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Livermore
Livermore
ZHEN

Donald L. Hagan, LLC

SEC CIK
0001638049
Latest filing
Oct 16, 2025

The latest 13F from Donald L. Hagan, LLC covers Q3 2025 (filed Oct 16, 2025): 86 long positions worth $203.7M. The top 10 holdings make up 60.1% of the portfolio, and the largest is Strategy Shs at 16.1%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 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
5
Est. +$3.63M
Added
13
Est. +$5.86M
Reduced
56
Est. −$8.93M
Sold out
7
Est. −$3.73M

Top 5 holdings

Share of this quarter's portfolio value

  1. Strategy Shs86280R803
    16.1%$32.8M
  2. Strategy Shs86280R795
    9.3%$18.9M
  3. Strategy Shs86280R829
    9.2%$18.8M
  4. Strategy Shs86280R860
    6.1%$12.5M
  5. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    5.1%$10.5M

Share of portfolio

Top 5 holdings and the other 81 positions, by share of portfolio value

  1. Strategy Shs16.1%
  2. Strategy Shs9.3%
  3. Strategy Shs9.2%
  4. Strategy Shs6.1%
  5. State Street SPDR Bloomberg 1-3 Month T-Bill ETF5.1%
  6. Other 81 positions54.1%

Biggest buys

New and added positions, by estimated amount bought

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +$2.23MAdded
  2. iShares Tr46438G612
    +$1.86MNew
  3. Strategy Shs86280R795
    +$1.10MAdded
  4. BMYBristol Myers Squibb Co
    +$926.8KNewHistory
  5. State Street Financial Select Sector SPDR ETF81369Y605
    +$774.5KAdded

Largest weight increases

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

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +1.03 pp4.1% → 5.1%
  2. iShares Tr46438G612
    +0.91 pp0.0% → 0.9%
  3. Strategy Shs86280R795
    +0.60 pp8.7% → 9.3%
  4. BMYBristol Myers Squibb Co
    +0.45 pp0.0% → 0.5%History
  5. State Street Technology Select Sector SPDR ETF81369Y803
    +0.40 pp2.8% → 3.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Innovator U.S. Equity Ultra Buffer ETF - October45782C821
    −$1.97MSold out
  2. METAMeta Platforms, Inc.
    −$1.32MReducedHistory
  3. State Street Communication Services Select Sector SPDR ETF81369Y852
    −$1.25MReduced
  4. Strategy Shs86280R803
    −$985.7KReduced
  5. GOOGLAlphabet Inc.
    −$895.1KReducedHistory

Largest weight decreases

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

  1. Innovator U.S. Equity Ultra Buffer ETF - October45782C821
    −0.98 pp1.0% → 0.0%
  2. METAMeta Platforms, Inc.
    −0.69 pp1.9% → 1.2%History
  3. State Street Communication Services Select Sector SPDR ETF81369Y852
    −0.51 pp1.4% → 0.9%
  4. State Street Industrial Select Sector SPDR ETF81369Y704
    −0.26 pp0.6% → 0.3%
  5. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    −0.26 pp0.9% → 0.6%

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$203.7M
+$3.43M (+1.7%) vs. prior quarter
Positions
86
−2 vs. prior quarter
Top 10 concentration
60.1%
Top 10 as share of value
Turnover
4.7%
Q3 2025, one quarter
Average holding period
12.7 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 $203.7M (Q3 2025)

Q1 2021: $152.3MQ2 2021: $169.8MQ3 2021: $172.7MQ4 2021: $193.7MQ1 2022: $177.8MQ2 2022: $157.0MQ3 2022: $141.0MQ4 2022: $159.0MQ1 2023: $181.3MQ2 2023: $177.6MQ3 2023: $166.6MQ4 2023: $180.6MQ1 2024: $189.2MQ2 2024: $188.9MQ3 2024: $195.8MQ4 2024: $192.6MQ1 2025: $191.6MQ2 2025: $200.3MQ3 2025: $203.7M
Q1 2021Q3 2025
13F filings of Donald L. Hagan, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 16, 202586$203.7MStrategy ShsStrategy ShsStrategy Shsvs. Q2 2025SEC
Q2 2025Jul 18, 202588$200.3MStrategy ShsStrategy ShsStrategy Shsvs. Q1 2025SEC
Q1 2025Apr 16, 202591$191.6MStrategy ShsStrategy ShsStrategy Shsvs. Q4 2024SEC
Q4 2024Jan 23, 202590$192.6MStrategy ShsStrategy ShsUPSvs. Q3 2024SEC
Q3 2024Oct 30, 202496$195.8MStrategy ShsStrategy ShsUPSvs. Q2 2024SEC
Q2 2024Jul 19, 202492$188.9MStrategy ShsStrategy ShsUPSvs. Q1 2024SEC
Q1 2024Apr 19, 2024100$189.2MStrategy ShsUPSStrategy Shsvs. Q4 2023SEC
Q4 2023Jan 19, 202498$180.6MStrategy ShsUPSStrategy Shsvs. Q3 2023SEC
Q3 2023Oct 11, 202391$166.6MStrategy ShsUPSStrategy Shsvs. Q2 2023SEC
Q2 2023Jul 17, 202394$177.6MStrategy ShsUPSStrategy Shsvs. Q1 2023SEC
Q1 2023Apr 18, 2023102$181.3MStrategy ShsUPSStrategy Shsvs. Q4 2022SEC
Q4 2022Jan 17, 202386$159.0MStrategy ShsUPSStrategy Shsvs. Q3 2022SEC
Q3 2022Oct 12, 202285$141.0MStrategy ShsUPSStrategy Shsvs. Q2 2022SEC
Q2 2022Jul 20, 202292$157.0MStrategy ShsUPSStrategy Shsvs. Q1 2022SEC
Q1 2022Apr 18, 202293$177.8MStrategy ShsUPSState Street Technology Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Jan 20, 2022100$193.7MStrategy ShsUPSStrategy Shsvs. Q3 2021SEC
Q3 2021Oct 20, 202197$172.7MStrategy ShsUPSStrategy Shsvs. Q2 2021SEC
Q2 2021Jul 19, 202193$169.8MStrategy ShsUPSiShares Trvs. Q1 2021SEC
Q1 2021Apr 27, 202191$152.3MStrategy ShsUPSiShares Tr–SEC