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Livermore
Livermore
ZHEN

David Kennon Inc

SEC CIK
0001954126
Latest filing
Jul 22, 2026

The latest 13F from David Kennon Inc covers Q2 2026 (filed Jul 22, 2026): 45 long positions worth $302.6M. The top 10 holdings make up 72.8% of the portfolio, and the largest is Vanguard S&P 500 ETF at 25.7%. Livermore has 16 filings on Form 13F from this institution, going back to Q3 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
5
Est. +$31.8M
Added
6
Est. +$185.4K
Reduced
27
Est. −$23.6M
Sold out
1
Est. −$13.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    25.7%$77.8M
  2. Vanguard Morningstar Total Stock Market ETF922908769
    11.7%$35.5M
  3. Vanguard Star FDS921909768
    6.6%$19.9M
  4. Invesco Nasdaq 100 ETF46138G649
    6.1%$18.4M
  5. Vanguard BD Index FDS92203C303
    5.8%$17.6M

Biggest buys

New and added positions, by estimated amount bought

  1. Invesco Nasdaq 100 ETF46138G649
    +$18.4MNew
  2. State Street Technology Select Sector SPDR ETF81369Y803
    +$3.54MNew
  3. State Street Industrial Select Sector SPDR ETF81369Y704
    +$3.48MNew
  4. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    +$3.25MNew
  5. State Street Energy Select Sector SPDR ETF81369Y506
    +$3.05MNew

Largest weight increases

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

  1. Invesco Nasdaq 100 ETF46138G649
    +6.09 pp0.0% → 6.1%
  2. State Street Technology Select Sector SPDR ETF81369Y803
    +1.17 pp0.0% → 1.2%
  3. State Street Industrial Select Sector SPDR ETF81369Y704
    +1.15 pp0.0% → 1.1%
  4. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    +1.08 pp0.0% → 1.1%
  5. State Street Energy Select Sector SPDR ETF81369Y506
    +1.01 pp0.0% → 1.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Fidelity Comwlth Tr315912808
    −$16.4MReduced
  2. Invesco Exchange Traded FD T46137V605
    −$13.0MSold out
  3. Vanguard Utilities ETF92204A876
    −$3.24MReduced
  4. Vanguard Morningstar Total Stock Market ETF922908769
    −$1.34MReduced
  5. Vanguard Morningstar Mid-Cap ETF922908629
    −$521.2KReducedConverted for a 4-for-1 split

Largest weight decreases

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

  1. Invesco Exchange Traded FD T46137V605
    −4.65 pp4.6% → 0.0%
  2. Fidelity Comwlth Tr315912808
    −4.55 pp7.1% → 2.6%
  3. Vanguard Utilities ETF92204A876
    −1.35 pp3.1% → 1.8%
  4. Vanguard BD Index FDS92203C303
    −0.60 pp6.4% → 5.8%
  5. Fidelity Covington Trust316092725
    −0.36 pp3.4% → 3.1%

Metrics

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

Portfolio value
$302.6M
+$23.7M (+8.5%) vs. prior quarter
Positions
45
+4 vs. prior quarter
Top 10 concentration
72.8%
Top 10 as share of value
Turnover
11.0%
Q2 2026, one quarter
Average holding period
12.6 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 (Q3 2022), so positions held before then are understated.

13F filings by quarter

16 quarters, going back to Q3 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $302.6M (Q2 2026)

Q3 2022: $181.9MQ4 2022: $192.1MQ1 2023: $204.9MQ2 2023: $214.7MQ3 2023: $208.7MQ4 2023: $223.2MQ1 2024: $233.9MQ2 2024: $238.1MQ3 2024: $254.0MQ4 2024: $253.5MQ1 2025: $251.2MQ2 2025: $267.7MQ3 2025: $277.8MQ4 2025: $281.3MQ1 2026: $278.9MQ2 2026: $302.6M
Q3 2022Q2 2026
13F filings of David Kennon Inc by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 202645$302.6MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard Star FDSvs. Q1 2026SEC
Q1 2026Apr 29, 202641$278.9MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFFidelity Comwlth Trvs. Q4 2025SEC
Q4 2025Jan 26, 202638$281.3MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFFidelity Comwlth Trvs. Q3 2025SEC
Q3 2025Nov 10, 202536$277.8MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q2 2025SEC
Q2 2025Jul 17, 202536$267.7MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q1 2025SEC
Q1 2025Apr 23, 202536$251.2MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q4 2024SEC
Q4 2024Jan 23, 202536$253.5MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q3 2024SEC
Q3 2024Oct 22, 202434$254.0MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q2 2024SEC
Q2 2024Jul 25, 202434$238.1MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q1 2024SEC
Q1 2024May 6, 202434$233.9MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q4 2023SEC
Q4 2023Jan 23, 202427$223.2MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFVanguard BD Index FDSvs. Q3 2023SEC
Q3 2023Nov 7, 202327$208.7MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFSsga Active ETF Trvs. Q2 2023SEC
Q2 2023Jul 31, 202327$214.7MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFSsga Active ETF Trvs. Q1 2023SEC
Q1 2023May 10, 202332$204.9MVanguard S&P 500 ETFVanguard Morningstar Total Stock Market ETFSsga Active ETF Trvs. Q4 2022SEC
Q4 2022Feb 14, 202317$192.1MVanguard Morningstar Total Stock Market ETFVanguard Total Bond Market ETFFidelity Comwlth Trvs. Q3 2022SEC
Q3 2022Nov 14, 202217$181.9MVanguard Morningstar Total Stock Market ETFVanguard Total Bond Market ETFFidelity Comwlth Tr–SEC