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Livermore
Livermore
ZHEN

Telos Capital Management, Inc.

SEC CIK
0001567889
Latest filing
Jul 22, 2026

The latest 13F from Telos Capital Management, Inc. covers Q2 2026 (filed Jul 22, 2026): 201 long positions worth $1.13B. The top 10 holdings make up 28.2% of the portfolio, and the largest is Apple Inc. (AAPL) at 5.7%. 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
16
Est. +$19.2M
Added
62
Est. +$9.33M
Reduced
104
Est. −$37.3M
Sold out
6
Est. −$12.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    5.7%$64.4MHistory
  2. Vanguard Morningstar Total Stock Market ETF922908769
    3.6%$40.7M
  3. QCOMQualcomm Inc
    2.8%$32.0MHistory
  4. GOOGLAlphabet Inc.
    2.7%$31.2MHistory
  5. Vanguard Ftse All-World Ex-US Index Fund922042775
    2.7%$30.1M

Share of portfolio

Top 5 holdings and the other 196 positions, by share of portfolio value

  1. AAPL5.7%
  2. Vanguard Morningstar Total Stock Market ETF3.6%
  3. QCOM2.8%
  4. GOOGL2.7%
  5. Vanguard Ftse All-World Ex-US Index Fund2.7%
  6. Other 196 positions82.5%

Biggest buys

New and added positions, by estimated amount bought

  1. HONHoneywell International Inc
    +$5.79MNewHistory
  2. HONAHoneywell Aerospace Inc.
    +$5.72MNewHistory
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    +$3.98MNew
  4. COSTCostco Wholesale Corp
    +$2.75MAddedHistory
  5. iShares Tr464287515
    +$691.6KNew

Largest weight increases

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

  1. HONHoneywell International Inc
    +0.51 pp0.0% → 0.5%History
  2. HONAHoneywell Aerospace Inc.
    +0.50 pp0.0% → 0.5%History
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    +0.35 pp0.0% → 0.4%
  4. Vanguard Ftse All-World Ex-US Index Fund922042775
    +0.10 pp2.6% → 2.7%
  5. iShares Core S&P Mid-Cap ETF464287507
    +0.08 pp1.2% → 1.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HONHoneywell International Inc
    −$10.9MSold outHistory
  2. Vanguard Morningstar Total Stock Market ETF922908769
    −$4.19MReduced
  3. QCOMQualcomm Inc
    −$3.23MReducedHistory
  4. GSGoldman Sachs Group Inc
    −$3.15MReducedHistory
  5. VanEck Semiconductor ETF92189F676
    −$2.89MReduced

Largest weight decreases

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

  1. HONHoneywell International Inc
    −1.05 pp1.0% → 0.0%History
  2. CVXChevron Corp
    −0.54 pp2.0% → 1.5%History
  3. NFLXNetflix Inc
    −0.33 pp1.0% → 0.6%History
  4. LMTLockheed Martin Corp
    −0.20 pp0.8% → 0.6%History
  5. GSGoldman Sachs Group Inc
    −0.19 pp0.9% → 0.7%History

Metrics

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

Portfolio value
$1.13B
+$90.8M (+8.7%) vs. prior quarter
Positions
201
+10 vs. prior quarter
Top 10 concentration
28.2%
Top 10 as share of value
Turnover
2.6%
Q2 2026, one quarter
Average holding period
19.5 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 $1.13B (Q2 2026)

Q1 2021: $696.1MQ2 2021: $755.6MQ3 2021: $730.6MQ4 2021: $799.9MQ1 2022: $770.0MQ2 2022: $654.7MQ3 2022: $607.6MQ4 2022: $686.9MQ1 2023: $716.5MQ2 2023: $750.2MQ3 2023: $719.4MQ4 2023: $820.5MQ1 2024: $886.9MQ2 2024: $902.2MQ3 2024: $952.8MQ4 2024: $937.6MQ1 2025: $917.8MQ2 2025: $982.2MQ3 2025: $1.04BQ4 2025: $1.07BQ1 2026: $1.04BQ2 2026: $1.13B
Q1 2021Q2 2026
13F filings of Telos Capital Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 2026201$1.13BAAPLVanguard Morningstar Total Stock Market ETFQCOMvs. Q1 2026SEC
Q1 2026Apr 17, 2026191$1.04BAAPLVanguard Morningstar Total Stock Market ETFVanguard Ftse All-World Ex-US Index Fundvs. Q4 2025SEC
Q4 2025Jan 22, 2026196$1.07BAAPLVanguard Morningstar Total Stock Market ETFGOOGLvs. Q3 2025SEC
Q3 2025Nov 4, 2025194$1.04BAAPLVanguard Morningstar Total Stock Market ETFQCOMvs. Q2 2025SEC
Q2 2025Aug 5, 2025196$982.2MAAPLVanguard Morningstar Total Stock Market ETFQCOMvs. Q1 2025SEC
Q1 2025Apr 30, 2025191$917.8MAAPLVanguard Morningstar Total Stock Market ETFQCOMvs. Q4 2024SEC
Q4 2024Jan 27, 2025197$937.6MAAPLVanguard Morningstar Total Stock Market ETFQCOMvs. Q3 2024SEC
Q3 2024Oct 21, 2024196$952.8MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q2 2024SEC
Q2 2024Aug 1, 2024192$902.2MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q1 2024SEC
Q1 2024Apr 25, 2024194$886.9MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q4 2023SEC
Q4 2023Jan 31, 2024196$820.5MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q3 2023SEC
Q3 2023Nov 1, 2023187$719.4MAAPLVanguard Morningstar Total Stock Market ETFQCOMvs. Q2 2023SEC
Q2 2023Jul 21, 2023192$750.2MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q1 2023SEC
Q1 2023Apr 27, 2023191$716.5MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q4 2022SEC
Q4 2022Jan 27, 2023194$686.9MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q3 2022SEC
Q3 2022Oct 31, 2022171$607.6MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q2 2022SEC
Q2 2022Aug 8, 2022172$654.7MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q1 2022SEC
Q1 2022May 2, 2022185$770.0MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q4 2021SEC
Q4 2021Jan 21, 2022188$799.9MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q3 2021SEC
Q3 2021Oct 19, 2021180$730.6MAAPLQCOMVanguard Morningstar Total Stock Market ETFvs. Q2 2021SEC
Q2 2021Jul 15, 2021184$755.6MAAPLiShares TrQCOMvs. Q1 2021SEC
Q1 2021Apr 28, 2021177$696.1MiShares TrAAPLQCOM–SEC