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Livermore
Livermore
ZHEN

Verdad Advisers, LP

SEC CIK
0001812822
Latest filing
Aug 14, 2026

The latest 13F from Verdad Advisers, LP covers Q2 2026 (filed Aug 14, 2026): 210 long positions worth $104.4M. The top 10 holdings make up 18.1% of the portfolio, and the largest is Apple Inc. (AAPL) at 2.1%. Livermore has 18 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
97
Est. +$38.0M
Added
59
Est. +$13.7M
Reduced
42
Est. −$22.8M
Sold out
66
Est. −$27.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    2.1%$2.15MHistory
  2. BLTEBelite Bio, Inc
    2.0%$2.12MHistory
  3. ACADAcadia Pharmaceuticals Inc
    2.0%$2.09MHistory
  4. CMCSAComcast Corp
    2.0%$2.08MHistory
  5. CLDTChatham Lodging Trust
    1.8%$1.85MHistory

Share of portfolio

Top 5 holdings and the other 205 positions, by share of portfolio value

  1. AAPL2.1%
  2. BLTE2.0%
  3. ACAD2.0%
  4. CMCSA2.0%
  5. CLDT1.8%
  6. Other 205 positions90.1%

Biggest buys

New and added positions, by estimated amount bought

  1. AAPLApple Inc.
    +$2.15MNewHistory
  2. XFORX4 Pharmaceuticals, Inc
    +$1.64MNewHistory
  3. JBIOJade Biosciences, Inc.
    +$1.25MNewHistory
  4. CSCOCisco Systems, Inc.
    +$1.21MNewHistory
  5. TARAProtara Therapeutics, Inc.
    +$1.19MNewHistory

Largest weight increases

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

  1. AAPLApple Inc.
    +2.06 pp0.0% → 2.1%History
  2. XFORX4 Pharmaceuticals, Inc
    +1.57 pp0.0% → 1.6%History
  3. JBIOJade Biosciences, Inc.
    +1.20 pp0.0% → 1.2%History
  4. CSCOCisco Systems, Inc.
    +1.16 pp0.0% → 1.2%History
  5. TARAProtara Therapeutics, Inc.
    +1.14 pp0.0% → 1.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MUMicron Technology Inc
    −$3.95MReducedHistory
  2. RVMDRevolution Medicines, Inc.
    −$3.28MReducedHistory
  3. STTState Street Corp
    −$2.11MSold outHistory
  4. ATHMAutohome Inc.
    −$2.11MSold outHistory
  5. CALMCal-Maine Foods Inc
    −$1.95MSold outHistory

Largest weight decreases

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

  1. STTState Street Corp
    −2.37 pp2.4% → 0.0%History
  2. ATHMAutohome Inc.
    −2.37 pp2.4% → 0.0%History
  3. CALMCal-Maine Foods Inc
    −2.20 pp2.2% → 0.0%History
  4. RVMDRevolution Medicines, Inc.
    −1.63 pp2.4% → 0.7%History
  5. ZMZoom Communications, Inc.
    −1.36 pp2.0% → 0.6%History

Metrics

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

Portfolio value
$104.4M
+$15.6M (+17.5%) vs. prior quarter
Positions
210
+31 vs. prior quarter
Top 10 concentration
18.1%
Top 10 as share of value
Turnover
52.5%
Q2 2026, one quarter
Average holding period
1.8 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

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

Peak $313.8M (Q1 2021)

Q1 2021: $313.8MQ2 2021: $51.0MQ3 2021: $138.4MQ4 2021: $147.6MQ1 2022: $122.1MQ2 2022: $106.1MQ3 2022: $68.8MQ4 2022: $99.2MQ1 2023: $49.7MQ2 2023: $63.8MQ3 2023: $65.4MQ4 2023: $49.3MQ1 2024: $91.9MQ2 2024: $86.6MQ3 2024: $74.9MQ4 2025: $87.4MQ1 2026: $88.8MQ2 2026: $104.4M
Q1 2021Q2 2026
13F filings of Verdad Advisers, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026210$104.4MAAPLBLTEACADvs. Q1 2026SEC
Q1 2026May 15, 2026179$88.8MBLTESTTATHMvs. Q4 2025SEC
Q4 2025Feb 17, 2026104$87.4MCTJXJNJ–SEC
Q3 2024Nov 14, 202492$74.9MBRK.BTJXTMUSvs. Q2 2024SEC
Q2 2024Aug 6, 2024110$86.6MTJXBRK.BWMTvs. Q1 2024SEC
Q1 2024May 14, 2024147$91.9MTJXSTLACORvs. Q4 2023SEC
Q4 2023Feb 9, 202453$49.3MVanguard Ftse All-World Ex-US Small-Cap ETFiShares TrASOvs. Q3 2023SEC
Q3 2023Nov 13, 202351$65.4MSPYDimensional ETF TrustDimensional ETF Trustvs. Q2 2023SEC
Q2 2023Aug 9, 202346$63.8MVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFRYZvs. Q1 2023SEC
Q1 2023May 12, 202338$49.7MRYZARCDSKEvs. Q4 2022SEC
Q4 2022Feb 13, 202329$99.2MSPYiShares TrPGRvs. Q3 2022SEC
Q3 2022Nov 14, 202225$68.8MiShares TrVanguard Scottsdale FDSMCSvs. Q2 2022SEC
Q2 2022Aug 15, 202228$106.1MiShares TriShares TrVanguard Scottsdale FDSvs. Q1 2022SEC
Q1 2022May 13, 202234$122.1MSchwab Intermediate-Term US Treasury ETFState Street SPDR Portfolio S&P 500 Value ETFMCSvs. Q4 2021SEC
Q4 2021Feb 9, 202242$147.6MiShares TrSPYVanguard Mortgage-Backed Securities ETFvs. Q3 2021SEC
Q3 2021Nov 12, 202145$138.4MCPERSPYUSOvs. Q2 2021SEC
Q2 2021Aug 10, 202122$51.0MDXCMCSPDSvs. Q1 2021SEC
Q1 2021May 14, 202137$313.8MBLDRAEOWRK–SEC

13D and 13G filings

Companies where Verdad Advisers, LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Verdad Advisers, LP does not currently report owning 5% or more of any company.

Latest filings

2 filings on file made by Verdad Advisers, LP or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Verdad Advisers, LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
ARCArc Document Solutions, Inc.Feb 10, 202213G/AOld format–––SEC
ARCArc Document Solutions, Inc.Feb 16, 202113GOld format–New–SEC