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Livermore
Livermore
ZHEN

Alethea Capital Management, LLC

SEC CIK
0001549408
Latest filing
Aug 14, 2026

The latest 13F from Alethea Capital Management, LLC covers Q2 2026 (filed Aug 14, 2026): 41 long positions worth $241.4M. The top 10 holdings make up 92.5% of the portfolio, and the largest is Axsome Therapeutics, Inc. (AXSM) at 65.8%. 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
29
Est. +$21.3M
Added
2
Est. +$9.25M
Reduced
4
Est. −$29.2M
Sold out
1
Est. −$123.6K

Top 5 holdings

Share of this quarter's portfolio value

  1. AXSMAxsome Therapeutics, Inc.
    65.8%$158.8MHistory
  2. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    12.3%$29.7M
  3. KURAKura Oncology, Inc.
    9.9%$23.8MHistory
  4. IMRXImmuneering Corp
    1.0%$2.36MHistory
  5. iShares Tr464287432
    0.8%$1.84M

Share of portfolio

Top 5 holdings and the other 36 positions, by share of portfolio value

  1. AXSM65.8%
  2. State Street SPDR Bloomberg 1-3 Month T-Bill ETF12.3%
  3. KURA9.9%
  4. IMRX1.0%
  5. iShares Tr0.8%
  6. Other 36 positions10.3%

Biggest buys

New and added positions, by estimated amount bought

  1. KURAKura Oncology, Inc.
    +$7.01MAddedHistory
  2. IMRXImmuneering Corp
    +$2.25MAddedHistory
  3. VTRSViatris Inc
    +$1.24MNewHistory
  4. PMPhilip Morris International Inc.
    +$1.24MNewHistory
  5. ADPAutomatic Data Processing Inc
    +$1.23MNewHistory

Largest weight increases

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

  1. KURAKura Oncology, Inc.
    +3.17 pp6.7% → 9.9%History
  2. IMRXImmuneering Corp
    +0.91 pp0.1% → 1.0%History
  3. VTRSViatris Inc
    +0.52 pp0.0% → 0.5%History
  4. PMPhilip Morris International Inc.
    +0.51 pp0.0% → 0.5%History
  5. ADPAutomatic Data Processing Inc
    +0.51 pp0.0% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$28.9MReduced
  2. iShares Tr464287432
    −$134.4KReduced
  3. SPYSPDR S&P 500 ETF Trust
    −$123.6KSold outHistory
  4. AXSMAxsome Therapeutics, Inc.
    −$87.6KReducedHistory
  5. WisdomTree Tr97717X701
    −$15.1KReduced

Largest weight decreases

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

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −19.19 pp31.5% → 12.3%
  2. iShares Tr464287432
    −0.30 pp1.1% → 0.8%
  3. SPYSPDR S&P 500 ETF Trust
    −0.07 pp0.1% → 0.0%History
  4. WisdomTree Tr97717X701
    −0.04 pp0.2% → 0.2%

Metrics

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

Portfolio value
$241.4M
+$55.3M (+29.7%) vs. prior quarter
Positions
41
+28 vs. prior quarter
Top 10 concentration
92.5%
Top 10 as share of value
Turnover
13.7%
Q2 2026, one quarter
Average holding period
17.9 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 $241.4M (Q2 2026)

Q1 2021: $163.9MQ2 2021: $158.9MQ3 2021: $113.6MQ4 2021: $114.7MQ1 2022: $110.5MQ2 2022: $79.9MQ3 2022: $79.2MQ4 2022: $104.3MQ1 2023: $94.7MQ2 2023: $93.5MQ3 2023: $81.4MQ4 2023: $86.7MQ1 2024: $123.1MQ2 2024: $131.8MQ3 2024: $138.5MQ4 2024: $116.8MQ1 2025: $134.0MQ2 2025: $132.1MQ3 2025: $155.4MQ4 2025: $205.9MQ1 2026: $186.1MQ2 2026: $241.4M
Q1 2021Q2 2026
13F filings of Alethea Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202641$241.4MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFKURAvs. Q1 2026SEC
Q1 2026May 13, 202613$186.1MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFKURAvs. Q4 2025SEC
Q4 2025Feb 11, 202613$205.9MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q3 2025SEC
Q3 2025Nov 14, 202533$155.4MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFAvidity Biosciences, Inc.vs. Q2 2025SEC
Q2 2025Aug 14, 202531$132.1MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFAvidity Biosciences, Inc.vs. Q1 2025SEC
Q1 2025May 14, 202511$134.0MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFAvidity Biosciences, Inc.vs. Q4 2024SEC
Q4 2024Feb 14, 202530$116.8MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFAvidity Biosciences, Inc.vs. Q3 2024SEC
Q3 2024Nov 14, 202430$138.5MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFAvidity Biosciences, Inc.vs. Q2 2024SEC
Q2 2024Aug 15, 202431$131.8MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFAvidity Biosciences, Inc.vs. Q1 2024SEC
Q1 2024May 16, 202432$123.1MAXSMState Street SPDR Bloomberg 1-3 Month T-Bill ETFAvidity Biosciences, Inc.vs. Q4 2023SEC
Q4 2023Feb 15, 202435$86.7MAXSMAvidity Biosciences, Inc.KURAvs. Q3 2023SEC
Q3 2023Nov 15, 202351$81.4MAXSMAvidity Biosciences, Inc.KURAvs. Q2 2023SEC
Q2 2023Aug 15, 202351$93.5MAXSMAvidity Biosciences, Inc.KURAvs. Q1 2023SEC
Q1 2023May 16, 202358$94.7MAXSMAvidity Biosciences, Inc.KURAvs. Q4 2022SEC
Q4 2022Feb 14, 202343$104.3MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202258$79.2MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q2 2022SEC
Q2 2022Aug 15, 202264$79.9MAXSMAvidity Biosciences, Inc.KURAvs. Q1 2022SEC
Q1 2022May 13, 202265$110.5MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q4 2021SEC
Q4 2021Feb 14, 202269$114.7MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q3 2021SEC
Q3 2021Oct 27, 202179$113.6MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q2 2021SEC
Q2 2021Aug 16, 202182$158.9MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q1 2021SEC
Q1 2021May 14, 202175$163.9MAXSMAvidity Biosciences, Inc.State Street SPDR Bloomberg 1-3 Month T-Bill ETF–SEC