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Livermore
Livermore
ZHEN

CCLA Investment Management Ltd

SEC CIK
0001631562
Latest filing
Jan 22, 2026

The latest 13F from CCLA Investment Management Ltd covers Q4 2025 (filed Jan 22, 2026): 55 long positions worth $6.23B. The top 10 holdings make up 36.4% of the portfolio, and the largest is Alphabet Inc. (GOOG) at 6.9%. Livermore has 21 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2025

Share counts compared with Q3 2025: 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. +$246.6M
Added
18
Est. +$61.5M
Reduced
34
Est. −$271.4M
Sold out
1
Est. −$69.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. GOOGAlphabet Inc.
    6.9%$431.9MHistory
  2. MSFTMicrosoft Corp
    5.5%$340.9MHistory
  3. AMZNAmazon Com Inc
    4.6%$285.0MHistory
  4. AVGOBroadcom Inc.
    3.5%$219.8MHistory
  5. VVisa Inc.
    2.9%$182.3MHistory

Share of portfolio

Top 5 holdings and the other 50 positions, by share of portfolio value

  1. GOOG6.9%
  2. MSFT5.5%
  3. AMZN4.6%
  4. AVGO3.5%
  5. V2.9%
  6. Other 50 positions76.6%

Biggest buys

New and added positions, by estimated amount bought

  1. BACBank of America Corp
    +$124.0MNewHistory
  2. IHGIntercontinental Hotels Group PLC
    +$84.9MNewHistory
  3. NFLXNetflix Inc
    +$37.8MNewHistory
  4. APHAmphenol Corp
    +$15.6MAddedHistory
  5. INTUIntuit Inc.
    +$12.0MAddedHistory

Largest weight increases

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

  1. BACBank of America Corp
    +1.99 pp0.0% → 2.0%History
  2. IHGIntercontinental Hotels Group PLC
    +1.36 pp0.0% → 1.4%History
  3. NFLXNetflix Inc
    +0.61 pp0.0% → 0.6%History
  4. APHAmphenol Corp
    +0.30 pp0.5% → 0.8%History
  5. BIPBrookfield Infrastructure Partners L.P.
    +0.28 pp2.3% → 2.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AREAlexandria Real Estate Equities, Inc.
    −$69.1MSold outHistory
  2. BXSLBlackstone Secured Lending Fund
    −$25.6MReducedHistory
  3. DHRDanaher Corp
    −$23.7MReducedHistory
  4. ARCCAres Capital Corp
    −$20.7MReducedHistory
  5. SNPSSynopsys Inc
    −$20.6MReducedHistory

Largest weight decreases

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

  1. AREAlexandria Real Estate Equities, Inc.
    −1.10 pp1.1% → 0.0%History
  2. ORLYO Reilly Automotive Inc
    −0.53 pp2.2% → 1.7%History
  3. SNPSSynopsys Inc
    −0.45 pp2.5% → 2.1%History
  4. MSFTMicrosoft Corp
    −0.44 pp5.9% → 5.5%History
  5. AJGArthur J. Gallagher & Co.
    −0.40 pp2.4% → 2.0%History

Metrics

13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$6.23B
−$17.6M (−0.3%) vs. prior quarter
Positions
55
+2 vs. prior quarter
Top 10 concentration
36.4%
Top 10 as share of value
Turnover
4.9%
Q4 2025, one quarter
Average holding period
11.9 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

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $6.51B (Q1 2024)

Q1 2021: $5.00BQ2 2021: $5.71BQ3 2021: $5.81BQ4 2021: $6.10BQ1 2022: $5.56BQ3 2022: $4.14BQ4 2022: $4.43BQ1 2023: $5.09BQ2 2023: $5.62BQ3 2023: $5.36BQ4 2023: $6.10BQ1 2024: $6.51BQ2 2024: $6.49BQ3 2024: $6.49BQ4 2024: $6.31BQ1 2025: $5.65BQ2 2025: $6.10BQ3 2025: $6.25BQ4 2025: $6.23B
Q1 2021Q4 2025
13F filings of CCLA Investment Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2025Jan 22, 202655$6.23BGOOGMSFTAMZNvs. Q3 2025SEC
Q3 2025Oct 14, 202553$6.25BMSFTGOOGAMZNvs. Q2 2025SEC
Q2 2025Aug 1, 202553$6.10BMSFTAMZNGOOGvs. Q1 2025SEC
Q1 2025May 9, 202555$5.65BMSFTAMZNBIPvs. Q4 2024SEC
Q4 2024Jan 14, 202559$6.31BMSFTAMZNGOOGvs. Q3 2024SEC
Q3 2024Nov 7, 202469$6.49BMSFTAMZNGOOGvs. Q2 2024SEC
Q2 2024Aug 12, 202469$6.49BMSFTAMZNGOOGvs. Q1 2024SEC
Q1 2024May 10, 202469$6.51BMSFTAMZNGOOGvs. Q4 2023SEC
Q4 2023Feb 8, 202470$6.10BMSFTAMZNGOOGvs. Q3 2023SEC
Q3 2023Nov 14, 202372$5.36BMSFTGOOGAMZNvs. Q2 2023SEC
Q2 2023Aug 1, 202372$5.62BMSFTAMZNSPGIvs. Q1 2023SEC
Q1 2023May 3, 202376$5.09BMSFTADBEICEvs. Q4 2022SEC
Q4 2022Feb 1, 202372$4.43BMSFTUNHICEvs. Q3 2022SEC
Q3 2022Nov 9, 202273$4.14BMSFTAMZNUNH–SEC
Q1 2022May 5, 2022Amended75$5.56BMSFTGOOGAMZNvs. Q4 2021SEC
Q4 2021Feb 8, 202274$6.10BMSFTGOOGAMZNvs. Q3 2021SEC
Q3 2021Oct 29, 202174$5.81BMSFTGOOGAMZNvs. Q2 2021SEC
Q2 2021Aug 9, 202173$5.71BGOOGMSFTAMZNvs. Q1 2021SEC
Q1 2021Aug 9, 2021Amended71$5.00BGOOGMSFTV–SECSEC