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Livermore
Livermore
ZHEN

Cavalier Investments, LLC

SEC CIK
0001655543
Latest filing
Aug 14, 2026

The latest 13F from Cavalier Investments, LLC covers Q2 2026 (filed Aug 14, 2026): 40 long positions worth $271.7M. The top 10 holdings make up 65.0% of the portfolio, and the largest is State Street Technology Select Sector SPDR ETF at 16.2%. 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
9
Est. +$99.9M
Added
15
Est. +$47.3M
Reduced
13
Est. −$183.2M
Sold out
29
Est. −$121.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street Technology Select Sector SPDR ETF81369Y803
    16.2%$44.0M
  2. NVDANVIDIA Corp
    6.8%$18.5MHistory
  3. SPYSPDR S&P 500 ETF Trust
    6.7%$18.2MHistory
  4. Vanguard Ftse Emerging Markets ETF922042858
    6.5%$17.7M
  5. State Street Health Care Select Sector SPDR ETF81369Y209
    6.3%$17.1M

Share of portfolio

Top 5 holdings and the other 35 positions, by share of portfolio value

  1. State Street Technology Select Sector SPDR ETF16.2%
  2. NVDA6.8%
  3. SPY6.7%
  4. Vanguard Ftse Emerging Markets ETF6.5%
  5. State Street Health Care Select Sector SPDR ETF6.3%
  6. Other 35 positions57.5%

Biggest buys

New and added positions, by estimated amount bought

  1. State Street Technology Select Sector SPDR ETF81369Y803
    +$44.0MNew
  2. Vanguard Ftse Emerging Markets ETF922042858
    +$17.7MNew
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    +$16.4MAdded
  4. iShares MSCI USA Momentum Factor ETF46432F396
    +$10.2MNew
  5. iShares Tr464288372
    +$9.87MAdded

Largest weight increases

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

  1. State Street Technology Select Sector SPDR ETF81369Y803
    +16.21 pp0.0% → 16.2%
  2. Vanguard Ftse Emerging Markets ETF922042858
    +6.52 pp0.0% → 6.5%
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    +6.13 pp0.2% → 6.3%
  4. NVDANVIDIA Corp
    +4.86 pp2.0% → 6.8%History
  5. iShares Tr464288372
    +3.78 pp0.3% → 4.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$92.1MReducedHistory
  2. Invesco QQQ Trust Series I46090E103
    −$60.9MReduced
  3. VanEck Semiconductor ETF92189F676
    −$19.5MReduced
  4. USOUnited States Oil Fund, LP
    −$15.5MSold outHistory
  5. KLACKLA Corp
    −$14.3MSold outConverted for a 10-for-1 splitHistory

Largest weight decreases

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

  1. SPYSPDR S&P 500 ETF Trust
    −18.05 pp24.7% → 6.7%History
  2. Invesco QQQ Trust Series I46090E103
    −9.80 pp15.3% → 5.5%
  3. USOUnited States Oil Fund, LP
    −3.99 pp4.0% → 0.0%History
  4. KLACKLA Corp
    −3.68 pp3.7% → 0.0%History
  5. VanEck Semiconductor ETF92189F676
    −2.80 pp3.0% → 0.2%

Metrics

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

Portfolio value
$271.7M
−$116.5M (−30.0%) vs. prior quarter
Positions
40
−20 vs. prior quarter
Top 10 concentration
65.0%
Top 10 as share of value
Turnover
44.6%
Q2 2026, one quarter
Average holding period
6.4 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 $388.2M (Q1 2026)

Q1 2021: $229.9MQ2 2021: $277.3MQ3 2021: $316.7MQ4 2021: $385.1MQ1 2022: $382.5MQ2 2022: $286.0MQ3 2022: $276.8MQ4 2022: $278.6MQ1 2023: $230.4MQ2 2023: $274.7MQ3 2023: $255.5MQ4 2023: $271.6MQ1 2024: $274.0MQ2 2024: $324.9MQ3 2024: $326.0MQ4 2024: $299.3MQ1 2025: $294.3MQ2 2025: $330.0MQ3 2025: $248.1MQ4 2025: $321.6MQ1 2026: $388.2MQ2 2026: $271.7M
Q1 2021Q2 2026
13F filings of Cavalier Investments, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202640$271.7MState Street Technology Select Sector SPDR ETFNVDASPYvs. Q1 2026SEC
Q1 2026May 15, 202660$388.2MSPYInvesco QQQ Trust Series IUSOvs. Q4 2025SEC
Q4 2025Feb 13, 202660$321.6MSPYGEInvesco QQQ Trust Series Ivs. Q3 2025SEC
Q3 2025Nov 14, 202565$248.1MSPYState Street Communication Services Select Sector SPDR ETFVanEck Semiconductor ETFvs. Q2 2025SEC
Q2 2025Jul 30, 202571$330.0MHWMMETAAMZNvs. Q1 2025SEC
Q1 2025Apr 24, 202575$294.3MInvesco QQQ Trust Series IHWMAMZNvs. Q4 2024SEC
Q4 2024Feb 4, 202574$299.3MInvesco QQQ Trust Series IAMZNState Street Communication Services Select Sector SPDR ETFvs. Q3 2024SEC
Q3 2024Oct 24, 202484$326.0MLLYiShares Russell 2000 ETFInvesco QQQ Trust Series Ivs. Q2 2024SEC
Q2 2024Aug 2, 202479$324.9MVanEck Semiconductor ETFState Street Technology Select Sector SPDR ETFNVDAvs. Q1 2024SEC
Q1 2024Apr 26, 202481$274.0MVanEck Semiconductor ETFInvesco QQQ Trust Series IState Street Technology Select Sector SPDR ETFvs. Q4 2023SEC
Q4 2023Feb 13, 202490$271.6MInvesco QQQ Trust Series IVanEck Semiconductor ETFSPYvs. Q3 2023SEC
Q3 2023Oct 23, 202393$255.5MSPYState Street Technology Select Sector SPDR ETFInvesco QQQ Trust Series Ivs. Q2 2023SEC
Q2 2023Aug 11, 202394$274.7MSPYState Street Technology Select Sector SPDR ETFVanEck Semiconductor ETFvs. Q1 2023SEC
Q1 2023May 10, 202359$230.4MState Street Financial Select Sector SPDR ETFDBAVanEck Semiconductor ETFvs. Q4 2022SEC
Q4 2022Feb 10, 202398$278.6MiShares TrSPYState Street Financial Select Sector SPDR ETFvs. Q3 2022SEC
Q3 2022Nov 10, 202295$276.8MiShares TrSPYState Street Financial Select Sector SPDR ETFvs. Q2 2022SEC
Q2 2022Aug 4, 202297$286.0MDBCSPYDBAvs. Q1 2022SEC
Q1 2022May 4, 2022100$382.5MDBCSPYDBAvs. Q4 2021SEC
Q4 2021Feb 2, 202299$385.1MSPYState Street SPDR S&P Homebuilders ETFVanEck Semiconductor ETFvs. Q3 2021SEC
Q3 2021Nov 2, 202198$316.7MSPYDBCState Street SPDR S&P Homebuilders ETFvs. Q2 2021SEC
Q2 2021Aug 11, 202194$277.3MState Street Financial Select Sector SPDR ETFDBCDBAvs. Q1 2021SEC
Q1 2021May 13, 2021103$229.9MAmplify ETF TriShares MSCI Eafe ETFState Street Technology Select Sector SPDR ETF–SEC