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Livermore
Livermore
ZHEN

Cowa, LLC

SEC CIK
0001844480
Latest filing
Aug 5, 2026

The latest 13F from Cowa, LLC covers Q2 2026 (filed Aug 5, 2026): 181 long positions worth $398.6M. The top 10 holdings make up 48.4% of the portfolio, and the largest is iShares Ibonds 2026 Term High Yield and Income ETF at 6.7%. Livermore has 23 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
26
Est. +$8.85M
Added
62
Est. +$11.3M
Reduced
58
Est. −$9.77M
Sold out
3
Est. −$925.9K

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Ibonds 2026 Term High Yield and Income ETF46436E528
    6.7%$26.9M
  2. American Centy ETF Tr025072877
    6.7%$26.7M
  3. iShares Ibonds Dec 2026 Term Corporate ETF46435GAA0
    6.6%$26.4M
  4. FIXComfort Systems USA Inc
    6.2%$24.7MHistory
  5. Dimensional ETF Trust25434V807
    5.9%$23.3M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Ibonds 2026 Term High Yield and Income ETF46436E528
    +$1.75MAdded
  2. iShares Ibonds Dec 2032 Term Corporate ETF46436E312
    +$1.14MAdded
  3. FIXComfort Systems USA Inc
    +$842.3KAddedHistory
  4. DASHDoorDash, Inc.
    +$651.0KNewHistory
  5. WisdomTree Bloomberg US Dollar Bullish Fund97717W471
    +$619.6KAdded

Largest weight increases

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

  1. FIXComfort Systems USA Inc
    +1.71 pp4.5% → 6.2%History
  2. DASHDoorDash, Inc.
    +0.16 pp0.0% → 0.2%History
  3. NOWServiceNow, Inc.
    +0.14 pp0.0% → 0.1%History
  4. INTCIntel Corp
    +0.14 pp0.0% → 0.1%History
  5. KMBKimberly Clark Corp
    +0.14 pp0.3% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. American Centy ETF Tr025072877
    −$1.56MReduced
  2. iShares MSCI USA Min Vol Factor ETF46429B697
    −$1.21MReduced
  3. AAPLApple Inc.
    −$886.9KReducedHistory
  4. State Street Health Care Select Sector SPDR ETF81369Y209
    −$814.4KReduced
  5. HPEHewlett Packard Enterprise Co
    −$742.9KReducedHistory

Largest weight decreases

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

  1. AAPLApple Inc.
    −0.79 pp3.7% → 2.9%History
  2. Dimensional ETF Trust25434V807
    −0.46 pp6.3% → 5.9%
  3. iShares Tr464288448
    −0.33 pp3.2% → 2.9%
  4. iShares MSCI USA Min Vol Factor ETF46429B697
    −0.32 pp0.5% → 0.2%
  5. State Street Health Care Select Sector SPDR ETF81369Y209
    −0.20 pp0.3% → 0.1%

Metrics

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

Portfolio value
$398.6M
+$28.0M (+7.6%) vs. prior quarter
Positions
181
+23 vs. prior quarter
Top 10 concentration
48.4%
Top 10 as share of value
Turnover
2.8%
Q2 2026, one quarter
Average holding period
14.3 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 $398.6M (Q2 2026)

Q1 2021: $166.6MQ2 2021: $160.5MQ3 2021: $174.7MQ4 2021: $198.7MQ1 2022: $201.5MQ2 2022: $173.7MQ3 2022: $151.6MQ4 2022: $159.9MQ1 2023: $122.7MQ2 2023: $152.0MQ3 2023: $148.1MQ4 2023: $160.4MQ1 2024: $169.7MQ2 2024: $187.4MQ3 2024: $210.0MQ4 2024: $217.0MQ1 2025: $233.8MQ2 2025: $262.6MQ3 2025: $301.3MQ4 2025: $328.6MQ1 2026: $370.6MQ2 2026: $398.6M
Q1 2021Q2 2026
13F filings of Cowa, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 5, 2026181$398.6MiShares Ibonds 2026 Term High Yield and Income ETFAmerican Centy ETF TriShares Ibonds Dec 2026 Term Corporate ETFvs. Q1 2026SEC
Q1 2026May 14, 2026158$370.6MiShares Ibonds 2026 Term High Yield and Income ETFAmerican Centy ETF TriShares Ibonds Dec 2026 Term Corporate ETFvs. Q4 2025SEC
Q4 2025Feb 12, 2026152$328.6MAmerican Centy ETF TriShares Ibonds 2026 Term High Yield and Income ETFiShares Ibonds Dec 2026 Term Corporate ETFvs. Q3 2025SEC
Q3 2025Nov 10, 2025141$301.3MAmerican Centy ETF TrDimensional ETF TrustiShares Ibonds 2026 Term High Yield and Income ETFvs. Q2 2025SEC
Q2 2025Aug 12, 2025131$262.6MAmerican Centy ETF TrDimensional ETF TrustiShares Ibonds 2026 Term High Yield and Income ETFvs. Q1 2025SEC
Q1 2025May 13, 2025125$233.8MDimensional ETF TrustAmerican Centy ETF TriShares Ibonds 2026 Term High Yield and Income ETFvs. Q4 2024SEC
Q4 2024Feb 3, 2025122$217.0MAmerican Centy ETF TrDimensional ETF TrustAAPLvs. Q3 2024SEC
Q3 2024Nov 1, 2024128$210.0MAmerican Centy ETF TrDimensional ETF TrustiShares Trvs. Q2 2024SEC
Q2 2024Aug 12, 2024126$187.4MAmerican Centy ETF TrDimensional ETF TrustState Street SPDR Portfolio S&P 500 High Dividend ETFvs. Q1 2024SEC
Q1 2024May 7, 2024119$169.7MAmerican Centy ETF TrDimensional ETF TrustDimensional ETF Trustvs. Q4 2023SEC
Q4 2023Jan 16, 2024110$160.4MState Street SPDR Portfolio S&P 500 High Dividend ETFAmerican Centy ETF TriShares Trvs. Q3 2023SEC
Q3 2023Oct 30, 2023105$148.1MState Street SPDR Portfolio S&P 500 High Dividend ETFAmerican Centy ETF TriShares Trvs. Q2 2023SEC
Q2 2023Jul 25, 2023106$152.0MState Street SPDR Portfolio S&P 500 High Dividend ETFiShares TrAmerican Centy ETF Trvs. Q1 2023SEC
Q1 2023May 4, 2023122$122.7MState Street SPDR Portfolio S&P 500 High Dividend ETFiShares TriShares Core High Dividend ETFvs. Q4 2022SEC
Q4 2022Jan 27, 2023116$159.9MState Street SPDR Portfolio S&P 500 High Dividend ETFiShares TriShares Core High Dividend ETFvs. Q3 2022SEC
Q3 2022Nov 4, 2022353$151.6MState Street SPDR Portfolio S&P 500 High Dividend ETFDimensional ETF TrustAmerican Centy ETF Trvs. Q2 2022SEC
Q2 2022Aug 12, 2022120$173.7MiShares TrState Street SPDR Portfolio S&P 500 High Dividend ETFDimensional ETF Trustvs. Q1 2022SEC
Q1 2022May 18, 2022Amended137$201.5MiShares TrDimensional ETF TrustState Street SPDR Portfolio S&P 500 High Dividend ETFvs. Q4 2021SEC
Q4 2021Feb 4, 2022135$198.7MSsga Active ETF TrSPDR Series TrustDimensional ETF Trustvs. Q3 2021SEC
Q3 2021Oct 22, 2021133$174.7MSsga Active ETF TrSPDR Series TrustiShares Core MSCI Eafe ETFvs. Q2 2021SEC
Q2 2021Aug 2, 2021120$160.5MSsga Active ETF TrSPDR Series TrustiShares Core MSCI Eafe ETFvs. Q1 2021SEC
Q1 2021May 5, 2021361$166.6MSsga Active ETF TrSPDR Series TrustSchwab US Dividend Equity ETF–SEC