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Livermore
Livermore
ZHEN

Cardinal Capital Management

SEC CIK
0001434845
Latest filing
Jul 21, 2026

The latest 13F from Cardinal Capital Management covers Q2 2026 (filed Jul 21, 2026): 138 long positions worth $826.3M. The top 10 holdings make up 26.8% of the portfolio, and the largest is Eli Lilly & Co (LLY) at 3.8%. Livermore has 26 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
6
Est. +$6.98M
Added
74
Est. +$9.64M
Reduced
57
Est. −$18.1M
Sold out
4
Est. −$8.90M

Top 5 holdings

Share of this quarter's portfolio value

  1. LLYEli Lilly & Co
    3.8%$31.8MHistory
  2. JNJJohnson & Johnson
    3.5%$29.2MHistory
  3. AAPLApple Inc.
    3.0%$25.0MHistory
  4. GOOGLAlphabet Inc.
    2.7%$22.7MHistory
  5. BNYBank of New York Mellon Corp
    2.4%$19.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. ITGartner Inc
    +$2.13MAddedHistory
  2. CALMCal-Maine Foods Inc
    +$1.92MNewHistory
  3. RCIRogers Communications Inc
    +$1.92MNewHistory
  4. FDXFFedEx Freight Holding Company, Inc.
    +$1.36MNewHistory
  5. AMCRAmcor plc
    +$1.11MNewHistory

Largest weight increases

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

  1. SYNASYNAPTICS Inc
    +0.30 pp0.4% → 0.7%History
  2. FFIVF5, Inc.
    +0.25 pp0.7% → 1.0%History
  3. ITGartner Inc
    +0.25 pp<0.1% → 0.3%History
  4. CALMCal-Maine Foods Inc
    +0.23 pp0.0% → 0.2%History
  5. RCIRogers Communications Inc
    +0.23 pp0.0% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GISGeneral Mills Inc
    −$5.11MReducedHistory
  2. AGXArgan Inc
    −$5.09MReducedHistory
  3. MASIMasimo Corp
    −$3.94MSold outHistory
  4. SAMBoston Beer Co Inc
    −$2.62MSold outHistory
  5. KEYSKeysight Technologies, Inc.
    −$2.22MReducedHistory

Largest weight decreases

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

  1. GISGeneral Mills Inc
    −0.76 pp1.2% → 0.4%History
  2. XOMExxonMobil Holdings Corp
    −0.62 pp2.5% → 1.9%History
  3. MASIMasimo Corp
    −0.51 pp0.5% → 0.0%History
  4. WMTWalmart Inc.
    −0.38 pp2.5% → 2.1%History
  5. SAMBoston Beer Co Inc
    −0.34 pp0.3% → 0.0%History

Metrics

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

Portfolio value
$826.3M
+$50.7M (+6.5%) vs. prior quarter
Positions
138
+2 vs. prior quarter
Top 10 concentration
26.8%
Top 10 as share of value
Turnover
2.1%
Q2 2026, one quarter
Average holding period
20.4 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 $826.3M (Q2 2026)

Q1 2021: $453.5MQ2 2021: $473.7MQ3 2021: $461.9MQ4 2021: $505.0MQ1 2022: $494.3MQ2 2022: $437.0MQ3 2022: $422.5MQ4 2022: $469.8MQ1 2023: $482.0MQ2 2023: $496.6MQ3 2023: $491.3MQ4 2023: $528.1MQ1 2024: $614.6MQ2 2024: $593.7MQ3 2024: $642.8MQ4 2024: $637.7MQ1 2025: $645.7MQ2 2025: $681.4MQ3 2025: $723.4MQ4 2025: $755.0MQ1 2026: $775.6MQ2 2026: $826.3M
Q1 2021Q2 2026
13F filings of Cardinal Capital Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 2026138$826.3MLLYJNJAAPLvs. Q1 2026SEC
Q1 2026Apr 8, 2026136$775.6MJNJLLYAAPLvs. Q4 2025SEC
Q4 2025Jan 30, 2026133$755.0MLLYJNJMSFTvs. Q3 2025SEC
Q3 2025Oct 23, 2025131$723.4MMSFTAAPLJNJvs. Q2 2025SEC
Q2 2025Jul 15, 2025128$681.4MMSFTLLYCOSTvs. Q1 2025SEC
Q1 2025Apr 18, 2025132$645.7MLLYCOSTMSFTvs. Q4 2024SEC
Q4 2024Jan 31, 2025131$637.7MLLYMSFTAAPLvs. Q3 2024SEC
Q3 2024Oct 16, 2024130$642.8MLLYMSFTAAPLvs. Q2 2024SEC
Q2 2024Jul 12, 2024134$593.7MLLYMSFTCOSTvs. Q1 2024SEC
Q1 2024Jul 12, 2024Amended139$614.6MLLYMSFTJNJvs. Q4 2023SEC
Q4 2023Jul 12, 2024Amended135$528.1MLLYMSFTJNJvs. Q3 2023SEC
Q3 2023Jul 12, 2024Amended138$491.3MLLYMSFTJNJvs. Q2 2023SEC
Q2 2023Jul 12, 2024Amended137$496.6MMSFTLLYJNJvs. Q1 2023SEC
Q1 2023Apr 19, 2023138$482.0MJNJMSFTLLYvs. Q4 2022SEC
Q4 2022Jan 23, 2023138$469.8MJNJLLYMSFTvs. Q3 2022SEC
Q3 2022Oct 24, 2022141$422.5MJNJLLYMSFTvs. Q2 2022SEC
Q2 2022Aug 4, 2022140$437.0MJNJMSFTLLYvs. Q1 2022SEC
Q1 2022Apr 21, 2022143$494.3MJNJMSFTAAPLvs. Q4 2021SEC
Q4 2021Jan 18, 2022141$505.0MMSFTJNJAAPLvs. Q3 2021SEC
Q3 2021Oct 21, 2021142$461.9MMSFTJNJAAPLvs. Q2 2021SEC
Q2 2021Jul 14, 2021141$473.7MJNJMSFTAAPLvs. Q1 2021SEC
Q1 2021Apr 19, 2021140$453.5MJNJMSFTDE–SEC