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Livermore
Livermore
ZHEN

BDFS Capital LLC

SEC CIK
0002112636
Latest filing
Jul 15, 2026

The latest 13F from BDFS Capital LLC covers Q2 2026 (filed Jul 15, 2026): 116 long positions worth $230.0M. The top 10 holdings make up 60.2% of the portfolio, and the largest is First Tr Exchange-Traded FD at 29.9%. 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
12
Est. +$5.59M
Added
65
Est. +$24.1M
Reduced
28
Est. −$4.00M
Sold out
33
Est. −$12.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. First Tr Exchange-Traded FD33739Q408
    29.9%$68.8M
  2. Dimensional U.S. Core Equity 2 ETF25434V708
    5.2%$11.9M
  3. iShares Trust iShares 0-1 Year Treasury Bond ETF464288679
    5.0%$11.6M
  4. Vanguard Total International Bond ETF92203J407
    4.0%$9.31M
  5. Dimensional ETF Trust25434V625
    4.0%$9.14M

Share of portfolio

Top 5 holdings and the other 111 positions, by share of portfolio value

  1. First Tr Exchange-Traded FD29.9%
  2. Dimensional U.S. Core Equity 2 ETF5.2%
  3. iShares Trust iShares 0-1 Year Treasury Bond ETF5.0%
  4. Vanguard Total International Bond ETF4.0%
  5. Dimensional ETF Trust4.0%
  6. Other 111 positions51.9%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Trust iShares 0-1 Year Treasury Bond ETF464288679
    +$4.90MAdded
  2. First Tr Exchange-Traded FD33739Q408
    +$2.05MAdded
  3. Vanguard Total International Bond ETF92203J407
    +$1.93MAdded
  4. Dimensional ETF Trust25434V864
    +$1.47MAdded
  5. NVDANVIDIA Corp
    +$1.43MAddedHistory

Largest weight increases

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

  1. iShares Trust iShares 0-1 Year Treasury Bond ETF464288679
    +1.82 pp3.2% → 5.0%
  2. NVDANVIDIA Corp
    +0.65 pp0.9% → 1.5%History
  3. Vanguard Total International Bond ETF92203J407
    +0.52 pp3.5% → 4.0%
  4. Dimensional U.S. Core Equity 2 ETF25434V708
    +0.51 pp4.7% → 5.2%
  5. Dimensional ETF Trust25434V799
    +0.43 pp2.9% → 3.4%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares S&P 500 Value ETF464287408
    −$845.6KReduced
  2. PEPPepsiCo Inc
    −$734.2KSold outHistory
  3. iShares Core S&P 500 ETF464287200
    −$732.4KReduced
  4. HSYHershey Co
    −$702.5KSold outHistory
  5. iShares S&P 500 Growth ETF464287309
    −$645.0KReduced

Largest weight decreases

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

  1. iShares S&P 500 Value ETF464287408
    −0.38 pp0.5% → 0.1%
  2. PEPPepsiCo Inc
    −0.35 pp0.4% → 0.0%History
  3. HSYHershey Co
    −0.34 pp0.3% → 0.0%History
  4. CHDChurch & Dwight Co Inc
    −0.30 pp0.3% → 0.0%History
  5. iShares Core S&P 500 ETF464287200
    −0.30 pp0.6% → 0.3%

Metrics

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

Portfolio value
$230.0M
+$22.2M (+10.7%) vs. prior quarter
Positions
116
−21 vs. prior quarter
Top 10 concentration
60.2%
Top 10 as share of value
Turnover
7.7%
Q2 2026, one quarter
Average holding period
2.9 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 $230.0M (Q2 2026)

Q4 2025: $198.1MQ1 2026: $207.8MQ2 2026: $230.0M
Q4 2025Q2 2026
13F filings of BDFS Capital LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 15, 2026116$230.0MFirst Tr Exchange-Traded FDDimensional U.S. Core Equity 2 ETFiShares Trust iShares 0-1 Year Treasury Bond ETFvs. Q1 2026SEC
Q1 2026Apr 16, 2026137$207.8MFirst Tr Exchange-Traded FDDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q4 2025SEC
Q4 2025Feb 26, 2026134$198.1MFirst Tr Exchange-Traded FDDimensional U.S. Core Equity 2 ETFDimensional ETF Trust–SEC