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Livermore
Livermore
ZHEN

Valence8 US LP

SEC CIK
0001943819
Latest filing
Aug 6, 2026

The latest 13F from Valence8 US LP covers Q2 2026 (filed Aug 6, 2026): 15 long positions worth $300.5M. The top 10 holdings make up 92.6% of the portfolio, and the largest is iShares MSCI USA Quality Factor ETF at 30.1%. Livermore has 15 filings on Form 13F from this institution, going back to Q4 2022.

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
1
Est. +$14.8M
Added
6
Est. +$45.1M
Reduced
6
Est. −$87.7M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares MSCI USA Quality Factor ETF46432F339
    30.1%$90.4M
  2. Invesco QQQ Trust Series I46090E103
    17.1%$51.5M
  3. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    9.4%$28.2M
  4. iShares Tr46434V456
    8.7%$26.1M
  5. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    6.4%$19.2M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares MSCI USA Quality Factor ETF46432F339
    +$16.4MAdded
  2. State Street Health Care Select Sector SPDR ETF81369Y209
    +$14.8MNew
  3. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    +$8.50MAdded
  4. Invesco QQQ Trust Series I46090E103
    +$8.43MAdded
  5. Vanguard Morningstar Value ETF922908744
    +$8.35MAdded

Largest weight increases

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

  1. iShares MSCI USA Quality Factor ETF46432F339
    +7.47 pp22.6% → 30.1%
  2. Invesco QQQ Trust Series I46090E103
    +5.34 pp11.8% → 17.1%
  3. State Street Health Care Select Sector SPDR ETF81369Y209
    +4.93 pp0.0% → 4.9%
  4. Vanguard Morningstar Value ETF922908744
    +2.89 pp2.0% → 4.9%
  5. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    +2.70 pp3.7% → 6.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$32.2MReduced
  2. VanEck Semiconductor ETF92189F676
    −$21.1MReduced
  3. iShares Tr46434V456
    −$15.8MReduced
  4. iShares Tr464288877
    −$8.55MReduced
  5. iShares Inc464286772
    −$6.36MReduced

Largest weight decreases

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

  1. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −11.71 pp21.1% → 9.4%
  2. iShares Tr46434V456
    −4.98 pp13.7% → 8.7%
  3. iShares Tr464288877
    −2.99 pp7.2% → 4.2%
  4. VanEck Semiconductor ETF92189F676
    −2.55 pp7.1% → 4.6%
  5. iShares Inc464286772
    −0.99 pp2.0% → 1.0%

Metrics

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

Portfolio value
$300.5M
+$14.4M (+5.0%) vs. prior quarter
Positions
15
+1 vs. prior quarter
Top 10 concentration
92.6%
Top 10 as share of value
Turnover
20.4%
Q2 2026, one quarter
Average holding period
10.6 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 2022), so positions held before then are understated.

13F filings by quarter

15 quarters, going back to Q4 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $337.5M (Q4 2025)

Q4 2022: $132.0MQ1 2023: $170.2MQ2 2023: $151.8MQ3 2023: $158.1MQ4 2023: $171.3MQ1 2024: $191.8MQ2 2024: $191.9MQ3 2024: $229.4MQ4 2024: $208.2MQ1 2025: $213.3MQ2 2025: $237.6MQ3 2025: $291.7MQ4 2025: $337.5MQ1 2026: $286.1MQ2 2026: $300.5M
Q4 2022Q2 2026
13F filings of Valence8 US LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 6, 202615$300.5MiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series IState Street SPDR Bloomberg 1-3 Month T-Bill ETFvs. Q1 2026SEC
Q1 2026May 15, 202614$286.1MiShares MSCI USA Quality Factor ETFState Street SPDR Bloomberg 1-3 Month T-Bill ETFiShares Trvs. Q4 2025SEC
Q4 2025Feb 9, 202615$337.5MState Street SPDR Bloomberg 1-3 Month T-Bill ETFiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series Ivs. Q3 2025SEC
Q3 2025Nov 7, 202514$291.7MiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series IiShares Trvs. Q2 2025SEC
Q2 2025Aug 7, 202512$237.6MiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series IiShares Trvs. Q1 2025SEC
Q1 2025May 12, 202510$213.3MiShares MSCI USA Quality Factor ETFiShares TrInvesco QQQ Trust Series Ivs. Q4 2024SEC
Q4 2024Feb 12, 202510$208.2MiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series IiShares Trvs. Q3 2024SEC
Q3 2024Nov 12, 202440$229.4MiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series IiShares Trvs. Q2 2024SEC
Q2 2024Aug 6, 20249$191.9MiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series IiShares Trvs. Q1 2024SEC
Q1 2024May 6, 20249$191.8MiShares MSCI USA Quality Factor ETFiShares TrInvesco QQQ Trust Series Ivs. Q4 2023SEC
Q4 2023Feb 1, 20249$171.3MiShares MSCI USA Quality Factor ETFInvesco QQQ Trust Series IiShares Trvs. Q3 2023SEC
Q3 2023Nov 9, 202313$158.1MVanguard Dividend Appreciation ETFInvesco QQQ Trust Series IiShares Trvs. Q2 2023SEC
Q2 2023Aug 1, 202313$151.8MVanguard Dividend Appreciation ETFInvesco QQQ Trust Series IiShares Trvs. Q1 2023SEC
Q1 2023May 9, 202314$170.2MVanguard Dividend Appreciation ETFiShares TrInvesco QQQ Trust Series Ivs. Q4 2022SEC
Q4 2022Jan 31, 202312$132.0MVanguard Dividend Appreciation ETFVanguard Morningstar Value ETFVanguard Financials ETF–SEC