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Livermore
Livermore
ZHEN

Copperleaf Capital, LLC

SEC CIK
0001802225
Latest filing
Oct 28, 2025

The latest 13F from Copperleaf Capital, LLC covers Q3 2025 (filed Oct 28, 2025): 114 long positions worth $208.6M. The top 10 holdings make up 43.6% of the portfolio, and the largest is iShares Bitcoin Trust ETF (IBIT) at 16.7%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: 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
17
Est. +$12.1M
Added
39
Est. +$20.7M
Reduced
52
Est. −$23.7M
Sold out
16
Est. −$11.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. IBITiShares Bitcoin Trust ETF
    16.7%$34.9MHistory
  2. FBTCFidelity Wise Origin Bitcoin Fund
    6.4%$13.3MHistory
  3. Calamos ETF Tr12811T688
    3.3%$6.95M
  4. Dimensional U.S. Core Equity 2 ETF25434V708
    2.9%$6.15M
  5. Dimensional ETF Trust25434V625
    2.6%$5.47M

Biggest buys

New and added positions, by estimated amount bought

  1. IBITiShares Bitcoin Trust ETF
    +$5.03MAddedHistory
  2. IAUiShares Gold Trust
    +$2.73MAddedHistory
  3. FBTCFidelity Wise Origin Bitcoin Fund
    +$2.13MAddedHistory
  4. iShares Tr464288877
    +$1.83MAdded
  5. BlackRock ETF Trust09290C806
    +$1.68MAdded

Largest weight increases

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

  1. IBITiShares Bitcoin Trust ETF
    +2.50 pp14.2% → 16.7%History
  2. IAUiShares Gold Trust
    +1.34 pp0.3% → 1.7%History
  3. FBTCFidelity Wise Origin Bitcoin Fund
    +1.06 pp5.3% → 6.4%History
  4. iShares Tr464288877
    +0.89 pp1.6% → 2.5%
  5. BlackRock ETF Trust09290C806
    +0.81 pp0.1% → 0.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Core S&P 500 ETF464287200
    −$5.12MReduced
  2. iShares Tr46434V613
    −$2.87MReduced
  3. iShares S&P 500 Growth ETF464287309
    −$1.95MReduced
  4. iShares Inc46434G764
    −$1.59MSold out
  5. ELVElevance Health, Inc.
    −$1.54MSold outHistory

Largest weight decreases

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

  1. iShares Core S&P 500 ETF464287200
    −2.35 pp4.9% → 2.6%
  2. iShares Tr46434V613
    −1.54 pp3.9% → 2.3%
  3. iShares S&P 500 Growth ETF464287309
    −0.82 pp2.9% → 2.1%
  4. iShares Inc46434G764
    −0.81 pp0.8% → 0.0%
  5. ELVElevance Health, Inc.
    −0.78 pp0.8% → 0.0%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$208.6M
+$11.0M (+5.5%) vs. prior quarter
Positions
114
+1 vs. prior quarter
Top 10 concentration
43.6%
Top 10 as share of value
Turnover
16.1%
Q3 2025, one quarter
Average holding period
9.3 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

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $208.6M (Q3 2025)

Q1 2021: $93.7MQ2 2021: $102.1MQ3 2021: $103.9MQ4 2021: $115.8MQ1 2022: $112.7MQ2 2022: $98.8MQ3 2022: $92.4MQ4 2022: $86.9MQ1 2023: $100.6MQ2 2023: $106.7MQ3 2023: $92.5MQ4 2023: $98.2MQ1 2024: $115.5MQ2 2024: $125.1MQ3 2024: $130.6MQ4 2024: $157.9MQ1 2025: $167.3MQ2 2025: $197.6MQ3 2025: $208.6M
Q1 2021Q3 2025
13F filings of Copperleaf Capital, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 28, 2025114$208.6MIBITFBTCCalamos ETF Trvs. Q2 2025SEC
Q2 2025Aug 11, 2025113$197.6MIBITFBTCiShares Core S&P 500 ETFvs. Q1 2025SEC
Q1 2025May 15, 2025107$167.3MIBITiShares Core S&P 500 ETFiShares Trvs. Q4 2024SEC
Q4 2024Jan 30, 202591$157.9MIBITiShares Core S&P 500 ETFiShares Trvs. Q3 2024SEC
Q3 2024Nov 14, 202490$130.6MiShares Core S&P 500 ETFiShares TrIBITvs. Q2 2024SEC
Q2 2024Aug 13, 202488$125.1MiShares Core S&P 500 ETFiShares TrIBITvs. Q1 2024SEC
Q1 2024May 14, 202491$115.5MiShares Core S&P 500 ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q4 2023SEC
Q4 2023Feb 14, 202479$98.2MiShares Core S&P 500 ETFiShares TrDimensional U.S. Core Equity 2 ETFvs. Q3 2023SEC
Q3 2023Nov 14, 202379$92.5MiShares Core S&P 500 ETFDimensional U.S. Core Equity 2 ETFiShares Trvs. Q2 2023SEC
Q2 2023Aug 11, 202377$106.7MiShares TriShares Core S&P 500 ETFDimensional U.S. Core Equity 2 ETFvs. Q1 2023SEC
Q1 2023May 15, 202373$100.6MiShares TriShares Core S&P 500 ETFiShares Trvs. Q4 2022SEC
Q4 2022Feb 10, 202366$86.9MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2022SEC
Q3 2022Nov 14, 202269$92.4MiShares Core S&P 500 ETFiShares U.S. Treasury Bond ETFiShares Trvs. Q2 2022SEC
Q2 2022Aug 15, 202262$98.8MiShares U.S. Treasury Bond ETFiShares TrSchwab Strategic Trvs. Q1 2022SEC
Q1 2022May 16, 202259$112.7MiShares U.S. Treasury Bond ETFiShares TrSchwab Strategic Trvs. Q4 2021SEC
Q4 2021Feb 11, 202258$115.8MiShares U.S. Treasury Bond ETFiShares TrSchwab Strategic Trvs. Q3 2021SEC
Q3 2021Nov 12, 202158$103.9MiShares TriShares U.S. Treasury Bond ETFState Street SPDR Portfolio S&P 500 ETFvs. Q2 2021SEC
Q2 2021Aug 13, 202160$102.1MiShares U.S. Treasury Bond ETFSchwab Strategic TriShares Trvs. Q1 2021SEC
Q1 2021May 7, 202158$93.7MiShares U.S. Treasury Bond ETFSchwab Strategic TriShares Tr–SEC