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Livermore
Livermore
ZHEN

HMS Capital Management, LLC

SEC CIK
0001689470
Latest filing
Jul 21, 2026

The latest 13F from HMS Capital Management, LLC covers Q2 2026 (filed Jul 21, 2026): 120 long positions worth $267.4M. The top 10 holdings make up 50.4% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 14.6%. 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
10
Est. +$3.50M
Added
15
Est. +$2.43M
Reduced
78
Est. −$40.9M
Sold out
3
Est. −$945.3K

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    14.6%$39.1MHistory
  2. iShares Iboxx $ Investment Grade Corporate Bond ETF464287242
    6.2%$16.6M
  3. iShares MSCI Eafe ETF464287465
    5.8%$15.5M
  4. Invesco QQQ Trust Series I46090E103
    5.6%$14.9M
  5. MUMicron Technology Inc
    5.2%$14.0MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464288414
    +$1.78MAdded
  2. LGNDLigand Pharmaceuticals Inc
    +$796.5KNewHistory
  3. SEISolaris Energy Infrastructure, Inc.
    +$650.5KNewHistory
  4. SITMSITIME Corp
    +$390.7KNewHistory
  5. Vanguard Instl Index FD922040845
    +$325.7KNew

Largest weight increases

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

  1. iShares Tr464288414
    +0.65 pp0.9% → 1.5%
  2. LGNDLigand Pharmaceuticals Inc
    +0.30 pp0.0% → 0.3%History
  3. SEISolaris Energy Infrastructure, Inc.
    +0.24 pp0.0% → 0.2%History
  4. iShares Russell 1000 Value ETF464287598
    +0.21 pp1.7% → 1.9%
  5. Vanguard S&P 500 ETF922908363
    +0.18 pp0.6% → 0.8%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$35.4MReducedHistory
  2. MUMicron Technology Inc
    −$1.85MReducedHistory
  3. ENSGEnsign Group, Inc
    −$523.1KSold outHistory
  4. STRLSterling Infrastructure, Inc.
    −$519.6KReducedHistory
  5. CLSCelestica Inc
    −$346.6KReducedHistory

Largest weight decreases

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

  1. SPYSPDR S&P 500 ETF Trust
    −10.48 pp25.1% → 14.6%History
  2. State Street Energy Select Sector SPDR ETF81369Y506
    −0.28 pp1.6% → 1.3%
  3. NFLXNetflix Inc
    −0.28 pp0.9% → 0.7%History
  4. MCKMcKesson Corp
    −0.21 pp1.3% → 1.1%History
  5. ENSGEnsign Group, Inc
    −0.20 pp0.2% → 0.0%History

Metrics

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

Portfolio value
$267.4M
+$8.83M (+3.4%) vs. prior quarter
Positions
120
+7 vs. prior quarter
Top 10 concentration
50.4%
Top 10 as share of value
Turnover
2.3%
Q2 2026, one quarter
Average holding period
14.5 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 $267.4M (Q2 2026)

Q1 2021: $190.6MQ2 2021: $221.6MQ3 2021: $212.0MQ4 2021: $229.3MQ1 2022: $218.8MQ2 2022: $171.1MQ3 2022: $164.8MQ4 2022: $147.3MQ1 2023: $158.7MQ2 2023: $164.7MQ3 2023: $151.1MQ4 2023: $162.7MQ1 2024: $180.5MQ2 2024: $191.9MQ3 2024: $204.0MQ4 2024: $206.9MQ1 2025: $180.3MQ2 2025: $221.8MQ3 2025: $237.8MQ4 2025: $241.7MQ1 2026: $258.5MQ2 2026: $267.4M
Q1 2021Q2 2026
13F filings of HMS Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 2026120$267.4MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFiShares MSCI Eafe ETFvs. Q1 2026SEC
Q1 2026Apr 22, 2026113$258.5MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFiShares MSCI Eafe ETFvs. Q4 2025SEC
Q4 2025Jan 16, 2026103$241.7MSPYiShares MSCI Eafe ETFiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q3 2025SEC
Q3 2025Oct 30, 2025107$237.8MSPYiShares MSCI Eafe ETFiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q2 2025SEC
Q2 2025Jul 7, 2025105$221.8MSPYiShares MSCI Eafe ETFiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q1 2025SEC
Q1 2025May 14, 2025104$180.3MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFInvesco QQQ Trust Series Ivs. Q4 2024SEC
Q4 2024Jan 29, 2025107$206.9MSPYInvesco QQQ Trust Series IiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q3 2024SEC
Q3 2024Oct 30, 2024108$204.0MSPYInvesco QQQ Trust Series IiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q2 2024SEC
Q2 2024Jul 24, 2024108$191.9MSPYInvesco QQQ Trust Series IiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q1 2024SEC
Q1 2024Apr 24, 2024107$180.5MSPYInvesco QQQ Trust Series IiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q4 2023SEC
Q4 2023Jan 17, 2024108$162.7MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFiShares Russell 1000 Value ETFvs. Q3 2023SEC
Q3 2023Oct 19, 2023107$151.1MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFiShares Russell 1000 Value ETFvs. Q2 2023SEC
Q2 2023Aug 14, 2023108$164.7MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFiShares Russell 1000 Value ETFvs. Q1 2023SEC
Q1 2023Apr 13, 2023103$158.7MSPYiShares U S ETF TrState Street Energy Select Sector SPDR ETFvs. Q4 2022SEC
Q4 2022Jan 23, 202396$147.3MSPYiShares U S ETF TrState Street Energy Select Sector SPDR ETFvs. Q3 2022SEC
Q3 2022Oct 12, 2022115$164.8MSPYiShares U S ETF TriShares Russell 1000 Value ETFvs. Q2 2022SEC
Q2 2022Jul 27, 2022121$171.1MSPYiShares U S ETF TriShares Russell 1000 Value ETFvs. Q1 2022SEC
Q1 2022Apr 20, 2022118$218.8MSPYState Street Energy Select Sector SPDR ETFiShares Russell 1000 Value ETFvs. Q4 2021SEC
Q4 2021Feb 3, 2022114$229.3MSPYiShares Russell 1000 Value ETFInvesco QQQ Trust Series Ivs. Q3 2021SEC
Q3 2021Nov 2, 2021118$212.0MSPYiShares Russell 1000 Value ETFiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q2 2021SEC
Q2 2021Jul 13, 2021126$221.6MSPYiShares Russell 1000 Value ETFiShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q1 2021SEC
Q1 2021Apr 12, 2021112$190.6MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFiShares Tr–SEC