Skip to main content
Livermore
Livermore
ZHEN

Gemmer Asset Management LLC

SEC CIK
0001607825
Latest filing
Jul 15, 2026

The latest 13F from Gemmer Asset Management LLC covers Q2 2026 (filed Jul 15, 2026): 187 long positions worth $1.48B. The top 10 holdings make up 57.6% of the portfolio, and the largest is Schwab International Equity ETF at 11.5%. 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
26
Est. +$12.5M
Added
88
Est. +$19.9M
Reduced
60
Est. −$13.5M
Sold out
11
Est. −$16.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. Schwab International Equity ETF808524805
    11.5%$170.6M
  2. Schwab U.S. Large-Cap Value ETF808524409
    8.0%$117.4M
  3. Schwab U.S. Large-Cap Growth ETF808524300
    7.1%$104.9M
  4. MUMicron Technology Inc
    6.8%$100.2MHistory
  5. Schwab Fundamental U.S. Large Company ETF808524771
    5.7%$83.6M

Biggest buys

New and added positions, by estimated amount bought

  1. INTCIntel Corp
    +$3.64MAddedHistory
  2. CIENCiena Corp
    +$3.28MNewHistory
  3. Tidal Trust II88636J600
    +$2.63MAdded
  4. Schwab International Equity ETF808524805
    +$1.65MAdded
  5. LITELumentum Holdings Inc.
    +$1.52MNewHistory

Largest weight increases

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

  1. MUMicron Technology Inc
    +4.45 pp2.3% → 6.8%History
  2. INTCIntel Corp
    +0.31 pp<0.1% → 0.3%History
  3. Tidal Trust II88636J600
    +0.26 pp0.2% → 0.5%
  4. CIENCiena Corp
    +0.22 pp0.0% → 0.2%History
  5. LITELumentum Holdings Inc.
    +0.10 pp0.0% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. NVDANVIDIA Corp
    −$4.91MReducedHistory
  2. EROEro Copper Corp.
    −$4.79MSold outHistory
  3. AEMAgnico Eagle Mines Ltd
    −$4.16MSold outHistory
  4. VRTVertiv Holdings Co
    −$3.91MSold outHistory
  5. SLViShares Silver Trust
    −$2.19MReducedHistory

Largest weight decreases

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

  1. NVDANVIDIA Corp
    −0.43 pp3.9% → 3.4%History
  2. Schwab U.S. Large-Cap Value ETF808524409
    −0.39 pp8.3% → 8.0%
  3. EROEro Copper Corp.
    −0.38 pp0.4% → 0.0%History
  4. AEMAgnico Eagle Mines Ltd
    −0.33 pp0.3% → 0.0%History
  5. VRTVertiv Holdings Co
    −0.31 pp0.3% → 0.0%History

Metrics

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

Portfolio value
$1.48B
+$222.0M (+17.7%) vs. prior quarter
Positions
187
+15 vs. prior quarter
Top 10 concentration
57.6%
Top 10 as share of value
Turnover
2.2%
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 $1.48B (Q2 2026)

Q1 2021: $638.8MQ2 2021: $723.4MQ3 2021: $722.4MQ4 2021: $846.8MQ1 2022: $813.3MQ2 2022: $637.9MQ3 2022: $598.5MQ4 2022: $630.4MQ1 2023: $681.7MQ2 2023: $733.0MQ3 2023: $738.3MQ4 2023: $812.1MQ1 2024: $857.2MQ2 2024: $929.5MQ3 2024: $994.4MQ4 2024: $1.01BQ1 2025: $996.2MQ2 2025: $1.12BQ3 2025: $1.23BQ4 2025: $1.29BQ1 2026: $1.26BQ2 2026: $1.48B
Q1 2021Q2 2026
13F filings of Gemmer Asset Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 15, 2026187$1.48BSchwab International Equity ETFSchwab U.S. Large-Cap Value ETFSchwab U.S. Large-Cap Growth ETFvs. Q1 2026SEC
Q1 2026Apr 23, 2026172$1.26BSchwab International Equity ETFSchwab U.S. Large-Cap Value ETFSchwab U.S. Large-Cap Growth ETFvs. Q4 2025SEC
Q4 2025Jan 23, 2026169$1.29BSchwab International Equity ETFSchwab U.S. Large-Cap Value ETFSchwab U.S. Large-Cap Growth ETFvs. Q3 2025SEC
Q3 2025Oct 15, 2025169$1.23BSchwab International Equity ETFSchwab U.S. Large-Cap Value ETFSchwab Fundamental U.S. Large Company ETFvs. Q2 2025SEC
Q2 2025Jul 22, 2025165$1.12BSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFSchwab Fundamental U.S. Large Company ETFvs. Q1 2025SEC
Q1 2025Apr 14, 2025156$996.2MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFSchwab Fundamental U.S. Large Company ETFvs. Q4 2024SEC
Q4 2024Jan 16, 2025151$1.01BSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFSchwab Fundamental U.S. Large Company ETFvs. Q3 2024SEC
Q3 2024Oct 24, 2024149$994.4MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFSchwab Fundamental U.S. Large Company ETFvs. Q2 2024SEC
Q2 2024Jul 16, 2024139$929.5MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFNVDAvs. Q1 2024SEC
Q1 2024Apr 24, 2024131$857.2MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFSchwab Fundamental U.S. Large Company ETFvs. Q4 2023SEC
Q4 2023Jan 17, 2024127$812.1MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFVanguard Short-Term Bond ETFvs. Q3 2023SEC
Q3 2023Oct 19, 2023125$738.3MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFVanguard Short-Term Bond ETFvs. Q2 2023SEC
Q2 2023Jul 20, 2023124$733.0MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFVanguard Short-Term Bond ETFvs. Q1 2023SEC
Q1 2023Apr 17, 2023122$681.7MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFVanguard Short-Term Bond ETFvs. Q4 2022SEC
Q4 2022Jan 20, 2023114$630.4MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFVanguard Short-Term Bond ETFvs. Q3 2022SEC
Q3 2022Oct 21, 2022114$598.5MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFVanguard Short-Term Bond ETFvs. Q2 2022SEC
Q2 2022Jul 22, 2022108$637.9MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFVanguard Short-Term Bond ETFvs. Q1 2022SEC
Q1 2022Apr 20, 20221,264$813.3MSchwab U.S. Large-Cap Value ETFSchwab International Equity ETFSchwab U.S. Small-Cap ETFvs. Q4 2021SEC
Q4 2021Jan 21, 20221,273$846.8MSchwab International Equity ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETFvs. Q3 2021SEC
Q3 2021Oct 19, 20211,285$722.4MSchwab International Equity ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Small-Cap ETFvs. Q2 2021SEC
Q2 2021Jul 23, 20211,523$723.4MSchwab International Equity ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Small-Cap ETFvs. Q1 2021SEC
Q1 2021Apr 20, 20211,486$638.8MSchwab International Equity ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Small-Cap ETF–SEC