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Livermore
Livermore
ZHEN

Hilltop National Bank

SEC CIK
0002021658
Latest filing
Jul 1, 2026

The latest 13F from Hilltop National Bank covers Q2 2026 (filed Jul 1, 2026): 805 long positions worth $468.4M. The top 10 holdings make up 28.0% of the portfolio, and the largest is Microsoft Corp (MSFT) at 5.2%. Livermore has 9 filings on Form 13F from this institution, going back to Q1 2024.

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
40
Est. +$3.15M
Added
120
Est. +$7.40M
Reduced
194
Est. −$12.8M
Sold out
30
Est. −$2.98M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    5.2%$24.4MHistory
  2. iShares MSCI Eafe ETF464287465
    4.1%$19.3M
  3. Vanguard S&P 500 ETF922908363
    3.3%$15.6M
  4. Listed FDS Tr53656F623
    3.0%$14.0M
  5. NVDANVIDIA Corp
    2.8%$13.0MHistory

Share of portfolio

Top 5 holdings and the other 800 positions, by share of portfolio value

  1. MSFT5.2%
  2. iShares MSCI Eafe ETF4.1%
  3. Vanguard S&P 500 ETF3.3%
  4. Listed FDS Tr3.0%
  5. NVDA2.8%
  6. Other 800 positions81.6%

Biggest buys

New and added positions, by estimated amount bought

  1. AZNAstraZeneca PLC
    +$1.44MNewHistory
  2. SRESempra
    +$1.32MAddedHistory
  3. TJXTJX Companies Inc
    +$581.8KAddedHistory
  4. MUMicron Technology Inc
    +$323.2KAddedHistory
  5. HWMHowmet Aerospace Inc.
    +$267.8KAddedHistory

Largest weight increases

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

  1. MRVLMarvell Technology, Inc.
    +0.86 pp0.5% → 1.4%History
  2. MUMicron Technology Inc
    +0.63 pp0.3% → 0.9%History
  3. DELLDell Technologies Inc.
    +0.38 pp0.3% → 0.6%History
  4. AZNAstraZeneca PLC
    +0.31 pp0.0% → 0.3%History
  5. SRESempra
    +0.28 pp<0.1% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HONHoneywell International Inc
    −$1.49MSold outHistory
  2. AMGNAmgen Inc
    −$1.45MReducedHistory
  3. DDDuPont de Nemours, Inc.
    −$876.9KSold outConverted for a 1-for-3 splitHistory
  4. ORLYO Reilly Automotive Inc
    −$610.4KReducedHistory
  5. STXSeagate Technology Holdings plc
    −$576.1KReducedHistory

Largest weight decreases

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

  1. XOMExxonMobil Holdings Corp
    −0.46 pp1.5% → 1.0%History
  2. IAUiShares Gold Trust
    −0.39 pp1.6% → 1.2%History
  3. HONHoneywell International Inc
    −0.35 pp0.4% → 0.0%History
  4. AMGNAmgen Inc
    −0.35 pp0.6% → 0.2%History
  5. NFLXNetflix Inc
    −0.29 pp0.8% → 0.5%History

Metrics

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

Portfolio value
$468.4M
+$47.9M (+11.4%) vs. prior quarter
Positions
805
+10 vs. prior quarter
Top 10 concentration
28.0%
Top 10 as share of value
Turnover
2.4%
Q2 2026, one quarter
Average holding period
4.9 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 2024), so positions held before then are understated.

13F filings by quarter

9 quarters, going back to Q1 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $468.4M (Q2 2026)

Q1 2024: $294.4MQ2 2024: $310.9MQ3 2024: $329.3MQ4 2024: $332.6MQ2 2025: $383.3MQ3 2025: $406.1MQ4 2025: $413.6MQ1 2026: $420.5MQ2 2026: $468.4M
Q1 2024Q2 2026
13F filings of Hilltop National Bank by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 1, 2026805$468.4MMSFTiShares MSCI Eafe ETFVanguard S&P 500 ETFvs. Q1 2026SEC
Q1 2026Apr 2, 2026795$420.5MMSFTiShares MSCI Eafe ETFListed FDS Trvs. Q4 2025SEC
Q4 2025Jan 7, 2026779$413.6MMSFTiShares MSCI Eafe ETFVanguard S&P 500 ETFvs. Q3 2025SEC
Q3 2025Oct 8, 2025794$406.1MMSFTiShares MSCI Eafe ETFVanguard S&P 500 ETFvs. Q2 2025SEC
Q2 2025Jul 21, 2025795$383.3MMSFTiShares MSCI Eafe ETFVanguard S&P 500 ETF–SEC
Q4 2024Jan 10, 2025779$332.6MMSFTiShares MSCI Eafe ETFVanguard S&P 500 ETFvs. Q3 2024SEC
Q3 2024Oct 15, 2024820$329.3MMSFTVanguard S&P 500 ETFiShares MSCI Eafe ETFvs. Q2 2024SEC
Q2 2024Jul 10, 2024829$310.9MMSFTVanguard S&P 500 ETFiShares MSCI Eafe ETFvs. Q1 2024SEC
Q1 2024May 6, 2024801$294.4MMSFTVanguard S&P 500 ETFiShares MSCI Eafe ETF–SEC