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Livermore
Livermore
ZHEN

Caldwell Investment Management Ltd.

SEC CIK
0001904373
Latest filing
Aug 11, 2026

The latest 13F from Caldwell Investment Management Ltd. covers Q2 2026 (filed Aug 11, 2026): 33 long positions worth $152.3M. The top 10 holdings make up 84.6% of the portfolio, and the largest is Cboe Global Markets, Inc. (CBOE) at 17.5%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 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
11
Est. +$20.1M
Added
2
Est. +$1.43M
Reduced
6
Est. −$16.0M
Sold out
35
Est. −$105.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. CBOECboe Global Markets, Inc.
    17.5%$26.7MHistory
  2. MIAXMiami International Holdings, Inc.
    14.6%$22.3MHistory
  3. BACBank of America Corp
    13.8%$21.1MHistory
  4. KKRKKR & Co. Inc.
    12.0%$18.3MHistory
  5. ICEIntercontinental Exchange, Inc.
    8.1%$12.3MHistory

Share of portfolio

Top 5 holdings and the other 28 positions, by share of portfolio value

  1. CBOE17.5%
  2. MIAX14.6%
  3. BAC13.8%
  4. KKR12.0%
  5. ICE8.1%
  6. Other 28 positions33.9%

Biggest buys

New and added positions, by estimated amount bought

  1. MFCManulife Financial Corp
    +$9.88MNewHistory
  2. AMATApplied Materials Inc
    +$1.59MNewHistory
  3. AAMIAcadian Asset Management Inc.
    +$1.25MNewHistory
  4. BACBank of America Corp
    +$1.16MAddedHistory
  5. BEPCBrookfield Renewable Corp
    +$1.16MNewHistory

Largest weight increases

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

  1. BACBank of America Corp
    +7.36 pp6.5% → 13.8%History
  2. MFCManulife Financial Corp
    +6.49 pp0.0% → 6.5%History
  3. AMATApplied Materials Inc
    +1.04 pp0.0% → 1.0%History
  4. AAMIAcadian Asset Management Inc.
    +0.82 pp0.0% → 0.8%History
  5. BEPCBrookfield Renewable Corp
    +0.76 pp0.0% → 0.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MSMorgan Stanley
    −$39.6MSold outHistory
  2. CCitigroup Inc
    −$8.06MSold outHistory
  3. SIISprott Inc.
    −$7.70MSold outHistory
  4. CVECenovus Energy Inc.
    −$5.35MReducedHistory
  5. AEMAgnico Eagle Mines Ltd
    −$5.27MReducedHistory

Largest weight decreases

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

  1. MSMorgan Stanley
    −15.54 pp15.5% → 0.0%History
  2. CCitigroup Inc
    −3.16 pp3.2% → 0.0%History
  3. SIISprott Inc.
    −3.02 pp3.0% → 0.0%History
  4. AEMAgnico Eagle Mines Ltd
    −2.48 pp2.8% → 0.3%History
  5. KGCKinross Gold Corp
    −1.91 pp1.9% → 0.0%History

Metrics

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

Portfolio value
$152.3M
−$102.9M (−40.3%) vs. prior quarter
Positions
33
−24 vs. prior quarter
Top 10 concentration
84.6%
Top 10 as share of value
Turnover
10.6%
Q2 2026, one quarter
Average holding period
7.6 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 (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $255.2M (Q1 2026)

Q4 2021: $128.0MQ1 2022: $126.4MQ2 2022: $99.6MQ3 2022: $82.2MQ4 2022: $94.7MQ1 2023: $100.8MQ2 2023: $132.2MQ3 2023: $102.8MQ4 2023: $130.1MQ1 2024: $134.4MQ2 2024: $132.9MQ3 2024: $142.6MQ4 2024: $148.3MQ1 2025: $134.8MQ2 2025: $115.4MQ3 2025: $152.4MQ4 2025: $162.6MQ1 2026: $255.2MQ2 2026: $152.3M
Q4 2021Q2 2026
13F filings of Caldwell Investment Management Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 202633$152.3MCBOEMIAXBACvs. Q1 2026SEC
Q1 2026May 14, 202657$255.2MMSCBOEMIAXvs. Q4 2025SEC
Q4 2025Feb 11, 202629$162.6MMIAXCBOEKKRvs. Q3 2025SEC
Q3 2025Oct 27, 202526$152.4MCBOEMIAXBank of America Corpvs. Q2 2025SEC
Q2 2025Aug 14, 202520$115.4MCBOEKKRICEvs. Q1 2025SEC
Q1 2025May 13, 202531$134.8MCBOEKKRICEvs. Q4 2024SEC
Q4 2024Jan 14, 202534$148.3MKKRCBOEBACvs. Q3 2024SEC
Q3 2024Nov 7, 202432$142.6MKKRCBOEICEvs. Q2 2024SEC
Q2 2024Jul 22, 202433$132.9MKKRCBOEBACvs. Q1 2024SEC
Q1 2024Apr 26, 202434$134.4MCBOEKKRICEvs. Q4 2023SEC
Q4 2023Jan 11, 202431$130.1MCBOEKKRICEvs. Q3 2023SEC
Q3 2023Oct 25, 202327$102.8MCBOEKKRSTNvs. Q2 2023SEC
Q2 2023Jul 19, 202329$132.2MCBOEICEKKRvs. Q1 2023SEC
Q1 2023May 16, 202323$100.8MCBOEKKRICEvs. Q4 2022SEC
Q4 2022Feb 1, 202326$94.7MCBOEBACICEvs. Q3 2022SEC
Q3 2022Oct 27, 202226$82.2MCBOEBACICEvs. Q2 2022SEC
Q2 2022Jul 25, 202227$99.6MCBOEBACGIBvs. Q1 2022SEC
Q1 2022Apr 29, 202233$126.4MBACICETricon Residential Inc Com NPVvs. Q4 2021SEC
Q4 2021Feb 11, 202233$128.0MBACICEKKR–SEC