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Livermore
Livermore
ZHEN

Angeles Investment Advisors, LLC

SEC CIK
0001535695
Latest filing
Jul 22, 2026

The latest 13F from Angeles Investment Advisors, LLC covers Q2 2026 (filed Jul 22, 2026): 31 long positions worth $1.66B. The top 10 holdings make up 93.2% of the portfolio, and the largest is Vanguard S&P 500 ETF at 55.3%. 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
4
Est. +$52.9M
Added
12
Est. +$156.1M
Reduced
10
Est. −$78.1M
Sold out
4
Est. −$130.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    55.3%$920.1M
  2. Vanguard Star FDS921909768
    14.3%$238.5M
  3. iShares Russell 2000 ETF464287655
    5.1%$84.2M
  4. Engine No 1 ETF Trust29287L106
    4.7%$78.4M
  5. Vanguard Mortgage-Backed Securities ETF92206C771
    3.4%$56.7M

Share of portfolio

Top 5 holdings and the other 26 positions, by share of portfolio value

  1. Vanguard S&P 500 ETF55.3%
  2. Vanguard Star FDS14.3%
  3. iShares Russell 2000 ETF5.1%
  4. Engine No 1 ETF Trust4.7%
  5. Vanguard Mortgage-Backed Securities ETF3.4%
  6. Other 26 positions17.2%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Russell 2000 ETF464287655
    +$69.2MAdded
  2. Vanguard World FD921910816
    +$31.4MAddedConverted for a 5-for-1 split
  3. iShares Core MSCI Emerging Markets ETF46434G103
    +$24.9MAdded
  4. Vanguard High Dividend Yield Index ETF921946406
    +$19.7MNew
  5. Vanguard Total World Stock ETF922042742
    +$16.5MNew

Largest weight increases

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

  1. iShares Russell 2000 ETF464287655
    +4.22 pp0.8% → 5.1%
  2. Vanguard World FD921910816
    +1.89 pp0.1% → 2.0%
  3. iShares Core MSCI Emerging Markets ETF46434G103
    +1.57 pp1.2% → 2.8%
  4. Vanguard High Dividend Yield Index ETF921946406
    +1.18 pp0.0% → 1.2%
  5. Vanguard Total World Stock ETF922042742
    +0.99 pp0.0% → 1.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464288877
    −$56.3MSold out
  2. Vanguard S&P 500 ETF922908363
    −$46.0MReduced
  3. State Street Energy Select Sector SPDR ETF81369Y506
    −$35.8MSold out
  4. American Centy ETF Tr025072802
    −$29.5MSold out
  5. Vanguard Star FDS921909768
    −$13.1MReduced

Largest weight decreases

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

  1. iShares Tr464288877
    −3.78 pp3.8% → 0.0%
  2. State Street Energy Select Sector SPDR ETF81369Y506
    −2.41 pp2.4% → 0.0%
  3. American Centy ETF Tr025072802
    −1.98 pp2.0% → 0.0%
  4. Vanguard S&P 500 ETF922908363
    −1.24 pp56.5% → 55.3%
  5. Vanguard Mortgage-Backed Securities ETF92206C771
    −0.97 pp4.4% → 3.4%

Metrics

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

Portfolio value
$1.66B
+$177.3M (+11.9%) vs. prior quarter
Positions
31
0 vs. prior quarter
Top 10 concentration
93.2%
Top 10 as share of value
Turnover
13.3%
Q2 2026, one quarter
Average holding period
18.2 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 $2.08B (Q4 2024)

Q1 2021: $1.29BQ2 2021: $1.60BQ3 2021: $1.72BQ4 2021: $2.01BQ1 2022: $1.45BQ2 2022: $1.09BQ3 2022: $962.0MQ4 2022: $1.17BQ1 2023: $1.22BQ2 2023: $1.19BQ3 2023: $1.28BQ4 2023: $1.66BQ1 2024: $1.88BQ2 2024: $1.96BQ3 2024: $1.96BQ4 2024: $2.08BQ1 2025: $1.86BQ2 2025: $1.77BQ3 2025: $1.52BQ4 2025: $1.50BQ1 2026: $1.49BQ2 2026: $1.66B
Q1 2021Q2 2026
13F filings of Angeles Investment Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 202631$1.66BVanguard S&P 500 ETFVanguard Star FDSiShares Russell 2000 ETFvs. Q1 2026SEC
Q1 2026Apr 28, 202631$1.49BVanguard S&P 500 ETFVanguard Star FDSVanguard Mortgage-Backed Securities ETFvs. Q4 2025SEC
Q4 2025Feb 17, 202627$1.50BVanguard S&P 500 ETFVanguard Star FDSVanguard Mortgage-Backed Securities ETFvs. Q3 2025SEC
Q3 2025Nov 6, 202530$1.52BVanguard S&P 500 ETFVanguard Star FDSVanguard World FDvs. Q2 2025SEC
Q2 2025Aug 11, 202531$1.77BVanguard S&P 500 ETFVanguard Star FDSVanguard World FDvs. Q1 2025SEC
Q1 2025May 15, 202530$1.86BVanguard S&P 500 ETFVanguard Star FDSVanguard Intl Equity Index Fvs. Q4 2024SEC
Q4 2024Feb 11, 2025195$2.08BVanguard S&P 500 ETFVanguard World FDSPDR Series Trustvs. Q3 2024SEC
Q3 2024Nov 5, 2024217$1.96BVanguard S&P 500 ETFVanguard World FDSPDR Series Trustvs. Q2 2024SEC
Q2 2024Aug 9, 2024212$1.96BVanguard S&P 500 ETFVanguard World FDSPDR Series Trustvs. Q1 2024SEC
Q1 2024May 14, 2024220$1.88BVanguard S&P 500 ETFSPDR Series TrustiShares Incvs. Q4 2023SEC
Q4 2023Feb 13, 2024198$1.66BVanguard S&P 500 ETFSchwab U.S. Large-Cap Growth ETFVanguard Scottsdale FDSvs. Q3 2023SEC
Q3 2023Nov 9, 2023183$1.28BVanguard S&P 500 ETFSchwab U.S. Large-Cap Growth ETFInvesco Exch Traded FD Tr IIvs. Q2 2023SEC
Q2 2023Aug 10, 2023160$1.19BVanguard S&P 500 ETFSchwab U.S. Large-Cap Growth ETFiShares Incvs. Q1 2023SEC
Q1 2023May 15, 2023155$1.22BVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFSchwab U.S. Large-Cap Growth ETFvs. Q4 2022SEC
Q4 2022Feb 14, 2023111$1.17BVanguard Morningstar Value ETFVanguard Ftse Developed Markets ETFVanguard Intl Equity Index Fvs. Q3 2022SEC
Q3 2022Nov 3, 202247$962.0MVanguard S&P 500 ETFVanguard Morningstar Value ETFiShares Core High Dividend ETFvs. Q2 2022SEC
Q2 2022Aug 4, 2022110$1.09BState Street SPDR Portfolio S&P 500 High Dividend ETFVanguard S&P 500 ETFiShares Core High Dividend ETFvs. Q1 2022SEC
Q1 2022May 16, 2022120$1.45BVanguard S&P 500 ETFState Street SPDR Portfolio S&P 500 High Dividend ETFSsga Active ETF Trvs. Q4 2021SEC
Q4 2021Feb 14, 2022216$2.01BVanguard S&P 500 ETFSsga Active ETF TrSPDR Series Trustvs. Q3 2021SEC
Q3 2021Nov 15, 2021241$1.72BVanguard S&P 500 ETFiShares TrSPDR Series Trustvs. Q2 2021SEC
Q2 2021Aug 3, 2021124$1.60BiShares TriShares TrState Street SPDR Portfolio S&P 500 Value ETFvs. Q1 2021SEC
Q1 2021May 17, 2021115$1.29BiShares TrSPDR Series TrustiShares Russell 2000 ETF–SEC