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Livermore
Livermore
ZHEN

Burton Enright Welch

SEC CIK
0002105919
Latest filing
Jul 17, 2026

The latest 13F from Burton Enright Welch covers Q2 2026 (filed Jul 17, 2026): 136 long positions worth $851.5M. The top 10 holdings make up 67.8% of the portfolio, and the largest is Dimensional U.S. Core Equity 2 ETF at 20.7%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 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
7
Est. +$2.40M
Added
59
Est. +$52.1M
Reduced
61
Est. −$7.39M
Sold out
5
Est. −$996.4K

Top 5 holdings

Share of this quarter's portfolio value

  1. Dimensional U.S. Core Equity 2 ETF25434V708
    20.7%$176.4M
  2. American Centy ETF Tr025072877
    7.4%$63.4M
  3. American Centy ETF Tr025072802
    6.7%$57.1M
  4. Vanguard Total International Bond ETF92203J407
    6.7%$56.9M
  5. Dimensional ETF Trust25434V831
    5.9%$49.9M

Share of portfolio

Top 5 holdings and the other 131 positions, by share of portfolio value

  1. Dimensional U.S. Core Equity 2 ETF20.7%
  2. American Centy ETF Tr7.4%
  3. American Centy ETF Tr6.7%
  4. Vanguard Total International Bond ETF6.7%
  5. Dimensional ETF Trust5.9%
  6. Other 131 positions52.6%

Biggest buys

New and added positions, by estimated amount bought

  1. Dimensional U.S. Core Equity 2 ETF25434V708
    +$10.3MAdded
  2. Vanguard Total International Bond ETF92203J407
    +$7.42MAdded
  3. Vanguard Malvern FDS922020748
    +$6.01MAdded
  4. Dimensional ETF Trust25434V799
    +$3.59MAdded
  5. Dimensional ETF Trust25434V831
    +$3.40MAdded

Largest weight increases

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

  1. Dimensional U.S. Core Equity 2 ETF25434V708
    +0.94 pp19.8% → 20.7%
  2. Capital Group Intl Focus EQT14019W109
    +0.42 pp1.4% → 1.8%
  3. NVDANVIDIA Corp
    +0.32 pp0.4% → 0.7%History
  4. Dimensional ETF Trust25434V831
    +0.29 pp5.6% → 5.9%
  5. Vanguard Malvern FDS922020748
    +0.28 pp3.1% → 3.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. American Centy ETF Tr025072604
    −$1.22MReduced
  2. LLYEli Lilly & Co
    −$664.6KReducedHistory
  3. American Centy ETF Tr025072703
    −$351.0KReduced
  4. Dimensional ETF Trust25434V104
    −$344.4KReduced
  5. Vanguard Intl Equity Index F922042874
    −$310.2KReduced

Largest weight decreases

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

  1. American Centy ETF Tr025072802
    −0.86 pp7.6% → 6.7%
  2. CVXChevron Corp
    −0.73 pp2.3% → 1.5%History
  3. MCKMcKesson Corp
    −0.38 pp1.4% → 1.0%History
  4. American Centy ETF Tr025072703
    −0.28 pp2.6% → 2.3%
  5. Vanguard Intl Equity Index F922042874
    −0.11 pp1.0% → 0.9%

Metrics

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

Portfolio value
$851.5M
+$116.0M (+15.8%) vs. prior quarter
Positions
136
+2 vs. prior quarter
Top 10 concentration
67.8%
Top 10 as share of value
Turnover
1.1%
Q2 2026, one quarter
Average holding period
15.1 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 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $851.5M (Q2 2026)

Q4 2021: $149.5MQ1 2022: $181.2MQ2 2022: $166.4MQ3 2022: $201.5MQ4 2022: $240.4MQ1 2023: $262.3MQ2 2023: $320.5MQ3 2023: $324.1MQ4 2023: $374.4MQ1 2024: $415.7MQ2 2024: $433.8MQ3 2024: $466.2MQ4 2024: $476.2MQ1 2025: $491.8MQ2 2025: $576.7MQ3 2025: $662.4MQ4 2025: $710.5MQ1 2026: $735.5MQ2 2026: $851.5M
Q4 2021Q2 2026
13F filings of Burton Enright Welch by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 17, 2026136$851.5MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q1 2026SEC
Q1 2026May 4, 2026134$735.5MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q4 2025SEC
Q4 2025Feb 13, 2026128$710.5MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q3 2025SEC
Q3 2025Mar 9, 2026130$662.4MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q2 2025SEC
Q2 2025Mar 9, 2026123$576.7MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q1 2025SEC
Q1 2025Mar 9, 2026104$491.8MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q4 2024SEC
Q4 2024Mar 9, 202698$476.2MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q3 2024SEC
Q3 2024Mar 9, 202693$466.2MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q2 2024SEC
Q2 2024Mar 9, 202692$433.8MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q1 2024SEC
Q1 2024Mar 9, 202689$415.7MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q4 2023SEC
Q4 2023Mar 9, 202681$374.4MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q3 2023SEC
Q3 2023Mar 9, 202671$324.1MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q2 2023SEC
Q2 2023Mar 9, 202672$320.5MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q1 2023SEC
Q1 2023Mar 9, 202666$262.3MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrAmerican Centy ETF Trvs. Q4 2022SEC
Q4 2022Mar 9, 202662$240.4MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrCVXvs. Q3 2022SEC
Q3 2022Mar 9, 202660$201.5MDimensional U.S. Core Equity 2 ETFAmerican Centy ETF TrCVXvs. Q2 2022SEC
Q2 2022Mar 9, 202662$166.4MDimensional U.S. Core Equity 2 ETFCVXDimensional ETF Trustvs. Q1 2022SEC
Q1 2022Mar 9, 202661$181.2MDimensional U.S. Core Equity 2 ETFCVXDimensional ETF Trustvs. Q4 2021SEC
Q4 2021Mar 9, 202658$149.5MDimensional U.S. Core Equity 2 ETFCVXVanguard Intl Equity Index F–SEC