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Livermore
Livermore
ZHEN

III Capital Management

SEC CIK
0001783139
Latest filing
Aug 14, 2026

The latest 13F from III Capital Management covers Q2 2026 (filed Aug 14, 2026): 48 long positions worth $391.1M. The top 10 holdings make up 81.0% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 63.8%. 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
19
Est. +$71.4M
Added
17
Est. +$92.9M
Reduced
10
Est. −$11.5M
Sold out
17
Est. −$34.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    63.8%$249.4MHistory
  2. iShares Tr464288513
    6.3%$24.6M
  3. iShares Core S&P Mid-Cap ETF464287507
    2.5%$9.64M
  4. Invesco Exchange Traded FD T46137V357
    2.2%$8.51M
  5. CRHCRH Public Ltd Co
    1.2%$4.54MHistory

Share of portfolio

Top 5 holdings and the other 43 positions, by share of portfolio value

  1. SPY63.8%
  2. iShares Tr6.3%
  3. iShares Core S&P Mid-Cap ETF2.5%
  4. Invesco Exchange Traded FD T2.2%
  5. CRH1.2%
  6. Other 43 positions24.1%

Biggest buys

New and added positions, by estimated amount bought

  1. SPYSPDR S&P 500 ETF Trust
    +$82.2MAddedHistory
  2. iShares Tr464288513
    +$24.6MNew
  3. iShares Core S&P Mid-Cap ETF464287507
    +$9.64MNew
  4. Invesco Exchange Traded FD T46137V357
    +$8.51MNew
  5. GPCGenuine Parts Co
    +$4.48MNewHistory

Largest weight increases

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

  1. iShares Tr464288513
    +6.30 pp0.0% → 6.3%
  2. SPYSPDR S&P 500 ETF Trust
    +4.83 pp58.9% → 63.8%History
  3. iShares Core S&P Mid-Cap ETF464287507
    +2.46 pp0.0% → 2.5%
  4. Invesco Exchange Traded FD T46137V357
    +2.18 pp0.0% → 2.2%
  5. GPCGenuine Parts Co
    +1.15 pp0.0% → 1.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr464288281
    −$9.86MSold out
  2. iShares Tr464287234
    −$5.40MSold out
  3. RRRRed Rock Resorts, Inc.
    −$2.32MSold outHistory
  4. FLUTFlutter Entertainment plc
    −$2.20MSold outHistory
  5. RLRalph Lauren Corp
    −$2.12MReducedHistory

Largest weight decreases

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

  1. iShares Tr464288281
    −3.99 pp4.0% → 0.0%
  2. iShares Tr464287234
    −2.18 pp2.2% → 0.0%
  3. VISNVistance Networks, Inc.
    −1.61 pp2.5% → 0.9%History
  4. RRRRed Rock Resorts, Inc.
    −0.94 pp0.9% → 0.0%History
  5. FLUTFlutter Entertainment plc
    −0.89 pp0.9% → 0.0%History

Metrics

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

Portfolio value
$391.1M
+$144.0M (+58.3%) vs. prior quarter
Positions
48
+2 vs. prior quarter
Top 10 concentration
81.0%
Top 10 as share of value
Turnover
14.4%
Q2 2026, one quarter
Average holding period
4.1 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 $1.81B (Q2 2024)

Q1 2021: $833.1MQ2 2021: $1.26BQ3 2021: $1.56BQ4 2021: $1.36BQ1 2022: $1.14BQ2 2022: $1.07BQ3 2022: $1.03BQ4 2022: $804.2MQ1 2023: $1.46BQ2 2023: $1.28BQ3 2023: $1.67BQ4 2023: $1.73BQ1 2024: $1.76BQ2 2024: $1.81BQ3 2024: $1.23BQ4 2024: $596.0MQ1 2025: $423.6MQ2 2025: $554.4MQ3 2025: $414.4MQ4 2025: $451.5MQ1 2026: $247.0MQ2 2026: $391.1M
Q1 2021Q2 2026
13F filings of III Capital Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202648$391.1MSPYiShares TriShares Core S&P Mid-Cap ETFvs. Q1 2026SEC
Q1 2026May 15, 202646$247.0MSPYiShares TrVISNvs. Q4 2025SEC
Q4 2025Feb 17, 202643$451.5MSPYiShares Iboxx $ Investment Grade Corporate Bond ETFSouthern Covs. Q3 2025SEC
Q3 2025Nov 14, 202546$414.4MSPYSouthern CoiShares Core S&P Mid-Cap ETFvs. Q2 2025SEC
Q2 2025Aug 14, 202549$554.4MSPYVanguard Scottsdale FDSInnoviva, Inc.vs. Q1 2025SEC
Q1 2025May 15, 202540$423.6MiShares TrInvesco Exch Traded FD Tr IIBooking Holdings Inc.vs. Q4 2024SEC
Q4 2024Feb 14, 202535$596.0MSPYInvesco Exch Traded FD Tr IIBooking Holdings Inc.vs. Q3 2024SEC
Q3 2024Nov 14, 202474$1.23BInsight Enterprises IncCyberark Software LtdBooking Holdings Inc.vs. Q2 2024SEC
Q2 2024Aug 14, 202496$1.81BRoyal Caribbean GroupBooking Holdings Inc.Invesco Exch Traded FD Tr IIvs. Q1 2024SEC
Q1 2024May 15, 2024108$1.76BRoyal Caribbean GroupBooking Holdings Inc.Allegheny Technologies Incvs. Q4 2023SEC
Q4 2023Feb 14, 2024121$1.73BRoyal Caribbean GroupMIDDLEBY CorpInsight Enterprises Incvs. Q3 2023SEC
Q3 2023Nov 14, 2023140$1.67BPalo Alto Networks IncEtsy IncCNX Res Corpvs. Q2 2023SEC
Q2 2023Aug 14, 2023132$1.28BPalo Alto Networks IncEtsy IncInsight Enterprises Incvs. Q1 2023SEC
Q1 2023May 15, 2023130$1.46BPalo Alto Networks IncSilicon Laboratories Inc.Insight Enterprises Incvs. Q4 2022SEC
Q4 2022Feb 16, 2023Amended114$804.2MLive Nation Entertainment INEnvista Holdings CorpFti Consulting, Incvs. Q3 2022SEC
Q3 2022Nov 14, 2022132$1.03BPalo Alto Networks IncLive Nation Entertainment INFti Consulting, Incvs. Q2 2022SEC
Q2 2022Aug 15, 2022160$1.07BOmnicell ComInsight Enterprises IncBlackline, Inc.vs. Q1 2022SEC
Q1 2022May 16, 2022138$1.14BWorkday, Inc.Dexcom IncArch Resources, Inc.vs. Q4 2021SEC
Q4 2021Feb 15, 2022140$1.36BDexcom IncPalo Alto Networks IncWorkday, Inc.vs. Q3 2021SEC
Q3 2021Nov 16, 2021153$1.56BWorkday, Inc.Dexcom IncPalo Alto Networks Incvs. Q2 2021SEC
Q2 2021Aug 5, 2021131$1.26BWorkday, Inc.Cloudflare, Inc.American Airls Group Incvs. Q1 2021SEC
Q1 2021May 14, 2021114$833.1MWorkday, Inc.J2 Global IncNuance Communications, Inc.–SEC