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Livermore
Livermore
ZHEN

Adalta Capital Management LLC

SEC CIK
0001698926
Latest filing
Aug 14, 2026

The latest 13F from Adalta Capital Management LLC covers Q2 2026 (filed Aug 14, 2026): 103 long positions worth $227.8M. The top 10 holdings make up 49.3% of the portfolio, and the largest is JPMorgan Chase & Co (JPM) at 6.8%. 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
12
Est. +$3.12M
Added
16
Est. +$2.55M
Reduced
49
Est. −$6.44M
Sold out
6
Est. −$1.62M

Top 5 holdings

Share of this quarter's portfolio value

  1. JPMJPMorgan Chase & Co
    6.8%$15.4MHistory
  2. MSFTMicrosoft Corp
    6.3%$14.3MHistory
  3. GOOGLAlphabet Inc.
    5.7%$13.0MHistory
  4. MRKMerck & Co., Inc.
    4.9%$11.2MHistory
  5. BNBROOKFIELD Corp
    4.7%$10.8MHistory

Share of portfolio

Top 5 holdings and the other 98 positions, by share of portfolio value

  1. JPM6.8%
  2. MSFT6.3%
  3. GOOGL5.7%
  4. MRK4.9%
  5. BN4.7%
  6. Other 98 positions71.6%

Biggest buys

New and added positions, by estimated amount bought

  1. WisdomTree Tr97717Y527
    +$599.2KAdded
  2. BMEZBlackRock Health Sciences Term Trust
    +$569.2KNewHistory
  3. MELIMercadolibre Inc
    +$490.5KAddedHistory
  4. AMATApplied Materials Inc
    +$473.6KAddedHistory
  5. HONHoneywell International Inc
    +$423.2KNewHistory

Largest weight increases

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

  1. AMATApplied Materials Inc
    +0.38 pp0.2% → 0.6%History
  2. INTCIntel Corp
    +0.25 pp0.1% → 0.3%History
  3. BMEZBlackRock Health Sciences Term Trust
    +0.25 pp0.0% → 0.2%History
  4. WisdomTree Tr97717Y527
    +0.24 pp0.2% → 0.5%
  5. HONHoneywell International Inc
    +0.19 pp0.0% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HONHoneywell International Inc
    −$819.6KSold outHistory
  2. GOOGLAlphabet Inc.
    −$764.8KReducedHistory
  3. HDHome Depot, Inc.
    −$486.3KReducedHistory
  4. BNBROOKFIELD Corp
    −$474.3KReducedHistory
  5. AAPLApple Inc.
    −$406.6KReducedHistory

Largest weight decreases

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

  1. MSFTMicrosoft Corp
    −0.70 pp7.0% → 6.3%History
  2. BXBlackstone Inc.
    −0.42 pp4.8% → 4.4%History
  3. HONHoneywell International Inc
    −0.39 pp0.4% → 0.0%History
  4. BNBROOKFIELD Corp
    −0.38 pp5.1% → 4.7%History
  5. FNVFranco Nevada Corp
    −0.38 pp1.6% → 1.3%History

Metrics

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

Portfolio value
$227.8M
+$18.7M (+9.0%) vs. prior quarter
Positions
103
+6 vs. prior quarter
Top 10 concentration
49.3%
Top 10 as share of value
Turnover
2.6%
Q2 2026, one quarter
Average holding period
19.0 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 $227.8M (Q2 2026)

Q1 2021: $173.3MQ2 2021: $183.6MQ3 2021: $180.7MQ4 2021: $216.9MQ1 2022: $200.5MQ2 2022: $154.0MQ3 2022: $139.2MQ4 2022: $141.8MQ1 2023: $143.0MQ2 2023: $149.6MQ3 2023: $146.7MQ4 2023: $165.4MQ1 2024: $181.1MQ2 2024: $183.9MQ3 2024: $193.9MQ4 2024: $191.5MQ1 2025: $187.8MQ2 2025: $199.3MQ3 2025: $220.3MQ4 2025: $224.0MQ1 2026: $209.1MQ2 2026: $227.8M
Q1 2021Q2 2026
13F filings of Adalta Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026103$227.8MJPMMSFTGOOGLvs. Q1 2026SEC
Q1 2026May 18, 202697$209.1MMSFTJPMGOOGLvs. Q4 2025SEC
Q4 2025Feb 17, 202688$224.0MMSFTJPMGOOGLvs. Q3 2025SEC
Q3 2025Nov 17, 2025102$220.3MMSFTJPMBXvs. Q2 2025SEC
Q2 2025Aug 12, 202597$199.3MMSFTJPMBXvs. Q1 2025SEC
Q1 2025May 16, 2025101$187.8MMSFTBXJPMvs. Q4 2024SEC
Q4 2024Feb 18, 202599$191.5MMSFTBXJPMvs. Q3 2024SEC
Q3 2024Nov 15, 202495$193.9MMSFTBXHDvs. Q2 2024SEC
Q2 2024Aug 15, 2024101$183.9MMSFTBXMRKvs. Q1 2024SEC
Q1 2024May 16, 2024101$181.1MMSFTMRKBXvs. Q4 2023SEC
Q4 2023Feb 14, 202497$165.4MMSFTBXHDvs. Q3 2023SEC
Q3 2023Nov 15, 202388$146.7MMSFTBXMRKvs. Q2 2023SEC
Q2 2023Aug 24, 202386$149.6MMSFTMRKBXvs. Q1 2023SEC
Q1 2023May 16, 202381$143.0MMSFTMRKBXvs. Q4 2022SEC
Q4 2022Feb 21, 202388$141.8MMSFTMRKHDvs. Q3 2022SEC
Q3 2022Nov 15, 202290$139.2MMSFTHDBXvs. Q2 2022SEC
Q2 2022Aug 18, 202299$154.0MMSFTBXHDvs. Q1 2022SEC
Q1 2022Jun 15, 202298$200.5MMSFTBXHDvs. Q4 2021SEC
Q4 2021Feb 15, 202288$216.9MMSFTBXHDvs. Q3 2021SEC
Q3 2021Nov 16, 202194$180.7MMSFTGHBXvs. Q2 2021SEC
Q2 2021Aug 17, 202196$183.6MMSFTGHTERvs. Q1 2021SEC
Q1 2021May 18, 202197$173.3MMSFTGHTER–SEC

13D and 13G filings

Companies where Adalta Capital Management LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Adalta Capital Management LLC does not currently report owning 5% or more of any company.

Latest filings

2 filings on file made by Adalta Capital Management LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Adalta Capital Management LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
PFXPhenixFIN CorpFeb 13, 202313G/AOld format–––SEC
PFXPhenixFIN CorpFeb 13, 202313GOld format–New–SEC