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Livermore
Livermore
ZHEN

Islay Capital Management, LLC

SEC CIK
0001738560
Latest filing
Aug 13, 2026

The latest 13F from Islay Capital Management, LLC covers Q2 2026 (filed Aug 13, 2026): 229 long positions worth $212.9M. The top 10 holdings make up 42.5% of the portfolio, and the largest is State Street SPDR Bloomberg 1-3 Month T-Bill ETF at 7.4%. 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
58
Est. +$13.7M
Added
50
Est. +$15.5M
Reduced
42
Est. −$16.3M
Sold out
32
Est. −$6.90M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    7.4%$15.7M
  2. Schwab US Dividend Equity ETF808524797
    7.1%$15.2M
  3. Angel Oak Funds Trust03463K752
    5.2%$11.1M
  4. American Centy ETF Tr025072877
    4.8%$10.2M
  5. PIMCO ETF Tr72201R817
    3.9%$8.29M

Biggest buys

New and added positions, by estimated amount bought

  1. Angel Oak Funds Trust03463K752
    +$2.19MAdded
  2. J P Morgan Exchange Traded F46641Q670
    +$1.94MAdded
  3. VVisa Inc.
    +$1.63MNewHistory
  4. NVDANVIDIA Corp
    +$1.47MAddedHistory
  5. TAT&T Inc.
    +$1.39MNewHistory

Largest weight increases

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

  1. Invesco S&P 500 Equal Weight Technology ETF46137V282
    +1.30 pp2.3% → 3.6%
  2. J P Morgan Exchange Traded F46641Q670
    +0.84 pp1.0% → 1.8%
  3. VVisa Inc.
    +0.77 pp0.0% → 0.8%History
  4. NVDANVIDIA Corp
    +0.71 pp0.3% → 1.0%History
  5. Angel Oak Funds Trust03463K752
    +0.69 pp4.5% → 5.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464288281
    −$1.53MReduced
  2. Invesco Exch Traded FD Tr II46138E719
    −$1.44MReduced
  3. iShares Core MSCI Eafe ETF46432F842
    −$1.19MReduced
  4. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$1.12MReduced
  5. UNHUnitedHealth Group Inc
    −$869.1KReducedHistory

Largest weight decreases

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

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −1.17 pp8.6% → 7.4%
  2. iShares Tr464288281
    −0.84 pp2.5% → 1.6%
  3. Invesco Exch Traded FD Tr II46138E719
    −0.76 pp1.5% → 0.7%
  4. XOMExxonMobil Holdings Corp
    −0.65 pp1.4% → 0.7%History
  5. iShares Core MSCI Eafe ETF46432F842
    −0.59 pp2.1% → 1.5%

Metrics

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

Portfolio value
$212.9M
+$15.9M (+8.1%) vs. prior quarter
Positions
229
+26 vs. prior quarter
Top 10 concentration
42.5%
Top 10 as share of value
Turnover
11.3%
Q2 2026, one quarter
Average holding period
16.1 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 $212.9M (Q2 2026)

Q1 2021: $121.2MQ2 2021: $123.6MQ3 2021: $129.9MQ4 2021: $132.3MQ1 2022: $120.2MQ2 2022: $96.0MQ3 2022: $84.2MQ4 2022: $87.0MQ1 2023: $102.4MQ2 2023: $113.4MQ3 2023: $116.2MQ4 2023: $127.0MQ1 2024: $134.3MQ2 2024: $139.1MQ3 2024: $149.1MQ4 2024: $144.0MQ1 2025: $148.1MQ2 2025: $155.1MQ3 2025: $173.9MQ4 2025: $170.1MQ1 2026: $197.0MQ2 2026: $212.9M
Q1 2021Q2 2026
13F filings of Islay Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026229$212.9MState Street SPDR Bloomberg 1-3 Month T-Bill ETFSchwab US Dividend Equity ETFAngel Oak Funds Trustvs. Q1 2026SEC
Q1 2026May 14, 2026203$197.0MState Street SPDR Bloomberg 1-3 Month T-Bill ETFSchwab US Dividend Equity ETFAngel Oak Funds Trustvs. Q4 2025SEC
Q4 2025Feb 17, 2026215$170.1MSchwab US Dividend Equity ETFAngel Oak Funds TrustAmerican Centy ETF Trvs. Q3 2025SEC
Q3 2025Nov 12, 2025215$173.9MSchwab US Dividend Equity ETFAmerican Centy ETF TrAngel Oak Funds Trustvs. Q2 2025SEC
Q2 2025Aug 8, 2025201$155.1MSchwab US Dividend Equity ETFAmerican Centy ETF TrSchwab U.S. Broad Market ETFvs. Q1 2025SEC
Q1 2025May 14, 2025184$148.1MSchwab US Dividend Equity ETFAmerican Centy ETF TrSchwab U.S. Broad Market ETFvs. Q4 2024SEC
Q4 2024Feb 13, 2025204$144.0MSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFAmerican Centy ETF Trvs. Q3 2024SEC
Q3 2024Nov 7, 2024Amended208$149.1MSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFInvesco S&P 500 Equal Weight Technology ETFvs. Q2 2024SEC
Q2 2024Aug 13, 2024197$139.1MSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFInvesco S&P 500 Equal Weight Technology ETFvs. Q1 2024SEC
Q1 2024May 14, 2024197$134.3MSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFInvesco S&P 500 Equal Weight Technology ETFvs. Q4 2023SEC
Q4 2023Feb 5, 2024219$127.0MSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFInvesco S&P 500 Equal Weight Technology ETFvs. Q3 2023SEC
Q3 2023Nov 2, 2023213$116.2MSchwab US Dividend Equity ETFAmerican Centy ETF TrSchwab U.S. Broad Market ETFvs. Q2 2023SEC
Q2 2023Aug 7, 2023221$113.4MAmerican Centy ETF TrSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFvs. Q1 2023SEC
Q1 2023May 10, 2023226$102.4MSchwab US Dividend Equity ETFAmerican Centy ETF TrSchwab Strategic Trvs. Q4 2022SEC
Q4 2022Jan 31, 2023245$87.0MSchwab US Dividend Equity ETFInvesco S&P 500 Equal Weight Technology ETFSchwab Strategic Trvs. Q3 2022SEC
Q3 2022Oct 21, 2022254$84.2MSchwab US Dividend Equity ETFSchwab Strategic TrInvesco S&P 500 Equal Weight Technology ETFvs. Q2 2022SEC
Q2 2022Aug 8, 2022285$96.0MSchwab US Dividend Equity ETFSchwab Strategic TrState Street SPDR Portfolio S&P 600 Small Cap ETFvs. Q1 2022SEC
Q1 2022Apr 28, 2022286$120.2MSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFSchwab Strategic Trvs. Q4 2021SEC
Q4 2021Feb 8, 2022287$132.3MInvesco S&P 500 Equal Weight Technology ETFSchwab US Dividend Equity ETFSchwab U.S. Broad Market ETFvs. Q3 2021SEC
Q3 2021Oct 18, 2021285$129.9MInvesco S&P 500 Equal Weight Technology ETFSchwab U.S. Broad Market ETFState Street SPDR Portfolio S&P 600 Small Cap ETFvs. Q2 2021SEC
Q2 2021Aug 2, 2021282$123.6MSchwab US Dividend Equity ETFState Street SPDR Portfolio S&P 600 Small Cap ETFInvesco S&P 500 Equal Weight Technology ETFvs. Q1 2021SEC
Q1 2021May 11, 2021274$121.2MSchwab US Dividend Equity ETFState Street SPDR Portfolio S&P 600 Small Cap ETFSchwab U.S. Broad Market ETF–SEC