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Livermore
Livermore
ZHEN

Towercrest Capital Management

SEC CIK
0001633288
Latest filing
Aug 3, 2026

The latest 13F from Towercrest Capital Management covers Q2 2026 (filed Aug 3, 2026): 110 long positions worth $717.4M. The top 10 holdings make up 55.9% of the portfolio, and the largest is iShares Core S&P 500 ETF at 11.8%. 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
12
Est. +$3.30M
Added
35
Est. +$29.4M
Reduced
34
Est. −$9.42M
Sold out
5
Est. −$1.59M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    11.8%$84.9M
  2. Schwab U.S. Large-Cap ETF808524201
    9.1%$65.4M
  3. iShares Core U.S. Aggregate Bond ETF464287226
    6.1%$43.9M
  4. iShares Tr464288513
    5.4%$38.5M
  5. iShares Iboxx $ Investment Grade Corporate Bond ETF464287242
    5.0%$35.7M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core S&P 500 ETF464287200
    +$6.92MAdded
  2. iShares Iboxx $ Investment Grade Corporate Bond ETF464287242
    +$3.93MAdded
  3. iShares Core MSCI Eafe ETF46432F842
    +$3.60MAdded
  4. iShares Core U.S. Aggregate Bond ETF464287226
    +$3.47MAdded
  5. iShares Tr464288281
    +$1.66MAdded

Largest weight increases

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

  1. iShares Core S&P 500 ETF464287200
    +1.20 pp10.6% → 11.8%
  2. Schwab U.S. Large-Cap ETF808524201
    +0.42 pp8.7% → 9.1%
  3. iShares Core MSCI Emerging Markets ETF46434G103
    +0.39 pp3.6% → 4.0%
  4. iShares Core MSCI Eafe ETF46432F842
    +0.31 pp4.2% → 4.5%
  5. iShares Core S&P Small Cap ETF464287804
    +0.22 pp2.0% → 2.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Schwab US Aggregate Bond ETF808524839
    −$1.34MReduced
  2. SPDR Series Trust78468R200
    −$1.34MReduced
  3. Schwab US Dividend Equity ETF808524797
    −$978.3KReduced
  4. Vanguard Morningstar Growth ETF922908736
    −$815.3KReducedConverted for a 6-for-1 split
  5. Vanguard Morningstar Value ETF922908744
    −$629.2KSold out

Largest weight decreases

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

  1. Schwab US Aggregate Bond ETF808524839
    −0.59 pp3.7% → 3.1%
  2. iShares Tr46429B655
    −0.51 pp4.3% → 3.8%
  3. SPDR Series Trust78468R200
    −0.48 pp2.8% → 2.3%
  4. Schwab US Dividend Equity ETF808524797
    −0.21 pp1.0% → 0.8%
  5. State Street SPDR Portfolio Aggregate Bond ETF78464A649
    −0.17 pp1.6% → 1.4%

Metrics

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

Portfolio value
$717.4M
+$75.6M (+11.8%) vs. prior quarter
Positions
110
+7 vs. prior quarter
Top 10 concentration
55.9%
Top 10 as share of value
Turnover
1.6%
Q2 2026, one quarter
Average holding period
21.6 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 $717.4M (Q2 2026)

Q1 2021: $467.4MQ2 2021: $516.5MQ3 2021: $527.7MQ4 2021: $546.6MQ1 2022: $512.8MQ2 2022: $446.9MQ3 2022: $427.4MQ4 2022: $451.8MQ1 2023: $480.9MQ2 2023: $536.9MQ3 2023: $514.0MQ4 2023: $559.0MQ1 2024: $592.8MQ2 2024: $607.6MQ3 2024: $620.5MQ4 2024: $618.7MQ1 2025: $526.3MQ2 2025: $560.2MQ3 2025: $623.4MQ4 2025: $634.3MQ1 2026: $641.8MQ2 2026: $717.4M
Q1 2021Q2 2026
13F filings of Towercrest Capital Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 3, 2026110$717.4MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2026SEC
Q1 2026May 1, 2026103$641.8MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2025SEC
Q4 2025Jan 21, 202698$634.3MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2025SEC
Q3 2025Oct 24, 202599$623.4MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2025SEC
Q2 2025Aug 5, 202589$560.2MSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2025SEC
Q1 2025May 8, 202588$526.3MSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2024SEC
Q4 2024Feb 11, 2025103$618.7MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2024SEC
Q3 2024Nov 12, 2024101$620.5MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2024SEC
Q2 2024Aug 6, 2024107$607.6MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Trvs. Q1 2024SEC
Q1 2024May 10, 2024107$592.8MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Trvs. Q4 2023SEC
Q4 2023Feb 8, 2024105$559.0MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Trvs. Q3 2023SEC
Q3 2023Nov 13, 2023105$514.0MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Trvs. Q2 2023SEC
Q2 2023Aug 4, 2023104$536.9MiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFiShares Trvs. Q1 2023SEC
Q1 2023May 11, 202394$480.9MSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFSPDR Series Trustvs. Q4 2022SEC
Q4 2022Feb 9, 202391$451.8MSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFSchwab US Aggregate Bond ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202287$427.4MSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2022SEC
Q2 2022Aug 11, 202291$446.9MSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFSchwab US Aggregate Bond ETFvs. Q1 2022SEC
Q1 2022May 11, 202291$512.8MSchwab U.S. Large-Cap ETFSchwab US Aggregate Bond ETFiShares Core S&P 500 ETFvs. Q4 2021SEC
Q4 2021Feb 10, 202293$546.6MSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFSchwab US Aggregate Bond ETFvs. Q3 2021SEC
Q3 2021Dec 10, 202194$527.7MSchwab U.S. Large-Cap ETFSchwab US Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2021SEC
Q2 2021Aug 13, 202188$516.5MSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFSchwab US Aggregate Bond ETFvs. Q1 2021SEC
Q1 2021May 14, 202185$467.4MSchwab U.S. Large-Cap ETFSchwab US Aggregate Bond ETFiShares Core U.S. Aggregate Bond ETF–SEC