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Livermore
Livermore
ZHEN

CWM, LLC

SEC CIK
0001535847
Latest filing
May 14, 2026

The latest 13F from CWM, LLC covers Q1 2026 (filed May 14, 2026): 5,645 long positions worth $38.0B. The top 10 holdings make up 17.7% of the portfolio, and the largest is iShares Core S&P 500 ETF at 2.4%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q1 2026

Share counts compared with Q4 2025: 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
272
Est. +$1.00B
Added
3093
Est. +$3.48B
Reduced
1695
Est. −$2.68B
Sold out
185
Est. −$56.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    2.4%$910.9M
  2. State Street SPDR Portfolio S&P 500 ETF78464A854
    2.3%$861.5M
  3. iShares Tr46434V613
    2.1%$813.7M
  4. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    2.1%$807.2M
  5. AAPLApple Inc.
    1.8%$693.1MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. BlackRock ETF Trust09290C764
    +$521.1MNew
  2. SPDR Series Trust78464A672
    +$188.0MAdded
  3. iShares U.S. Treasury Bond ETF46429B267
    +$148.4MAdded
  4. BlackRock ETF Trust09290C699
    +$139.1MNew
  5. BlackRock ETF Trust09290C855
    +$138.9MNew

Largest weight increases

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

  1. BlackRock ETF Trust09290C764
    +1.37 pp0.0% → 1.4%
  2. SPDR Series Trust78464A672
    +0.48 pp0.5% → 1.0%
  3. iShares U.S. Treasury Bond ETF46429B267
    +0.39 pp0.1% → 0.5%
  4. BlackRock ETF Trust09290C699
    +0.37 pp0.0% → 0.4%
  5. BlackRock ETF Trust09290C855
    +0.37 pp0.0% → 0.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares S&P 100 ETF464287101
    −$329.2MReduced
  2. iShares Tr464288877
    −$183.9MReduced
  3. iShares Core MSCI Emerging Markets ETF46434G103
    −$170.4MReduced
  4. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    −$107.4MReduced
  5. IAUiShares Gold Trust
    −$104.7MReducedHistory

Largest weight decreases

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

  1. iShares S&P 100 ETF464287101
    −0.98 pp1.1% → 0.1%
  2. iShares Tr464288877
    −0.47 pp1.1% → 0.6%
  3. iShares Core MSCI Emerging Markets ETF46434G103
    −0.44 pp1.0% → 0.6%
  4. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    −0.33 pp1.3% → 0.9%
  5. iShares Core S&P 500 ETF464287200
    −0.27 pp2.7% → 2.4%

Metrics

13F metrics for Q1 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$38.0B
+$1.13B (+3.1%) vs. prior quarter
Positions
5,645
+87 vs. prior quarter
Top 10 concentration
17.7%
Top 10 as share of value
Turnover
7.3%
Q1 2026, one quarter
Average holding period
16.0 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

20 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $38.0B (Q1 2026)

Q1 2021: $12.5BQ2 2021: $12.5BQ4 2021: $14.2BQ1 2022: $14.1BQ2 2022: $12.9BQ3 2022: $12.6BQ4 2022: $13.6BQ1 2023: $14.8BQ2 2023: $16.2BQ3 2023: $16.3BQ4 2023: $18.6BQ1 2024: $20.6BQ2 2024: $21.2BQ3 2024: $23.2BQ4 2024: $24.1BQ1 2025: $25.1BQ2 2025: $28.4BQ3 2025: $33.2BQ4 2025: $36.9BQ1 2026: $38.0B
Q1 2021Q1 2026
13F filings of CWM, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2026May 14, 20265,645$38.0BiShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 ETFiShares Trvs. Q4 2025SEC
Q4 2025Jan 26, 20265,558$36.9BiShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 ETFiShares Trvs. Q3 2025SEC
Q3 2025Oct 15, 20255,478$33.2BiShares Core S&P 500 ETFiShares TrState Street SPDR Portfolio S&P 500 ETFvs. Q2 2025SEC
Q2 2025Jul 25, 20255,236$28.4BiShares TriShares Core S&P 500 ETFState Street SPDR Portfolio S&P 500 ETFvs. Q1 2025SEC
Q1 2025May 1, 20255,198$25.1BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2024SEC
Q4 2024Feb 4, 20255,110$24.1BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q3 2024SEC
Q3 2024Oct 8, 20245,078$23.2BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q2 2024SEC
Q2 2024Jul 10, 20244,958$21.2BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q1 2024SEC
Q1 2024Apr 5, 20244,757$20.6BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2023SEC
Q4 2023Feb 1, 20244,369$18.6BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q3 2023SEC
Q3 2023Oct 11, 20234,443$16.3BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q2 2023SEC
Q2 2023Aug 3, 20234,401$16.2BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q1 2023SEC
Q1 2023May 1, 20234,277$14.8BiShares Core S&P 500 ETFiShares TriShares MSCI USA Quality Factor ETFvs. Q4 2022SEC
Q4 2022Feb 1, 20234,212$13.6BiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2022SEC
Q3 2022Oct 27, 20224,105$12.6BiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2022SEC
Q2 2022Jul 28, 20224,005$12.9BiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2022SEC
Q1 2022Apr 21, 20223,652$14.1BiShares Core S&P 500 ETFiShares TriShares Trvs. Q4 2021SEC
Q4 2021Jan 31, 20223,701$14.2BiShares Core S&P 500 ETFiShares TriShares U.S. Treasury Bond ETF–SEC
Q2 2021Sep 15, 2021Amended3,008$12.5BiShares Core S&P 500 ETFiShares TriShares U.S. Treasury Bond ETFvs. Q1 2021SEC
Q1 2021Sep 15, 2021Amended3,008$12.5BiShares Core S&P 500 ETFiShares TriShares U.S. Treasury Bond ETF–SEC