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Livermore
Livermore
ZHEN

LPWM LLC

SEC CIK
0001801101
Latest filing
Jul 24, 2026

The latest 13F from LPWM LLC covers Q2 2026 (filed Jul 24, 2026): 98 long positions worth $450.7M. The top 10 holdings make up 69.5% of the portfolio, and the largest is Vanguard Scottsdale FDS at 19.4%. 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
7
Est. +$2.64M
Added
43
Est. +$76.4M
Reduced
26
Est. −$66.0M
Sold out
3
Est. −$773.2K

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Scottsdale FDS92206C680
    19.4%$87.2M
  2. Vanguard Morningstar Value ETF922908744
    15.2%$68.4M
  3. iShares Russell Mid-Cap Value ETF464287473
    7.9%$35.6M
  4. JPMorgan Ultra-Short Income ETF46641Q837
    6.1%$27.6M
  5. iShares Core MSCI Eafe ETF46432F842
    4.9%$21.9M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Morningstar Value ETF922908744
    +$59.5MAdded
  2. Vanguard Scottsdale FDS92206C680
    +$2.80MAdded
  3. Vanguard Malvern FDS922020805
    +$2.69MAdded
  4. iShares S&P 500 Growth ETF464287309
    +$2.56MAdded
  5. JPMorgan Ultra-Short Income ETF46641Q837
    +$1.87MAdded

Largest weight increases

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

  1. Vanguard Morningstar Value ETF922908744
    +13.15 pp2.0% → 15.2%
  2. Vanguard Scottsdale FDS92206C680
    +1.07 pp18.3% → 19.4%
  3. iShares S&P 500 Growth ETF464287309
    +0.62 pp0.7% → 1.3%
  4. iShares Tr46436E718
    +0.23 pp0.1% → 0.4%
  5. Vanguard Malvern FDS922020805
    +0.15 pp3.9% → 4.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares S&P 500 Value ETF464287408
    −$63.0MReduced
  2. iShares Russell Mid-Cap Value ETF464287473
    −$1.69MReduced
  3. Dimensional ETF Trust25434V666
    −$303.8KSold out
  4. BRK.BBerkshire Hathaway Inc
    −$252.7KReducedHistory
  5. XOMExxonMobil Holdings Corp
    −$243.3KSold outHistory

Largest weight decreases

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

  1. iShares S&P 500 Value ETF464287408
    −14.95 pp17.7% → 2.7%
  2. iShares Russell Mid-Cap Value ETF464287473
    −0.43 pp8.3% → 7.9%
  3. BRK.BBerkshire Hathaway Inc
    −0.14 pp1.0% → 0.9%History
  4. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −0.10 pp0.7% → 0.6%
  5. Dimensional ETF Trust25434V666
    −0.08 pp0.1% → 0.0%

Metrics

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

Portfolio value
$450.7M
+$54.4M (+13.7%) vs. prior quarter
Positions
98
+4 vs. prior quarter
Top 10 concentration
69.5%
Top 10 as share of value
Turnover
15.8%
Q2 2026, one quarter
Average holding period
19.5 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 $450.7M (Q2 2026)

Q1 2021: $148.7MQ2 2021: $166.6MQ3 2021: $168.4MQ4 2021: $188.5MQ1 2022: $200.8MQ2 2022: $179.4MQ3 2022: $167.8MQ4 2022: $185.9MQ1 2023: $208.0MQ2 2023: $226.7MQ3 2023: $222.4MQ4 2023: $253.0MQ1 2024: $272.3MQ2 2024: $289.6MQ3 2024: $305.4MQ4 2024: $311.3MQ1 2025: $310.5MQ2 2025: $342.8MQ3 2025: $374.8MQ4 2025: $396.4MQ1 2026: $396.3MQ2 2026: $450.7M
Q1 2021Q2 2026
13F filings of LPWM LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 24, 202698$450.7MVanguard Scottsdale FDSVanguard Morningstar Value ETFiShares Russell Mid-Cap Value ETFvs. Q1 2026SEC
Q1 2026Apr 9, 202694$396.3MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q4 2025SEC
Q4 2025Jan 6, 202687$396.4MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q3 2025SEC
Q3 2025Oct 17, 202584$374.8MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q2 2025SEC
Q2 2025Jul 8, 202583$342.8MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q1 2025SEC
Q1 2025Apr 14, 202584$310.5MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q4 2024SEC
Q4 2024Jan 14, 202578$311.3MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q3 2024SEC
Q3 2024Oct 7, 202477$305.4MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q2 2024SEC
Q2 2024Jul 15, 202477$289.6MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q1 2024SEC
Q1 2024Apr 15, 202472$272.3MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q4 2023SEC
Q4 2023Jan 12, 202470$253.0MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q3 2023SEC
Q3 2023Oct 10, 202367$222.4MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q2 2023SEC
Q2 2023Jul 14, 202367$226.7MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q1 2023SEC
Q1 2023Apr 10, 202368$208.0MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q4 2022SEC
Q4 2022Jan 25, 202359$185.9MiShares S&P 500 Value ETFVanguard Scottsdale FDSiShares Russell Mid-Cap Value ETFvs. Q3 2022SEC
Q3 2022Nov 8, 202258$167.8MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q2 2022SEC
Q2 2022Aug 15, 202261$179.4MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q1 2022SEC
Q1 2022Apr 13, 202266$200.8MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q4 2021SEC
Q4 2021Feb 14, 202267$188.5MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q3 2021SEC
Q3 2021Oct 13, 202161$168.4MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q2 2021SEC
Q2 2021Aug 13, 202163$166.6MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETFvs. Q1 2021SEC
Q1 2021May 17, 202157$148.7MVanguard Scottsdale FDSiShares S&P 500 Value ETFiShares Russell Mid-Cap Value ETF–SEC