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Livermore
Livermore
ZHEN

Madrid Financial Services

SEC CIK
0002135336
Latest filing
Aug 6, 2026

The latest 13F from Madrid Financial Services covers Q2 2026 (filed Aug 6, 2026): 26 long positions worth $189.0M. The top 10 holdings make up 73.3% of the portfolio, and the largest is Global X FDS at 13.7%. 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
2
Est. +$4.47M
Added
17
Est. +$14.4M
Reduced
3
Est. −$1.01M
Sold out
2
Est. −$10.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. Global X FDS37954Y343
    13.7%$25.9M
  2. iShares Tr464289867
    11.2%$21.3M
  3. iShares Inc464286772
    8.1%$15.3M
  4. Invesco QQQ Trust Series I46090E103
    7.0%$13.3M
  5. VanEck ETF Trust92189F106
    6.3%$12.0M

Biggest buys

New and added positions, by estimated amount bought

  1. VanEck ETF Trust92189H805
    +$4.10MNew
  2. Invesco QQQ Trust Series I46090E103
    +$4.06MAdded
  3. iShares Tr464289867
    +$2.33MAdded
  4. WisdomTree Tr97717W802
    +$1.24MAdded
  5. Global X FDS37954Y343
    +$953.7KAdded

Largest weight increases

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

  1. Invesco QQQ Trust Series I46090E103
    +2.76 pp4.3% → 7.0%
  2. VanEck ETF Trust92189H805
    +2.17 pp0.0% → 2.2%
  3. iShares Tr464289867
    +0.90 pp10.3% → 11.2%
  4. SPYSPDR S&P 500 ETF Trust
    +0.57 pp4.7% → 5.3%History
  5. iShares Russell 2000 ETF464287655
    +0.44 pp3.4% → 3.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPDR Series Trust78468R556
    −$9.91MSold out
  2. Global X FDS37954Y293
    −$992.3KReduced
  3. Alps ETF Tr00162Q346
    −$203.1KSold out
  4. WMTWalmart Inc.
    −$11.3KReducedHistory
  5. iShares Inc464286772
    −$4.85KReduced

Largest weight decreases

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

  1. SPDR Series Trust78468R556
    −5.85 pp5.9% → 0.0%
  2. Global X FDS37954Y293
    −1.13 pp5.6% → 4.5%
  3. Alps ETF Tr00162Q346
    −0.12 pp0.1% → 0.0%
  4. WMTWalmart Inc.
    −0.04 pp0.2% → 0.1%History

Metrics

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

Portfolio value
$189.0M
+$19.6M (+11.6%) vs. prior quarter
Positions
26
0 vs. prior quarter
Top 10 concentration
73.3%
Top 10 as share of value
Turnover
6.2%
Q2 2026, one quarter
Average holding period
4.8 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 $189.0M (Q2 2026)

Q4 2024: $125.9MQ1 2025: $137.3MQ2 2025: $147.6MQ3 2025: $159.9MQ4 2025: $139.1MQ1 2026: $169.4MQ2 2026: $189.0M
Q4 2024Q2 2026
13F filings of Madrid Financial Services by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 6, 202626$189.0MGlobal X FDSiShares TriShares Incvs. Q1 2026SEC
Q1 2026May 15, 202626$169.4MGlobal X FDSiShares TrVanEck ETF Trustvs. Q4 2025SEC
Q4 2025Aug 18, 202620$139.1MGlobal X FDSiShares TrGlobal X FDSvs. Q3 2025SEC
Q3 2025Aug 18, 202624$159.9MGlobal X FDSGlobal X FDSiShares Trvs. Q2 2025SEC
Q2 2025Aug 18, 202624$147.6MGlobal X FDSGlobal X FDSiShares Trvs. Q1 2025SEC
Q1 2025Aug 18, 202617$137.3MGlobal X FDSGlobal X FDSiShares Trvs. Q4 2024SEC
Q4 2024Aug 18, 202620$125.9MGlobal X FDSiShares TrInvesco Exchange Traded FD T–SEC