25 LLC
- SEC CIK
- 0001968777
- Latest filing
- Jul 28, 2026
The latest 13F from 25 LLC covers Q2 2026 (filed Jul 28, 2026): 80 long positions worth $365.2M. The top 10 holdings make up 74.3% of the portfolio, and the largest is Vanguard Star FDS at 17.1%. Livermore has 14 filings on Form 13F from this institution, going back to Q1 2023.
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.
- New
- 13
- Est. +$4.43M
- Added
- 46
- Est. +$10.3M
- Reduced
- 13
- Est. −$1.62M
- Sold out
- 2
- Est. −$505.5K
Top 5 holdings
Share of this quarter's portfolio value
- Vanguard Star FDS92190976817.1%$62.3M
- Vanguard Intermediate-Term Corporate Bond ETF92206C8709.0%$32.8M
- Vanguard Morningstar Small-Cap Value ETF9229086118.7%$31.9M
- Vanguard Morningstar Value ETF9229087448.4%$30.8M
- Vanguard Morningstar Growth ETF9229087368.3%$30.3M
Biggest buys
New and added positions, by estimated amount bought
- Vanguard Intermediate-Term Corporate Bond ETF92206C870+$1.87MAdded
- Vanguard Scottsdale FDS92206C706+$1.53MAdded
- Vanguard Star FDS921909768+$1.39MAdded
- Vanguard Mun BD FDS922907746+$1.07MAdded
- SPCXSpace Exploration Technologies Corp
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- SPCXSpace Exploration Technologies Corp
- Dimensional ETF Trust25434V831+0.27 pp4.2% → 4.5%
- Schwab U.S. Large-Cap Growth ETF808524300+0.22 pp0.0% → 0.2%
- ProShares Tr74347X831+0.17 pp0.2% → 0.4%
- Vanguard Star FDS921909768+0.13 pp16.9% → 17.1%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
Metrics
13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $365.2M
- +$40.8M (+12.6%) vs. prior quarter
- Positions
- 80
- +11 vs. prior quarter
- Top 10 concentration
- 74.3%
- Top 10 as share of value
- Turnover
- 0.6%
- Q2 2026, one quarter
- Average holding period
- 13.2 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 (Q1 2023), so positions held before then are understated.
13F filings by quarter
14 quarters, going back to Q1 2023. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $365.2M (Q2 2026)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | Jul 28, 2026 | 80 | $365.2M | Vanguard Star FDSVanguard Intermediate-Term Corporate Bond ETFVanguard Morningstar Small-Cap Value ETF | vs. Q1 2026 | SEC |
| Q1 2026 | Apr 20, 2026 | 69 | $324.4M | Vanguard Star FDSVanguard Intermediate-Term Corporate Bond ETFVanguard Morningstar Small-Cap Value ETF | vs. Q4 2025 | SEC |
| Q4 2025 | Jan 15, 2026 | 71 | $315.1M | Vanguard Star FDSVanguard Intermediate-Term Corporate Bond ETFVanguard Morningstar Small-Cap Value ETF | vs. Q3 2025 | SEC |
| Q3 2025 | Oct 16, 2025 | 67 | $293.7M | Vanguard Star FDSVanguard Morningstar Small-Cap Value ETFVanguard Ftse All-World Ex-US Small-Cap ETF | vs. Q2 2025 | SEC |
| Q2 2025 | Jul 21, 2025 | 62 | $272.2M | Vanguard Star FDSVanguard Morningstar Small-Cap Value ETFVanguard Ftse All-World Ex-US Small-Cap ETF | vs. Q1 2025 | SEC |
| Q1 2025 | Apr 14, 2025 | 59 | $241.7M | Vanguard Star FDSVanguard Morningstar Small-Cap Value ETFVanguard Intermediate-Term Corporate Bond ETF | vs. Q4 2024 | SEC |
| Q4 2024 | Jan 15, 2025 | 57 | $236.3M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Intermediate-Term Corporate Bond ETF | vs. Q3 2024 | SEC |
| Q3 2024 | Oct 15, 2024 | 53 | $230.4M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Ftse All-World Ex-US Small-Cap ETF | vs. Q2 2024 | SEC |
| Q2 2024 | Jul 5, 2024 | 52 | $210.6M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Intermediate-Term Corporate Bond ETF | vs. Q1 2024 | SEC |
| Q1 2024 | Apr 25, 2024 | 49 | $204.4M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Morningstar Value ETF | vs. Q4 2023 | SEC |
| Q4 2023 | Jan 18, 2024 | 46 | $194.1M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Intermediate-Term Corporate Bond ETF | vs. Q3 2023 | SEC |
| Q3 2023 | Oct 18, 2023 | 36 | $164.0M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Intermediate-Term Corporate Bond ETF | vs. Q2 2023 | SEC |
| Q2 2023 | Jul 19, 2023 | 617 | $180.6M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Ftse All-World Ex-US Small-Cap ETF | vs. Q1 2023 | SEC |
| Q1 2023 | May 10, 2023 | 509 | $161.8M | Vanguard Morningstar Small-Cap Value ETFVanguard Star FDSVanguard Ftse All-World Ex-US Small-Cap ETF | – | SEC |