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Livermore
Livermore
ZHEN

Innealta Capital, LLC

SEC CIK
0001752579
Latest filing
Aug 4, 2026

The latest 13F from Innealta Capital, LLC covers Q2 2026 (filed Aug 4, 2026): 91 long positions worth $187.4M. The top 10 holdings make up 46.6% of the portfolio, and the largest is State Street Communication Services Select Sector SPDR ETF at 8.5%. 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
27
Est. +$16.6M
Added
16
Est. +$4.74M
Reduced
9
Est. −$7.51M
Sold out
11
Est. −$3.18M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street Communication Services Select Sector SPDR ETF81369Y852
    8.5%$15.9M
  2. State Street Technology Select Sector SPDR ETF81369Y803
    7.2%$13.5M
  3. State Street Industrial Select Sector SPDR ETF81369Y704
    5.6%$10.5M
  4. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    4.8%$9.04M
  5. State Street Financial Select Sector SPDR ETF81369Y605
    4.7%$8.74M

Biggest buys

New and added positions, by estimated amount bought

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +$9.04MNew
  2. iShares Core S&P 500 UCITS ETF (Acc)G4955H110
    +$1.17MNew
  3. Franklin Templeton ETF Tr35473P686
    +$1.02MAdded
  4. State Street Financial Select Sector SPDR ETF81369Y605
    +$1.01MAdded
  5. iShares Inc464286772
    +$969.1KAdded

Largest weight increases

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

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    +4.82 pp0.0% → 4.8%
  2. Franklin Templeton ETF Tr35473P686
    +1.32 pp2.3% → 3.7%
  3. iShares Inc464286772
    +1.12 pp1.5% → 2.6%
  4. iShares Core S&P 500 UCITS ETF (Acc)G4955H110
    +0.63 pp0.0% → 0.6%
  5. iShares VII PLC Nasdaq 100 UsdG4955H268
    +0.35 pp0.0% → 0.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street Technology Select Sector SPDR ETF81369Y803
    −$4.66MReduced
  2. State Street Energy Select Sector SPDR ETF81369Y506
    −$2.72MReduced
  3. State Street Real Estate Select Sector SPDR ETF81369Y860
    −$1.04MSold out
  4. iShares Inc46434G814
    −$249.8KSold out
  5. iShares Inc464286624
    −$237.8KSold out

Largest weight decreases

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

  1. State Street Energy Select Sector SPDR ETF81369Y506
    −2.68 pp4.8% → 2.1%
  2. State Street Technology Select Sector SPDR ETF81369Y803
    −0.66 pp7.9% → 7.2%
  3. State Street Real Estate Select Sector SPDR ETF81369Y860
    −0.64 pp0.6% → 0.0%
  4. GLDSPDR Gold Trust
    −0.24 pp0.8% → 0.6%History
  5. iShares Inc46434G814
    −0.16 pp0.2% → 0.0%

Metrics

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

Portfolio value
$187.4M
+$26.4M (+16.4%) vs. prior quarter
Positions
91
+16 vs. prior quarter
Top 10 concentration
46.6%
Top 10 as share of value
Turnover
6.1%
Q2 2026, one quarter
Average holding period
14.0 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 $303.1M (Q2 2024)

Q1 2021: $164.6MQ2 2021: $196.5MQ3 2021: $178.5MQ4 2021: $201.6MQ1 2022: $171.6MQ2 2022: $194.9MQ3 2022: $186.1MQ4 2022: $215.2MQ1 2023: $236.5MQ2 2023: $255.0MQ3 2023: $226.5MQ4 2023: $222.9MQ1 2024: $236.7MQ2 2024: $303.1MQ3 2024: $246.4MQ4 2024: $205.5MQ1 2025: $184.6MQ2 2025: $189.6MQ3 2025: $200.1MQ4 2025: $184.7MQ1 2026: $161.0MQ2 2026: $187.4M
Q1 2021Q2 2026
13F filings of Innealta Capital, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 4, 202691$187.4MState Street Communication Services Select Sector SPDR ETFState Street Technology Select Sector SPDR ETFState Street Industrial Select Sector SPDR ETFvs. Q1 2026SEC
Q1 2026May 4, 202675$161.0MState Street Communication Services Select Sector SPDR ETFState Street Technology Select Sector SPDR ETFState Street Industrial Select Sector SPDR ETFvs. Q4 2025SEC
Q4 2025Jan 30, 202685$184.7MState Street Technology Select Sector SPDR ETFState Street Communication Services Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFvs. Q3 2025SEC
Q3 2025Nov 3, 2025107$200.1MState Street Technology Select Sector SPDR ETFState Street Communication Services Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFvs. Q2 2025SEC
Q2 2025Aug 6, 2025104$189.6MState Street Technology Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFState Street Communication Services Select Sector SPDR ETFvs. Q1 2025SEC
Q1 2025Apr 22, 2025116$184.6MJ P Morgan Exchange Traded FState Street Financial Select Sector SPDR ETFState Street Technology Select Sector SPDR ETFvs. Q4 2024SEC
Q4 2024Feb 7, 2025129$205.5MState Street Financial Select Sector SPDR ETFJ P Morgan Exchange Traded FJ P Morgan Exchange Traded Fvs. Q3 2024SEC
Q3 2024Oct 29, 2024155$246.4MJ P Morgan Exchange Traded FJ P Morgan Exchange Traded FState Street Financial Select Sector SPDR ETFvs. Q2 2024SEC
Q2 2024Jul 29, 20241,841$303.1MState Street Technology Select Sector SPDR ETFJ P Morgan Exchange Traded FVanguard Scottsdale FDSvs. Q1 2024SEC
Q1 2024May 16, 2024108$236.7MState Street Technology Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFSPDR Series Trustvs. Q4 2023SEC
Q4 2023Feb 12, 202494$222.9MSPDR Series TrustState Street Technology Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFvs. Q3 2023SEC
Q3 2023Nov 14, 202371$226.5MState Street Technology Select Sector SPDR ETFState Street Consumer Discretionary Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFvs. Q2 2023SEC
Q2 2023Aug 14, 202373$255.0MState Street Technology Select Sector SPDR ETFState Street Consumer Discretionary Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFvs. Q1 2023SEC
Q1 2023May 15, 202367$236.5MState Street Technology Select Sector SPDR ETFiShares TrState Street Health Care Select Sector SPDR ETFvs. Q4 2022SEC
Q4 2022Feb 13, 202366$215.2MState Street Technology Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFState Street Health Care Select Sector SPDR ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202257$186.1MState Street SPDR Bloomberg 1-3 Month T-Bill ETFState Street Health Care Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFvs. Q2 2022SEC
Q2 2022Aug 15, 202261$194.9MState Street Technology Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFState Street Health Care Select Sector SPDR ETFvs. Q1 2022SEC
Q1 2022May 16, 202262$171.6MState Street SPDR Bloomberg 1-3 Month T-Bill ETFState Street Energy Select Sector SPDR ETFState Street Technology Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Feb 15, 202270$201.6MState Street SPDR Bloomberg 1-3 Month T-Bill ETFState Street Technology Select Sector SPDR ETFState Street Consumer Discretionary Select Sector SPDR ETFvs. Q3 2021SEC
Q3 2021Nov 15, 202159$178.5MState Street Technology Select Sector SPDR ETFState Street Financial Select Sector SPDR ETFState Street Communication Services Select Sector SPDR ETFvs. Q2 2021SEC
Q2 2021Aug 16, 202155$196.5MState Street Financial Select Sector SPDR ETFState Street Technology Select Sector SPDR ETFiShares Trvs. Q1 2021SEC
Q1 2021May 17, 202146$164.6MState Street Financial Select Sector SPDR ETFState Street Technology Select Sector SPDR ETFiShares Tr–SEC