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Livermore
Livermore
ZHEN

Smith, Salley & Associates

SEC CIK
0001482012
Latest filing
Jul 23, 2026

The latest 13F from Smith, Salley & Associates covers Q2 2026 (filed Jul 23, 2026): 275 long positions worth $2.30B. The top 10 holdings make up 34.9% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 6.8%. 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
22
Est. +$13.8M
Added
121
Est. +$135.5M
Reduced
84
Est. −$93.6M
Sold out
14
Est. −$39.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    6.8%$155.7MHistory
  2. AAPLApple Inc.
    5.2%$119.2MHistory
  3. GOOGAlphabet Inc.
    4.3%$98.1MHistory
  4. MSFTMicrosoft Corp
    4.0%$90.9MHistory
  5. AMZNAmazon Com Inc
    2.8%$63.4MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. AMDAdvanced Micro Devices Inc
    +$27.8MAddedHistory
  2. APHAmphenol Corp
    +$22.7MAddedHistory
  3. AVGOBroadcom Inc.
    +$14.0MAddedHistory
  4. SPDR Series Trust78468R606
    +$12.5MAdded
  5. iShares Tr464288638
    +$10.7MAdded

Largest weight increases

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

  1. AMDAdvanced Micro Devices Inc
    +1.23 pp<0.1% → 1.3%History
  2. APHAmphenol Corp
    +1.11 pp0.6% → 1.7%History
  3. AVGOBroadcom Inc.
    +0.72 pp2.0% → 2.7%History
  4. ASMLASML Holding NV
    +0.57 pp1.7% → 2.3%History
  5. SPDR Series Trust78468R606
    +0.52 pp0.2% → 0.7%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MRVLMarvell Technology, Inc.
    −$53.9MReducedHistory
  2. XOMExxonMobil Holdings Corp
    −$14.6MSold outHistory
  3. ACNAccenture plc
    −$11.2MSold outHistory
  4. iShares Tr464287432
    −$5.28MSold out
  5. iShares Tr464288588
    −$4.64MReduced

Largest weight decreases

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

  1. XOMExxonMobil Holdings Corp
    −0.73 pp0.7% → 0.0%History
  2. ACNAccenture plc
    −0.56 pp0.6% → 0.0%History
  3. TJXTJX Companies Inc
    −0.42 pp2.3% → 1.8%History
  4. LOWLowes Companies Inc
    −0.32 pp1.6% → 1.3%History
  5. iShares Tr464288588
    −0.31 pp0.8% → 0.5%

Metrics

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

Portfolio value
$2.30B
+$312.8M (+15.7%) vs. prior quarter
Positions
275
+8 vs. prior quarter
Top 10 concentration
34.9%
Top 10 as share of value
Turnover
6.2%
Q2 2026, one quarter
Average holding period
18.4 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 $2.30B (Q2 2026)

Q1 2021: $1.11BQ2 2021: $1.24BQ3 2021: $1.27BQ4 2021: $1.41BQ1 2022: $1.32BQ2 2022: $1.16BQ3 2022: $1.07BQ4 2022: $1.17BQ1 2023: $1.26BQ2 2023: $1.36BQ3 2023: $1.35BQ4 2023: $1.55BQ1 2024: $1.29BQ2 2024: $1.39BQ3 2024: $1.53BQ4 2024: $1.56BQ1 2025: $1.53BQ2 2025: $1.73BQ3 2025: $1.94BQ4 2025: $2.02BQ1 2026: $1.99BQ2 2026: $2.30B
Q1 2021Q2 2026
13F filings of Smith, Salley & Associates by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 23, 2026275$2.30BNVDAAAPLGOOGvs. Q1 2026SEC
Q1 2026Apr 16, 2026267$1.99BNVDAAAPLMSFTvs. Q4 2025SEC
Q4 2025Jan 27, 2026264$2.02BNVDAMSFTAAPLvs. Q3 2025SEC
Q3 2025Oct 20, 2025263$1.94BNVDAMSFTAAPLvs. Q2 2025SEC
Q2 2025Jul 17, 2025255$1.73BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025Apr 25, 2025244$1.53BAAPLMSFTNVDAvs. Q4 2024SEC
Q4 2024Jan 15, 2025245$1.56BAAPLMSFTNVDAvs. Q3 2024SEC
Q3 2024Oct 24, 2024235$1.53BMSFTAAPLNVDAvs. Q2 2024SEC
Q2 2024Jul 29, 2024225$1.39BMSFTNVDAAAPLvs. Q1 2024SEC
Q1 2024May 2, 2024222$1.29BMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Jan 24, 2024242$1.55BMSFTAAPLBRK.Bvs. Q3 2023SEC
Q3 2023Oct 27, 2023229$1.35BMSFTAAPLBRK.Bvs. Q2 2023SEC
Q2 2023Aug 4, 2023226$1.36BMSFTAAPLBRK.Bvs. Q1 2023SEC
Q1 2023May 3, 2023226$1.26BMSFTAAPLBRK.Bvs. Q4 2022SEC
Q4 2022Feb 3, 2023223$1.17BMSFTAAPLBRK.Bvs. Q3 2022SEC
Q3 2022Nov 1, 2022215$1.07BMSFTAAPLBRK.Bvs. Q2 2022SEC
Q2 2022Aug 1, 2022228$1.16BMSFTAAPLBRK.Bvs. Q1 2022SEC
Q1 2022May 10, 2022239$1.32BMSFTAAPLAMZNvs. Q4 2021SEC
Q4 2021Feb 10, 2022253$1.41BMSFTAAPLAMZNvs. Q3 2021SEC
Q3 2021Nov 5, 2021252$1.27BMSFTAAPLAMZNvs. Q2 2021SEC
Q2 2021Aug 9, 2021249$1.24BMSFTAAPLAMZNvs. Q1 2021SEC
Q1 2021Apr 30, 2021230$1.11BMSFTAAPLAMZN–SEC