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Livermore
Livermore
ZHEN

Breachway Investments LLC

SEC CIK
0002106661
Latest filing
Jul 13, 2026

The latest 13F from Breachway Investments LLC covers Q2 2026 (filed Jul 13, 2026): 74 long positions worth $66.4M. The top 10 holdings make up 41.4% of the portfolio, and the largest is State Street SPDR Portfolio Developed World Ex-US ETF at 6.0%. Livermore has 3 filings on Form 13F from this institution, going back to Q4 2025.

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
4
Est. +$933.0K
Added
12
Est. +$780.1K
Reduced
43
Est. −$35.6M
Sold out
26
Est. −$13.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Portfolio Developed World Ex-US ETF78463X889
    6.0%$3.95M
  2. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    5.5%$3.65M
  3. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    4.9%$3.26M
  4. iShares Ibonds Dec 2028 Term Corporate ETF46435U515
    4.5%$3.01M
  5. iShares Ibonds Dec 2027 Term Corporate ETF46435UAA9
    4.2%$2.78M

Share of portfolio

Top 5 holdings and the other 69 positions, by share of portfolio value

  1. State Street SPDR Portfolio Developed World Ex-US ETF6.0%
  2. State Street SPDR Portfolio S&P 500 Value ETF5.5%
  3. State Street SPDR Portfolio S&P 500 Growth ETF4.9%
  4. iShares Ibonds Dec 2028 Term Corporate ETF4.5%
  5. iShares Ibonds Dec 2027 Term Corporate ETF4.2%
  6. Other 69 positions74.9%

Biggest buys

New and added positions, by estimated amount bought

  1. MUMicron Technology Inc
    +$259.7KNewHistory
  2. iShares Semiconductor ETF464287523
    +$252.5KNew
  3. CSCOCisco Systems, Inc.
    +$215.0KNewHistory
  4. SPDR Series Trust78464A201
    +$205.9KNew
  5. iShares Ibonds Dec 2032 Term Corporate ETF46436E312
    +$194.0KAdded

Largest weight increases

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

  1. iShares Ibonds Dec 2029 Term Corporate ETF46436E205
    +1.42 pp2.3% → 3.8%
  2. iShares MSCI Eafe ETF464287465
    +1.35 pp2.0% → 3.3%
  3. iShares Ibonds Dec 2030 Term Corporate ETF46436E726
    +1.16 pp1.7% → 2.8%
  4. iShares Ibonds Dec 2031 Term Corporate ETF46436E486
    +0.86 pp1.1% → 1.9%
  5. iShares Ibonds Dec 2032 Term Corporate ETF46436E312
    +0.61 pp0.6% → 1.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    −$9.12MReduced
  2. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    −$8.86MReduced
  3. Schwab U.S. Small-Cap ETF808524607
    −$2.94MReduced
  4. Pacer US Cash Cows 100 ETF69374H881
    −$2.62MReduced
  5. iShares Tr464288760
    −$2.19MSold out

Largest weight decreases

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

  1. State Street SPDR Portfolio S&P 500 Value ETF78464A508
    −5.69 pp11.2% → 5.5%
  2. State Street SPDR Portfolio S&P 500 Growth ETF78464A409
    −5.00 pp9.9% → 4.9%
  3. Pacer US Cash Cows 100 ETF69374H881
    −2.39 pp2.8% → 0.4%
  4. iShares Tr464288760
    −2.10 pp2.1% → 0.0%
  5. Schwab U.S. Small-Cap ETF808524607
    −2.08 pp2.5% → 0.4%

Metrics

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

Portfolio value
$66.4M
−$37.8M (−36.3%) vs. prior quarter
Positions
74
−22 vs. prior quarter
Top 10 concentration
41.4%
Top 10 as share of value
Turnover
2.0%
Q2 2026, one quarter
Average holding period
3.0 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 2025), so positions held before then are understated.

13F filings by quarter

3 quarters, going back to Q4 2025. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $104.2M (Q1 2026)

Q4 2025: $94.8MQ1 2026: $104.2MQ2 2026: $66.4M
Q4 2025Q2 2026
13F filings of Breachway Investments LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 13, 202674$66.4MState Street SPDR Portfolio Developed World Ex-US ETFState Street SPDR Portfolio S&P 500 Value ETFState Street SPDR Portfolio S&P 500 Growth ETFvs. Q1 2026SEC
Q1 2026Apr 13, 202696$104.2MState Street SPDR Portfolio S&P 500 Value ETFState Street SPDR Portfolio S&P 500 Growth ETFState Street SPDR Portfolio Developed World Ex-US ETFvs. Q4 2025SEC
Q4 2025Jan 27, 202698$94.8MState Street SPDR Portfolio S&P 500 Growth ETFState Street SPDR Portfolio Developed World Ex-US ETFiShares Ibonds Dec 2027 Term Corporate ETF–SEC