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Livermore
Livermore
ZHEN

Fulcrum Equity Management

SEC CIK
0001737888
Latest filing
Jul 9, 2026

The latest 13F from Fulcrum Equity Management covers Q2 2026 (filed Jul 9, 2026): 140 long positions worth $123.6M. The top 10 holdings make up 39.9% of the portfolio, and the largest is iShares Tr at 9.9%. Livermore has 27 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
38
Est. +$13.4M
Added
51
Est. +$8.71M
Reduced
38
Est. −$4.82M
Sold out
21
Est. −$9.32M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr464287150
    9.9%$12.3M
  2. iShares Inc464286392
    7.6%$9.36M
  3. State Street Technology Select Sector SPDR ETF81369Y803
    5.2%$6.37M
  4. OKEONEOK Inc
    3.7%$4.51MHistory
  5. NVDANVIDIA Corp
    3.6%$4.50MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. Invesco Exch Traded FD Tr II46138E339
    +$1.76MAdded
  2. Roundhill ETF Trust77926X320
    +$1.20MNew
  3. SPDR Series Trust78468R200
    +$920.4KNew
  4. State Street SPDR Portfolio S&P 500 ETF78464A854
    +$837.0KAdded
  5. State Street Financial Select Sector SPDR ETF81369Y605
    +$784.5KAdded

Largest weight increases

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

  1. Invesco Exch Traded FD Tr II46138E339
    +1.49 pp0.3% → 1.8%
  2. Roundhill ETF Trust77926X320
    +0.97 pp0.0% → 1.0%
  3. SPDR Series Trust78468R200
    +0.74 pp0.0% → 0.7%
  4. AMDAdvanced Micro Devices Inc
    +0.68 pp0.2% → 0.9%History
  5. State Street SPDR Portfolio S&P 500 ETF78464A854
    +0.61 pp1.4% → 2.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Invesco Exch Traded FD Tr II46138E354
    −$1.13MSold out
  2. Schwab US Dividend Equity ETF808524797
    −$937.9KReduced
  3. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    −$884.0KSold out
  4. PIMCO ETF Tr72201R718
    −$801.2KSold out
  5. American Centy ETF Tr025072687
    −$800.6KSold out

Largest weight decreases

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

  1. Invesco Exch Traded FD Tr II46138E354
    −1.10 pp1.1% → 0.0%
  2. Schwab US Dividend Equity ETF808524797
    −1.08 pp2.3% → 1.2%
  3. State Street Energy Select Sector SPDR ETF81369Y506
    −0.94 pp1.7% → 0.8%
  4. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    −0.86 pp0.9% → 0.0%
  5. PIMCO ETF Tr72201R718
    −0.78 pp0.8% → 0.0%

Metrics

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

Portfolio value
$123.6M
+$20.9M (+20.3%) vs. prior quarter
Positions
140
+17 vs. prior quarter
Top 10 concentration
39.9%
Top 10 as share of value
Turnover
12.5%
Q2 2026, one quarter
Average holding period
10.1 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 $268.0M (Q2 2021)

Q1 2021: $253.0MQ2 2021: $268.0MQ3 2021: $257.8MQ4 2021: $267.3MQ1 2022: $168.8MQ2 2022: $124.0MQ3 2022: $118.1MQ4 2022: $122.1MQ1 2023: $106.5MQ2 2023: $86.2MQ3 2023: $85.4MQ4 2023: $80.9MQ1 2024: $84.8MQ2 2024: $111.4MQ3 2024: $118.4MQ4 2024: $101.1MQ1 2025: $91.6MQ2 2025: $97.4MQ3 2025: $98.7MQ4 2025: $104.5MQ1 2026: $102.7MQ2 2026: $123.6M
Q1 2021Q2 2026
13F filings of Fulcrum Equity Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 9, 2026140$123.6MiShares TriShares IncState Street Technology Select Sector SPDR ETFvs. Q1 2026SEC
Q1 2026Apr 2, 2026123$102.7MiShares TriShares IncOKEvs. Q4 2025SEC
Q4 2025Jan 6, 2026117$104.5MiShares TriShares IncState Street Technology Select Sector SPDR ETFvs. Q3 2025SEC
Q3 2025Jan 6, 202694$98.7MiShares TrSPYiShares Incvs. Q2 2025SEC
Q2 2025Aug 25, 2025102$97.4MiShares TriShares IncSPYvs. Q1 2025SEC
Q1 2025May 1, 202596$91.6MiShares TriShares IncInvesco Exchange Traded FD Tvs. Q4 2024SEC
Q4 2024Mar 24, 2025110$101.1MiShares TriShares IncOKEvs. Q3 2024SEC
Q3 2024Nov 22, 2024Amended137$118.4MiShares TriShares IncOKEvs. Q2 2024SEC
Q2 2024Jul 22, 2024130$111.4MiShares TriShares IncOKEvs. Q1 2024SEC
Q1 2024Apr 24, 2024109$84.8MiShares IncOKESPYvs. Q4 2023SEC
Q4 2023Jan 19, 202491$80.9MSPYiShares IncOKEvs. Q3 2023SEC
Q3 2023Nov 13, 202395$85.4MSPYPgim ETF TrState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q2 2023SEC
Q2 2023Jul 7, 2023Amended85$86.2MSPYState Street Technology Select Sector SPDR ETFOKEvs. Q1 2023SEC
Q1 2023Apr 6, 202390$106.5MSPYJPMorgan Ultra-Short Income ETFInvesco Exchange Traded FD Tvs. Q4 2022SEC
Q4 2022Jul 10, 2023Amended70$122.1MSPYJPMorgan Ultra-Short Income ETFState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q3 2022SEC
Q3 2022Oct 11, 202264$118.1MSPYiShares TrJPMorgan Ultra-Short Income ETFvs. Q2 2022SEC
Q2 2022Jul 18, 202273$124.0MSPYiShares Trust iShares 0-1 Year Treasury Bond ETFJPMorgan Ultra-Short Income ETFvs. Q1 2022SEC
Q1 2022Apr 15, 2022105$168.8MSPYiShares Trust iShares 0-1 Year Treasury Bond ETFState Street Technology Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Jan 25, 2022178$267.3MSPYProShares TrState Street Technology Select Sector SPDR ETFvs. Q3 2021SEC
Q3 2021Jan 25, 2022177$257.8MSPYProShares TrState Street Technology Select Sector SPDR ETFvs. Q2 2021SEC
Q2 2021Jul 15, 2021178$268.0MSPYProShares TrFirst Tr Exchange-Traded FDvs. Q1 2021SEC
Q1 2021Apr 5, 2021171$253.0MSPYProShares TrFirst Tr Exchange-Traded FD–SEC