Skip to main content
Livermore
Livermore
US stocksTW
ZHEN

Tower Research Capital LLC (TRC)

SEC CIK
0001533421
Latest filing
Aug 11, 2026

The latest 13F from Tower Research Capital LLC (TRC) covers Q2 2026 (filed Aug 11, 2026): 5,180 long positions worth $4.08B. The top 10 holdings make up 19.3% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 4.3%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Full comparison

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.

New
803
Est. +$350.8M
Added
1940
Est. +$1.31B
Reduced
2392
Est. −$2.48B
Sold out
704
Est. −$202.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    4.3%$174.3MHistory
  2. NVDANVIDIA Corp
    2.3%$93.6MHistory
  3. iShares Core S&P 500 ETF464287200
    2.1%$84.0M
  4. AAPLApple Inc.
    1.9%$78.1MHistory
  5. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375
    1.7%$69.7M

Share of portfolio

Top 5 holdings and the other 5,175 positions, by share of portfolio value

  1. SPY4.3%
  2. NVDA2.3%
  3. iShares Core S&P 500 ETF2.1%
  4. AAPL1.9%
  5. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF1.7%
  6. Other 5,175 positions87.8%

Biggest buys

New and added positions, by estimated amount bought

  1. SPYSPDR S&P 500 ETF Trust
    +$133.8MAddedHistory
  2. iShares Core S&P 500 ETF464287200
    +$84.0MNew
  3. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375
    +$44.4MAdded
  4. iShares Tr46436E718
    +$38.1MAdded
  5. iShares Tr464287150
    +$33.1MAdded

Largest weight increases

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

  1. SPYSPDR S&P 500 ETF Trust
    +3.35 pp0.9% → 4.3%History
  2. iShares Core S&P 500 ETF464287200
    +2.06 pp0.0% → 2.1%
  3. State Street SPDR Portfolio Intermediate Term Corporate Bond ETF78464A375
    +1.05 pp0.7% → 1.7%
  4. iShares Tr46436E718
    +0.93 pp0.1% → 1.0%
  5. INTCIntel Corp
    +0.87 pp0.2% → 1.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Direxion Shs ETF Tr25459W458
    −$571.4MReduced
  2. MUMicron Technology Inc
    −$245.6MReducedHistory
  3. Invesco QQQ Trust Series I46090E103
    −$145.9MReduced
  4. AAPLApple Inc.
    −$49.8MReducedHistory
  5. TSLATesla, Inc.
    −$47.2MReducedHistory

Largest weight decreases

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

  1. Invesco QQQ Trust Series I46090E103
    −2.84 pp3.6% → 0.8%
  2. Direxion Shs ETF Tr25459W458
    −1.40 pp3.0% → 1.6%
  3. MSFTMicrosoft Corp
    −1.08 pp2.4% → 1.4%History
  4. TSLATesla, Inc.
    −1.04 pp1.8% → 0.8%History
  5. iShares Core U.S. Aggregate Bond ETF464287226
    −1.01 pp1.0% → <0.1%

Metrics

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

Portfolio value
$4.08B
+$235.7M (+6.1%) vs. prior quarter
Positions
5,180
+99 vs. prior quarter
Top 10 concentration
19.3%
Top 10 as share of value
Turnover
41.9%
Q2 2026, one quarter
Average holding period
15.8 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 $10.5B (Q1 2022)

Q1 2021: $5.94BQ2 2021: $3.84BQ3 2021: $3.92BQ4 2021: $5.78BQ1 2022: $10.5BQ2 2022: $4.46BQ3 2022: $6.16BQ4 2022: $2.41BQ1 2023: $3.14BQ2 2023: $2.99BQ3 2023: $3.20BQ4 2023: $8.10BQ1 2024: $4.15BQ2 2024: $5.92BQ3 2024: $3.78BQ4 2024: $5.04BQ1 2025: $3.36BQ2 2025: $3.71BQ3 2025: $3.62BQ4 2025: $4.13BQ1 2026: $3.85BQ2 2026: $4.08B
Q1 2021Q2 2026
13F filings of Tower Research Capital LLC (TRC) by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 20265,180$4.08BSPYNVDAiShares Core S&P 500 ETFvs. Q1 2026SEC
Q1 2026May 15, 20265,081$3.85BInvesco QQQ Trust Series IDirexion Shs ETF TrAAPLvs. Q4 2025SEC
Q4 2025Feb 17, 20265,114$4.13BAAPLNVDAMSFTvs. Q3 2025SEC
Q3 2025Nov 14, 20255,191$3.62BSPYNVDAMSFTvs. Q2 2025SEC
Q2 2025Aug 15, 20255,239$3.71BSPYMSFTNVDAvs. Q1 2025SEC
Q1 2025May 15, 20255,125$3.36BInvesco QQQ Trust Series IMSFTAAPLvs. Q4 2024SEC
Q4 2024Feb 13, 20255,676$5.04BAAPLMSFTNVDAvs. Q3 2024SEC
Q3 2024Nov 14, 20245,689$3.78BInvesco QQQ Trust Series ISPYSMCIvs. Q2 2024SEC
Q2 2024Aug 13, 20245,664$5.92BMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024May 15, 20245,839$4.15BSPYMSFTNVDAvs. Q4 2023SEC
Q4 2023Feb 13, 20245,915$8.10BAAPLMSFTSPYvs. Q3 2023SEC
Q3 2023Nov 14, 20235,935$3.20BAAPLMSFTAMZNvs. Q2 2023SEC
Q2 2023Aug 14, 20235,996$2.99BSPYAAPLVanguard S&P 500 ETFvs. Q1 2023SEC
Q1 2023May 9, 20236,195$3.14BSPYTSMInvesco QQQ Trust Series Ivs. Q4 2022SEC
Q4 2022Feb 10, 20236,303$2.41BTSMiShares Russell 2000 ETFSPYvs. Q3 2022SEC
Q3 2022Nov 10, 20226,451$6.16BAAPLMSFTSPYvs. Q2 2022SEC
Q2 2022Aug 15, 20226,388$4.46BAAPLMSFTSPYvs. Q1 2022SEC
Q1 2022May 12, 20226,408$10.5BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 14, 20226,449$5.78BAAPLMSFTSPYvs. Q3 2021SEC
Q3 2021Nov 15, 20216,016$3.92BSPYAAPLMSFTvs. Q2 2021SEC
Q2 2021Aug 16, 20215,656$3.84BSPYMSFTAAPLvs. Q1 2021SEC
Q1 2021May 17, 20215,555$5.94BAAPLMSFTAMZN–SEC