Breakwater Investment Management
- SEC CIK
- 0002025925
- Latest filing
- Aug 6, 2026
The latest 13F from Breakwater Investment Management covers Q2 2026 (filed Aug 6, 2026): 600 long positions worth $293.7M. The top 10 holdings make up 49.1% of the portfolio, and the largest is Vanguard Morningstar Total Stock Market ETF at 14.2%. Livermore has 12 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.
- New
- 157
- Est. +$341.9K
- Added
- 96
- Est. +$15.2M
- Reduced
- 103
- Est. −$13.6M
- Sold out
- 63
- Est. −$137.2K
Top 5 holdings
Share of this quarter's portfolio value
- Vanguard Morningstar Total Stock Market ETF92290876914.2%$41.7M
- Schwab U.S. Broad Market ETF8085241028.4%$24.8M
- Vanguard Star FDS9219097686.5%$19.2M
- SPDR Series Trust78464A8053.5%$10.4M
- MSFTMicrosoft Corp
Share of portfolio
Top 5 holdings and the other 595 positions, by share of portfolio value
- Vanguard Morningstar Total Stock Market ETF14.2%
- Schwab U.S. Broad Market ETF8.4%
- Vanguard Star FDS6.5%
- SPDR Series Trust3.5%
- MSFT3.1%
- Other 595 positions64.2%
Biggest buys
New and added positions, by estimated amount bought
- SPDR Series Trust78464A805+$1.98MAdded
- Ssga Active Tr78470P630+$1.92MAdded
- Schwab Strategic Tr808524599+$1.81MAdded
- SPDR Series Trust78468R515+$1.27MAdded
- Schwab International Equity ETF808524805+$975.0KAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- SPDR Series Trust78464A805+0.82 pp2.7% → 3.5%
- Ssga Active Tr78470P630+0.65 pp0.1% → 0.7%
- Schwab Strategic Tr808524599+0.41 pp2.3% → 2.7%
- SPDR Series Trust78468R515+0.39 pp0.7% → 1.1%
- Schwab International Equity ETF808524805+0.38 pp2.0% → 2.3%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
- Vanguard Morningstar Total Stock Market ETF922908769−$1.73MReduced
- Vanguard Total Bond Market ETF921937835−$1.72MReduced
- Vanguard Total International Bond ETF92203J407−$1.57MReduced
- iShares Tr46435G672−$951.6KReduced
- Vanguard World FD921910840−$907.5KReduced
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- Vanguard Total Bond Market ETF921937835−0.92 pp3.8% → 2.9%
- Vanguard Total International Bond ETF92203J407−0.80 pp3.4% → 2.6%
- iShares Tr46435G672−0.47 pp2.0% → 1.5%
- Vanguard Scottsdale FDS92206C102−0.39 pp1.4% → 1.0%
- Schwab Strategic Tr808524862−0.35 pp1.0% → 0.7%
Metrics
13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $293.7M
- +$24.8M (+9.2%) vs. prior quarter
- Positions
- 600
- +94 vs. prior quarter
- Top 10 concentration
- 49.1%
- Top 10 as share of value
- Turnover
- 4.9%
- Q2 2026, one quarter
- Average holding period
- 9.5 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
10 quarters, going back to Q1 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $293.7M (Q2 2026)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | Aug 6, 2026 | 600 | $293.7M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q1 2026 | SEC |
| Q1 2026 | May 15, 2026 | 506 | $268.9M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q4 2025 | SEC |
| Q4 2025 | Feb 2, 2026 | 497 | $276.4M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q3 2025 | SEC |
| Q3 2025 | Oct 3, 2025 | 530 | $271.2M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q2 2025 | SEC |
| Q2 2025 | Jul 9, 2025 | 310 | $258.5M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q1 2025 | SEC |
| Q1 2025 | Apr 17, 2025 | 315 | $234.2M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q4 2024 | SEC |
| Q4 2024 | Jan 16, 2025Amended | 309 | $235.2M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q3 2024 | SEC |
| Q3 2024 | Jan 16, 2025Amended | 310 | $239.5M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q2 2024 | SEC |
| Q2 2024 | Aug 8, 2024 | 317 | $223.6M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | vs. Q1 2024 | SEC |
| Q1 2024 | Jun 14, 2024 | 314 | $217.3M | Vanguard Morningstar Total Stock Market ETFSchwab U.S. Broad Market ETFVanguard Star FDS | – | SEC |