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Livermore
Livermore
ZHEN

Utah Retirement Systems

SEC CIK
0001548392
Latest filing
Aug 14, 2026

The latest 13F from Utah Retirement Systems covers Q2 2026 (filed Aug 14, 2026): 1,027 long positions worth $10.5B. The top 10 holdings make up 33.5% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 6.7%. 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
84
Est. +$72.3M
Added
33
Est. +$16.7M
Reduced
771
Est. −$745.9M
Sold out
31
Est. −$42.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    6.7%$708.7MHistory
  2. AAPLApple Inc.
    6.0%$635.2MHistory
  3. MSFTMicrosoft Corp
    4.0%$420.8MHistory
  4. AMZNAmazon Com Inc
    3.3%$351.0MHistory
  5. GOOGLAlphabet Inc.
    3.0%$316.2MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. HONHoneywell International Inc
    +$10.9MNewHistory
  2. HONAHoneywell Aerospace Inc.
    +$10.7MNewHistory
  3. BEBloom Energy Corp
    +$5.16MAddedHistory
  4. SPCXSpace Exploration Technologies Corp
    +$4.72MNewHistory
  5. DVNDevon Energy Corp
    +$2.77MAddedHistory

Largest weight increases

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

  1. HONHoneywell International Inc
    +0.10 pp0.0% → 0.1%History
  2. HONAHoneywell Aerospace Inc.
    +0.10 pp0.0% → 0.1%History
  3. BEBloom Energy Corp
    +0.08 pp<0.1% → 0.1%History
  4. ALABAstera Labs, Inc.
    +0.08 pp<0.1% → 0.1%History
  5. DDOGDatadog, Inc.
    +0.07 pp0.1% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. NVDANVIDIA Corp
    −$52.7MReducedHistory
  2. AAPLApple Inc.
    −$42.6MReducedHistory
  3. MSFTMicrosoft Corp
    −$29.0MReducedHistory
  4. HONHoneywell International Inc
    −$23.4MSold outHistory
  5. GOOGLAlphabet Inc.
    −$21.6MReducedHistory

Largest weight decreases

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

  1. MSFTMicrosoft Corp
    −0.56 pp4.6% → 4.0%History
  2. XOMExxonMobil Holdings Corp
    −0.37 pp1.2% → 0.8%History
  3. METAMeta Platforms, Inc.
    −0.29 pp2.1% → 1.8%History
  4. NFLXNetflix Inc
    −0.24 pp0.7% → 0.4%History
  5. HONHoneywell International Inc
    −0.24 pp0.2% → 0.0%History

Metrics

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

Portfolio value
$10.5B
+$729.8M (+7.5%) vs. prior quarter
Positions
1,027
+53 vs. prior quarter
Top 10 concentration
33.5%
Top 10 as share of value
Turnover
0.9%
Q2 2026, one quarter
Average holding period
20.8 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 (Q2 2026)

Q1 2021: $7.17BQ2 2021: $7.77BQ3 2021: $7.40BQ4 2021: $8.09BQ1 2022: $7.51BQ2 2022: $6.25BQ3 2022: $6.00BQ4 2022: $6.31BQ1 2023: $6.92BQ2 2023: $7.21BQ3 2023: $7.00BQ4 2023: $7.85BQ1 2024: $8.55BQ2 2024: $8.42BQ3 2024: $8.86BQ4 2024: $9.08BQ1 2025: $8.67BQ2 2025: $9.58BQ3 2025: $10.3BQ4 2025: $10.5BQ1 2026: $9.78BQ2 2026: $10.5B
Q1 2021Q2 2026
13F filings of Utah Retirement Systems by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 20261,027$10.5BNVDAAAPLMSFTvs. Q1 2026SEC
Q1 2026May 15, 2026974$9.78BNVDAAAPLMSFTvs. Q4 2025SEC
Q4 2025Feb 17, 2026983$10.5BNVDAAAPLMSFTvs. Q3 2025SEC
Q3 2025Nov 14, 2025987$10.3BNVDAMSFTAAPLvs. Q2 2025SEC
Q2 2025Aug 14, 2025992$9.58BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025May 15, 2025960$8.67BAAPLMSFTNVDAvs. Q4 2024SEC
Q4 2024Feb 14, 2025977$9.08BAAPLNVDAMSFTvs. Q3 2024SEC
Q3 2024Nov 14, 2024986$8.86BAAPLMSFTNVDAvs. Q2 2024SEC
Q2 2024Aug 14, 2024973$8.42BMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024May 15, 2024972$8.55BMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 14, 2024986$7.85BAAPLMSFTAMZNvs. Q3 2023SEC
Q3 2023Nov 14, 2023972$7.00BAAPLMSFTAMZNvs. Q2 2023SEC
Q2 2023Aug 14, 2023990$7.21BAAPLMSFTAMZNvs. Q1 2023SEC
Q1 2023May 16, 2023969$6.92BAAPLMSFTAMZNvs. Q4 2022SEC
Q4 2022Feb 15, 2023957$6.31BAAPLMSFTAMZNvs. Q3 2022SEC
Q3 2022Nov 14, 2022956$6.00BAAPLMSFTAMZNvs. Q2 2022SEC
Q2 2022Aug 16, 2022984$6.25BAAPLMSFTAMZNvs. Q1 2022SEC
Q1 2022May 13, 2022984$7.51BAAPLMSFTAMZNvs. Q4 2021SEC
Q4 2021Feb 14, 2022994$8.09BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Nov 16, 2021986$7.40BAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Aug 16, 2021992$7.77BAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021May 17, 2021952$7.17BAAPLMSFTAMZN–SEC