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Livermore
Livermore
ZHEN

Nepc LLC

SEC CIK
0001424799
Latest filing
Aug 14, 2026

The latest 13F from Nepc LLC covers Q2 2026 (filed Aug 14, 2026): 53 long positions worth $5.36B. The top 10 holdings make up 75.1% of the portfolio, and the largest is Vanguard S&P 500 ETF at 12.1%. Livermore has 24 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. +$278.3K
Added
16
Est. +$224.8M
Reduced
16
Est. −$84.5M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    12.1%$646.9M
  2. Vanguard Intermediate-Term Corporate Bond ETF92206C870
    11.4%$613.2M
  3. Vanguard Scottsdale FDS92206C706
    9.3%$499.9M
  4. Vanguard Scottsdale FDS92206C409
    9.2%$494.3M
  5. Vanguard Long-Term Treasury ETF92206C847
    9.1%$488.9M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Intermediate-Term Corporate Bond ETF92206C870
    +$85.0MAdded
  2. SPDR Series Trust78464A144
    +$27.4MAdded
  3. Vanguard Long-Term Treasury ETF92206C847
    +$25.3MAdded
  4. Vanguard Scottsdale FDS92206C573
    +$20.0MAdded
  5. Vanguard Scottsdale FDS92206C706
    +$19.9MAdded

Largest weight increases

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

  1. Vanguard Intermediate-Term Corporate Bond ETF92206C870
    +0.92 pp10.5% → 11.4%
  2. SPDR Series Trust78464A144
    +0.49 pp0.4% → 0.9%
  3. SPDR Series Trust78468R606
    +0.18 pp0.2% → 0.3%
  4. GLDMWorld Gold Trust
    +0.03 pp1.0% → 1.0%History
  5. iShares Core MSCI Emerging Markets ETF46434G103
    +0.03 pp0.3% → 0.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard S&P 500 ETF922908363
    −$24.9MReduced
  2. Vanguard Ftse Developed Markets ETF921943858
    −$13.4MReduced
  3. Vanguard Total World Stock ETF922042742
    −$12.7MReduced
  4. Vanguard Morningstar Value ETF922908744
    −$12.3MReduced
  5. Vanguard Index FDS922908652
    −$5.28MReduced

Largest weight decreases

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

  1. Vanguard Malvern FDS922020748
    −0.28 pp3.6% → 3.3%
  2. Vanguard Morningstar Value ETF922908744
    −0.12 pp2.8% → 2.6%
  3. Vanguard Total World Stock ETF922042742
    −0.08 pp2.4% → 2.3%
  4. SPYSPDR S&P 500 ETF Trust
    −0.05 pp0.5% → 0.5%History
  5. iShares Tr46434V803
    −0.03 pp0.2% → 0.2%

Metrics

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

Portfolio value
$5.36B
+$335.4M (+6.7%) vs. prior quarter
Positions
53
+2 vs. prior quarter
Top 10 concentration
75.1%
Top 10 as share of value
Turnover
1.6%
Q2 2026, one quarter
Average holding period
14.1 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 $5.36B (Q2 2026)

Q1 2021: $268.6MQ2 2021: $712.1MQ3 2021: $340.8MQ4 2021: $176.5MQ1 2022: $147.8MQ2 2022: $698.8MQ3 2022: $739.1MQ4 2022: $418.7MQ1 2023: $329.1MQ2 2023: $847.2MQ3 2023: $1.56BQ4 2023: $1.81BQ1 2024: $2.91BQ2 2024: $3.03BQ3 2024: $3.32BQ4 2024: $3.73BQ1 2025: $3.61BQ2 2025: $3.95BQ3 2025: $3.80BQ4 2025: $4.69BQ1 2026: $5.02BQ2 2026: $5.36B
Q1 2021Q2 2026
13F filings of Nepc LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202653$5.36BVanguard S&P 500 ETFVanguard Intermediate-Term Corporate Bond ETFVanguard Scottsdale FDSvs. Q1 2026SEC
Q1 2026May 15, 202651$5.02BVanguard S&P 500 ETFVanguard Intermediate-Term Corporate Bond ETFVanguard Scottsdale FDSvs. Q4 2025SEC
Q4 2025Feb 17, 202651$4.69BVanguard S&P 500 ETFVanguard Intermediate-Term Corporate Bond ETFVanguard Scottsdale FDSvs. Q3 2025SEC
Q3 2025Nov 14, 202549$3.80BVanguard S&P 500 ETFVanguard Scottsdale FDSVanguard Long-Term Treasury ETFvs. Q2 2025SEC
Q2 2025Oct 31, 2025Amended50$3.95BVanguard S&P 500 ETFVanguard Scottsdale FDSVanguard Scottsdale FDSvs. Q1 2025SECSEC
Q1 2025May 20, 2025Amended47$3.61BVanguard S&P 500 ETFVanguard Scottsdale FDSVanguard Scottsdale FDSvs. Q4 2024SECSEC
Q4 2024Feb 14, 202547$3.73BVanguard Scottsdale FDSVanguard S&P 500 ETFVanguard Long-Term Treasury ETFvs. Q3 2024SEC
Q3 2024Nov 14, 202441$3.32BVanguard Scottsdale FDSVanguard Scottsdale FDSVanguard S&P 500 ETFvs. Q2 2024SEC
Q2 2024Aug 14, 202441$3.03BVanguard Scottsdale FDSVanguard Scottsdale FDSVanguard Intermediate-Term Corporate Bond ETFvs. Q1 2024SEC
Q1 2024May 15, 202440$2.91BVanguard Scottsdale FDSVanguard Scottsdale FDSVanguard Intermediate-Term Corporate Bond ETFvs. Q4 2023SEC
Q4 2023Feb 14, 202438$1.81BVanguard Scottsdale FDSVanguard Scottsdale FDSVanguard Intermediate-Term Corporate Bond ETFvs. Q3 2023SEC
Q3 2023Mar 8, 202442$1.56BVanguard Scottsdale FDSVanguard Scottsdale FDSVanguard Intermediate-Term Corporate Bond ETFvs. Q2 2023SEC
Q2 2023Mar 8, 202439$847.2MiShares Core U.S. Aggregate Bond ETFVanguard S&P 500 ETFiShares Core MSCI Eafe ETFvs. Q1 2023SEC
Q1 2023Mar 8, 202424$329.1MVanguard Scottsdale FDSVanguard Scottsdale FDSSPYvs. Q4 2022SEC
Q4 2022Mar 8, 202427$418.7MVanguard Scottsdale FDSVanguard Scottsdale FDSVanguard Short-Term Bond ETFvs. Q3 2022SEC
Q3 2022Mar 8, 202427$739.1MVanguard Scottsdale FDSVanguard Scottsdale FDSVanguard Short-Term Bond ETFvs. Q2 2022SEC
Q2 2022Mar 8, 202431$698.8MVanguard Scottsdale FDSVanguard Scottsdale FDSSPYvs. Q1 2022SEC
Q1 2022Mar 8, 202431$147.8MVanguard Real Estate ETFSPYVanguard Ftse Emerging Markets ETFvs. Q4 2021SEC
Q4 2021Mar 8, 202434$176.5MSPYiShares MSCI Eafe ETFVanguard Short-Term Bond ETFvs. Q3 2021SEC
Q3 2021Mar 8, 202448$340.8MVanguard S&P 500 ETFSPYVanguard Short-Term Bond ETFvs. Q2 2021SEC
Q2 2021Mar 8, 202469$712.1MiShares Core U.S. Aggregate Bond ETFVanguard Short-Term Bond ETFVanguard Morningstar Large-Cap ETFvs. Q1 2021SEC
Q1 2021Mar 8, 202437$268.6MVanguard Total World Stock ETFVanguard Short-Term Bond ETFVanguard S&P 500 ETF–SEC