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Livermore
Livermore
ZHEN

Annex Advisory Services, LLC

SEC CIK
0001542287
Latest filing
Jul 10, 2026

The latest 13F from Annex Advisory Services, LLC covers Q2 2026 (filed Jul 10, 2026): 356 long positions worth $5.86B. The top 10 holdings make up 37.8% of the portfolio, and the largest is Victory Portfolios II at 7.0%. 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
27
Est. +$184.9M
Added
135
Est. +$623.8M
Reduced
182
Est. −$814.9M
Sold out
45
Est. −$30.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. Victory Portfolios II92647X863
    7.0%$410.8M
  2. Goldman Sachs ETF Tr381430107
    4.8%$282.7M
  3. American Centy ETF Tr025072885
    4.4%$259.4M
  4. Alps ETF Tr00162Q346
    4.1%$237.8M
  5. Dimensional ETF Trust25434V104
    3.8%$225.3M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr46434V282
    +$111.8MAdded
  2. Vanguard Long-Term Treasury ETF92206C847
    +$89.1MAdded
  3. State Street SPDR S&P Homebuilders ETF78464A888
    +$66.3MNew
  4. DEDeere & Co
    +$36.6MAddedHistory
  5. TPLTexas Pacific Land Corp
    +$34.3MAddedHistory

Largest weight increases

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

  1. iShares Tr46434V282
    +1.98 pp1.7% → 3.7%
  2. Vanguard Long-Term Treasury ETF92206C847
    +1.52 pp<0.1% → 1.5%
  3. State Street SPDR S&P Homebuilders ETF78464A888
    +1.13 pp0.0% → 1.1%
  4. Dimensional ETF Trust25434V104
    +0.71 pp3.1% → 3.8%
  5. DEDeere & Co
    +0.62 pp<0.1% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464287572
    −$158.0MReduced
  2. iShares Tr46435G474
    −$82.0MReduced
  3. SPOTSpotify Technology S.A.
    −$51.9MReducedHistory
  4. MEDPMedpace Holdings, Inc.
    −$48.6MReducedHistory
  5. HOODRobinhood Markets, Inc.
    −$44.0MReducedHistory

Largest weight decreases

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

  1. iShares Tr464287572
    −2.61 pp2.9% → 0.3%
  2. iShares Tr46435G474
    −1.51 pp1.5% → <0.1%
  3. SPOTSpotify Technology S.A.
    −1.03 pp1.1% → <0.1%History
  4. MEDPMedpace Holdings, Inc.
    −0.83 pp0.9% → <0.1%History
  5. MELIMercadolibre Inc
    −0.64 pp0.7% → <0.1%History

Metrics

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

Portfolio value
$5.86B
+$521.6M (+9.8%) vs. prior quarter
Positions
356
−18 vs. prior quarter
Top 10 concentration
37.8%
Top 10 as share of value
Turnover
14.4%
Q2 2026, one quarter
Average holding period
10.2 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 $5.86B (Q2 2026)

Q1 2021: $1.04BQ2 2021: $1.23BQ3 2021: $1.22BQ4 2021: $1.46BQ1 2022: $1.37BQ2 2022: $1.38BQ3 2022: $1.48BQ4 2022: $1.78BQ1 2023: $1.87BQ2 2023: $1.80BQ3 2023: $1.65BQ4 2023: $2.40BQ1 2024: $2.82BQ2 2024: $2.84BQ3 2024: $3.13BQ4 2024: $3.32BQ1 2025: $3.53BQ2 2025: $4.15BQ3 2025: $4.70BQ4 2025: $5.24BQ1 2026: $5.34BQ2 2026: $5.86B
Q1 2021Q2 2026
13F filings of Annex Advisory Services, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 10, 2026356$5.86BVictory Portfolios IIGoldman Sachs ETF TrAmerican Centy ETF Trvs. Q1 2026SEC
Q1 2026Apr 16, 2026374$5.34BVictory Portfolios IIGoldman Sachs ETF TrAmerican Centy ETF Trvs. Q4 2025SEC
Q4 2025Jan 26, 2026357$5.24BVictory Portfolios IIAmerican Centy ETF TrAlps ETF Trvs. Q3 2025SEC
Q3 2025Oct 17, 2025314$4.70BVictory Portfolios IIAmerican Centy ETF TrAmerican Centy ETF Trvs. Q2 2025SEC
Q2 2025Jul 11, 2025321$4.15BVictory Portfolios IIAmerican Centy ETF TrVictory Portfolios IIvs. Q1 2025SEC
Q1 2025Apr 11, 2025309$3.53BAmerican Centy ETF TrAmerican Centy ETF TrJanus Detroit STR Trvs. Q4 2024SEC
Q4 2024Jan 16, 2025309$3.32BAmerican Centy ETF TrAmerican Centy ETF TrVanguard Long-Term Treasury ETFvs. Q3 2024SEC
Q3 2024Oct 10, 2024286$3.13BAmerican Centy ETF TrAmerican Centy ETF TrWisdomTree Trvs. Q2 2024SEC
Q2 2024Jul 12, 2024283$2.84BAmerican Centy ETF TrAmerican Centy ETF TriShares Trvs. Q1 2024SEC
Q1 2024Apr 12, 2024285$2.82BAmerican Centy ETF TrJ P Morgan Exchange Traded FiShares Trvs. Q4 2023SEC
Q4 2023Feb 13, 2024266$2.40BiShares TrPacer US Cash Cows 100 ETFAmerican Centy ETF Trvs. Q3 2023SEC
Q3 2023Nov 1, 2023254$1.65BiShares Core S&P Small Cap ETFiShares TrVanguard Morningstar Total Stock Market ETFvs. Q2 2023SEC
Q2 2023Jul 24, 2023250$1.80BVanguard Morningstar Total Stock Market ETFiShares Core S&P Small Cap ETFPacer US Cash Cows 100 ETFvs. Q1 2023SEC
Q1 2023Apr 27, 2023243$1.87BVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap ETFPacer US Cash Cows 100 ETFvs. Q4 2022SEC
Q4 2022Jan 30, 2023252$1.78BVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap ETFPacer US Cash Cows 100 ETFvs. Q3 2022SEC
Q3 2022Oct 24, 2022238$1.48BVanguard Morningstar Small-Cap ETFPacer US Cash Cows 100 ETFVanguard Morningstar Total Stock Market ETFvs. Q2 2022SEC
Q2 2022Jul 27, 2022256$1.38BVanguard Morningstar Total Stock Market ETFVanguard Morningstar Small-Cap ETFVanguard Information Technology ETFvs. Q1 2022SEC
Q1 2022Apr 13, 2022250$1.37BVanguard Morningstar Total Stock Market ETFVanguard Information Technology ETFSPDR Series Trustvs. Q4 2021SEC
Q4 2021Jan 31, 2022250$1.46BVanguard Morningstar Total Stock Market ETFVanguard Information Technology ETFSPDR Series Trustvs. Q3 2021SEC
Q3 2021Oct 18, 2021213$1.22BVanguard Morningstar Total Stock Market ETFiShares TrSPDR Series Trustvs. Q2 2021SEC
Q2 2021Jul 29, 2021218$1.23BVanguard Morningstar Total Stock Market ETFSPDR Series TrustVanguard Information Technology ETFvs. Q1 2021SEC
Q1 2021Apr 22, 2021202$1.04BSPDR Series TrustVanguard Information Technology ETFVanguard Morningstar Total Stock Market ETF–SEC