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Livermore
Livermore
ZHEN

Dahring | Cusmano LLC

SEC CIK
0002053669
Latest filing
Jul 28, 2026

The latest 13F from Dahring | Cusmano LLC covers Q2 2026 (filed Jul 28, 2026): 62 long positions worth $189.6M. The top 10 holdings make up 65.4% of the portfolio, and the largest is PIMCO ETF Tr at 10.6%. Livermore has 7 filings on Form 13F from this institution, going back to Q4 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
5
Est. +$1.11M
Added
37
Est. +$11.4M
Reduced
18
Est. −$2.13M
Sold out
1
Est. −$225.0K

Top 5 holdings

Share of this quarter's portfolio value

  1. PIMCO ETF Tr72201R585
    10.6%$20.0M
  2. Fidelity Covington Trust316092360
    9.5%$18.0M
  3. Schwab U.S. Large-Cap Growth ETF808524300
    8.4%$15.8M
  4. Fidelity Covington Trust31609A206
    8.1%$15.4M
  5. Vanguard Malvern FDS922020722
    6.1%$11.5M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Malvern FDS922020722
    +$1.66MAdded
  2. PIMCO ETF Tr72201R585
    +$963.0KAdded
  3. Schwab Strategic Tr808524631
    +$960.7KAdded
  4. Capital Group Dividend Value14020W106
    +$886.6KAdded
  5. Vanguard Malvern FDS922020755
    +$886.1KAdded

Largest weight increases

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

  1. Fidelity Covington Trust31609A206
    +0.96 pp7.2% → 8.1%
  2. Capital Group Dividend Value14020W106
    +0.44 pp4.2% → 4.6%
  3. Fidelity MSCI Information Technology Index ETF316092808
    +0.41 pp2.1% → 2.5%
  4. Fidelity Covington Trust316092352
    +0.39 pp4.2% → 4.6%
  5. Vanguard Malvern FDS922020755
    +0.31 pp1.1% → 1.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Fidelity Merrimack STR Tr316188309
    −$814.9KReduced
  2. iShares Tr46435G250
    −$542.2KReduced
  3. Invesco Exchange Traded FD T46137V472
    −$358.1KReduced
  4. PLTRPalantir Technologies Inc.
    −$225.0KSold outHistory
  5. IAUiShares Gold Trust
    −$79.3KReducedHistory

Largest weight decreases

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

  1. Fidelity Merrimack STR Tr316188309
    −0.76 pp2.3% → 1.5%
  2. IAUiShares Gold Trust
    −0.71 pp2.5% → 1.8%History
  3. iShares Tr46435G250
    −0.35 pp0.5% → 0.1%
  4. Invesco Exchange Traded FD T46137V472
    −0.34 pp2.3% → 2.0%
  5. PLTRPalantir Technologies Inc.
    −0.14 pp0.1% → 0.0%History

Metrics

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

Portfolio value
$189.6M
+$27.0M (+16.6%) vs. prior quarter
Positions
62
+4 vs. prior quarter
Top 10 concentration
65.4%
Top 10 as share of value
Turnover
1.3%
Q2 2026, one quarter
Average holding period
5.8 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 2024), so positions held before then are understated.

13F filings by quarter

7 quarters, going back to Q4 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $189.6M (Q2 2026)

Q4 2024: $110.3MQ1 2025: $116.1MQ2 2025: $128.3MQ3 2025: $138.4MQ4 2025: $143.8MQ1 2026: $162.7MQ2 2026: $189.6M
Q4 2024Q2 2026
13F filings of Dahring | Cusmano LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 28, 202662$189.6MPIMCO ETF TrFidelity Covington TrustSchwab U.S. Large-Cap Growth ETFvs. Q1 2026SEC
Q1 2026May 5, 202658$162.7MPIMCO ETF TrFidelity Covington TrustSchwab U.S. Large-Cap Growth ETFvs. Q4 2025SEC
Q4 2025Feb 5, 202649$143.8MPIMCO ETF TrSchwab U.S. Large-Cap Growth ETFFidelity Covington Trustvs. Q3 2025SEC
Q3 2025Nov 7, 202553$138.4MPIMCO ETF TrSchwab U.S. Large-Cap Growth ETFFidelity Covington Trustvs. Q2 2025SEC
Q2 2025Aug 5, 202555$128.3MPIMCO ETF TrSchwab U.S. Large-Cap Growth ETFFidelity Covington Trustvs. Q1 2025SEC
Q1 2025May 5, 202555$116.1MPIMCO ETF TrSchwab U.S. Large-Cap Growth ETFFidelity Covington Trustvs. Q4 2024SEC
Q4 2024Feb 3, 202561$110.3MSchwab U.S. Large-Cap Growth ETFFidelity Merrimack STR TrPIMCO ETF Tr–SEC