BM
Belfer Management LLC — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Belfer Management LLCCIK: 0001481957
ContrarianQuality / disciplined sizing
Total reported value
$6.0M
Reporting period: 2026-06-30 · Number of holdings: 16
Belfer Management LLC disclosed 16 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $6.0M and a quarterly turnover rate of 22.5%.
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Personality snowflake
- Concentration
- 30.42
- Portfolio Stability
- 22.53
- Momentum
- 0
- Sector conviction
- 49.51
- Diversification
- 32
- Sizing Uniformity
- 95.19
Belfer Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.076 — mathematically equivalent to about 13 equally-sized positions, close to its 16 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.48), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 4.4 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy POOL
New buy HUM
Sold out ULTA
Trim ET
-19.4% -$106.8K
Trim CPNG
0.0% -$81.5K
Trim LMT
0.0% -$73.7K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CPNG | Coupang Inc | Stock-Consumer Disc | 15.53% | -1.50% | — | |
| 2 | ✓ | Hamilton Insurance Group LTD | Stock-Other | 9.56% | +0.25% | -8.96% | |
| 3 | WES | Western Midstream Partners L | Stock-Energy | 7.31% | -1.02% | -16.67% | |
| 4 | MPLX | Mplx LP | Stock-Energy | 7.31% | -0.16% | — | |
| 5 | GLD | Spdr Gold Shares | ETF-Commodities | 7.11% | -1.27% | — | |
| 6 | ET | Energy Transfer LP | Stock-Energy | 7.02% | -1.85% | -19.38% | |
| 7 | LMT | Lockheed Martin CORP | Stock-Industrials | 6.56% | -1.29% | — | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 5.41% | +1.02% | — | |
| 9 | LH | Labcorp Holdings Inc | Stock-Healthcare | 5.39% | +0.20% | — | |
| 10 | SHW | Sherwin-williams Co/the | Stock-Materials | 4.89% | +0.30% | — | |
| 11 | POOL | Pool CORP | Stock-Industrials | 4.57% | +4.57% | NEW | |
| 12 | HUM | Humana Inc | Stock-Healthcare | 4.22% | +4.22% | NEW | |
| 13 | APD | Air Products & Chemicals Inc | Stock-Materials | 4.02% | — | — | |
| 14 | DLTR | Dollar Tree Inc | Stock-Consumer Staples | 3.72% | -0.63% | -21.86% | |
| 15 | ORI | Old Republic Intl CORP | Stock-Financials | 3.72% | +0.06% | — | |
| 16 | AVTR | Avantor Inc | Stock-Healthcare | 3.66% | +0.73% | — |
Portfolio Performance
Performance for Q3 2026
+9.5%
Performance Last 4 Quarters
-2.7%
- Stdev
- +14.9%
- Beta
- +0.66
- Alpha
- -1.7%
- Max Drawdown
- -14.4%
- Annualized Perf
- +10.9%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +1.43
- Stutzer
- +0.23
- Treynor
- +0.17
- Sterling
- +0.61
- Calmar
- +0.76
- Information Ratio
- -0.66
- Tracking Error
- +13%
- Stdev Down
- +8%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +43.5%
- Worst 12 Months
- -10.2%
- Efficiency Ratio
- +0.29
- Sharpe
- +0.77
- Stdev Sectors
- +7.1%
- Skewness
- +0.41
- Kurtosis
- +0.45
- Upside Potential
- +3.32
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 16 | $6.0M | 23 | ||
| 2026 Q1 | 15 | $6.0M | 20 | ||
| 2025 Q4 | 14 | $5.7M | 29 | ||
| 2025 Q3 | 19 | $7.2M | 36 | ||
| 2025 Q2 | 16 | $6.5M | 0 | ||
| 2025 Q1 | 14 | $5.8M | 100 | ||
| 2024 Q4 | 15 | $6.3M | 0 | ||
| 2024 Q3 | 15 | $6.2M | 0 | ||
| 2024 Q2 | 14 | $5.3M | 0 | ||
| 2024 Q1 | 15 | $5.5M | 0 | ||
| 2023 Q4 | 14 | $4.7M | 0 | ||
| 2023 Q3 | 12 | $3.9M | 0 | ||
| 2023 Q2 | 10 | $3.8M | — | ||
| 2023 Q1 | 12 | $3.9M | — | ||
| 2022 Q4 | 10 | $2.9M | — | ||
| 2022 Q3 | 9 | $2.7M | — | ||
| 2022 Q2 | 1 | — | 0 | ||
| 2022 Q1 | 1 | — | 0 | ||
| 2021 Q4 | 1 | $44.0M | 0 | ||
| 2021 Q3 | 1 | $30.9M | 0 | ||
| 2021 Q2 | 1 | $35.4M | 100 | ||
| 2021 Q1 | 1 | $33.9M | 6 | ||
| 2020 Q4 | 1 | $32.0M | 10 | ||
| 2020 Q3 | 1 | $29.0M | 32 | ||
| 2020 Q2 | 1 | $21.0M | 53 | ||
| 2020 Q1 | 1 | $12.1M | 79 | ||
| 2019 Q4 | 1 | $27.9M | 5 | ||
| 2019 Q3 | 1 | $29.4M | 23 | ||
| 2019 Q2 | 1 | $36.9M | 24 | ||
| 2019 Q1 | 1 | $28.9M | 1 | ||
| 2018 Q4 | 1 | $28.7M | 17 | ||
| 2018 Q3 | 1 | $34.0M | 18 | ||
| 2018 Q2 | 1 | $40.8M | 31 | ||
| 2018 Q1 | 1 | $29.8M | 16 | ||
| 2017 Q4 | 1 | $34.9M | 21 | ||
| 2017 Q3 | 1 | $42.9M | 11 | ||
| 2017 Q2 | 1 | $38.5M | 6 | ||
| 2017 Q1 | 1 | $36.1M | 3 | ||
| 2016 Q4 | 1 | $34.9M | 17 | ||
| 2016 Q3 | 1 | $29.5M | 27 | ||
| 2016 Q2 | 1 | $22.5M | 13 | ||
| 2016 Q1 | 1 | $25.5M | 2 | ||
| 2015 Q4 | 1 | $25.9M | 14 | ||
| 2015 Q3 | 1 | $29.9M | 51 | ||
| 2015 Q2 | 1 | $17.8M | 100 | ||
| 2015 Q1 | 1 | — | — | ||
| 2014 Q4 | 1 | — | — | ||
| 2014 Q3 | 1 | — | — | ||
| 2014 Q2 | 1 | — | — | ||
| 2014 Q1 | 1 | — | — | ||
| 2013 Q4 | 1 | — | — | ||
| 2013 Q3 | 1 | — | — | ||
| 2013 Q2 | 1 | — | — |
Holding changes this quarter
Belfer Management LLC's most significant position changes for 2026-06-30: New buy: Pool CORP (POOL); New buy: Humana Inc (HUM); Sold out: Ulta Beauty Inc (ULTA); Trim: Energy Transfer LP (ET) — shares -19.38%; Trim: Western Midstream Partners L (WES) — shares -16.67%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | POOL | Pool CORP | +4.6% | NEW | New buy |
| 2 | HUM | Humana Inc | +4.2% | NEW | New buy |
| 3 | GOOGL | Alphabet Inc-cl A | +1% | — | Unchanged |
| 4 | AVTR | Avantor Inc | +0.7% | — | Unchanged |
| 5 | SHW | Sherwin-williams Co/the | +0.3% | — | Unchanged |
| 6 | ✓ | Hamilton Insurance Group LTD | +0.3% | -8.96% | Trim |
| 7 | LH | Labcorp Holdings Inc | +0.2% | — | Unchanged |
| 8 | ORI | Old Republic Intl CORP | +0.1% | — | Unchanged |
| 9 | APD | Air Products & Chemicals Inc | — | — | Unchanged |
| 10 | MPLX | Mplx LP | -0.2% | — | Unchanged |
| 11 | DLTR | Dollar Tree Inc | -0.6% | -21.86% | Trim |
| 12 | WES | Western Midstream Partners L | -1% | -16.67% | Trim |
| 13 | GLD | Spdr Gold Shares | -1.3% | — | Unchanged |
| 14 | LMT | Lockheed Martin CORP | -1.3% | — | Unchanged |
| 15 | CPNG | Coupang Inc | -1.5% | — | Unchanged |
| 16 | ET | Energy Transfer LP | -1.9% | -19.38% | Trim |
| 17 | ULTA | Ulta Beauty Inc | -3.6% | EXIT | Sold out |
Filing History
FAQ
What is Belfer Management LLC and what type of investor is it?
Belfer Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $6.0M, spread across 16 disclosed positions.
What are Belfer Management LLC's largest equity positions?
Based on the latest 13F filing, Belfer Management LLC's top holdings by market value are:
1. Coupang Inc (CPNG) — $937.0K (15.5%)
2. Hamilton Insurance Group LTD — $576.4K (9.6%)
3. Western Midstream Partners L (WES) — $441.2K (7.3%)
4. Mplx LP (MPLX) — $441.0K (7.3%)
5. Spdr Gold Shares (GLD) — $428.9K (7.1%)
What changes did Belfer Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Belfer Management LLC made 7 notable position adjustments: 2 new positions were initiated, 0 existing holdings were added to, 4 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Pool CORP (POOL); New buy: Humana Inc (HUM); Sold out: Ulta Beauty Inc (ULTA); Trim: Energy Transfer LP (ET) — shares -19.38%; Trim: Western Midstream Partners L (WES) — shares -16.67%
What sectors does Belfer Management LLC focus on?
Belfer Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 26.0%
• Consumer Discretionary: 18.6%
• Health Care: 15.9%
• Industrials: 13.3%
• Materials: 10.7%
• Communication Services: 6.5%
Investment Profile
Belfer Management LLC returned an annualized 10.9% over the trailing 36 months — underperforming the S&P 500 by 1.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.66 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 23 over the past 4 quarters — a shift toward more active trading.
It has added to its LH position over the past two quarters (+$44.0K, now $325.4K), while trimming CPNG over the same stretch (-$291.0K, still holding $937.0K).
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Developer Access
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