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Livermore
Livermore
ZHEN

L2 Asset Management, LLC

SEC CIK
0001686988
Latest filing
Aug 13, 2026

The latest 13F from L2 Asset Management, LLC covers Q2 2026 (filed Aug 13, 2026): 411 long positions worth $962.8M. The top 10 holdings make up 21.7% of the portfolio, and the largest is Janus Detroit STR Tr at 3.2%. 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
48
Est. +$47.1M
Added
234
Est. +$79.2M
Reduced
129
Est. −$495.2M
Sold out
34
Est. −$66.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. Janus Detroit STR Tr47103U845
    3.2%$31.2M
  2. NVDANVIDIA Corp
    2.8%$26.8MHistory
  3. AAPLApple Inc.
    2.6%$25.0MHistory
  4. iShares Tr46436E718
    2.6%$24.6M
  5. Schwab U.S. Large-Cap ETF808524201
    2.0%$19.4M

Biggest buys

New and added positions, by estimated amount bought

  1. Janus Detroit STR Tr47103U845
    +$17.9MAdded
  2. Pgim ETF Tr69344A834
    +$17.7MNew
  3. JAZZJazz Pharmaceuticals plc
    +$6.58MNewHistory
  4. DLTRDollar Tree, Inc.
    +$3.24MAddedHistory
  5. BBYBest Buy Co Inc
    +$3.23MAddedHistory

Largest weight increases

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

  1. Janus Detroit STR Tr47103U845
    +1.99 pp1.3% → 3.2%
  2. Pgim ETF Tr69344A834
    +1.84 pp0.0% → 1.8%
  3. DELLDell Technologies Inc.
    +1.24 pp0.6% → 1.9%History
  4. JAZZJazz Pharmaceuticals plc
    +0.68 pp0.0% → 0.7%History
  5. NVDANVIDIA Corp
    +0.68 pp2.1% → 2.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$250.5MReducedHistory
  2. iShares Tr46436E718
    −$25.3MReduced
  3. Schwab U.S. Large-Cap ETF808524201
    −$19.2MReduced
  4. iShares Tr464287234
    −$17.8MSold out
  5. Schwab Strategic Tr808524698
    −$14.7MReduced

Largest weight decreases

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

  1. iShares Tr46436E718
    −2.19 pp4.8% → 2.6%
  2. iShares Tr464287234
    −1.69 pp1.7% → 0.0%
  3. JHGJanus Henderson Group Ltd.
    −1.38 pp1.4% → 0.0%History
  4. Schwab Strategic Tr808524698
    −1.27 pp2.8% → 1.6%
  5. SPYSPDR S&P 500 ETF Trust
    −1.26 pp1.3% → 0.1%History

Metrics

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

Portfolio value
$962.8M
−$88.6M (−8.4%) vs. prior quarter
Positions
411
+14 vs. prior quarter
Top 10 concentration
21.7%
Top 10 as share of value
Turnover
12.5%
Q2 2026, one quarter
Average holding period
10.8 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 $1.05B (Q1 2026)

Q1 2021: $97.0MQ2 2021: $106.9MQ3 2021: $39.6MQ4 2021: $143.2MQ1 2022: $160.7MQ2 2022: $137.7MQ3 2022: $134.2MQ4 2022: $154.9MQ1 2023: $167.1MQ2 2023: $204.5MQ3 2023: $208.2MQ4 2023: $243.1MQ1 2024: $304.6MQ2 2024: $331.9MQ3 2024: $368.0MQ4 2024: $458.3MQ1 2025: $486.5MQ2 2025: $610.9MQ3 2025: $691.1MQ4 2025: $748.5MQ1 2026: $1.05BQ2 2026: $962.8M
Q1 2021Q2 2026
13F filings of L2 Asset Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026411$962.8MJanus Detroit STR TrNVDAAAPLvs. Q1 2026SEC
Q1 2026May 15, 2026397$1.05BiShares TrSchwab U.S. Large-Cap ETFSchwab Strategic Trvs. Q4 2025SEC
Q4 2025Feb 17, 2026366$748.5MiShares TrNVDAAAPLvs. Q3 2025SEC
Q3 2025Nov 14, 2025363$691.1MiShares TrNVDAMSFTvs. Q2 2025SEC
Q2 2025Aug 14, 2025359$610.9MiShares TrMSFTNVDAvs. Q1 2025SEC
Q1 2025May 15, 2025273$486.5MiShares TrAAPLSchwab Strategic Trvs. Q4 2024SEC
Q4 2024Feb 14, 2025247$458.3MiShares TrAAPLSchwab Strategic Trvs. Q3 2024SEC
Q3 2024Nov 14, 2024231$368.0MAAPLMSFTMETAvs. Q2 2024SEC
Q2 2024Aug 14, 2024214$331.9MMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024May 15, 2024212$304.6MMSFTAAPLGOOGLvs. Q4 2023SEC
Q4 2023Feb 13, 2024175$243.1MAAPLMSFTGOOGLvs. Q3 2023SEC
Q3 2023Nov 8, 2023216$208.2MAAPLMSFTBRK.Bvs. Q2 2023SEC
Q2 2023Aug 11, 2023155$204.5MAAPLMSFTBRK.Bvs. Q1 2023SEC
Q1 2023May 12, 2023139$167.1MAAPLMSFTBRK.Bvs. Q4 2022SEC
Q4 2022Feb 14, 2023129$154.9MSchwab U.S. Large-Cap Value ETFAAPLState Street Materials Select Sector SPDR ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022120$134.2MAAPLState Street Materials Select Sector SPDR ETFMSFTvs. Q2 2022SEC
Q2 2022Aug 15, 2022119$137.7MAAPLMSFTAMGNvs. Q1 2022SEC
Q1 2022May 16, 2022131$160.7MAAPLMSFTMOHvs. Q4 2021SEC
Q4 2021Feb 10, 2022118$143.2MiShares Russell 1000 Value ETFAAPLMSFTvs. Q3 2021SEC
Q3 2021Nov 12, 202158$39.6MiShares Russell 1000 Value ETFiShares Russell 2000 ETFDELLvs. Q2 2021SEC
Q2 2021Aug 16, 202190$106.9MAAPLMSFTCSCOvs. Q1 2021SEC
Q1 2021May 17, 202183$97.0MMSFTAAPLSTX–SEC