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Livermore
Livermore
ZHEN

Focused Investors LLC

SEC CIK
0001426398
Latest filing
Jul 28, 2026

The latest 13F from Focused Investors LLC covers Q2 2026 (filed Jul 28, 2026): 23 long positions worth $2.96B. The top 10 holdings make up 62.0% of the portfolio, and the largest is Goldman Sachs Group Inc (GS) at 8.3%. 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
2
Est. +$128.7M
Added
0
Reduced
21
Est. −$302.0M
Sold out
1
Est. −$107.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. GSGoldman Sachs Group Inc
    8.3%$246.8MHistory
  2. MSMorgan Stanley
    7.8%$230.8MHistory
  3. JNJJohnson & Johnson
    7.3%$215.3MHistory
  4. UNHUnitedHealth Group Inc
    6.2%$184.3MHistory
  5. ELVElevance Health, Inc.
    6.0%$178.5MHistory

Share of portfolio

Top 5 holdings and the other 18 positions, by share of portfolio value

  1. GS8.3%
  2. MS7.8%
  3. JNJ7.3%
  4. UNH6.2%
  5. ELV6.0%
  6. Other 18 positions64.4%

Biggest buys

New and added positions, by estimated amount bought

  1. MRSHMarsh & McLennan Companies, Inc.
    +$67.4MNewHistory
  2. ACNAccenture plc
    +$61.3MNewHistory

Largest weight increases

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

  1. MRSHMarsh & McLennan Companies, Inc.
    +2.27 pp0.0% → 2.3%History
  2. ACNAccenture plc
    +2.07 pp0.0% → 2.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. RTXRTX Corp
    −$107.1MSold outHistory
  2. GSGoldman Sachs Group Inc
    −$27.4MReducedHistory
  3. MSMorgan Stanley
    −$26.0MReducedHistory
  4. JNJJohnson & Johnson
    −$22.4MReducedHistory
  5. CICigna Group
    −$19.9MReducedHistory

Largest weight decreases

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

  1. RTXRTX Corp
    −3.48 pp3.5% → 0.0%History
  2. NOCNorthrop Grumman Corp
    −1.18 pp3.9% → 2.8%History
  3. PEPPepsiCo Inc
    −0.97 pp5.4% → 4.4%History
  4. FDXFedEx Corp
    −0.94 pp5.4% → 4.5%History
  5. MCDMcDonalds Corp
    −0.76 pp4.1% → 3.4%History

Metrics

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

Portfolio value
$2.96B
−$112.6M (−3.7%) vs. prior quarter
Positions
23
+1 vs. prior quarter
Top 10 concentration
62.0%
Top 10 as share of value
Turnover
4.3%
Q2 2026, one quarter
Average holding period
19.4 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 $3.29B (Q3 2024)

Q1 2021: $2.89BQ2 2021: $3.14BQ3 2021: $3.00BQ4 2021: $3.27BQ1 2022: $3.14BQ2 2022: $2.91BQ3 2022: $2.79BQ4 2022: $3.10BQ1 2023: $2.90BQ2 2023: $2.98BQ3 2023: $2.81BQ4 2023: $3.09BQ1 2024: $3.19BQ2 2024: $3.08BQ3 2024: $3.29BQ4 2024: $3.17BQ1 2025: $3.11BQ2 2025: $3.06BQ3 2025: $3.27BQ4 2025: $3.14BQ1 2026: $3.08BQ2 2026: $2.96B
Q1 2021Q2 2026
13F filings of Focused Investors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 28, 202623$2.96BGSMSJNJvs. Q1 2026SEC
Q1 2026Apr 16, 202622$3.08BGSJNJMSvs. Q4 2025SEC
Q4 2025Jan 27, 202622$3.14BGSMSJNJvs. Q3 2025SEC
Q3 2025Oct 28, 202523$3.27BGSCIMSvs. Q2 2025SEC
Q2 2025Jul 23, 202523$3.06BFISVELVORCLvs. Q1 2025SEC
Q1 2025May 1, 202524$3.11BFISVELVUNHvs. Q4 2024SEC
Q4 2024Feb 11, 202524$3.17BFISVUNHELVvs. Q3 2024SEC
Q3 2024Nov 6, 202423$3.29BELVUNHFISVvs. Q2 2024SEC
Q2 2024Jul 30, 202423$3.08BELVUNHMSFTvs. Q1 2024SEC
Q1 2024May 14, 202423$3.19BELVCIMSFTvs. Q4 2023SEC
Q4 2023Jan 25, 202423$3.09BELVMSFTUNHvs. Q3 2023SEC
Q3 2023Oct 19, 202323$2.81BJNJELVUNHvs. Q2 2023SEC
Q2 2023Jul 25, 202323$2.98BJNJMSFTELVvs. Q1 2023SEC
Q1 2023Apr 26, 202323$2.90BELVJNJUNHvs. Q4 2022SEC
Q4 2022Jan 25, 202323$3.10BELVJNJUNHvs. Q3 2022SEC
Q3 2022Oct 14, 202223$2.79BELVJNJUNHvs. Q2 2022SEC
Q2 2022Aug 1, 202223$2.91BELVJNJUNHvs. Q1 2022SEC
Q1 2022Apr 20, 202223$3.14BUNHELVJNJvs. Q4 2021SEC
Q4 2021Feb 7, 202224$3.27BUNHELVJNJvs. Q3 2021SEC
Q3 2021Oct 27, 202124$3.00BJNJMSMSFTvs. Q2 2021SEC
Q2 2021Aug 3, 202123$3.14BJNJTGTUNHvs. Q1 2021SEC
Q1 2021Apr 26, 202123$2.89BJNJUNHELV–SEC