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Livermore
Livermore
ZHEN

Capital Squared Financial LLC

SEC CIK
0002128691
Latest filing
Jul 21, 2026

The latest 13F from Capital Squared Financial LLC covers Q2 2026 (filed Jul 21, 2026): 87 long positions worth $153.0M. The top 10 holdings make up 43.2% of the portfolio, and the largest is Schwab U.S. Large-Cap Value ETF at 7.5%. Livermore has 5 filings on Form 13F from this institution, going back to Q2 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
5
Est. +$1.18M
Added
49
Est. +$4.47M
Reduced
28
Est. −$2.28M
Sold out
3
Est. −$667.3K

Top 5 holdings

Share of this quarter's portfolio value

  1. Schwab U.S. Large-Cap Value ETF808524409
    7.5%$11.4M
  2. Schwab U.S. Large-Cap ETF808524201
    7.2%$11.0M
  3. Schwab U.S. Large-Cap Growth ETF808524300
    7.0%$10.7M
  4. Invesco QQQ Trust Series I46090E103
    6.3%$9.60M
  5. Vanguard Morningstar Growth ETF922908736
    2.8%$4.22M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Malvern FDS922020805
    +$918.1KAdded
  2. Vanguard High Dividend Yield Index ETF921946406
    +$396.7KAdded
  3. ProShares Tr74348A467
    +$304.0KNew
  4. Schwab U.S. Mid-Cap ETF808524508
    +$297.8KAdded
  5. Schwab US Dividend Equity ETF808524797
    +$292.5KAdded

Largest weight increases

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

  1. Vanguard Malvern FDS922020805
    +0.45 pp1.1% → 1.5%
  2. Schwab U.S. Mid-Cap ETF808524508
    +0.23 pp1.6% → 1.8%
  3. ProShares Tr74348A467
    +0.20 pp0.0% → 0.2%
  4. Schwab U.S. Small-Cap ETF808524607
    +0.19 pp1.2% → 1.4%
  5. APHAmphenol Corp
    +0.15 pp0.0% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Scottsdale FDS92206C706
    −$1.49MReduced
  2. GLDMWorld Gold Trust
    −$246.1KSold outHistory
  3. IAUMiShares Gold Trust Micro
    −$213.2KSold outHistory
  4. Vanguard Financials ETF92204A405
    −$208.0KSold out
  5. Vanguard Morningstar Value ETF922908744
    −$114.4KReduced

Largest weight decreases

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

  1. Vanguard Scottsdale FDS92206C706
    −1.40 pp2.8% → 1.4%
  2. MSFTMicrosoft Corp
    −0.20 pp1.5% → 1.3%History
  3. GLDMWorld Gold Trust
    −0.19 pp0.2% → 0.0%History
  4. Vanguard Morningstar Value ETF922908744
    −0.17 pp1.9% → 1.8%
  5. IAUMiShares Gold Trust Micro
    −0.16 pp0.2% → 0.0%History

Metrics

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

Portfolio value
$153.0M
+$22.0M (+16.8%) vs. prior quarter
Positions
87
+2 vs. prior quarter
Top 10 concentration
43.2%
Top 10 as share of value
Turnover
2.1%
Q2 2026, one quarter
Average holding period
4.9 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 (Q2 2025), so positions held before then are understated.

13F filings by quarter

5 quarters, going back to Q2 2025. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $153.0M (Q2 2026)

Q2 2025: $85.8MQ3 2025: $115.3MQ4 2025: $128.2MQ1 2026: $131.0MQ2 2026: $153.0M
Q2 2025Q2 2026
13F filings of Capital Squared Financial LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 202687$153.0MSchwab U.S. Large-Cap Value ETFSchwab U.S. Large-Cap ETFSchwab U.S. Large-Cap Growth ETFvs. Q1 2026SEC
Q1 2026May 1, 202685$131.0MSchwab U.S. Large-Cap Value ETFSchwab U.S. Large-Cap ETFSchwab U.S. Large-Cap Growth ETFvs. Q4 2025SEC
Q4 2025Apr 17, 202682$128.2MSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap ETFSchwab U.S. Large-Cap Value ETFvs. Q3 2025SEC
Q3 2025Apr 17, 202678$115.3MSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap ETFSchwab U.S. Large-Cap Value ETFvs. Q2 2025SEC
Q2 2025Apr 17, 202666$85.8MSchwab U.S. Large-Cap ETFSchwab U.S. Large-Cap Growth ETFSchwab U.S. Large-Cap Value ETF–SEC