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Livermore
Livermore
ZHEN

Nicola Wealth Management Ltd.

SEC CIK
0001734493
Latest filing
Aug 6, 2026

The latest 13F from Nicola Wealth Management Ltd. covers Q2 2026 (filed Aug 6, 2026): 61 long positions worth $868.4M. The top 10 holdings make up 30.3% of the portfolio, and the largest is Waste Connections, Inc. (WCN) at 4.7%. 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
5
Est. +$65.4M
Added
14
Est. +$51.9M
Reduced
10
Est. −$55.5M
Sold out
6
Est. −$71.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. WCNWaste Connections, Inc.
    4.7%$40.5MHistory
  2. PBAPembina Pipeline Corp
    3.5%$30.7MHistory
  3. NVDANVIDIA Corp
    3.1%$26.9MHistory
  4. MSFTMicrosoft Corp
    2.9%$25.0MHistory
  5. TSMTaiwan Semiconductor Manufacturing Co Ltd
    2.9%$24.8MHistory

Share of portfolio

Top 5 holdings and the other 56 positions, by share of portfolio value

  1. WCN4.7%
  2. PBA3.5%
  3. NVDA3.1%
  4. MSFT2.9%
  5. TSM2.9%
  6. Other 56 positions83.0%

Biggest buys

New and added positions, by estimated amount bought

  1. BIPBrookfield Infrastructure Partners L.P.
    +$24.3MNewHistory
  2. HDHome Depot, Inc.
    +$17.3MNewHistory
  3. SYKStryker Corp
    +$11.6MNewHistory
  4. OBDCBlue Owl Capital Corp
    +$7.77MNewHistory
  5. WCNWaste Connections, Inc.
    +$5.73MAddedHistory

Largest weight increases

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

  1. BIPBrookfield Infrastructure Partners L.P.
    +2.79 pp0.0% → 2.8%History
  2. HDHome Depot, Inc.
    +1.99 pp0.0% → 2.0%History
  3. SYKStryker Corp
    +1.33 pp0.0% → 1.3%History
  4. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +0.95 pp1.9% → 2.9%History
  5. OBDCBlue Owl Capital Corp
    +0.89 pp0.0% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CNQCanadian Natural Resources Ltd
    −$16.4MSold outHistory
  2. TUTelus Corp
    −$15.7MSold outHistory
  3. SLFSun Life Financial Inc
    −$14.9MReducedHistory
  4. WMTWalmart Inc.
    −$13.1MSold outHistory
  5. PLDPrologis, Inc.
    −$11.8MSold outHistory

Largest weight decreases

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

  1. CNQCanadian Natural Resources Ltd
    −1.97 pp2.0% → 0.0%History
  2. TUTelus Corp
    −1.89 pp1.9% → 0.0%History
  3. WMTWalmart Inc.
    −1.57 pp1.6% → 0.0%History
  4. PLDPrologis, Inc.
    −1.41 pp1.4% → 0.0%History
  5. TAT&T Inc.
    −1.37 pp2.6% → 1.3%History

Metrics

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

Portfolio value
$868.4M
+$35.4M (+4.2%) vs. prior quarter
Positions
61
−1 vs. prior quarter
Top 10 concentration
30.3%
Top 10 as share of value
Turnover
13.8%
Q2 2026, one quarter
Average holding period
11.1 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 $1.26B (Q3 2024)

Q1 2021: $894.5MQ2 2021: $975.4MQ3 2021: $972.0MQ4 2021: $1.06BQ1 2022: $1.14BQ2 2022: $1.05BQ3 2022: $910.9MQ4 2022: $986.3MQ1 2023: $1.01BQ2 2023: $1.02BQ3 2023: $927.1MQ4 2023: $953.0MQ1 2024: $1.03BQ2 2024: $1.12BQ3 2024: $1.26BQ4 2024: $1.06BQ1 2025: $1.03BQ2 2025: $1.07BQ3 2025: $1.12BQ4 2025: $1.10BQ1 2026: $833.0MQ2 2026: $868.4M
Q1 2021Q2 2026
13F filings of Nicola Wealth Management Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 6, 202661$868.4MWCNPBANVDAvs. Q1 2026SEC
Q1 2026May 7, 202662$833.0MWCNPBASLFvs. Q4 2025SEC
Q4 2025Feb 9, 202665$1.10BTRPBNSPBAvs. Q3 2025SEC
Q3 2025Oct 31, 202565$1.12BTRPCMMSFTvs. Q2 2025SEC
Q2 2025Aug 11, 2025104$1.07BBNSTDMSFTvs. Q1 2025SEC
Q1 2025Jun 6, 2025Amended111$1.03BBNSTDMSFTvs. Q4 2024SEC
Q4 2024Feb 6, 2025107$1.06BTDSHOPCNIvs. Q3 2024SEC
Q3 2024Nov 6, 2024104$1.26BBNSTDTRPvs. Q2 2024SEC
Q2 2024Jul 31, 2024108$1.12BBNSSUTRPvs. Q1 2024SEC
Q1 2024May 10, 2024113$1.03BBNSTRPSUvs. Q4 2023SEC
Q4 2023Feb 8, 2024114$953.0MTRPRYVvs. Q3 2023SEC
Q3 2023Nov 14, 2023110$927.1MSUTDCPvs. Q2 2023SEC
Q2 2023Aug 10, 2023103$1.02BBNSWMTVvs. Q1 2023SEC
Q1 2023May 10, 2023110$1.01BBNSTRPWMTvs. Q4 2022SEC
Q4 2022Feb 9, 2023116$986.3MBNSWMTRYvs. Q3 2022SEC
Q3 2022Nov 14, 2022126$910.9MBNSWMTRYvs. Q2 2022SEC
Q2 2022Aug 11, 2022142$1.05BBNSTRPSUvs. Q1 2022SEC
Q1 2022May 9, 2022118$1.14BTRPMSFTRYvs. Q4 2021SEC
Q4 2021Feb 9, 2022119$1.06BBNSRYTDvs. Q3 2021SEC
Q3 2021Nov 12, 2021115$972.0MBNSRYTDvs. Q2 2021SEC
Q2 2021Aug 12, 2021115$975.4MRYTDWMTvs. Q1 2021SEC
Q1 2021May 7, 2021112$894.5MTDRYWMT–SEC