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Livermore
Livermore
ZHEN

Boltwood Capital Management

SEC CIK
0001563690
Latest filing
Oct 2, 2026

The latest 13F from Boltwood Capital Management covers Q3 2026 (filed Oct 2, 2026): 195 long positions worth $443.3M. The top 10 holdings make up 33.3% of the portfolio, and the largest is Schwab International Equity ETF at 7.0%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2026

Share counts compared with Q2 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
8
Est. +$1.84M
Added
111
Est. +$15.6M
Reduced
63
Est. −$7.12M
Sold out
5
Est. −$1.23M

Top 5 holdings

Share of this quarter's portfolio value

  1. Schwab International Equity ETF808524805
    7.0%$30.9M
  2. Flexshares Tr33939L506
    4.7%$20.8M
  3. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    3.1%$13.6M
  4. AAPLApple Inc.
    3.0%$13.2MHistory
  5. iShares Tr464288588
    3.0%$13.2M

Share of portfolio

Top 5 holdings and the other 190 positions, by share of portfolio value

  1. Schwab International Equity ETF7.0%
  2. Flexshares Tr4.7%
  3. State Street SPDR Portfolio Developed World Ex-US ETF3.1%
  4. AAPL3.0%
  5. iShares Tr3.0%
  6. Other 190 positions79.3%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr46429B747
    +$6.13MAdded
  2. iShares Tr464288588
    +$712.8KAdded
  3. SPDR Series Trust78464A383
    +$517.0KAdded
  4. Franklin Templeton ETF Tr35473P710
    +$472.0KAdded
  5. SPDR Index Shs FDS78463X749
    +$411.1KAdded

Largest weight increases

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

  1. iShares Tr46429B747
    +1.35 pp0.8% → 2.1%
  2. MSFTMicrosoft Corp
    +0.66 pp1.7% → 2.4%History
  3. AAPLApple Inc.
    +0.41 pp2.6% → 3.0%History
  4. NVDANVIDIA Corp
    +0.37 pp2.6% → 2.9%History
  5. METAMeta Platforms, Inc.
    +0.19 pp0.7% → 0.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Flexshares Tr33939L506
    −$2.35MReduced
  2. Flexshares Tr33939L662
    −$879.2KReduced
  3. Flexshares Tr33939L779
    −$636.0KReduced
  4. ZBHZimmer Biomet Holdings, Inc.
    −$323.7KSold outHistory
  5. iShares Tr464287432
    −$290.1KReduced

Largest weight decreases

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

  1. Flexshares Tr33939L506
    −0.77 pp5.5% → 4.7%
  2. CATCaterpillar Inc
    −0.48 pp1.8% → 1.3%History
  3. Flexshares Tr33939L662
    −0.28 pp1.7% → 1.4%
  4. Schwab International Equity ETF808524805
    −0.23 pp7.2% → 7.0%
  5. iShares Core S&P Small Cap ETF464287804
    −0.21 pp1.9% → 1.7%

Metrics

13F metrics for Q3 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$443.3M
+$6.90M (+1.6%) vs. prior quarter
Positions
195
+3 vs. prior quarter
Top 10 concentration
33.3%
Top 10 as share of value
Turnover
1.9%
Q3 2026, one quarter
Average holding period
20.3 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

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

Peak $443.3M (Q3 2026)

Q1 2021: $225.2MQ2 2021: $240.8MQ3 2021: $248.0MQ4 2021: $270.7MQ1 2022: $258.8MQ2 2022: $231.0MQ3 2022: $218.4MQ4 2022: $246.3MQ1 2023: $267.5MQ2 2023: $277.3MQ3 2023: $270.0MQ4 2023: $301.9MQ1 2024: $322.8MQ2 2024: $320.1MQ3 2024: $337.4MQ4 2024: $328.2MQ1 2025: $328.9MQ2 2025: $351.8MQ3 2025: $375.7MQ4 2025: $384.6MQ1 2026: $392.1MQ2 2026: $436.4MQ3 2026: $443.3M
Q1 2021Q3 2026
13F filings of Boltwood Capital Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2026Oct 2, 2026195$443.3MSchwab International Equity ETFFlexshares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q2 2026SEC
Q2 2026Jul 2, 2026192$436.4MSchwab International Equity ETFFlexshares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q1 2026SEC
Q1 2026Apr 8, 2026184$392.1MSchwab International Equity ETFFlexshares TriShares Trvs. Q4 2025SEC
Q4 2025Jan 2, 2026182$384.6MSchwab International Equity ETFFlexshares TriShares Trvs. Q3 2025SEC
Q3 2025Oct 6, 2025178$375.7MSchwab International Equity ETFFlexshares TriShares Trvs. Q2 2025SEC
Q2 2025Jul 8, 2025172$351.8MSchwab International Equity ETFFlexshares TriShares Trvs. Q1 2025SEC
Q1 2025Apr 10, 2025170$328.9MSchwab International Equity ETFFlexshares TrFlexshares Trvs. Q4 2024SEC
Q4 2024Jan 6, 2025170$328.2MSchwab International Equity ETFFlexshares TrFlexshares Trvs. Q3 2024SEC
Q3 2024Oct 2, 2024174$337.4MSchwab International Equity ETFFlexshares TrFlexshares Trvs. Q2 2024SEC
Q2 2024Jul 8, 2024166$320.1MSchwab International Equity ETFiShares TrFlexshares Trvs. Q1 2024SEC
Q1 2024Apr 4, 2024169$322.8MSchwab International Equity ETFFlexshares TriShares Trvs. Q4 2023SEC
Q4 2023Jan 5, 2024165$301.9MSchwab International Equity ETFiShares TrFlexshares Trvs. Q3 2023SEC
Q3 2023Oct 10, 2023155$270.0MSchwab International Equity ETFiShares TrFlexshares Trvs. Q2 2023SEC
Q2 2023Jul 6, 2023160$277.3MSchwab International Equity ETFiShares TriShares Trvs. Q1 2023SEC
Q1 2023Apr 4, 2023159$267.5MSchwab International Equity ETFFlexshares TriShares Trvs. Q4 2022SEC
Q4 2022Jan 6, 2023144$246.3MSchwab International Equity ETFFlexshares TrFlexshares Trvs. Q3 2022SEC
Q3 2022Oct 4, 2022143$218.4MSchwab International Equity ETFFlexshares TrFlexshares Trvs. Q2 2022SEC
Q2 2022Jul 7, 2022147$231.0MSchwab International Equity ETFFlexshares TrFlexshares Trvs. Q1 2022SEC
Q1 2022Apr 20, 2022156$258.8MSchwab International Equity ETFState Street SPDR Portfolio Developed World Ex-US ETFFlexshares Trvs. Q4 2021SEC
Q4 2021Jan 10, 2022156$270.7MSchwab International Equity ETFState Street SPDR Portfolio Developed World Ex-US ETFFlexshares Trvs. Q3 2021SEC
Q3 2021Oct 8, 2021151$248.0MSchwab International Equity ETFFlexshares TrState Street SPDR Portfolio Developed World Ex-US ETFvs. Q2 2021SEC
Q2 2021Jul 6, 2021150$240.8MSchwab International Equity ETFState Street SPDR Portfolio Developed World Ex-US ETFFlexshares Trvs. Q1 2021SEC
Q1 2021Apr 5, 2021148$225.2MSchwab International Equity ETFState Street SPDR Portfolio Developed World Ex-US ETFFlexshares Tr–SEC