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Livermore
Livermore
ZHEN

La Financiere de L'Echiquier

SEC CIK
0001673995
Latest filing
Jul 18, 2024

The latest 13F from La Financiere de L'Echiquier covers Q2 2024 (filed Jul 18, 2024): 104 long positions worth $2.29B. The top 10 holdings make up 52.8% of the portfolio, and the largest is Microsoft Corp (MSFT) at 8.7%. Livermore has 14 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2024

Share counts compared with Q1 2024: 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
16
Est. +$97.3M
Added
31
Est. +$87.7M
Reduced
45
Est. −$274.9M
Sold out
15
Est. −$55.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    8.7%$199.0MHistory
  2. AMZNAmazon Com Inc
    8.6%$197.6MHistory
  3. NVDANVIDIA Corp
    7.3%$167.8MHistory
  4. VVisa Inc.
    5.7%$129.8MHistory
  5. GOOGLAlphabet Inc.
    4.8%$109.2MHistory

Share of portfolio

Top 5 holdings and the other 99 positions, by share of portfolio value

  1. MSFT8.7%
  2. AMZN8.6%
  3. NVDA7.3%
  4. V5.7%
  5. GOOGL4.8%
  6. Other 99 positions65.0%

Biggest buys

New and added positions, by estimated amount bought

  1. BDXBecton Dickinson & Co
    +$42.0MNewHistory
  2. MDBMongoDB, Inc.
    +$19.5MNewHistory
  3. DDOGDatadog, Inc.
    +$17.6MAddedHistory
  4. FMXMexican Economic Development Inc
    +$15.1MAddedHistory
  5. VRTVertiv Holdings Co
    +$13.2MNewHistory

Largest weight increases

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

  1. BDXBecton Dickinson & Co
    +1.83 pp0.0% → 1.8%History
  2. DDOGDatadog, Inc.
    +0.88 pp1.8% → 2.7%History
  3. MDBMongoDB, Inc.
    +0.85 pp0.0% → 0.9%History
  4. SPOTSpotify Technology S.A.
    +0.74 pp0.9% → 1.6%History
  5. VRTVertiv Holdings Co
    +0.57 pp0.0% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. NVDANVIDIA Corp
    −$72.2MReducedConverted for a 10-for-1 splitHistory
  2. ORCLOracle Corp
    −$63.9MReducedHistory
  3. FTNTFortinet, Inc.
    −$17.0MSold outHistory
  4. GTMZoomInfo Technologies Inc.
    −$16.9MSold outHistory
  5. GOOGLAlphabet Inc.
    −$16.2MReducedHistory

Largest weight decreases

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

  1. ORCLOracle Corp
    −2.38 pp3.0% → 0.6%History
  2. FTNTFortinet, Inc.
    −0.73 pp0.7% → 0.0%History
  3. GTMZoomInfo Technologies Inc.
    −0.73 pp0.7% → 0.0%History
  4. VVisa Inc.
    −0.65 pp6.3% → 5.7%History
  5. MSCIMSCI Inc.
    −0.48 pp0.5% → 0.0%History

Metrics

13F metrics for Q2 2024, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.29B
−$28.9M (−1.2%) vs. prior quarter
Positions
104
+1 vs. prior quarter
Top 10 concentration
52.8%
Top 10 as share of value
Turnover
8.0%
Q2 2024, one quarter
Average holding period
11.6 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

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

Peak $2.98B (Q3 2021)

Q1 2021: $2.47BQ2 2021: $2.62BQ3 2021: $2.98BQ4 2021: $2.97BQ1 2022: $2.43BQ2 2022: $1.69BQ3 2022: $1.58BQ4 2022: $1.58BQ1 2023: $1.91BQ2 2023: $2.00BQ3 2023: $1.93BQ4 2023: $2.17BQ1 2024: $2.32BQ2 2024: $2.29B
Q1 2021Q2 2024
13F filings of La Financiere de L'Echiquier by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2024Jul 18, 2024104$2.29BMSFTAMZNNVDAvs. Q1 2024SEC
Q1 2024Apr 29, 2024103$2.32BAMZNMSFTNVDAvs. Q4 2023SEC
Q4 2023Jan 25, 2024100$2.17BMSFTAMZNNVDAvs. Q3 2023SEC
Q3 2023Nov 9, 202399$1.93BMSFTAMZNVvs. Q2 2023SEC
Q2 2023Aug 10, 202398$2.00BVMSFTAMZNvs. Q1 2023SEC
Q1 2023May 3, 202395$1.91BVMSFTMAvs. Q4 2022SEC
Q4 2022Feb 9, 202390$1.58BVMSFTMAvs. Q3 2022SEC
Q3 2022Nov 2, 202285$1.58BVMSFTMAvs. Q2 2022SEC
Q2 2022Aug 5, 202290$1.69BVMSFTAMZNvs. Q1 2022SEC
Q1 2022May 5, 202293$2.43BAMZNVMSFTvs. Q4 2021SEC
Q4 2021Feb 8, 202292$2.97BAMZNVMSFTvs. Q3 2021SEC
Q3 2021Oct 29, 202196$2.98BAMZNMSFTVvs. Q2 2021SEC
Q2 2021Aug 5, 202191$2.62BAMZNMSFTDISvs. Q1 2021SEC
Q1 2021May 5, 202174$2.47BAMZNMSFTDIS–SEC

13D and 13G filings

Companies where La Financiere de L'Echiquier reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

La Financiere de L'Echiquier does not currently report owning 5% or more of any company.

Latest filings

2 filings on file made by La Financiere de L'Echiquier or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by La Financiere de L'Echiquier
CompanyFiled (ET)FormStakeChangeEvent dateFiling
Zenvia Inc.Dec 8, 202213G/AOld format–––SEC
Zenvia Inc.Jul 21, 202213GOld format–New–SEC