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Livermore
Livermore
ZHEN

Cynosure Management, LLC

SEC CIK
0001763409
Latest filing
Aug 5, 2026

The latest 13F from Cynosure Management, LLC covers Q2 2026 (filed Aug 5, 2026): 180 long positions worth $665.5M. The top 10 holdings make up 60.9% of the portfolio, and the largest is iShares Tr at 11.5%. 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
71
Est. +$45.6M
Added
44
Est. +$20.8M
Reduced
42
Est. −$148.7M
Sold out
89
Est. −$115.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr46436E718
    11.5%$76.4M
  2. SPYSPDR S&P 500 ETF Trust
    10.5%$70.1MHistory
  3. iShares Russell 1000 Growth ETF464287614
    9.3%$61.7M
  4. iShares Trust iShares 0-1 Year Treasury Bond ETF464288679
    9.0%$60.2M
  5. Vanguard Scottsdale FDS92206C680
    4.5%$29.7M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Total Bond Market ETF921937835
    +$5.20MAdded
  2. HCAHCA Healthcare, Inc.
    +$2.90MAddedHistory
  3. iShares Tr46435U853
    +$2.33MAdded
  4. IBMInternational Business Machines Corp
    +$1.23MAddedHistory
  5. CIENCiena Corp
    +$1.19MNewHistory

Largest weight increases

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

  1. iShares Core S&P 500 ETF464287200
    +1.24 pp2.9% → 4.1%
  2. GEVGE Vernova Inc.
    +1.14 pp1.1% → 2.3%History
  3. Vanguard Total Bond Market ETF921937835
    +0.91 pp0.7% → 1.6%
  4. IBMInternational Business Machines Corp
    +0.78 pp1.5% → 2.3%History
  5. UNPUnion Pacific Corp
    +0.72 pp1.9% → 2.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr46436E718
    −$38.1MReduced
  2. Ea Series Trust02072L565
    −$25.8MSold out
  3. Vanguard S&P 500 ETF922908363
    −$25.6MReduced
  4. Invesco QQQ Trust Series I46090E103
    −$15.4MReduced
  5. iShares Core U.S. Aggregate Bond ETF464287226
    −$12.9MReduced

Largest weight decreases

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

  1. Ea Series Trust02072L565
    −3.23 pp3.2% → 0.0%
  2. iShares Tr46436E718
    −2.82 pp14.3% → 11.5%
  3. Vanguard S&P 500 ETF922908363
    −1.82 pp5.3% → 3.5%
  4. iShares Core U.S. Aggregate Bond ETF464287226
    −1.60 pp1.7% → 0.1%
  5. State Street Energy Select Sector SPDR ETF81369Y506
    −1.34 pp1.3% → 0.0%

Metrics

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

Portfolio value
$665.5M
−$134.8M (−16.8%) vs. prior quarter
Positions
180
−18 vs. prior quarter
Top 10 concentration
60.9%
Top 10 as share of value
Turnover
9.1%
Q2 2026, one quarter
Average holding period
11.5 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 $980.3M (Q4 2025)

Q1 2021: $127.5MQ2 2021: $128.9MQ3 2021: $129.5MQ4 2021: $132.5MQ1 2022: $124.1MQ2 2022: $101.9MQ3 2022: $93.4MQ4 2022: $96.4MQ1 2023: $66.2MQ2 2023: $332.6MQ3 2023: $325.9MQ4 2023: $556.3MQ1 2024: $556.9MQ2 2024: $623.1MQ3 2024: $686.1MQ4 2024: $669.3MQ1 2025: $725.7MQ2 2025: $882.4MQ3 2025: $920.7MQ4 2025: $980.3MQ1 2026: $800.3MQ2 2026: $665.5M
Q1 2021Q2 2026
13F filings of Cynosure Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 5, 2026180$665.5MiShares TrSPYiShares Russell 1000 Growth ETFvs. Q1 2026SEC
Q1 2026May 14, 2026198$800.3MiShares TrSPYiShares Trust iShares 0-1 Year Treasury Bond ETFvs. Q4 2025SEC
Q4 2025Feb 17, 2026399$980.3MiShares TrSPYiShares Trust iShares 0-1 Year Treasury Bond ETFvs. Q3 2025SEC
Q3 2025Nov 13, 2025Amended371$920.7MiShares TrSPYiShares Trust iShares 0-1 Year Treasury Bond ETFvs. Q2 2025SEC
Q2 2025Aug 12, 2025377$882.4MiShares TriShares Trust iShares 0-1 Year Treasury Bond ETFSPYvs. Q1 2025SEC
Q1 2025May 12, 2025375$725.7MiShares TriShares Trust iShares 0-1 Year Treasury Bond ETFSPYvs. Q4 2024SEC
Q4 2024Feb 12, 2025367$669.3MiShares Trust iShares 0-1 Year Treasury Bond ETFSPYiShares Russell 1000 Growth ETFvs. Q3 2024SEC
Q3 2024Nov 13, 2024370$686.1MiShares Trust iShares 0-1 Year Treasury Bond ETFSPYiShares Russell 1000 Growth ETFvs. Q2 2024SEC
Q2 2024Aug 13, 2024334$623.1MiShares Trust iShares 0-1 Year Treasury Bond ETFSPYiShares Russell 1000 Growth ETFvs. Q1 2024SEC
Q1 2024May 10, 2024313$556.9MiShares Trust iShares 0-1 Year Treasury Bond ETFSPYiShares Russell 1000 Growth ETFvs. Q4 2023SEC
Q4 2023Feb 14, 2024150$556.3MiShares Trust iShares 0-1 Year Treasury Bond ETFSPYiShares Russell 1000 Growth ETFvs. Q3 2023SEC
Q3 2023Nov 14, 2023138$325.9MiShares TrUNPiShares Core S&P 500 ETFvs. Q2 2023SEC
Q2 2023Aug 14, 2023128$332.6MUNPiShares TriShares Core S&P 500 ETFvs. Q1 2023SEC
Q1 2023May 15, 202326$66.2MUNPWSOVvs. Q4 2022SEC
Q4 2022Feb 10, 202325$96.4MUNPWSOWFCvs. Q3 2022SEC
Q3 2022Nov 14, 202228$93.4MUNPWSOWFCvs. Q2 2022SEC
Q2 2022Aug 19, 202243$101.9MUNPWSOGSBDvs. Q1 2022SEC
Q1 2022May 16, 202225$124.1MUNPWSOWFCvs. Q4 2021SEC
Q4 2021Feb 14, 202222$132.5MUNPWSOWFCvs. Q3 2021SEC
Q3 2021Nov 12, 202122$129.5MUNPWSOWFCvs. Q2 2021SEC
Q2 2021Aug 16, 202121$128.9MUNPWSOWFCvs. Q1 2021SEC
Q1 2021May 12, 202120$127.5MUNPVanguard Ftse Developed Markets ETFWSO–SEC

13D and 13G filings

Companies where Cynosure Management, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Cynosure Management, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
BRCBBlack Rock Coffee Bar, Inc.13D/A52.60%21.8M shares0.00 ppfrom 52.60%Nov 7, 20253 filingsMay 22, 2026SEC

Latest filings

3 filings on file made by Cynosure Management, LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Cynosure Management, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
BRCBBlack Rock Coffee Bar, Inc.May 22, 202612:52 PM ET13D/A52.60%21.8M shares0.00 ppfrom 52.60%May 15, 2026SEC
BRCBBlack Rock Coffee Bar, Inc.May 21, 20269:23 PM ET13D52.60%21.8M shares+20.30 ppfrom 32.30%May 15, 2026SEC
BRCBBlack Rock Coffee Bar, Inc.Nov 7, 20254:46 PM ET13G32.30%8.19M sharesNewSep 30, 2025SEC