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Livermore
Livermore
ZHEN

Annandale Capital, LLC

SEC CIK
0001811739
Latest filing
Aug 13, 2026

The latest 13F from Annandale Capital, LLC covers Q2 2026 (filed Aug 13, 2026): 124 long positions worth $675.0M. The top 10 holdings make up 47.1% of the portfolio, and the largest is Vanguard Short-Term Bond ETF at 6.4%. 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
18
Est. +$12.7M
Added
30
Est. +$34.3M
Reduced
30
Est. −$17.5M
Sold out
11
Est. −$4.50M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard Short-Term Bond ETF921937827
    6.4%$43.4M
  2. Dimensional ETF Trust25434V203
    6.2%$41.6M
  3. Dimensional ETF Trust25434V625
    6.1%$41.3M
  4. Dimensional ETF Trust25434V872
    5.5%$37.3M
  5. iShares MSCI USA Quality Factor ETF46432F339
    5.1%$34.2M

Share of portfolio

Top 5 holdings and the other 119 positions, by share of portfolio value

  1. Vanguard Short-Term Bond ETF6.4%
  2. Dimensional ETF Trust6.2%
  3. Dimensional ETF Trust6.1%
  4. Dimensional ETF Trust5.5%
  5. iShares MSCI USA Quality Factor ETF5.1%
  6. Other 119 positions70.7%

Biggest buys

New and added positions, by estimated amount bought

  1. MSFTMicrosoft Corp
    +$6.10MAddedHistory
  2. Dimensional ETF Trust25434V625
    +$5.52MAdded
  3. AAPLApple Inc.
    +$4.75MAddedHistory
  4. NVDANVIDIA Corp
    +$4.40MAddedHistory
  5. Dimensional ETF Trust25434V203
    +$3.74MAdded

Largest weight increases

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

  1. Dimensional ETF Trust25434V625
    +0.95 pp5.2% → 6.1%
  2. AAPLApple Inc.
    +0.73 pp1.0% → 1.7%History
  3. NVDANVIDIA Corp
    +0.66 pp0.4% → 1.0%History
  4. MSFTMicrosoft Corp
    +0.64 pp2.8% → 3.5%History
  5. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +0.45 pp0.0% → 0.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Scottsdale FDS92206C102
    −$3.66MReduced
  2. FAFFirst American Financial Corp
    −$3.60MReducedHistory
  3. TXNTexas Instruments Inc
    −$1.76MSold outHistory
  4. WRBBerkley W R Corp
    −$1.61MReducedHistory
  5. MRSHMarsh & McLennan Companies, Inc.
    −$1.39MReducedHistory

Largest weight decreases

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

  1. Vanguard Scottsdale FDS92206C102
    −0.77 pp2.2% → 1.4%
  2. FAFFirst American Financial Corp
    −0.50 pp1.3% → 0.8%History
  3. MRSHMarsh & McLennan Companies, Inc.
    −0.31 pp0.6% → 0.3%History
  4. WMTWalmart Inc.
    −0.30 pp1.7% → 1.4%History
  5. TXNTexas Instruments Inc
    −0.29 pp0.3% → 0.0%History

Metrics

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

Portfolio value
$675.0M
+$66.0M (+10.8%) vs. prior quarter
Positions
124
+7 vs. prior quarter
Top 10 concentration
47.1%
Top 10 as share of value
Turnover
3.4%
Q2 2026, one quarter
Average holding period
16.3 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

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

Peak $675.0M (Q2 2026)

Q1 2021: $141.0MQ2 2021: $166.1MQ3 2021: $166.1MQ4 2021: $227.0MQ1 2022: $253.1MQ2 2022: $252.6MQ3 2022: $271.1MQ4 2022: $302.5MQ1 2023: $315.6MQ2 2023: $344.8MQ3 2023: $334.5MQ4 2023: $429.0MQ1 2024: $440.2MQ2 2024: $478.4MQ3 2024: $497.8MQ4 2024: $505.0MQ1 2025: $533.7MQ2 2025: $542.2MQ3 2025: $572.1MQ4 2025: $614.2MQ1 2026: $609.0MQ2 2026: $675.0M
Q1 2021Q2 2026
13F filings of Annandale Capital, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026124$675.0MVanguard Short-Term Bond ETFDimensional ETF TrustDimensional ETF Trustvs. Q1 2026SEC
Q1 2026May 15, 2026117$609.0MVanguard Short-Term Bond ETFDimensional ETF TrustDimensional ETF Trustvs. Q4 2025SEC
Q4 2025Feb 12, 2026120$614.2MVanguard Short-Term Bond ETFDimensional ETF TrustDimensional ETF Trustvs. Q3 2025SEC
Q3 2025Nov 13, 2025121$572.1MVanguard Short-Term Bond ETFDimensional ETF TrustDimensional ETF Trustvs. Q2 2025SEC
Q2 2025Aug 13, 2025118$542.2MVanguard Short-Term Bond ETFDimensional ETF TrustDimensional ETF Trustvs. Q1 2025SEC
Q1 2025May 13, 2025114$533.7MVanguard Short-Term Bond ETFDimensional ETF TrustDimensional ETF Trustvs. Q4 2024SEC
Q4 2024Feb 13, 2025119$505.0MVanguard Short-Term Bond ETFDimensional ETF TrustMETAvs. Q3 2024SEC
Q3 2024Nov 12, 2024119$497.8MVanguard Short-Term Bond ETFDimensional ETF TrustDimensional ETF Trustvs. Q2 2024SEC
Q2 2024Aug 15, 2024118$478.4MVanguard Short-Term Bond ETFDimensional ETF TrustMETAvs. Q1 2024SEC
Q1 2024May 15, 2024128$440.2MVanguard Short-Term Bond ETFDimensional ETF TrustMETAvs. Q4 2023SEC
Q4 2023Feb 14, 2024129$429.0MVanguard Short-Term Bond ETFDimensional ETF TrustARvs. Q3 2023SEC
Q3 2023Nov 15, 2023130$334.5MVanguard Short-Term Bond ETFARVanguard High Dividend Yield Index ETFvs. Q2 2023SEC
Q2 2023Aug 14, 2023135$344.8MVanguard Short-Term Bond ETFARVanguard High Dividend Yield Index ETFvs. Q1 2023SEC
Q1 2023May 15, 2023133$315.6MVanguard Short-Term Bond ETFARVanguard High Dividend Yield Index ETFvs. Q4 2022SEC
Q4 2022Feb 15, 2023134$302.5MVanguard Short-Term Bond ETFARVanguard High Dividend Yield Index ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022134$271.1MARVanguard Short-Term Bond ETFVanguard High Dividend Yield Index ETFvs. Q2 2022SEC
Q2 2022Aug 15, 2022127$252.6MARiShares TrVanguard High Dividend Yield Index ETFvs. Q1 2022SEC
Q1 2022May 12, 2022112$253.1MARiShares TrVanguard High Dividend Yield Index ETFvs. Q4 2021SEC
Q4 2021Feb 11, 2022112$227.0MiShares TrVanguard High Dividend Yield Index ETFMSFTvs. Q3 2021SEC
Q3 2021Nov 15, 202185$166.1MiShares TrVanguard High Dividend Yield Index ETFMSFTvs. Q2 2021SEC
Q2 2021Aug 17, 202183$166.1MiShares TrVanguard High Dividend Yield Index ETFMSFTvs. Q1 2021SEC
Q1 2021May 14, 202169$141.0MiShares TrVanguard High Dividend Yield Index ETFMSFT–SEC