  2. SPYSPDR S&P 500 ETF Trust
    +0.86 pp0.0% → 0.9%History
  3. INTCIntel Corp
    +0.68 pp<0.1% → 0.7%History
  4. CRMSalesforce, Inc.
    +0.65 pp0.3% → 1.0%History
  5. WFCWells Fargo & Company
    +0.60 pp0.0% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MUMicron Technology Inc
    −$441.3MReducedHistory
  2. SNDKSandisk Corp
    −$391.9MReducedHistory
  3. AAPLApple Inc.
    −$303.7MReducedHistory
  4. LLYEli Lilly & Co
    −$209.1MReducedHistory
  5. LRCXLam Research Corp
    −$126.5MReducedHistory

Largest weight decreases

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

  1. AAPLApple Inc.
    −2.40 pp2.5% → 0.1%History
  2. LLYEli Lilly & Co
    −1.43 pp1.6% → 0.1%History
  3. CVXChevron Corp
    −1.24 pp2.0% → 0.7%History
  4. MUMicron Technology Inc
    −0.96 pp1.3% → 0.3%History
  5. BKNGBooking Holdings Inc.
    −0.94 pp1.0% → 0.1%History

Metrics

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

Portfolio value
$14.0B
+$2.79B (+25.0%) vs. prior quarter
Positions
945
+112 vs. prior quarter
Top 10 concentration
13.0%
Top 10 as share of value
Turnover
41.5%
Q2 2026, one quarter
Average holding period
5.4 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 $14.0B (Q2 2026)

Q1 2021: $2.92BQ2 2021: $3.71BQ3 2021: $3.77BQ4 2021: $3.83BQ1 2022: $3.75BQ2 2022: $3.73BQ3 2022: $4.03BQ4 2022: $4.53BQ1 2023: $5.10BQ2 2023: $6.38BQ3 2023: $7.44BQ4 2023: $7.85BQ1 2024: $8.19BQ2 2024: $8.81BQ3 2024: $9.00BQ4 2024: $10.1BQ1 2025: $7.84BQ2 2025: $9.06BQ3 2025: $10.0BQ4 2025: $10.6BQ1 2026: $11.2BQ2 2026: $14.0B
Q1 2021Q2 2026
13F filings of Capital Fund Management S.A. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026945$14.0BAMZNAMDMSFTvs. Q1 2026SEC
Q1 2026May 14, 2026833$11.2BAAPLMSFTTSLAvs. Q4 2025SEC
Q4 2025Feb 17, 2026834$10.6BNVDATSLAAAPLvs. Q3 2025SEC
Q3 2025Nov 13, 2025791$10.0BNVDAAAPLTSLAvs. Q2 2025SEC
Q2 2025Aug 13, 2025834$9.06BNVDAAAPLGOOGLvs. Q1 2025SEC
Q1 2025May 14, 2025744$7.84BBACMETAMRKvs. Q4 2024SEC
Q4 2024Feb 13, 2025746$10.1BTSLABACSPYvs. Q3 2024SEC
Q3 2024Nov 13, 2024672$9.00BVTSMNFLXvs. Q2 2024SEC
Q2 2024Aug 13, 2024622$8.81BVNFLXCOINvs. Q1 2024SEC
Q1 2024May 15, 2024645$8.19BAAPLVLRCXvs. Q4 2023SEC
Q4 2023Feb 14, 2024683$7.85BAAPLGOOGLQCOMvs. Q3 2023SEC
Q3 2023Nov 14, 2023623$7.44BAAPLBACXOMvs. Q2 2023SEC
Q2 2023Aug 14, 2023587$6.38BSPYAAPLGEvs. Q1 2023SEC
Q1 2023May 15, 2023541$5.10BAAPLJNJADBEvs. Q4 2022SEC
Q4 2022Feb 13, 2023518$4.53BGOOGLADBEMETAvs. Q3 2022SEC
Q3 2022Nov 14, 2022548$4.03BGOOGLTSLAMETAvs. Q2 2022SEC
Q2 2022Aug 12, 2022604$3.73BBRK.BINTCBPvs. Q1 2022SEC
Q1 2022May 12, 2022597$3.75BGOOGLAAPLBPvs. Q4 2021SEC
Q4 2021Feb 10, 2022565$3.83BWMTVLOWMvs. Q3 2021SEC
Q3 2021Nov 12, 2021553$3.77BSHOPMETAAMDvs. Q2 2021SEC
Q2 2021Aug 12, 2021573$3.71BSPYWMTTJXvs. Q1 2021SEC
Q1 2021May 14, 2021525$2.92BVAMDF–SEC