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Livermore
Livermore
ZHEN

Syntax Research, Inc.

SEC CIK
0001999827
Latest filing
Jul 31, 2026

The latest 13F from Syntax Research, Inc. covers Q2 2026 (filed Jul 31, 2026): 179 long positions worth $136.9M. The top 10 holdings make up 65.6% of the portfolio, and the largest is iShares Core S&P 500 ETF at 10.0%. Livermore has 12 filings on Form 13F from this institution, going back to Q3 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.

Full comparison
New
15
Est. +$3.54M
Added
32
Est. +$29.3M
Reduced
40
Est. −$63.4M
Sold out
10
Est. −$9.51M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    10.0%$13.7M
  2. iShares Tr464287440
    9.7%$13.3M
  3. iShares Tr464287457
    9.2%$12.6M
  4. iShares MSCI USA Min Vol Factor ETF46429B697
    8.0%$10.9M
  5. ProShares Tr74348A467
    6.9%$9.41M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares MSCI USA Min Vol Factor ETF46429B697
    +$8.00MAdded
  2. iShares MSCI USA Quality Factor ETF46432F339
    +$6.50MAdded
  3. iShares Tr464287457
    +$6.09MAdded
  4. iShares Tr464287440
    +$4.97MAdded
  5. ProShares Tr74348A467
    +$3.15MAddedConverted for a 2-for-1 split

Largest weight increases

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

  1. iShares MSCI USA Min Vol Factor ETF46429B697
    +6.19 pp1.8% → 8.0%
  2. iShares MSCI USA Quality Factor ETF46432F339
    +5.08 pp1.0% → 6.1%
  3. iShares Tr464287457
    +5.04 pp4.2% → 9.2%
  4. iShares Tr464287440
    +4.37 pp5.4% → 9.7%
  5. ProShares Tr74348A467
    +3.11 pp3.8% → 6.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr46432F388
    −$10.5MReduced
  2. AMATApplied Materials Inc
    −$3.62MReducedHistory
  3. iShares Iboxx $ Investment Grade Corporate Bond ETF464287242
    −$3.44MReduced
  4. SPYSPDR S&P 500 ETF Trust
    −$3.36MReducedHistory
  5. GOOGAlphabet Inc.
    −$2.81MReducedHistory

Largest weight decreases

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

  1. iShares Tr46432F388
    −4.53 pp5.1% → 0.6%
  2. iShares Iboxx $ Investment Grade Corporate Bond ETF464287242
    −1.91 pp4.0% → 2.1%
  3. PANWPalo Alto Networks Inc
    −1.65 pp1.6% → 0.0%History
  4. PLDPrologis, Inc.
    −1.56 pp2.3% → 0.8%History
  5. SPYSPDR S&P 500 ETF Trust
    −1.42 pp3.3% → 1.8%History

Metrics

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

Portfolio value
$136.9M
−$20.3M (−12.9%) vs. prior quarter
Positions
179
+5 vs. prior quarter
Top 10 concentration
65.6%
Top 10 as share of value
Turnover
22.3%
Q2 2026, one quarter
Average holding period
11.4 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 2023), so positions held before then are understated.

13F filings by quarter

12 quarters, going back to Q3 2023. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $162.1M (Q4 2025)

Q3 2023: $123.5MQ4 2023: $119.5MQ1 2024: $131.0MQ2 2024: $126.4MQ3 2024: $147.8MQ4 2024: $139.5MQ1 2025: $144.8MQ2 2025: $140.8MQ3 2025: $155.6MQ4 2025: $162.1MQ1 2026: $157.1MQ2 2026: $136.9M
Q3 2023Q2 2026
13F filings of Syntax Research, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 31, 2026179$136.9MiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2026SEC
Q1 2026Apr 24, 2026174$157.1MiShares Core S&P 500 ETFiShares TriShares Trvs. Q4 2025SEC
Q4 2025Feb 2, 2026173$162.1MiShares Core S&P 500 ETFiShares TriShares Trvs. Q3 2025SEC
Q3 2025Nov 4, 2025173$155.6MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2025SEC
Q2 2025Jul 21, 2025171$140.8MiShares Core S&P 500 ETFiShares TriShares Trvs. Q1 2025SEC
Q1 2025May 7, 2025175$144.8MiShares Core S&P 500 ETFiShares TriShares Trvs. Q4 2024SEC
Q4 2024Feb 11, 2025183$139.5MiShares Core S&P 500 ETFiShares TrAAPLvs. Q3 2024SEC
Q3 2024Dec 18, 2024189$147.8MiShares Core S&P 500 ETFiShares TriShares Trvs. Q2 2024SEC
Q2 2024Jul 24, 2024174$126.4MiShares TriShares Core S&P 500 ETFiShares Trvs. Q1 2024SEC
Q1 2024May 7, 2024170$131.0MiShares TriShares Core S&P 500 ETFiShares Trvs. Q4 2023SEC
Q4 2023Jan 30, 2024175$119.5MiShares TriShares Core S&P 500 ETFiShares Trvs. Q3 2023SEC
Q3 2023Nov 14, 2023178$123.5MiShares Core S&P 500 ETFiShares TriShares Tr–SEC