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Livermore
Livermore
ZHEN

Employees Provident Fund Board

SEC CIK
0001600177
Latest filing
Aug 12, 2026

The latest 13F from Employees Provident Fund Board covers Q2 2026 (filed Aug 12, 2026): 68 long positions worth $17.4B. The top 10 holdings make up 49.6% of the portfolio, and the largest is Microsoft Corp (MSFT) at 8.0%. 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
5
Est. +$751.9M
Added
38
Est. +$2.34B
Reduced
17
Est. −$2.01B
Sold out
7
Est. −$550.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    8.0%$1.39BHistory
  2. NVDANVIDIA Corp
    7.9%$1.37BHistory
  3. MUMicron Technology Inc
    5.8%$1.01BHistory
  4. GOOGLAlphabet Inc.
    5.5%$962.9MHistory
  5. AVGOBroadcom Inc.
    4.7%$813.8MHistory

Share of portfolio

Top 5 holdings and the other 63 positions, by share of portfolio value

  1. MSFT8.0%
  2. NVDA7.9%
  3. MU5.8%
  4. GOOGL5.5%
  5. AVGO4.7%
  6. Other 63 positions68.1%

Biggest buys

New and added positions, by estimated amount bought

  1. LINLinde PLC
    +$339.1MNewHistory
  2. AVGOBroadcom Inc.
    +$247.0MAddedHistory
  3. NFLXNetflix Inc
    +$232.1MAddedHistory
  4. PWRQuanta Services, Inc.
    +$222.4MAddedHistory
  5. GEVGE Vernova Inc.
    +$181.9MAddedHistory

Largest weight increases

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

  1. LINLinde PLC
    +1.95 pp0.0% → 1.9%History
  2. CRWDCrowdStrike Holdings, Inc.
    +1.49 pp1.7% → 3.2%History
  3. AMATApplied Materials Inc
    +1.43 pp2.2% → 3.6%History
  4. PWRQuanta Services, Inc.
    +1.27 pp1.8% → 3.1%History
  5. AVGOBroadcom Inc.
    +1.16 pp3.5% → 4.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MUMicron Technology Inc
    −$1.04BReducedHistory
  2. ARMArm Holdings PLC
    −$177.3MReducedHistory
  3. MRKMerck & Co., Inc.
    −$174.7MReducedHistory
  4. XOMExxonMobil Holdings Corp
    −$171.9MSold outHistory
  5. DDOGDatadog, Inc.
    −$156.2MReducedHistory

Largest weight decreases

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

  1. MRKMerck & Co., Inc.
    −1.33 pp1.7% → 0.4%History
  2. ZTSZoetis Inc.
    −1.32 pp1.4% → 0.1%History
  3. XOMExxonMobil Holdings Corp
    −1.30 pp1.3% → 0.0%History
  4. SLBSLB Limited
    −1.01 pp1.0% → 0.0%History
  5. BACBank of America Corp
    −0.91 pp2.1% → 1.2%History

Metrics

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

Portfolio value
$17.4B
+$4.19B (+31.7%) vs. prior quarter
Positions
68
−2 vs. prior quarter
Top 10 concentration
49.6%
Top 10 as share of value
Turnover
16.7%
Q2 2026, one quarter
Average holding period
15.4 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 $17.4B (Q2 2026)

Q1 2021: $5.85BQ2 2021: $6.07BQ3 2021: $6.06BQ4 2021: $6.07BQ1 2022: $5.82BQ2 2022: $4.42BQ3 2022: $3.43BQ4 2022: $3.46BQ1 2023: $3.87BQ2 2023: $4.22BQ3 2023: $4.42BQ4 2023: $5.12BQ1 2024: $5.70BQ2 2024: $6.25BQ3 2024: $7.31BQ4 2024: $8.05BQ1 2025: $8.81BQ2 2025: $11.6BQ3 2025: $12.5BQ4 2025: $13.6BQ1 2026: $13.2BQ2 2026: $17.4B
Q1 2021Q2 2026
13F filings of Employees Provident Fund Board by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202668$17.4BMSFTNVDAMUvs. Q1 2026SEC
Q1 2026May 12, 202670$13.2BMSFTNVDAGOOGLvs. Q4 2025SEC
Q4 2025Mar 3, 202673$13.6BNVDAMSFTMETAvs. Q3 2025SEC
Q3 2025Mar 17, 202677$12.5BMSFTNVDAMETAvs. Q2 2025SEC
Q2 2025Mar 17, 202686$11.6BNVDAMSFTGOOGLvs. Q1 2025SEC
Q1 2025Mar 17, 202686$8.81BNVDAMSFTGOOGLvs. Q4 2024SEC
Q4 2024Mar 17, 202682$8.05BNVDAMSFTAAPLvs. Q3 2024SEC
Q3 2024Mar 17, 202683$7.31BMSFTNVDANKEvs. Q2 2024SEC
Q2 2024Mar 18, 202684$6.25BNVDAMSFTAAPLvs. Q1 2024SEC
Q1 2024Mar 18, 202678$5.70BNVDAMSFTGOOGLvs. Q4 2023SEC
Q4 2023Mar 18, 202675$5.12BGOOGLNVDAMSFTvs. Q3 2023SEC
Q3 2023Mar 18, 202679$4.42BMSFTGOOGLNVDAvs. Q2 2023SEC
Q2 2023Mar 31, 202685$4.22BNVDAGOOGLMSFTvs. Q1 2023SEC
Q1 2023Mar 18, 202694$3.87BNVDAGOOGLMSFTvs. Q4 2022SEC
Q4 2022Mar 18, 202684$3.46BMSFTNVDASYKvs. Q3 2022SEC
Q3 2022Mar 18, 202678$3.43BAAPLMSFTGOOGLvs. Q2 2022SEC
Q2 2022Mar 18, 202699$4.42BMSFTAAPLGOOGLvs. Q1 2022SEC
Q1 2022Mar 18, 2026105$5.82BAAPLMSFTNVDAvs. Q4 2021SEC
Q4 2021Mar 18, 202692$6.07BAAPLMSFTNVDAvs. Q3 2021SEC
Q3 2021Mar 18, 202666$6.06BAAPLMSFTJPMvs. Q2 2021SEC
Q2 2021Mar 18, 202659$6.07BAAPLMSFTJPMvs. Q1 2021SEC
Q1 2021Mar 18, 202664$5.85BAAPLJPMMSFT–SEC