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Livermore
Livermore
ZHEN

Common Fund for Nonprofit Organizations

SEC CIK
0002022949
Latest filing
Aug 14, 2026

The latest 13F from Common Fund for Nonprofit Organizations covers Q2 2026 (filed Aug 14, 2026): 29 long positions worth $1.09B. The top 10 holdings make up 94.3% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 38.2%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

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
3
Est. +$14.4M
Added
8
Est. +$27.5M
Reduced
13
Est. −$71.6M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    38.2%$415.5MHistory
  2. Flexshares Tr33939L407
    15.4%$168.0M
  3. iShares Tr464288257
    15.0%$162.9M
  4. Vanguard S&P 500 ETF922908363
    12.1%$131.3M
  5. iShares Core U.S. Aggregate Bond ETF464287226
    4.6%$49.6M

Share of portfolio

Top 5 holdings and the other 24 positions, by share of portfolio value

  1. SPY38.2%
  2. Flexshares Tr15.4%
  3. iShares Tr15.0%
  4. Vanguard S&P 500 ETF12.1%
  5. iShares Core U.S. Aggregate Bond ETF4.6%
  6. Other 24 positions14.8%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464288257
    +$24.1MAdded
  2. Vanguard Morningstar Value ETF922908744
    +$11.1MNew
  3. iShares Tr464287234
    +$3.16MAdded
  4. Vanguard Mortgage-Backed Securities ETF92206C771
    +$2.99MNew
  5. MDLNMedline Inc.
    +$337.3KNewHistory

Largest weight increases

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

  1. iShares Tr464288257
    +3.15 pp11.8% → 15.0%
  2. Vanguard Morningstar Value ETF922908744
    +1.02 pp0.0% → 1.0%
  3. iShares Tr464287234
    +0.54 pp1.7% → 2.3%
  4. Vanguard Mortgage-Backed Securities ETF92206C771
    +0.27 pp0.0% → 0.3%
  5. iShares Core S&P Small Cap ETF464287804
    +0.13 pp0.9% → 1.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Flexshares Tr33939L407
    −$30.4MReduced
  2. Vanguard Real Estate ETF922908553
    −$21.7MReduced
  3. Invesco Exchange Traded FD T46137V357
    −$4.35MReduced
  4. iShares MSCI Eafe ETF464287465
    −$4.03MReduced
  5. iShares Core S&P 500 ETF464287200
    −$3.46MReduced

Largest weight decreases

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

  1. Flexshares Tr33939L407
    −6.01 pp21.4% → 15.4%
  2. Vanguard Real Estate ETF922908553
    −1.92 pp2.3% → 0.4%
  3. iShares Core U.S. Aggregate Bond ETF464287226
    −0.56 pp5.1% → 4.6%
  4. iShares MSCI Eafe ETF464287465
    −0.36 pp0.7% → 0.4%
  5. Invesco Exchange Traded FD T46137V357
    −0.24 pp3.0% → 2.8%

Metrics

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

Portfolio value
$1.09B
+$53.2M (+5.1%) vs. prior quarter
Positions
29
+3 vs. prior quarter
Top 10 concentration
94.3%
Top 10 as share of value
Turnover
4.0%
Q2 2026, one quarter
Average holding period
14.6 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 (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.23B (Q4 2025)

Q1 2021: $898.4MQ2 2021: $980.1MQ3 2021: $900.1MQ4 2021: $746.6MQ1 2022: $874.9MQ2 2022: $692.8MQ3 2022: $617.0MQ4 2022: $553.3MQ1 2023: $570.6MQ2 2023: $635.1MQ3 2023: $576.0MQ4 2023: $560.8MQ1 2024: $589.0MQ2 2024: $724.9MQ3 2024: $834.4MQ4 2024: $888.2MQ1 2025: $899.4MQ2 2025: $968.2MQ3 2025: $1.16BQ4 2025: $1.23BQ1 2026: $1.03BQ2 2026: $1.09B
Q1 2021Q2 2026
13F filings of Common Fund for Nonprofit Organizations by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202629$1.09BSPYFlexshares TriShares Trvs. Q1 2026SEC
Q1 2026May 15, 202626$1.03BSPYFlexshares TriShares Trvs. Q4 2025SEC
Q4 2025Feb 17, 202626$1.23BSPYFlexshares TriShares Trvs. Q3 2025SEC
Q3 2025Nov 14, 202525$1.16BSPYFlexshares TrVanguard S&P 500 ETFvs. Q2 2025SEC
Q2 2025Aug 14, 202526$968.2MSPYVanguard S&P 500 ETFiShares Trvs. Q1 2025SEC
Q1 2025May 15, 202522$899.4MSPYVanguard S&P 500 ETFiShares Trvs. Q4 2024SEC
Q4 2024Feb 14, 202523$888.2MSPYVanguard S&P 500 ETFiShares Trvs. Q3 2024SEC
Q3 2024Nov 7, 202424$834.4MSPYVanguard S&P 500 ETFiShares Incvs. Q2 2024SEC
Q2 2024Aug 14, 202416$724.9MSPYVanguard S&P 500 ETFiShares Incvs. Q1 2024SEC
Q1 2024Aug 14, 202413$589.0MSPYiShares IncVanguard S&P 500 ETFvs. Q4 2023SEC
Q4 2023Aug 14, 202416$560.8MSPYiShares IncVanguard S&P 500 ETFvs. Q3 2023SEC
Q3 2023Aug 14, 202411$576.0MSPYiShares IncVanguard S&P 500 ETFvs. Q2 2023SEC
Q2 2023Aug 14, 20249$635.1MSPYiShares IncVanguard S&P 500 ETFvs. Q1 2023SEC
Q1 2023Aug 14, 202411$570.6MSPYVanguard S&P 500 ETFIOTvs. Q4 2022SEC
Q4 2022Aug 14, 202411$553.3MSPYVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q3 2022SEC
Q3 2022Aug 14, 202411$617.0MSPYVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q2 2022SEC
Q2 2022Aug 14, 202413$692.8MSPYVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q1 2022SEC
Q1 2022Aug 14, 202410$874.9MSPYVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q4 2021SEC
Q4 2021Aug 14, 20249$746.6MSPYVanguard S&P 500 ETFVanguard Ftse Developed Markets ETFvs. Q3 2021SEC
Q3 2021Aug 14, 202410$900.1MSPYInvesco Exchange Traded FD TVanguard S&P 500 ETFvs. Q2 2021SEC
Q2 2021Aug 14, 20249$980.1MSPYInvesco Exchange Traded FD TVanguard S&P 500 ETFvs. Q1 2021SEC
Q1 2021Aug 13, 202410$898.4MSPYInvesco Exchange Traded FD TVanguard S&P 500 ETF–SEC