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Livermore
Livermore
ZHEN

Tradewinds Capital Management, LLC

SEC CIK
0001616026
Latest filing
Jul 23, 2026

The latest 13F from Tradewinds Capital Management, LLC covers Q2 2026 (filed Jul 23, 2026): 715 long positions worth $562.6M. The top 10 holdings make up 61.2% of the portfolio, and the largest is iShares Inc at 8.7%. 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
67
Est. +$91.6M
Added
134
Est. +$133.9M
Reduced
133
Est. −$191.9M
Sold out
71
Est. −$2.49M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Inc464286772
    8.7%$49.2M
  2. State Street Energy Select Sector SPDR ETF81369Y506
    7.5%$42.3M
  3. iShares Global Clean Energy ETF464288224
    6.9%$38.9M
  4. J P Morgan Exchange Traded F46641Q225
    6.8%$38.5M
  5. iShares U.S. ETF Trust iShares Gsci Commodity Dynamic Roll Strategy ETF46431W853
    6.6%$37.2M

Share of portfolio

Top 5 holdings and the other 710 positions, by share of portfolio value

  1. iShares Inc8.7%
  2. State Street Energy Select Sector SPDR ETF7.5%
  3. iShares Global Clean Energy ETF6.9%
  4. J P Morgan Exchange Traded F6.8%
  5. iShares U.S. ETF Trust iShares Gsci Commodity Dynamic Roll Strategy ETF6.6%
  6. Other 710 positions63.4%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Global Clean Energy ETF464288224
    +$38.9MAdded
  2. J P Morgan Exchange Traded F46641Q225
    +$38.5MNew
  3. State Street Energy Select Sector SPDR ETF81369Y506
    +$36.0MAdded
  4. Franklin Templeton ETF Tr35473P678
    +$27.8MNew
  5. State Street Industrial Select Sector SPDR ETF81369Y704
    +$27.3MAdded

Largest weight increases

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

  1. iShares Global Clean Energy ETF464288224
    +6.91 pp<0.1% → 6.9%
  2. J P Morgan Exchange Traded F46641Q225
    +6.84 pp0.0% → 6.8%
  3. State Street Energy Select Sector SPDR ETF81369Y506
    +6.09 pp1.4% → 7.5%
  4. Franklin Templeton ETF Tr35473P678
    +4.94 pp0.0% → 4.9%
  5. State Street Industrial Select Sector SPDR ETF81369Y704
    +4.85 pp<0.1% → 4.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Inc464286764
    −$39.8MReduced
  2. GLDMWorld Gold Trust
    −$32.7MReducedHistory
  3. iShares Inc464286780
    −$22.3MReduced
  4. Franklin Templeton ETF Tr35473P744
    −$19.4MReduced
  5. iShares Inc464286822
    −$17.3MReduced

Largest weight decreases

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

  1. GLDMWorld Gold Trust
    −7.59 pp7.6% → <0.1%History
  2. iShares Inc464286764
    −7.24 pp7.3% → <0.1%
  3. iShares Inc464286780
    −4.75 pp4.8% → <0.1%
  4. Franklin Templeton ETF Tr35473P744
    −3.50 pp3.5% → <0.1%
  5. iShares Inc464286822
    −3.44 pp3.6% → 0.2%

Metrics

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

Portfolio value
$562.6M
+$59.0M (+11.7%) vs. prior quarter
Positions
715
−4 vs. prior quarter
Top 10 concentration
61.2%
Top 10 as share of value
Turnover
36.5%
Q2 2026, one quarter
Average holding period
11.6 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 $652.3M (Q4 2021)

Q1 2021: $502.3MQ2 2021: $545.9MQ3 2021: $588.8MQ4 2021: $652.3MQ1 2022: $616.8MQ2 2022: $267.6MQ3 2022: $244.2MQ4 2022: $214.8MQ1 2023: $318.3MQ2 2023: $321.0MQ3 2023: $292.0MQ4 2023: $251.3MQ1 2024: $361.8MQ2 2024: $339.0MQ3 2024: $373.8MQ4 2024: $378.9MQ1 2025: $373.1MQ2 2025: $397.7MQ3 2025: $445.1MQ4 2025: $474.2MQ1 2026: $503.5MQ2 2026: $562.6M
Q1 2021Q2 2026
13F filings of Tradewinds Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 23, 2026715$562.6MiShares IncState Street Energy Select Sector SPDR ETFiShares Global Clean Energy ETFvs. Q1 2026SEC
Q1 2026Apr 15, 2026719$503.5MiShares U.S. ETF Trust iShares Gsci Commodity Dynamic Roll Strategy ETFSPDR Index Shs FDSGLDMvs. Q4 2025SEC
Q4 2025Jan 14, 2026686$474.2MSIVRGLDMState Street Technology Select Sector SPDR ETFvs. Q3 2025SEC
Q3 2025Oct 21, 2025678$445.1MiShares IncGLDMiShares Incvs. Q2 2025SEC
Q2 2025Jul 29, 2025642$397.7MiShares InciShares InciShares Incvs. Q1 2025SEC
Q1 2025Apr 25, 2025665$373.1MGLDMiShares IncState Street Financial Select Sector SPDR ETFvs. Q4 2024SEC
Q4 2024Feb 4, 2025669$378.9MSchwab U.S. Large-Cap ETFState Street SPDR Portfolio S&P 500 Growth ETFiShares Incvs. Q3 2024SEC
Q3 2024Oct 16, 2024617$373.8MState Street SPDR Portfolio S&P 500 Growth ETFState Street Financial Select Sector SPDR ETFSPDR Index Shs FDSvs. Q2 2024SEC
Q2 2024Jul 18, 2024592$339.0MSchwab U.S. Large-Cap ETFSchwab U.S. Small-Cap ETFState Street SPDR Portfolio S&P 500 Value ETFvs. Q1 2024SEC
Q1 2024Apr 19, 2024554$361.8MSPDR Series TrustSPDR Series TrustState Street Financial Select Sector SPDR ETFvs. Q4 2023SEC
Q4 2023Feb 1, 2024481$251.3MiShares IncSchwab U.S. Large-Cap ETFiShares MSCI India ETFvs. Q3 2023SEC
Q3 2023Oct 30, 2023506$292.0MiShares TrState Street SPDR Portfolio S&P 500 Growth ETFSchwab International Equity ETFvs. Q2 2023SEC
Q2 2023Jul 20, 2023482$321.0MiShares InciShares InciShares Core MSCI Europe ETFvs. Q1 2023SEC
Q1 2023Apr 10, 2023491$318.3MiShares TriShares IncSPDR Series Trustvs. Q4 2022SEC
Q4 2022Jan 23, 2023523$214.8MSPDR Series TrustState Street SPDR Portfolio S&P 500 Value ETFiShares Incvs. Q3 2022SEC
Q3 2022Oct 18, 2022486$244.2MiShares IncState Street Health Care Select Sector SPDR ETFState Street Consumer Staples Select Sector SPDR ETFvs. Q2 2022SEC
Q2 2022Jul 21, 2022494$267.6MState Street Utilities Select Sector SPDR ETFIAUiShares Incvs. Q1 2022SEC
Q1 2022Apr 25, 2022830$616.8MMSFTSchwab Strategic TrSchwab U.S. REIT ETFvs. Q4 2021SEC
Q4 2021Feb 2, 2022809$652.3MMSFTSchwab Strategic TrState Street SPDR Portfolio S&P 500 Growth ETFvs. Q3 2021SEC
Q3 2021Nov 4, 2021788$588.8MMSFTSchwab Strategic TrSchwab U.S. REIT ETFvs. Q2 2021SEC
Q2 2021Jul 30, 2021805$545.9MMSFTSchwab Strategic TrSPDR Series Trustvs. Q1 2021SEC
Q1 2021Apr 23, 2021774$502.3MMSFTSchwab Strategic TrSchwab U.S. Small-Cap ETF–SEC