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Livermore
Livermore
ZHEN

New Capital Management LP

SEC CIK
0001696731
Latest filing
Jul 14, 2026

The latest 13F from New Capital Management LP covers Q2 2026 (filed Jul 14, 2026): 60 long positions worth $439.0M. The top 10 holdings make up 77.6% of the portfolio, and the largest is Dimensional U.S. Core Equity 2 ETF at 26.0%. Livermore has 20 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
2
Est. +$455.9K
Added
32
Est. +$2.56M
Reduced
11
Est. −$598.3K
Sold out
1
Est. −$209.3K

Top 5 holdings

Share of this quarter's portfolio value

  1. Dimensional U.S. Core Equity 2 ETF25434V708
    26.0%$114.0M
  2. Dimensional World Ex U.S. Core Equity 2 ETF25434V880
    20.2%$88.8M
  3. BRK.BBerkshire Hathaway Inc
    12.2%$53.6MHistory
  4. AAPLApple Inc.
    5.1%$22.4MHistory
  5. RBB Fund Trust75526L852
    3.2%$13.9M

Share of portfolio

Top 5 holdings and the other 55 positions, by share of portfolio value

  1. Dimensional U.S. Core Equity 2 ETF26.0%
  2. Dimensional World Ex U.S. Core Equity 2 ETF20.2%
  3. BRK.B12.2%
  4. AAPL5.1%
  5. RBB Fund Trust3.2%
  6. Other 55 positions33.3%

Biggest buys

New and added positions, by estimated amount bought

  1. Dimensional World Ex U.S. Core Equity 2 ETF25434V880
    +$825.9KAdded
  2. Dimensional U.S. Core Equity 2 ETF25434V708
    +$559.4KAdded
  3. iShares Tr464287622
    +$254.7KNew
  4. IAUiShares Gold Trust
    +$219.3KAddedHistory
  5. iShares Russell 1000 Growth ETF464287614
    +$201.2KNew

Largest weight increases

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

  1. Dimensional U.S. Core Equity 2 ETF25434V708
    +1.47 pp24.5% → 26.0%
  2. Dimensional World Ex U.S. Core Equity 2 ETF25434V880
    +0.23 pp20.0% → 20.2%
  3. Dimensional ETF Trust25434V716
    +0.13 pp2.5% → 2.6%
  4. NVDANVIDIA Corp
    +0.07 pp1.2% → 1.3%History
  5. iShares Tr464287622
    +0.06 pp0.0% → 0.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares U S ETF Tr46431W507
    −$209.3KSold out
  2. iShares Tr46436E718
    −$109.0KReduced
  3. Vanguard BD Index FDS92203C303
    −$105.7KReduced
  4. iShares Tr46434V878
    −$105.3KReduced
  5. iShares Tr46434V860
    −$99.9KReduced

Largest weight decreases

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

  1. BRK.BBerkshire Hathaway Inc
    −0.45 pp12.7% → 12.2%History
  2. IBITiShares Bitcoin Trust ETF
    −0.25 pp1.2% → 0.9%History
  3. iShares Tr46434V860
    −0.12 pp1.3% → 1.1%
  4. iShares U S ETF Tr46431W507
    −0.05 pp0.1% → 0.0%
  5. Dimensional ETF Trust25434V690
    −0.03 pp1.9% → 1.8%

Metrics

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

Portfolio value
$439.0M
+$33.4M (+8.2%) vs. prior quarter
Positions
60
+1 vs. prior quarter
Top 10 concentration
77.6%
Top 10 as share of value
Turnover
0.2%
Q2 2026, one quarter
Average holding period
10.7 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

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

Peak $439.0M (Q2 2026)

Q1 2021: $112.2MQ3 2021: $181.8MQ4 2021: $192.5MQ1 2022: $138.3MQ2 2022: $180.8MQ3 2022: $181.5MQ4 2022: $231.9MQ1 2023: $261.5MQ3 2023: $288.2MQ4 2023: $316.1MQ1 2024: $334.9MQ2 2024: $325.9MQ3 2024: $354.3MQ4 2024: $342.0MQ1 2025: $348.5MQ2 2025: $358.3MQ3 2025: $381.7MQ4 2025: $398.1MQ1 2026: $405.7MQ2 2026: $439.0M
Q1 2021Q2 2026
13F filings of New Capital Management LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 14, 202660$439.0MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q1 2026SEC
Q1 2026Apr 14, 202659$405.7MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q4 2025SEC
Q4 2025Jan 20, 202655$398.1MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q3 2025SEC
Q3 2025Oct 8, 202554$381.7MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q2 2025SEC
Q2 2025Jul 7, 202556$358.3MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q1 2025SEC
Q1 2025Apr 29, 202550$348.5MDimensional U.S. Core Equity 2 ETFBRK.BDimensional World Ex U.S. Core Equity 2 ETFvs. Q4 2024SEC
Q4 2024Jan 13, 202551$342.0MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q3 2024SEC
Q3 2024Oct 7, 202452$354.3MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q2 2024SEC
Q2 2024Jul 11, 202454$325.9MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q1 2024SEC
Q1 2024Apr 9, 202457$334.9MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q4 2023SEC
Q4 2023Jan 19, 202451$316.1MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q3 2023SEC
Q3 2023Oct 12, 202351$288.2MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.B–SEC
Q1 2023Apr 6, 202355$261.5MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q4 2022SEC
Q4 2022Jan 11, 202345$231.9MDimensional U.S. Core Equity 2 ETFDimensional World Ex U.S. Core Equity 2 ETFBRK.Bvs. Q3 2022SEC
Q3 2022Oct 11, 202240$181.5MDimensional U.S. Core Equity 2 ETFBRK.BDimensional World Ex U.S. Core Equity 2 ETFvs. Q2 2022SEC
Q2 2022Jul 8, 202240$180.8MDimensional U.S. Core Equity 2 ETFBRK.BiShares Trvs. Q1 2022SEC
Q1 2022Apr 8, 202245$138.3MBRK.BAAPLiShares Trvs. Q4 2021SEC
Q4 2021Jan 28, 202242$192.5MDimensional U.S. Core Equity 2 ETFBRK.BDimensional World Ex U.S. Core Equity 2 ETFvs. Q3 2021SEC
Q3 2021Oct 7, 202142$181.8MDimensional U.S. Core Equity 2 ETFBRK.BDimensional World Ex U.S. Core Equity 2 ETF–SEC
Q1 2021Apr 15, 2021126$112.2MBRK.BAAPLPEP–SEC