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Livermore
Livermore
ZHEN

Stephenson & Company, Inc.

SEC CIK
0002001544
Latest filing
Jul 28, 2026

The latest 13F from Stephenson & Company, Inc. covers Q2 2026 (filed Jul 28, 2026): 50 long positions worth $213.5M. The top 10 holdings make up 85.3% of the portfolio, and the largest is Invesco Exchange Traded FD T at 14.5%. Livermore has 11 filings on Form 13F from this institution, going back to Q4 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
7
Est. +$2.75M
Added
20
Est. +$10.8M
Reduced
8
Est. −$357.0K
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco Exchange Traded FD T46137V357
    14.5%$30.9M
  2. iShares Core S&P 500 ETF464287200
    14.2%$30.4M
  3. Vanguard Ftse Developed Markets ETF921943858
    14.0%$29.9M
  4. BRK.BBerkshire Hathaway Inc
    13.6%$29.1MHistory
  5. Vanguard Short-Term Bond ETF921937827
    9.0%$19.2M

Share of portfolio

Top 5 holdings and the other 45 positions, by share of portfolio value

  1. Invesco Exchange Traded FD T14.5%
  2. iShares Core S&P 500 ETF14.2%
  3. Vanguard Ftse Developed Markets ETF14.0%
  4. BRK.B13.6%
  5. Vanguard Short-Term Bond ETF9.0%
  6. Other 45 positions34.6%

Biggest buys

New and added positions, by estimated amount bought

  1. Invesco Exchange Traded FD T46137V357
    +$1.96MAdded
  2. BRK.BBerkshire Hathaway Inc
    +$1.95MAddedHistory
  3. iShares Core S&P 500 ETF464287200
    +$1.66MAdded
  4. Vanguard Ftse Developed Markets ETF921943858
    +$1.36MAdded
  5. Vanguard S&P 500 ETF922908363
    +$1.14MAdded

Largest weight increases

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

  1. iShares Core S&P 500 ETF464287200
    +0.65 pp13.6% → 14.2%
  2. Vanguard S&P 500 ETF922908363
    +0.53 pp0.1% → 0.7%
  3. SEI Exchange Traded Funds81589A874
    +0.50 pp0.0% → 0.5%
  4. iShares Core S&P Small Cap ETF464287804
    +0.38 pp4.0% → 4.4%
  5. Invesco Exchange Traded FD T46137V357
    +0.32 pp14.2% → 14.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares MSCI Eafe ETF464287465
    −$87.8KReduced
  2. iShares Russell 2000 ETF464287655
    −$57.1KReduced
  3. ANETArista Networks, Inc.
    −$52.2KReducedHistory
  4. iShares Russell 1000 Value ETF464287598
    −$52.1KReduced
  5. iShares Russell Midcap ETF464287499
    −$43.2KReduced

Largest weight decreases

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

  1. iShares Tr464288414
    −0.16 pp1.3% → 1.1%
  2. iShares MSCI Eafe ETF464287465
    −0.08 pp0.5% → 0.5%
  3. GLDSPDR Gold Trust
    −0.08 pp0.3% → 0.2%History
  4. iShares Russell 1000 Value ETF464287598
    −0.03 pp0.2% → 0.2%
  5. iShares Russell Midcap ETF464287499
    −0.02 pp0.1% → 0.1%

Metrics

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

Portfolio value
$213.5M
+$29.0M (+15.7%) vs. prior quarter
Positions
50
+7 vs. prior quarter
Top 10 concentration
85.3%
Top 10 as share of value
Turnover
0.2%
Q2 2026, one quarter
Average holding period
10.7 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 2023), so positions held before then are understated.

13F filings by quarter

11 quarters, going back to Q4 2023. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $213.5M (Q2 2026)

Q4 2023: $119.3MQ1 2024: $136.8MQ2 2024: $134.9MQ3 2024: $147.8MQ4 2024: $148.6MQ1 2025: $153.9MQ2 2025: $164.6MQ3 2025: $174.1MQ4 2025: $182.1MQ1 2026: $184.4MQ2 2026: $213.5M
Q4 2023Q2 2026
13F filings of Stephenson & Company, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 28, 202650$213.5MInvesco Exchange Traded FD TiShares Core S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q1 2026SEC
Q1 2026May 12, 202643$184.4MInvesco Exchange Traded FD TBRK.BVanguard Ftse Developed Markets ETFvs. Q4 2025SEC
Q4 2025Jan 27, 202645$182.1MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q3 2025SEC
Q3 2025Oct 21, 202543$174.1MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q2 2025SEC
Q2 2025Aug 8, 202542$164.6MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q1 2025SEC
Q1 2025May 7, 202539$153.9MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q4 2024SEC
Q4 2024Jan 23, 202536$148.6MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q3 2024SEC
Q3 2024Oct 25, 202439$147.8MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q2 2024SEC
Q2 2024Aug 6, 202436$134.9MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q1 2024SEC
Q1 2024Apr 30, 202438$136.8MBRK.BInvesco Exchange Traded FD TiShares Core S&P 500 ETFvs. Q4 2023SEC
Q4 2023Jan 31, 202436$119.3MBRK.BInvesco Exchange Traded FD TVanguard Ftse Developed Markets ETF–SEC