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Livermore
Livermore
ZHEN

City State Bank

SEC CIK
0001910666
Latest filing
Jul 14, 2026

The latest 13F from City State Bank covers Q2 2026 (filed Jul 14, 2026): 809 long positions worth $436.4M. The top 10 holdings make up 29.5% of the portfolio, and the largest is Apple Inc. (AAPL) at 3.8%. Livermore has 21 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
38
Est. +$1.79M
Added
109
Est. +$14.3M
Reduced
105
Est. −$8.58M
Sold out
13
Est. −$1.13M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    3.8%$16.7MHistory
  2. Dimensional ETF Trust25434V872
    3.8%$16.6M
  3. MUMicron Technology Inc
    3.4%$15.0MHistory
  4. Vanguard Intermediate-Term Bond ETF921937819
    3.3%$14.4M
  5. Dimensional ETF Trust25434V864
    3.1%$13.6M

Share of portfolio

Top 5 holdings and the other 804 positions, by share of portfolio value

  1. AAPL3.8%
  2. Dimensional ETF Trust3.8%
  3. MU3.4%
  4. Vanguard Intermediate-Term Bond ETF3.3%
  5. Dimensional ETF Trust3.1%
  6. Other 804 positions82.5%

Biggest buys

New and added positions, by estimated amount bought

  1. Dimensional ETF Trust25434V872
    +$1.05MAdded
  2. Dimensional ETF Trust25434V864
    +$1.01MAdded
  3. Vanguard Emerging Markets Government Bond ETF921946885
    +$844.1KAdded
  4. Dimensional ETF Trust25434V765
    +$712.9KAdded
  5. Dimensional ETF Trust25434V856
    +$707.3KAdded

Largest weight increases

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

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +0.19 pp0.7% → 0.9%History
  2. Vanguard Information Technology ETF92204A702
    +0.17 pp0.6% → 0.8%
  3. Vanguard Morningstar Growth ETF922908736
    +0.16 pp1.4% → 1.6%
  4. GOOGAlphabet Inc.
    +0.15 pp1.5% → 1.7%History
  5. Dimensional ETF Trust25434V831
    +0.14 pp1.0% → 1.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. LNTAlliant Energy Corp
    −$4.23MReducedHistory
  2. AMDAdvanced Micro Devices Inc
    −$976.5KReducedHistory
  3. MUMicron Technology Inc
    −$941.9KReducedHistory
  4. HONHoneywell International Inc
    −$920.8KSold outHistory
  5. CRWDCrowdStrike Holdings, Inc.
    −$424.3KReducedHistory

Largest weight decreases

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

  1. LNTAlliant Energy Corp
    −1.05 pp1.4% → 0.3%History
  2. HONHoneywell International Inc
    −0.24 pp0.2% → 0.0%History
  3. XOMExxonMobil Holdings Corp
    −0.11 pp0.4% → 0.3%History
  4. COSTCostco Wholesale Corp
    −0.10 pp0.6% → 0.5%History
  5. CVXChevron Corp
    −0.10 pp0.3% → 0.2%History

Metrics

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

Portfolio value
$436.4M
+$51.1M (+13.3%) vs. prior quarter
Positions
809
+25 vs. prior quarter
Top 10 concentration
29.5%
Top 10 as share of value
Turnover
2.4%
Q2 2026, one quarter
Average holding period
17.2 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 $436.4M (Q2 2026)

Q4 2021: $162.3MQ1 2022: $165.5MQ2 2022: $143.4MQ3 2022: $142.9MQ4 2022: $162.5MQ1 2023: $174.8MQ2 2023: $185.3MQ3 2023: $181.5MQ4 2023: $199.5MQ1 2024: $226.5MQ2 2024: $244.9MQ3 2024: $274.4MQ4 2024: $283.5MQ1 2025: $303.4MQ2 2025: $319.0MQ3 2025: $346.2MQ4 2025: $365.1MQ1 2026: $385.3MQ2 2026: $436.4M
Q4 2021Q2 2026
13F filings of City State Bank by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 14, 2026809$436.4MAAPLDimensional ETF TrustMUvs. Q1 2026SEC
Q1 2026Apr 20, 2026784$385.3MDimensional ETF TrustAAPLVanguard Intermediate-Term Bond ETFvs. Q4 2025SEC
Q4 2025Jan 28, 2026767$365.1MAAPLVanguard Intermediate-Term Bond ETFDimensional ETF Trustvs. Q3 2025SEC
Q3 2025Oct 16, 2025742$346.2MAAPLVanguard Intermediate-Term Bond ETFDimensional ETF Trustvs. Q2 2025SEC
Q2 2025Jul 31, 2025748$319.0MVanguard Intermediate-Term Bond ETFAAPLDimensional ETF Trustvs. Q1 2025SEC
Q1 2025Apr 11, 2025752$303.4MAAPLVanguard Intermediate-Term Bond ETFDimensional ETF Trustvs. Q4 2024SEC
Q4 2024Jan 13, 2025727$283.5MAAPLVanguard Intermediate-Term Bond ETFDimensional ETF Trustvs. Q3 2024SEC
Q3 2024Oct 10, 2024740$274.4MAAPLVanguard Intermediate-Term Bond ETFDimensional ETF Trustvs. Q2 2024SEC
Q2 2024Jul 9, 2024Amended730$244.9MAAPLVanguard Intermediate-Term Bond ETFVanguard Short-Term Bond ETFvs. Q1 2024SEC
Q1 2024Apr 11, 2024711$226.5MAAPLVanguard Intermediate-Term Bond ETFVanguard Short-Term Bond ETFvs. Q4 2023SEC
Q4 2023Jan 10, 2024680$199.5MAAPLVanguard Intermediate-Term Bond ETFiShares Trvs. Q3 2023SEC
Q3 2023Oct 16, 2023689$181.5MAAPLiShares TrVanguard Total International Bond ETFvs. Q2 2023SEC
Q2 2023Jul 10, 2023703$185.3MAAPLiShares TrVanguard Dividend Appreciation ETFvs. Q1 2023SEC
Q1 2023Apr 10, 2023684$174.8MAAPLiShares TrVanguard High Dividend Yield Index ETFvs. Q4 2022SEC
Q4 2022Jan 12, 2023653$162.5MAAPLiShares TrVanguard High Dividend Yield Index ETFvs. Q3 2022SEC
Q3 2022Oct 24, 2022701$142.9MAAPLiShares TrLNTvs. Q2 2022SEC
Q2 2022Aug 22, 2022702$143.4MAAPLiShares TrLNTvs. Q1 2022SEC
Q1 2022Jun 1, 2022676$165.5MAAPLiShares TrLNTvs. Q4 2021SEC
Q4 2021Mar 23, 2022Amended667$162.3MAAPLiShares TrMSFT–SEC