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Livermore
Livermore
ZHEN

Cornerstone Management, Inc.

SEC CIK
0001587867
Latest filing
Jul 16, 2026

The latest 13F from Cornerstone Management, Inc. covers Q2 2026 (filed Jul 16, 2026): 67 long positions worth $695.1M. The top 10 holdings make up 81.5% of the portfolio, and the largest is Vanguard Morningstar Growth ETF at 24.7%. 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
3
Est. +$749.3K
Added
17
Est. +$28.3M
Reduced
28
Est. −$15.9M
Sold out
1
Est. −$216.2K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Morningstar Growth ETF922908736
    24.7%$171.8M
  2. JPMorgan Ultra-Short Income ETF46641Q837
    16.4%$113.7M
  3. Vanguard Morningstar Value ETF922908744
    15.5%$107.9M
  4. iShares Core U.S. Aggregate Bond ETF464287226
    6.6%$46.0M
  5. SPDR Series Trust78468R200
    3.9%$26.9M

Biggest buys

New and added positions, by estimated amount bought

  1. JPMorgan Ultra-Short Income ETF46641Q837
    +$9.81MAdded
  2. Vanguard Morningstar Small-Cap Growth ETF922908595
    +$9.22MAdded
  3. SPDR Series Trust78468R200
    +$4.30MAdded
  4. Dimensional ETF Trust25434V864
    +$2.20MAdded
  5. iShares Core U.S. Aggregate Bond ETF464287226
    +$1.88MAdded

Largest weight increases

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

  1. Vanguard Morningstar Small-Cap Growth ETF922908595
    +1.47 pp1.5% → 3.0%
  2. SPDR Series Trust78468R200
    +0.28 pp3.6% → 3.9%
  3. LRCXLam Research Corp
    +0.11 pp0.1% → 0.3%History
  4. Dimensional ETF Trust25434V864
    +0.06 pp2.6% → 2.7%
  5. AMDAdvanced Micro Devices Inc
    +0.04 pp0.0% → <0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Morningstar Growth ETF922908736
    −$5.66MReducedConverted for a 6-for-1 split
  2. Vanguard Morningstar Value ETF922908744
    −$5.00MReduced
  3. State Street SPDR Portfolio Short Term Corporate Bond ETF78464A474
    −$1.82MReduced
  4. iShares Tr464288588
    −$858.9KReduced
  5. GLOOGloo Holdings, Inc.
    −$516.2KReducedHistory

Largest weight decreases

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

  1. Vanguard Morningstar Value ETF922908744
    −0.67 pp16.2% → 15.5%
  2. State Street SPDR Portfolio Short Term Corporate Bond ETF78464A474
    −0.51 pp2.5% → 2.0%
  3. iShares Tr464288588
    −0.34 pp2.1% → 1.8%
  4. iShares Tr46435U853
    −0.15 pp1.0% → 0.9%
  5. iShares Iboxx $ Investment Grade Corporate Bond ETF464287242
    −0.13 pp0.8% → 0.7%

Metrics

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

Portfolio value
$695.1M
+$67.5M (+10.8%) vs. prior quarter
Positions
67
+2 vs. prior quarter
Top 10 concentration
81.5%
Top 10 as share of value
Turnover
2.4%
Q2 2026, one quarter
Average holding period
20.6 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 $695.1M (Q2 2026)

Q1 2021: $349.8MQ2 2021: $372.4MQ3 2021: $379.7MQ4 2021: $362.3MQ1 2022: $407.1MQ2 2022: $384.7MQ3 2022: $368.1MQ4 2022: $355.0MQ1 2023: $383.4MQ2 2023: $391.8MQ3 2023: $374.2MQ4 2023: $392.0MQ1 2024: $450.5MQ2 2024: $454.8MQ3 2024: $479.2MQ4 2024: $516.7MQ1 2025: $534.1MQ2 2025: $575.3MQ3 2025: $604.7MQ4 2025: $613.2MQ1 2026: $627.6MQ2 2026: $695.1M
Q1 2021Q2 2026
13F filings of Cornerstone Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 16, 202667$695.1MVanguard Morningstar Growth ETFJPMorgan Ultra-Short Income ETFVanguard Morningstar Value ETFvs. Q1 2026SEC
Q1 2026Apr 16, 202665$627.6MVanguard Morningstar Growth ETFJPMorgan Ultra-Short Income ETFVanguard Morningstar Value ETFvs. Q4 2025SEC
Q4 2025Feb 6, 202668$613.2MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q3 2025SEC
Q3 2025Oct 10, 202563$604.7MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q2 2025SEC
Q2 2025Jul 31, 202562$575.3MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q1 2025SEC
Q1 2025Apr 22, 202554$534.1MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q4 2024SEC
Q4 2024Jan 24, 202553$516.7MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q3 2024SEC
Q3 2024Oct 9, 202453$479.2MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q2 2024SEC
Q2 2024Jul 24, 202454$454.8MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q1 2024SEC
Q1 2024May 6, 202454$450.5MVanguard Morningstar Growth ETFVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFvs. Q4 2023SEC
Q4 2023Jan 19, 202452$392.0MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFJPMorgan Ultra-Short Income ETFvs. Q3 2023SEC
Q3 2023Oct 5, 202349$374.2MVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFVanguard Morningstar Growth ETFvs. Q2 2023SEC
Q2 2023Aug 10, 202348$391.8MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFJPMorgan Ultra-Short Income ETFvs. Q1 2023SEC
Q1 2023May 11, 2023248$383.4MVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFVanguard Morningstar Growth ETFvs. Q4 2022SEC
Q4 2022May 9, 2023241$355.0MVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFVanguard Morningstar Growth ETFvs. Q3 2022SEC
Q3 2022May 9, 2023248$368.1MJPMorgan Ultra-Short Income ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q2 2022SEC
Q2 2022May 9, 2023250$384.7MJPMorgan Ultra-Short Income ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q1 2022SEC
Q1 2022May 9, 2023252$407.1MVanguard Morningstar Value ETFJPMorgan Ultra-Short Income ETFVanguard Morningstar Growth ETFvs. Q4 2021SEC
Q4 2021May 9, 2023231$362.3MVanguard Morningstar Value ETFVanguard Morningstar Growth ETFJPMorgan Ultra-Short Income ETFvs. Q3 2021SEC
Q3 2021May 26, 202354$379.7MJPMorgan Ultra-Short Income ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q2 2021SEC
Q2 2021May 26, 202350$372.4MJPMorgan Ultra-Short Income ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETFvs. Q1 2021SEC
Q1 2021May 26, 202351$349.8MJPMorgan Ultra-Short Income ETFVanguard Morningstar Value ETFVanguard Morningstar Growth ETF–SEC