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Livermore
Livermore
ZHEN

Royal Fund Management, LLC

SEC CIK
0001810099
Latest filing
Jul 20, 2026

The latest 13F from Royal Fund Management, LLC covers Q2 2026 (filed Jul 20, 2026): 273 long positions worth $1.20B. The top 10 holdings make up 20.5% of the portfolio, and the largest is Invesco QQQ Trust Series I at 3.5%. 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
38
Est. +$136.2M
Added
130
Est. +$78.2M
Reduced
96
Est. −$119.9M
Sold out
22
Est. −$86.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco QQQ Trust Series I46090E103
    3.5%$42.0M
  2. Vanguard S&P 500 ETF922908363
    3.4%$40.9M
  3. State Street SPDR S&P Biotech ETF78464A870
    2.0%$24.4M
  4. SPYSPDR S&P 500 ETF Trust
    1.9%$22.8MHistory
  5. LRCXLam Research Corp
    1.8%$21.4MHistory

Share of portfolio

Top 5 holdings and the other 268 positions, by share of portfolio value

  1. Invesco QQQ Trust Series I3.5%
  2. Vanguard S&P 500 ETF3.4%
  3. State Street SPDR S&P Biotech ETF2.0%
  4. SPY1.9%
  5. LRCX1.8%
  6. Other 268 positions87.3%

Biggest buys

New and added positions, by estimated amount bought

  1. LRCXLam Research Corp
    +$21.4MNewHistory
  2. iShares Core S&P Small Cap ETF464287804
    +$18.8MNew
  3. SPYSPDR S&P 500 ETF Trust
    +$15.7MAddedHistory
  4. iShares Tr464287234
    +$15.7MNew
  5. GOOGLAlphabet Inc.
    +$14.9MNewHistory

Largest weight increases

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

  1. LRCXLam Research Corp
    +1.79 pp0.0% → 1.8%History
  2. iShares Core S&P Small Cap ETF464287804
    +1.57 pp0.0% → 1.6%
  3. SPYSPDR S&P 500 ETF Trust
    +1.31 pp0.6% → 1.9%History
  4. iShares Tr464287234
    +1.31 pp0.0% → 1.3%
  5. GOOGLAlphabet Inc.
    +1.24 pp0.0% → 1.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares MSCI Eafe ETF464287465
    −$20.8MSold out
  2. GOOGAlphabet Inc.
    −$14.6MReducedHistory
  3. DIASPDR Dow Jones Industrial Average ETF Trust
    −$14.2MSold outHistory
  4. iShares S&P Small-Cap 600 Value ETF464287879
    −$13.5MSold out
  5. ARMArm Holdings PLC
    −$13.3MReducedHistory

Largest weight decreases

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

  1. iShares MSCI Eafe ETF464287465
    −2.00 pp2.0% → 0.0%
  2. DIASPDR Dow Jones Industrial Average ETF Trust
    −1.36 pp1.4% → 0.0%History
  3. iShares S&P Small-Cap 600 Value ETF464287879
    −1.29 pp1.3% → 0.0%
  4. iShares Tr464288760
    −1.24 pp1.2% → 0.0%
  5. GOOGAlphabet Inc.
    −1.14 pp1.2% → <0.1%History

Metrics

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

Portfolio value
$1.20B
+$154.3M (+14.8%) vs. prior quarter
Positions
273
+16 vs. prior quarter
Top 10 concentration
20.5%
Top 10 as share of value
Turnover
18.4%
Q2 2026, one quarter
Average holding period
14.8 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 $1.41B (Q3 2024)

Q1 2021: $546.7MQ2 2021: $604.0MQ3 2021: $621.9MQ4 2021: $697.7MQ1 2022: $683.8MQ2 2022: $596.2MQ3 2022: $540.7MQ4 2022: $608.3MQ1 2023: $663.7MQ2 2023: $707.7MQ3 2023: $699.3MQ4 2023: $789.6MQ1 2024: $867.6MQ2 2024: $742.6MQ3 2024: $1.41BQ4 2024: $921.2MQ1 2025: $839.4MQ2 2025: $937.5MQ3 2025: $813.9MQ4 2025: $1.09BQ1 2026: $1.04BQ2 2026: $1.20B
Q1 2021Q2 2026
13F filings of Royal Fund Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 20, 2026273$1.20BInvesco QQQ Trust Series IVanguard S&P 500 ETFState Street SPDR S&P Biotech ETFvs. Q1 2026SEC
Q1 2026May 19, 2026257$1.04BVanguard S&P 500 ETFInvesco QQQ Trust Series IiShares MSCI Eafe ETFvs. Q4 2025SEC
Q4 2025Jan 15, 2026251$1.09BVanguard S&P 500 ETFInvesco QQQ Trust Series IiShares Russell 2000 ETFvs. Q3 2025SEC
Q3 2025Oct 29, 2025216$813.9MiShares TrVanguard S&P 500 ETFNVDAvs. Q2 2025SEC
Q2 2025Aug 13, 2025247$937.5MVanguard S&P 500 ETFMSFTSPYvs. Q1 2025SEC
Q1 2025May 14, 2025250$839.4MVanguard S&P 500 ETFInvesco QQQ Trust Series IDIAvs. Q4 2024SEC
Q4 2024Jan 16, 2025235$921.2MVanguard Information Technology ETFVanguard S&P 500 ETFInvesco QQQ Trust Series Ivs. Q3 2024SEC
Q3 2024Oct 8, 2024265$1.41BiShares Russell 2000 ETFInvesco QQQ Trust Series IVanguard S&P 500 ETFvs. Q2 2024SEC
Q2 2024Jul 18, 2024235$742.6MInvesco QQQ Trust Series IVanguard S&P 500 ETFMSFTvs. Q1 2024SEC
Q1 2024Apr 11, 2024251$867.6MInvesco QQQ Trust Series IVanguard World FDVanguard S&P 500 ETFvs. Q4 2023SEC
Q4 2023Feb 6, 2024236$789.6MInvesco QQQ Trust Series IVanguard S&P 500 ETFVanguard World FDvs. Q3 2023SEC
Q3 2023Oct 17, 2023226$699.3MVanguard S&P 500 ETFVanguard World FDVanguard Consumer Staples ETFvs. Q2 2023SEC
Q2 2023Jul 12, 2023213$707.7MVanguard S&P 500 ETFVanguard World FDVanguard Information Technology ETFvs. Q1 2023SEC
Q1 2023Apr 10, 2023210$663.7MVanguard S&P 500 ETFVanguard World FDVanguard Consumer Staples ETFvs. Q4 2022SEC
Q4 2022Jan 20, 2023207$608.3MVanguard Consumer Staples ETFVanguard S&P 500 ETFVanguard World FDvs. Q3 2022SEC
Q3 2022Nov 14, 2022189$540.7MVanguard World FDVanguard Consumer Staples ETFVanguard S&P 500 ETFvs. Q2 2022SEC
Q2 2022Jul 28, 2022183$596.2MVanguard Consumer Staples ETFVanguard World FDVanguard S&P 500 ETFvs. Q1 2022SEC
Q1 2022May 13, 2022187$683.8MVanguard World FDVanguard Consumer Staples ETFInvesco QQQ Trust Series Ivs. Q4 2021SEC
Q4 2021Feb 11, 2022192$697.7MVanguard World FDInvesco QQQ Trust Series IiShares S&P 500 Growth ETFvs. Q3 2021SEC
Q3 2021Oct 20, 2021183$621.9MVanguard World FDVanguard Consumer Staples ETFVanguard Morningstar Growth ETFvs. Q2 2021SEC
Q2 2021Jul 26, 2021190$604.0MVanguard World FDVanguard Consumer Staples ETFVanguard Morningstar Total Stock Market ETFvs. Q1 2021SEC
Q1 2021Apr 29, 2021183$546.7MVanguard World FDVanguard Consumer Staples ETFVanguard Morningstar Total Stock Market ETF–SEC