Skip to main content
Livermore
Livermore
ZHEN

Bpifrance SA

SEC CIK
0001731118
Latest filing
Jul 27, 2026

The latest 13F from Bpifrance SA covers Q2 2026 (filed Jul 27, 2026): 2 long positions worth $1.36B. The top 10 holdings make up 100.0% of the portfolio, and the largest is Stellantis N.V. (STLA) at 80.3%. Livermore has 23 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
0
Added
0
Reduced
1
Est. −$133.5M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. STLAStellantis N.V.
    80.3%$1.09BHistory
  2. CSTMConstellium SE
    19.7%$267.8MHistory

Biggest buys

New and added positions, by estimated amount bought

None this quarter.

Largest weight increases

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

None this quarter.

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CSTMConstellium SE
    −$133.5MReducedHistory

Largest weight decreases

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

None this quarter.

Metrics

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

Portfolio value
$1.36B
−$292.6M (−17.7%) vs. prior quarter
Positions
2
0 vs. prior quarter
Top 10 concentration
100.0%
Top 10 as share of value
Turnover
0.0%
Q2 2026, one quarter
Average holding period
21.6 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 $5.90B (Q1 2024)

Q1 2021: $3.96BQ2 2021: $4.50BQ3 2021: $4.36BQ4 2021: $4.21BQ1 2022: $3.57BQ2 2022: $2.68BQ3 2022: $2.58BQ4 2022: $3.04BQ1 2023: $3.89BQ2 2023: $3.72BQ3 2023: $4.09BQ4 2023: $4.88BQ1 2024: $5.90BQ2 2024: $4.09BQ3 2024: $2.88BQ4 2024: $2.67BQ1 2025: $2.27BQ2 2025: $2.09BQ3 2025: $1.97BQ4 2025: $2.37BQ1 2026: $1.65BQ2 2026: $1.36B
Q1 2021Q2 2026
13F filings of Bpifrance SA by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 27, 20262$1.36BSTLACSTMvs. Q1 2026SEC
Q1 2026Apr 28, 20262$1.65BSTLACSTMvs. Q4 2025SEC
Q4 2025Feb 2, 20262$2.37BSTLACSTMvs. Q3 2025SEC
Q3 2025Nov 3, 20252$1.97BSTLACSTMvs. Q2 2025SEC
Q2 2025Jul 31, 20253$2.09BSTLACSTMSQNSvs. Q1 2025SEC
Q1 2025May 6, 20253$2.27BSTLACSTMSQNSvs. Q4 2024SEC
Q4 2024Jan 30, 20253$2.67BSTLACSTMSQNSvs. Q3 2024SEC
Q3 2024Oct 28, 20244$2.88BSTLACSTMSQNSvs. Q2 2024SEC
Q2 2024Jul 25, 20245$4.09BSTLACSTMCRTOvs. Q1 2024SEC
Q1 2024May 6, 20245$5.90BSTLACSTMCRTOvs. Q4 2023SEC
Q4 2023Feb 7, 20245$4.88BSTLACSTMCRTOvs. Q3 2023SEC
Q3 2023Nov 13, 20236$4.09BSTLACSTMCRTOvs. Q2 2023SEC
Q2 2023Jul 28, 20237$3.72BSTLACSTMCRTOvs. Q1 2023SEC
Q1 2023May 15, 20238$3.89BSTLACSTMCRTOvs. Q4 2022SEC
Q4 2022Feb 14, 20237$3.04BSTLACSTMCRTOvs. Q3 2022SEC
Q3 2022Nov 14, 20226$2.58BSTLACSTMCRTOvs. Q2 2022SEC
Q2 2022Aug 11, 20229$2.68BSTLACSTMCRTOvs. Q1 2022SEC
Q1 2022May 16, 20228$3.57BSTLACSTMCRTOvs. Q4 2021SEC
Q4 2021Feb 11, 20229$4.21BSTLACSTMFTIvs. Q3 2021SEC
Q3 2021Nov 15, 20218$4.36BSTLACSTMFTIvs. Q2 2021SEC
Q2 2021Jul 30, 2021Amended8$4.50BSTLACSTMFTIvs. Q1 2021SEC
Q1 2021May 13, 20217$3.96BSTLACSTMFTI–SEC

13D and 13G filings

Companies where Bpifrance SA reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Bpifrance SA does not currently report owning 5% or more of any company.

Latest filings

13 filings on file made by Bpifrance SA or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Bpifrance SA
CompanyFiled (ET)FilerFormStakeChangeEvent dateFiling
PSQLPasqal Holding SASep 3, 20269:11 PM ETBpifrance Participations SAand 4 others13D11.40%24.5M sharesNewAug 27, 2026SEC
CSTMConstellium SEMay 28, 20264:01 PM ETBpifrance Participations SAand 3 others13D/A6.20%8.40M shares–May 26, 2026SEC
VALNValneva SEMay 12, 20265:09 PM ETBpifrance Participations SAand 4 others13D/A9.30%19.1M shares−1.20 ppfrom 10.50%May 5, 2026SEC
VALNValneva SEMar 10, 20264:01 PM ETBpifrance Participations SAand 4 others13D/A10.50%19.9M shares−1.10 ppfrom 11.60%Feb 27, 2026SEC
DBVTDBV Technologies S.A.Jan 7, 20264:01 PM ETBpifrance Participations SAand 5 others13D/A4.70%10.9M shares−0.60 ppfrom 5.30%Below 5%Jan 5, 2026SEC
DBVTDBV Technologies S.A.Jan 5, 20264:02 PM ETBpifrance Participations SAand 5 others13D/A5.30%11.0M shares−1.50 ppfrom 6.80%Dec 31, 2025SEC
DBVTDBV Technologies S.A.Dec 19, 20256:32 PM ETBpifrance Participations SAand 5 others13D/A6.80%14.1M shares−2.60 ppfrom 9.40%Dec 17, 2025SEC
DBVTDBV Technologies S.A.Nov 4, 20254:14 PM ETBpifrance Participations SAand 5 others13D/A9.40%17.5M shares−2.80 ppfrom 12.20%Oct 31, 2025SEC
VALNValneva SESep 5, 20254:15 PM ETBpifrance Participations SAand 4 others13D/A11.60%21.8M shares–Aug 29, 2025SEC
SQNSSequans CommunicationsMay 21, 20257:02 PM ETBpifrance Participations SAand 3 others13D/A4.50%11.5M shares–Below 5%May 15, 2025SEC
IPHAInnate Pharma SAMay 7, 20254:02 PM ETBpifrance Participations SAand 4 others13D/A7.90%7.32M shares–Apr 25, 2025SEC
DBVTDBV Technologies S.A.Apr 7, 20254:50 PM ETBpifrance Participations SAand 5 others13D/A12.20%17.5M shares–Mar 27, 2025SEC
STLAStellantis N.V.Feb 14, 20254:01 PM ETBpifrance Participations SAand 3 others13D/A10.90%393.6M shares–Feb 14, 2025SEC