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Livermore
Livermore
ZHEN

RWC Asset Advisors (US) LLC

SEC CIK
0001638081
Latest filing
Sep 3, 2026

The latest 13F from RWC Asset Advisors (US) LLC covers Q2 2026 (filed Sep 3, 2026): 16 long positions worth $449.6M. The top 10 holdings make up 94.7% of the portfolio, and the largest is Taiwan Semiconductor Manufacturing Co Ltd (TSM) at 16.1%. 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
3
Est. +$57.3M
Added
2
Est. +$40.2M
Reduced
8
Est. −$78.2M
Sold out
1
Est. −$2.02M

Top 5 holdings

Share of this quarter's portfolio value

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    16.1%$72.4MHistory
  2. SQMChemical & Mining Co of Chile Inc
    16.0%$71.9MHistory
  3. PBRPetrobras - Petroleo Brasileiro SA
    13.5%$60.5MHistory
  4. EMBJEmbraer S.A.
    11.8%$52.9MHistory
  5. VALEVale S.A.
    10.4%$46.9MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +$31.4MAddedHistory
  2. VISTVista Energy, S.A.B. de C.V.
    +$23.3MNewHistory
  3. INFYInfosys Ltd
    +$21.8MNewHistory
  4. YPFYpf Sociedad Anonima
    +$12.2MNewHistory
  5. GGALGrupo Financiero Galicia SA
    +$8.88MAddedHistory

Largest weight increases

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

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +9.85 pp6.3% → 16.1%History
  2. VISTVista Energy, S.A.B. de C.V.
    +5.19 pp0.0% → 5.2%History
  3. INFYInfosys Ltd
    +4.84 pp0.0% → 4.8%History
  4. YPFYpf Sociedad Anonima
    +2.72 pp0.0% → 2.7%History
  5. GGALGrupo Financiero Galicia SA
    +2.34 pp3.4% → 5.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. BZKanzhun Ltd
    −$32.1MReducedHistory
  2. VALEVale S.A.
    −$25.7MReducedHistory
  3. SQMChemical & Mining Co of Chile Inc
    −$5.77MReducedHistory
  4. EMBJEmbraer S.A.
    −$5.28MReducedHistory
  5. GFIGold Fields Ltd
    −$3.90MReducedHistory

Largest weight decreases

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

  1. BZKanzhun Ltd
    −7.19 pp8.4% → 1.2%History
  2. VALEVale S.A.
    −6.10 pp16.5% → 10.4%History
  3. PBRPetrobras - Petroleo Brasileiro SA
    −4.30 pp17.8% → 13.5%History
  4. GFIGold Fields Ltd
    −3.32 pp10.4% → 7.1%History
  5. SQMChemical & Mining Co of Chile Inc
    −2.29 pp18.3% → 16.0%History

Metrics

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

Portfolio value
$449.6M
−$14.8M (−3.2%) vs. prior quarter
Positions
16
+2 vs. prior quarter
Top 10 concentration
94.7%
Top 10 as share of value
Turnover
17.6%
Q2 2026, one quarter
Average holding period
5.6 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 $1.31B (Q1 2023)

Q1 2021: $1.20BQ2 2021: $1.00BQ3 2021: $762.1MQ4 2021: $826.8MQ1 2022: $916.3MQ2 2022: $1.05BQ3 2022: $1.00BQ4 2022: $1.15BQ1 2023: $1.31BQ2 2023: $1.05BQ3 2023: $1.04BQ4 2023: $1.26BQ1 2024: $1.27BQ2 2024: $980.4MQ3 2024: $836.9MQ4 2024: $501.3MQ1 2025: $549.0MQ2 2025: $414.6MQ3 2025: $610.9MQ4 2025: $527.9MQ1 2026: $464.4MQ2 2026: $449.6M
Q1 2021Q2 2026
13F filings of RWC Asset Advisors (US) LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Sep 3, 202616$449.6MTSMSQMPBRvs. Q1 2026SEC
Q1 2026Apr 27, 202614$464.4MSQMPBRVALEvs. Q4 2025SEC
Q4 2025Feb 17, 202613$527.9MSQMVALEEMBJvs. Q3 2025SEC
Q3 2025Oct 27, 202517$610.9MBABANIOVALEvs. Q2 2025SEC
Q2 2025Aug 11, 202516$414.6MGFILIPBRvs. Q1 2025SEC
Q1 2025May 7, 202519$549.0MGFIBABALIvs. Q4 2024SEC
Q4 2024Feb 4, 202515$501.3MGFILICXvs. Q3 2024SEC
Q3 2024Oct 31, 202419$836.9MBABAGFIMELIvs. Q2 2024SEC
Q2 2024Aug 1, 202418$980.4MGFIPDDBZvs. Q1 2024SEC
Q1 2024May 8, 202422$1.27BGFICXPBRvs. Q4 2023SEC
Q4 2023Feb 5, 202419$1.26BPDDGFIVALEvs. Q3 2023SEC
Q3 2023Oct 26, 202319$1.04BPDDBIDUVALEvs. Q2 2023SEC
Q2 2023Aug 4, 202317$1.05BBIDUGFIPDDvs. Q1 2023SEC
Q1 2023May 15, 202317$1.31BGFIPDDBIDUvs. Q4 2022SEC
Q4 2022Jan 31, 202316$1.15BPDDGFIBABAvs. Q3 2022SEC
Q3 2022Nov 14, 202216$1.00BPDDSQMGFIvs. Q2 2022SEC
Q2 2022Aug 9, 202213$1.05BPDDMELISQMvs. Q1 2022SEC
Q1 2022May 13, 202210$916.3MGFISQMMELIvs. Q4 2021SEC
Q4 2021Feb 14, 202211$826.8MSQMGFICXvs. Q3 2021SEC
Q3 2021Nov 3, 202111$762.1MSQMCXHTHTvs. Q2 2021SEC
Q2 2021Aug 2, 202116$1.00BCXHTHTPBRvs. Q1 2021SEC
Q1 2021May 17, 202120$1.20BCXHTHTGFI–SEC