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Livermore
Livermore
ZHEN

Bellecapital International Ltd.

SEC CIK
0001600152
Latest filing
Jul 22, 2026

The latest 13F from Bellecapital International Ltd. covers Q2 2026 (filed Jul 22, 2026): 123 long positions worth $625.4M. The top 10 holdings make up 46.1% of the portfolio, and the largest is Alphabet Inc. (GOOGL) at 6.1%. Livermore has 24 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
34
Est. +$17.1M
Added
38
Est. +$56.1M
Reduced
27
Est. −$62.7M
Sold out
28
Est. −$36.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. GOOGLAlphabet Inc.
    6.1%$38.1MHistory
  2. AMDAdvanced Micro Devices Inc
    5.6%$35.2MHistory
  3. AAPLApple Inc.
    5.3%$33.2MHistory
  4. TSMTaiwan Semiconductor Manufacturing Co Ltd
    5.0%$31.4MHistory
  5. MSFTMicrosoft Corp
    4.8%$30.2MHistory

Share of portfolio

Top 5 holdings and the other 118 positions, by share of portfolio value

  1. GOOGL6.1%
  2. AMD5.6%
  3. AAPL5.3%
  4. TSM5.0%
  5. MSFT4.8%
  6. Other 118 positions73.1%

Biggest buys

New and added positions, by estimated amount bought

  1. SHOPShopify Inc.
    +$15.1MAddedHistory
  2. RYANRyan Specialty Holdings, Inc.
    +$11.5MNewHistory
  3. METAMeta Platforms, Inc.
    +$10.7MAddedHistory
  4. MSFTMicrosoft Corp
    +$6.42MAddedHistory
  5. GOOGAlphabet Inc.
    +$3.04MAddedHistory

Largest weight increases

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

  1. SHOPShopify Inc.
    +2.16 pp1.7% → 3.9%History
  2. RYANRyan Specialty Holdings, Inc.
    +1.84 pp0.0% → 1.8%History
  3. METAMeta Platforms, Inc.
    +1.37 pp2.7% → 4.0%History
  4. ANETArista Networks, Inc.
    +0.86 pp3.5% → 4.3%History
  5. MSFTMicrosoft Corp
    +0.57 pp4.3% → 4.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AMDAdvanced Micro Devices Inc
    −$37.1MReducedHistory
  2. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −$12.6MReducedHistory
  3. ADBEAdobe Inc.
    −$9.52MSold outHistory
  4. BRK.ABerkshire Hathaway Inc
    −$8.62MSold outHistory
  5. TSCOTractor Supply Co
    −$7.96MSold outHistory

Largest weight decreases

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

  1. ADBEAdobe Inc.
    −1.72 pp1.7% → 0.0%History
  2. BRK.ABerkshire Hathaway Inc
    −1.55 pp1.6% → 0.0%History
  3. TSCOTractor Supply Co
    −1.44 pp1.4% → 0.0%History
  4. WMTWalmart Inc.
    −0.78 pp3.6% → 2.9%History
  5. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −0.60 pp5.6% → 5.0%History

Metrics

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

Portfolio value
$625.4M
+$71.2M (+12.8%) vs. prior quarter
Positions
123
+6 vs. prior quarter
Top 10 concentration
46.1%
Top 10 as share of value
Turnover
12.4%
Q2 2026, one quarter
Average holding period
15.5 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 $625.4M (Q2 2026)

Q1 2021: $320.3MQ2 2021: $329.0MQ3 2021: $327.5MQ4 2021: $350.9MQ1 2022: $315.3MQ2 2022: $358.4MQ3 2022: $327.7MQ4 2022: $356.0MQ1 2023: $402.1MQ2 2023: $413.5MQ3 2023: $398.9MQ4 2023: $440.2MQ1 2024: $452.2MQ2 2024: $471.6MQ3 2024: $504.0MQ4 2024: $566.2MQ1 2025: $506.4MQ2 2025: $563.4MQ3 2025: $619.4MQ4 2025: $563.4MQ1 2026: $554.3MQ2 2026: $625.4M
Q1 2021Q2 2026
13F filings of Bellecapital International Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 2026123$625.4MGOOGLAMDAAPLvs. Q1 2026SEC
Q1 2026May 12, 2026Amended117$554.3MGOOGLTSMAAPLvs. Q4 2025SEC
Q4 2025Feb 2, 2026129$563.4MGOOGLAAPLAMDvs. Q3 2025SEC
Q3 2025Oct 17, 2025133$619.4MMSFTANETGOOGLvs. Q2 2025SEC
Q2 2025Jul 29, 2025136$563.4MTRSMSFTMELIvs. Q1 2025SEC
Q1 2025Apr 16, 2025137$506.4MTRSAAPLMSFTvs. Q4 2024SEC
Q4 2024Feb 6, 2025150$566.2MAAPLTRSMSFTvs. Q3 2024SEC
Q3 2024Oct 21, 2024159$504.0MAAPLMSFTWMTvs. Q2 2024SEC
Q2 2024Jul 19, 2024149$471.6MMSFTAAPLCOSTvs. Q1 2024SEC
Q1 2024May 3, 2024163$452.2MMSFTAAPLCOSTvs. Q4 2023SEC
Q4 2023Jan 22, 2024157$440.2MMSFTAAPLADBEvs. Q3 2023SEC
Q3 2023Oct 17, 2023158$398.9MMSFTAAPLADBEvs. Q2 2023SEC
Q2 2023Jul 7, 2023160$413.5MMSFTAAPLADBEvs. Q1 2023SEC
Q1 2023Apr 25, 2023192$402.1MMSFTAAPLWMTvs. Q4 2022SEC
Q4 2022Feb 10, 2023189$356.0MMSFTAAPLWMTvs. Q3 2022SEC
Q3 2022Nov 7, 2022185$327.7MAAPLMSFTWMTvs. Q2 2022SEC
Q2 2022Jul 27, 2022202$358.4MMSFTKraneshares TrAAPLvs. Q1 2022SEC
Q1 2022Jul 27, 2022Amended203$315.3MAAPLMSFTABBVvs. Q4 2021SEC
Q4 2021Jan 20, 2022191$350.9MAAPLGOOGLMSFTvs. Q3 2021SEC
Q3 2021Oct 21, 2021191$327.5MAAPLGOOGLPIMCO ETF Trvs. Q2 2021SEC
Q2 2021Jul 28, 2021184$329.0MAAPLGOOGLPIMCO ETF Trvs. Q1 2021SEC
Q1 2021Apr 13, 2021184$320.3MAAPLGOOGLBABA–SEC