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Livermore
Livermore
ZHEN

Level Four Advisory Services, LLC

SEC CIK
0001696715
Latest filing
Aug 10, 2026

The latest 13F from Level Four Advisory Services, LLC covers Q2 2026 (filed Aug 10, 2026): 935 long positions worth $3.54B. The top 10 holdings make up 21.2% of the portfolio, and the largest is Apple Inc. (AAPL) at 4.0%. 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
103
Est. +$56.2M
Added
466
Est. +$142.7M
Reduced
327
Est. −$115.5M
Sold out
34
Est. −$31.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    4.0%$142.8MHistory
  2. Alps ETF Tr00162Q353
    3.0%$105.9M
  3. Invesco QQQ Trust Series I46090E103
    2.9%$104.4M
  4. MSFTMicrosoft Corp
    1.9%$67.9MHistory
  5. NVDANVIDIA Corp
    1.8%$62.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. Alps ETF Tr00162Q353
    +$8.17MAdded
  2. MSFTMicrosoft Corp
    +$7.34MAddedHistory
  3. DVNDevon Energy Corp
    +$5.81MAddedHistory
  4. iShares Russell 1000 Value ETF464287598
    +$4.96MAdded
  5. GLDMWorld Gold Trust
    +$4.93MNewHistory

Largest weight increases

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

  1. VanEck Semiconductor ETF92189F676
    +0.29 pp0.5% → 0.8%
  2. Alps ETF Tr00162Q353
    +0.26 pp2.7% → 3.0%
  3. Invesco Exch Traded FD Tr II46138E339
    +0.17 pp0.3% → 0.5%
  4. DVNDevon Energy Corp
    +0.16 pp<0.1% → 0.2%History
  5. LRCXLam Research Corp
    +0.15 pp0.2% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SNDKSandisk Corp
    −$19.6MReducedHistory
  2. XOMExxonMobil Holdings Corp
    −$8.79MSold outHistory
  3. CTRACoterra Energy Inc.
    −$7.17MSold outHistory
  4. GLDSPDR Gold Trust
    −$4.28MReducedHistory
  5. AMDAdvanced Micro Devices Inc
    −$4.22MReducedHistory

Largest weight decreases

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

  1. GLDSPDR Gold Trust
    −0.31 pp0.7% → 0.4%History
  2. XOMExxonMobil Holdings Corp
    −0.29 pp0.3% → 0.0%History
  3. CTRACoterra Energy Inc.
    −0.24 pp0.2% → 0.0%History
  4. APAAPA Corp
    −0.17 pp0.4% → 0.3%History
  5. iShares Core U.S. Aggregate Bond ETF464287226
    −0.17 pp0.8% → 0.6%

Metrics

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

Portfolio value
$3.54B
+$493.1M (+16.2%) vs. prior quarter
Positions
935
+69 vs. prior quarter
Top 10 concentration
21.2%
Top 10 as share of value
Turnover
4.5%
Q2 2026, one quarter
Average holding period
17.1 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 $3.54B (Q2 2026)

Q1 2021: $1.29BQ2 2021: $1.45BQ3 2021: $961.6MQ4 2021: $1.31BQ1 2022: $1.28BQ2 2022: $1.06BQ3 2022: $1.03BQ4 2022: $1.35BQ1 2023: $1.52BQ2 2023: $1.66BQ3 2023: $1.55BQ4 2023: $1.78BQ1 2024: $1.82BQ2 2024: $2.22BQ3 2024: $2.38BQ4 2024: $2.45BQ1 2025: $2.43BQ2 2025: $2.71BQ3 2025: $2.92BQ4 2025: $3.06BQ1 2026: $3.05BQ2 2026: $3.54B
Q1 2021Q2 2026
13F filings of Level Four Advisory Services, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 10, 2026935$3.54BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q1 2026SEC
Q1 2026May 14, 2026866$3.05BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q4 2025SEC
Q4 2025Feb 13, 2026842$3.06BAAPLAlps ETF TrMSFTvs. Q3 2025SEC
Q3 2025Nov 12, 2025802$2.92BAAPLAlps ETF TrMSFTvs. Q2 2025SEC
Q2 2025Aug 13, 2025784$2.71BAAPLAlps ETF TrMSFTvs. Q1 2025SEC
Q1 2025May 14, 2025752$2.43BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q4 2024SEC
Q4 2024Feb 12, 2025752$2.45BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q3 2024SEC
Q3 2024Nov 14, 2024765$2.38BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q2 2024SEC
Q2 2024Aug 9, 2024741$2.22BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q1 2024SEC
Q1 2024May 13, 2024770$1.82BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q4 2023SEC
Q4 2023Feb 8, 2024771$1.78BAAPLAlps ETF TrInvesco QQQ Trust Series Ivs. Q3 2023SEC
Q3 2023Nov 13, 2023756$1.55BAAPLAlps ETF TrMSFTvs. Q2 2023SEC
Q2 2023Jul 10, 2023796$1.66BAAPLInvesco QQQ Trust Series IMSFTvs. Q1 2023SEC
Q1 2023Jun 5, 2023756$1.52BAAPLInvesco QQQ Trust Series IMSFTvs. Q4 2022SEC
Q4 2022Feb 13, 2023671$1.35BAAPLCAGMSFTvs. Q3 2022SEC
Q3 2022Nov 7, 2022543$1.03BAAPLCAGState Street SPDR Portfolio S&P 500 ETFvs. Q2 2022SEC
Q2 2022Aug 8, 2022553$1.06BAAPLCAGState Street SPDR Portfolio S&P 500 ETFvs. Q1 2022SEC
Q1 2022May 10, 2022639$1.28BAAPLInvesco QQQ Trust Series ICAGvs. Q4 2021SEC
Q4 2021Feb 11, 2022641$1.31BAAPLInvesco QQQ Trust Series IState Street SPDR Portfolio S&P 500 ETFvs. Q3 2021SEC
Q3 2021Oct 12, 2021458$961.6MInvesco QQQ Trust Series IAAPLCAGvs. Q2 2021SEC
Q2 2021Aug 9, 2021636$1.45BInvesco QQQ Trust Series IAAPLSPDR Series Trustvs. Q1 2021SEC
Q1 2021May 10, 2021627$1.29BInvesco QQQ Trust Series IAAPLSPDR Series Trust–SEC