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Livermore
Livermore
ZHEN

Act Two Investors LLC

SEC CIK
0001766907
Latest filing
Aug 10, 2026

The latest 13F from Act Two Investors LLC covers Q2 2026 (filed Aug 10, 2026): 37 long positions worth $494.7M. The top 10 holdings make up 70.2% of the portfolio, and the largest is Alphabet Inc. (GOOG) at 14.9%. 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
2
Est. +$9.83M
Added
12
Est. +$40.4M
Reduced
10
Est. −$24.7M
Sold out
1
Est. −$19.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. GOOGAlphabet Inc.
    14.9%$73.9MHistory
  2. MSFTMicrosoft Corp
    10.8%$53.4MHistory
  3. AMZNAmazon Com Inc
    8.5%$41.9MHistory
  4. VVisa Inc.
    7.2%$35.8MHistory
  5. IQVIQVIA Holdings Inc.
    6.2%$30.7MHistory

Share of portfolio

Top 5 holdings and the other 32 positions, by share of portfolio value

  1. GOOG14.9%
  2. MSFT10.8%
  3. AMZN8.5%
  4. V7.2%
  5. IQV6.2%
  6. Other 32 positions52.4%

Biggest buys

New and added positions, by estimated amount bought

  1. LLYEli Lilly & Co
    +$13.3MAddedHistory
  2. SYKStryker Corp
    +$12.0MAddedHistory
  3. ACNAccenture plc
    +$8.63MNewHistory
  4. ADPAutomatic Data Processing Inc
    +$7.34MAddedHistory
  5. NFLXNetflix Inc
    +$5.09MAddedHistory

Largest weight increases

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

  1. LLYEli Lilly & Co
    +3.02 pp1.7% → 4.7%History
  2. SYKStryker Corp
    +2.33 pp0.9% → 3.2%History
  3. ACNAccenture plc
    +1.74 pp0.0% → 1.7%History
  4. ADPAutomatic Data Processing Inc
    +1.50 pp2.1% → 3.6%History
  5. NFLXNetflix Inc
    +0.99 pp0.1% → 1.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. DISWalt Disney Co
    −$19.4MSold outHistory
  2. ESEversource Energy
    −$12.4MReducedHistory
  3. GOOGAlphabet Inc.
    −$9.67MReducedHistory
  4. Vanguard Long-Term Treasury ETF92206C847
    −$1.29MReduced
  5. GOOGLAlphabet Inc.
    −$638.3KReducedHistory

Largest weight decreases

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

  1. DISWalt Disney Co
    −4.28 pp4.3% → 0.0%History
  2. ESEversource Energy
    −2.78 pp6.3% → 3.5%History
  3. TMUST-Mobile US, Inc.
    −1.91 pp7.0% → 5.1%History
  4. iShares Tr464287440
    −0.43 pp4.4% → 4.0%
  5. Vanguard Long-Term Treasury ETF92206C847
    −0.36 pp1.2% → 0.8%

Metrics

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

Portfolio value
$494.7M
+$41.6M (+9.2%) vs. prior quarter
Positions
37
+1 vs. prior quarter
Top 10 concentration
70.2%
Top 10 as share of value
Turnover
9.3%
Q2 2026, one quarter
Average holding period
15.9 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 $564.2M (Q3 2025)

Q1 2021: $453.9MQ2 2021: $511.8MQ3 2021: $421.4MQ4 2021: $126.9MQ1 2022: $126.1MQ2 2022: $106.0MQ3 2022: $98.8MQ4 2022: $96.8MQ1 2023: $250.9MQ2 2023: $357.5MQ3 2023: $373.8MQ4 2023: $463.0MQ1 2024: $497.9MQ2 2024: $505.2MQ3 2024: $530.1MQ4 2024: $513.5MQ1 2025: $471.8MQ2 2025: $489.9MQ3 2025: $564.2MQ4 2025: $555.9MQ1 2026: $453.2MQ2 2026: $494.7M
Q1 2021Q2 2026
13F filings of Act Two Investors LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 10, 202637$494.7MGOOGMSFTAMZNvs. Q1 2026SEC
Q1 2026May 8, 202636$453.2MGOOGMSFTAMZNvs. Q4 2025SEC
Q4 2025Feb 10, 202638$555.9MGOOGMSFTAMZNvs. Q3 2025SEC
Q3 2025Nov 12, 202539$564.2MMSFTGOOGAMZNvs. Q2 2025SEC
Q2 2025Aug 12, 202537$489.9MMSFTGOOGAMZNvs. Q1 2025SEC
Q1 2025May 12, 202541$471.8MMSFTTMUSGOOGvs. Q4 2024SEC
Q4 2024Feb 13, 202546$513.5MMSFTGOOGAMZNvs. Q3 2024SEC
Q3 2024Nov 12, 202445$530.1MMSFTGOOGTMUSvs. Q2 2024SEC
Q2 2024Aug 12, 202449$505.2MMSFTGOOGAMZNvs. Q1 2024SEC
Q1 2024May 9, 202448$497.9MMSFTGOOGNXPIvs. Q4 2023SEC
Q4 2023Feb 12, 202447$463.0MMSFTGOOGNXPIvs. Q3 2023SEC
Q3 2023Nov 9, 202336$373.8MMSFTGOOGNXPIvs. Q2 2023SEC
Q2 2023Aug 11, 202338$357.5MMSFTGOOGNXPIvs. Q1 2023SEC
Q1 2023May 15, 202332$250.9MMSFTGOOGNXPIvs. Q4 2022SEC
Q4 2022Feb 10, 202324$96.8MMSFTGOOGNXPIvs. Q3 2022SEC
Q3 2022Nov 10, 202224$98.8MMSFTAAPLGOOGvs. Q2 2022SEC
Q2 2022Aug 12, 202225$106.0MMSFTGOOGAAPLvs. Q1 2022SEC
Q1 2022May 13, 202225$126.1MMSFTGOOGAAPLvs. Q4 2021SEC
Q4 2021Feb 14, 202226$126.9MMSFTGOOGAAPLvs. Q3 2021SEC
Q3 2021Nov 12, 202129$421.4MMSFTGOOGNXPIvs. Q2 2021SEC
Q2 2021Aug 12, 202134$511.8MMSFTGOOGNXPIvs. Q1 2021SEC
Q1 2021May 14, 202134$453.9MMSFTNXPIGOOG–SEC