L2 Asset Management, LLC

Registered adviser

CIK

1686988

Location

Wayland, MA

Portfolio Value

Small $963,794,352

Diversification

Diversified

Filing Date

Global Rank

#2,588 / 8,827 ▼ 355

Top Industry

Semiconductors 9.8%

Period ended 4 months ago

Filed Aug 13, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 172688

Roster of Nov 1, 2026

Regulatory AUM

$1,270,837,759

Main clients

Diversified

Private funds

2 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$141,011,229 gross assets

Private funds on Schedule D 7.B.(1)

As filed Mar 26, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$82,923,962 gross assets in 2 funds Hedge funds $82,923,962 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$1,270,837,759	Diversified
Apr 2025 to Mar 2026	$819,575,386	Diversified
Apr 2024 to Mar 2025	$473,255,122	Registered funds and BDCs (60%)
May 2023 to Mar 2024	$326,528,374	Registered funds and BDCs (53%)
Apr 2023	$326,528,374	Registered funds and BDCs (53%)
Apr 2022 to Mar 2023	$275,703,357	Diversified

3 earlier changes not shown.

Stated strategy

Index / passive, Quantitative / systematic, Fundamental active, Value Form ADV Part 2A, Aug 12, 2026 · original

In the firm's words

Index / passive: The Adviser also manages a client account that seeks to replicate the performance of a specific index.
Quantitative / systematic: Quantitative investment analysis is a method of evaluating securities by analyzing a large amount of data through the use of models to generate an investment decision.
Fundamental active: Fundamental analysis involves a bottom-up approach to investing through a detailed analysis of specific companies, including their financial statements and financial ratios, management, competitive advantages, and markets, in an attempt to determine the value of their stock.
Value: The Adviser’s investment approach is intended to find undiscovered value by ferreting out atypically high-quality businesses for their level of valuation.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 31.7%, 55.5 effective positions, active share 57.6% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

36.9% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 11.3 quarters, but 11.1% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 57.6%; sector active share 16.4% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

411 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

8.3%

−5.6 pts

Top 5

22.4%

−6.7 pts

Top 10

31.7%

−6.4 pts

HHI

180

Diversified−143

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	27.8%	$268,349,326	45
Technology	25.2%	$243,039,437	80
Healthcare	8.7%	$83,486,008	29
Financial Services	8.0%	$77,283,200	56
Consumer Cyclical	7.3%	$70,226,928	38
Industrials	5.3%	$51,055,406	56
Communication Services	5.3%	$50,787,247	20
Consumer Defensive	4.6%	$43,976,407	23
Energy	3.6%	$34,501,101	20
Basic Materials	2.4%	$23,277,776	14
Utilities	1.1%	$10,730,825	17
Real Estate	0.7%	$7,080,691	13

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
JAAA	Janus Henderson AAA CLO ETF	+354,883	617,086	$31,156,672
DVN	Devon Energy Corp	+63,890	139,256	$5,754,057
BBY	Best Buy Co Inc	+42,578	102,104	$7,747,651
ZTS	Zoetis Inc.	+34,300	36,684	$2,636,112
HOOD	Robinhood Markets, Inc.	+27,189	34,685	$3,478,211
UPS	United Parcel Service Inc	+27,067	31,099	$3,343,142
DLTR	Dollar Tree, Inc.	+26,765	100,731	$12,183,414
PEP	Pepsico Inc	+22,768	31,789	$4,304,230
NEM	NEWMONT Corp	+22,593	28,487	$2,660,685
BMY	Bristol Myers Squibb Co	+19,933	45,073	$2,597,106
INCY	Incyte Corp	+19,639	61,784	$7,003,834
AU	AngloGold Ashanti PLC	+17,058	50,384	$4,075,561
EFV	iShares MSCI EAFE Value ETF	+12,798	197,547	$15,122,222
CAH	Cardinal Health Inc	+11,985	36,690	$8,716,076
TGT	Target Corp	+10,304	12,746	$1,664,755
USB	US Bancorp De	+9,995	19,515	$1,178,706
KR	Kroger Co	+8,991	62,716	$3,482,619
CSL	Carlisle Companies Inc	+8,557	10,001	$3,627,862
GEN	Gen Digital Inc.	+7,374	21,206	$527,817
NVDA	Nvidia Corp	+7,225	134,011	$26,814,260
PPC	Pilgrims Pride Corp	+7,180	35,296	$992,170
KLAC	Kla Corp	+6,781	7,490	$2,259,807
VIK	Viking Holdings Ltd	+6,615	12,243	$1,281,474
CHKP	Check Point Software Technologies Ltd	+6,608	18,497	$2,431,060
—		+6,600	10,308	$3,654,495
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
SCHX	Schwab U.S. Large-Cap ETF	−653,948	659,727	$19,415,765
SCHI	Schwab 5-10 Year Corporate Bond ETF	−647,330	665,705	$15,071,561
PREF	Principal Spectrum Preferred Securities Active ETF	−412,188	437,360	$8,336,081
SPY	Spdr S&P 500 ETF Trust	−335,589	1,132	$845,343
SCHF	Schwab International Equity ETF	−319,030	350,640	$9,712,728
—		−306,358	412,303	$8,060,523
IBTH	iShares iBonds Dec 2027 Term Treasury ETF	−284,876	31,516	$705,012
MTBA	Simplify MBS ETF	−263,824	295,184	$14,484,678
SGOV	iShares 0-3 Month Treasury Bond ETF	−251,290	244,829	$24,646,935
VTEB	VANGUARD TAX-EXEMPT BOND INDEX FUND	−249,550	255,713	$12,933,963
SCHE	Schwab Emerging Markets Equity ETF	−237,145	260,114	$9,431,733
SCYB	Schwab High Yield Bond ETF	−228,014	240,495	$6,296,159
SCHQ	Schwab Long-Term U.S. Treasury ETF	−159,279	165,654	$5,184,970
AVUV	Avantis U.S. Small Cap Value ETF	−112,780	123,740	$15,437,802
VWOB	VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND	−98,142	102,759	$6,909,515
SCHV	Schwab U.S. Large-Cap Value ETF	−92,155	63,723	$2,218,197
DFAC	Dimensional U.S. Core Equity 2 ETF	−75,539	73,852	$3,276,074
FLEX	Flex Ltd.	−70,544	54,302	$8,800,725
KHC	Kraft Heinz Co	−64,198	154,061	$3,638,920
JEPI	JPMorgan Equity Premium Income ETF	−54,292	61,193	$3,456,180
RYN	Rayonier Inc	−43,980	37,658	$801,362
ZM	Zoom Communications, Inc.	−34,296	53,732	$4,637,608
PYPL	PayPal Holdings, Inc.	−30,326	5,127	$221,383
CRBG	Corebridge Financial, Inc.	−27,198	26,431	$756,719
HAL	Halliburton Co	−27,094	189,772	$6,442,759
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
PAAA	PGIM AAA CLO ETF	344,747	$17,675,178
JAZZ	Jazz Pharmaceuticals plc	27,290	$6,576,071
EVR	Evercore Inc.	6,449	$2,201,946
GDDY	GoDaddy Inc.	21,208	$1,800,135
APA	APA Corp	45,066	$1,467,799
FTI	TechnipFMC plc	13,512	$895,845
AVY	Avery Dennison Corp	5,288	$858,506
SUB	iShares Short-Term National Muni Bond ETF	7,991	$850,801
SMB	VanEck Short Muni ETF	47,705	$827,681
VTES	VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF	8,167	$827,398
TCAL	T. Rowe Price Capital Appreciation Premium Income ETF	37,012	$821,666
RF	Regions Financial Corp	26,908	$812,621
CCK	Crown Holdings, Inc.	6,587	$736,558
CNX	CNX Resources Corp	21,241	$720,707
AYI	Acuity Inc. (De)	1,707	$642,958
REGN	Regeneron Pharmaceuticals, Inc.	952	$593,610
VOE	VANGUARD MID-CAP VALUE INDEX FUND	2,526	$499,137
EHC	Encompass Health Corp	4,867	$491,956
BE	Bloom Energy Corp	1,525	$461,617
COHR	Coherent Corp.	1,066	$420,505
DVYE	iShares Trust	12,940	$417,056
ALAB	Astera Labs, Inc.	863	$416,846
BLKB	Blackbaud Inc	12,482	$369,716
DAL	Delta Air Lines, Inc.	3,792	$355,158
HPE	Hewlett Packard Enterprise Co	7,562	$341,121
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
—		289,902	$14,503,288
EEM	iShares MSCI Emerging Markets ETF	225,184	$12,788,199
SCHA	Schwab U.S. Small-Cap ETF	359,851	$10,464,467
—		76,853	$5,809,318
XOM	ExxonMobil Holdings Corp	22,893	$3,884,026
VAL	Valaris Ltd	36,936	$3,621,205
IWD	iShares Russell 1000 Value ETF	16,027	$3,424,489
DINO	HF Sinclair Corp	11,404	$711,495
MCK	Mckesson Corp	655	$566,810
CROX	Crocs, Inc.	5,554	$461,093
BJ	BJ's Wholesale Club Holdings, Inc.	4,350	$428,127
EQH	Equitable Holdings, Inc.	11,114	$412,440
IBIT	iShares Bitcoin Trust ETF	9,936	$381,741
ZIM	ZIM Integrated Shipping Services Ltd.	13,331	$351,271
MD	Pediatrix Medical Group, Inc.	14,395	$307,909
AAEQ	Alpha Architect US Equity 2 ETF	6,516	$303,104
TSM	Taiwan Semiconductor Manufacturing Co Ltd	888	$300,099
—		13,841	$235,305
VO	VANGUARD MID-CAP INDEX FUND	800	$229,744
VOO	VANGUARD 500 INDEX FUND	372	$222,288
ROP	Roper Technologies Inc	618	$218,685
FE	Firstenergy Corp	4,306	$218,141
EQT	EQT Corp	3,351	$213,257
TALO	Talos Energy Inc.	13,507	$212,870
IHS	IHS Holding Ltd	25,853	$212,770
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

411 tracked positions · $963,794,352 total · filing declares 411 positions · $962,793,844 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 411 positions by value · page 1 of 9

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
JAAA	Janus Henderson AAA CLO ETF	Added	617,086	+354,883	$31,156,672	+135.9%	7	$50.65	3.23%
NVDA	Nvidia Corp Technology	Added	134,011	+7,225	$26,814,260	+21.3%	19	unpriced	2.78%
AAPL	Apple Inc. Technology	Reduced	86,513	-68	$25,033,401	+13.9%	26+	before history	2.60%
SGOV	iShares 0-3 Month Treasury Bond ETF	Reduced	244,829	-251,290	$24,646,935	−50.6%	7	unpriced	2.56%
SCHX	Schwab U.S. Large-Cap ETF	Reduced	659,727	-653,948	$19,415,765	−42.4%	6	$25.91	2.01%
DELL	Dell Technologies Inc. Technology	Added	41,547	+1,440	$17,925,868	+172.3%	9	$131.69	1.86%
PAAA	PGIM AAA CLO ETF	NEW	344,747	NEW	$17,675,178	NEW	1	$51.37	1.83%
MSFT	Microsoft Corp Technology	Added	42,796	+1,822	$15,963,763	+5.3%	26+	before history	1.66%
AVUV	Avantis U.S. Small Cap Value ETF	Reduced	123,740	-112,780	$15,437,802	−40.9%	6	$103.05	1.60%
EFV	iShares MSCI EAFE Value ETF	Added	197,547	+12,798	$15,122,222	+10.1%	6	unpriced	1.57%
SCHI	Schwab 5-10 Year Corporate Bond ETF	Reduced	665,705	-647,330	$15,071,561	−49.4%	7	unpriced	1.56%
MTBA	Simplify MBS ETF	Reduced	295,184	-263,824	$14,484,678	−47.6%	7	$50.28	1.50%
NTAP	NetApp, Inc. Technology	Reduced	89,426	-4,800	$13,839,567	+43.4%	24	$97.42	1.44%
VTEB	VANGUARD TAX-EXEMPT BOND INDEX FUND	Reduced	255,713	-249,550	$12,933,963	−48.7%	7	$50.34	1.34%
GOOGL	Alphabet Inc. Communication Services	Reduced	35,536	-1,115	$12,699,500	+20.5%	13	$148.23	1.32%
DLTR	Dollar Tree, Inc. Consumer Defensive	Added	100,731	+26,765	$12,183,414	+50.4%	5	$106.42	1.26%
SCHG	Schwab U.S. Large-Cap Growth ETF	Added	335,004	+338	$11,336,535	+16.3%	6	$29.50	1.18%
AMGN	Amgen Inc Healthcare	Added	31,241	+3,501	$11,312,990	+15.9%	26+	before history	1.17%
CSCO	Cisco Systems, Inc. Technology	Reduced	90,630	-19,478	$10,645,399	+24.6%	26+	before history	1.10%
CF	CF Industries Holdings, Inc. Basic Materials	Reduced	96,957	-15,108	$10,496,564	−27.9%	8	$87.73	1.09%
AVGO	Broadcom Inc. Technology	Added	26,729	+1,395	$10,096,879	+28.8%	21	unpriced	1.05%
LRCX	Lam Research Corp Technology	Reduced	23,182	-2,843	$10,045,456	+80.7%	5	$108.07	1.04%
ABNB	Airbnb, Inc. Consumer Cyclical	Reduced	69,190	-2,769	$9,901,089	+9.0%	14	$128.21	1.03%
SCHF	Schwab International Equity ETF	Reduced	350,640	-319,030	$9,712,728	−41.4%	6	$24.13	1.01%
GOOG	Alphabet Inc. Communication Services	Added	26,775	+1,730	$9,460,410	+31.7%	19	unpriced	0.98%
SCHE	Schwab Emerging Markets Equity ETF	Reduced	260,114	-237,145	$9,431,733	−42.4%	6	$32.77	0.98%
QCOM	Qualcomm Inc Technology	Reduced	47,752	-1,279	$8,824,092	+39.7%	26+	before history	0.92%
FLEX	Flex Ltd. Technology	Reduced	54,302	-70,544	$8,800,725	+7.7%	8	$37.79	0.91%
CAH	Cardinal Health Inc Healthcare	Added	36,690	+11,985	$8,716,076	+67.0%	18	$144.86	0.90%
TPR	Tapestry, Inc. Consumer Cyclical	Added	59,310	+3,125	$8,681,797	+9.5%	5	$103.83	0.90%
PREF	Principal Spectrum Preferred Securities Active ETF	Reduced	437,360	-412,188	$8,336,081	−47.9%	4	$19.05	0.86%
SYF	Synchrony Financial Financial Services	Reduced	108,337	-2,661	$8,239,028	+9.1%	26+	before history	0.85%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	16,442	-5,730	$8,227,412	−22.6%	22	$454.14	0.85%
TSLA	Tesla, Inc. Consumer Cyclical	Added	19,444	+3,560	$8,178,146	+38.5%	19	unpriced	0.85%
GILD	Gilead Sciences, Inc. Healthcare	Reduced	64,505	-1,656	$8,149,561	−11.6%	26+	before history	0.85%
EXPE	Expedia Group, Inc. Consumer Cyclical	Reduced	31,694	-10,297	$8,109,860	−16.4%	14	$135.01	0.84%
		Reduced	412,303	-306,358	$8,060,523	−42.1%	4	$19.66	0.84%
META	Meta Platforms, Inc. Communication Services	Reduced	13,886	-3,131	$7,821,844	−19.7%	19	$352.82	0.81%
LOGI	Logitech International S.A. Technology	Added	82,975	+5,849	$7,802,969	+11.0%	11	$88.97	0.81%
BBY	Best Buy Co Inc Consumer Cyclical	Added	102,104	+42,578	$7,747,651	+102.7%	26+	before history	0.80%
MU	Micron Technology Inc Technology	Added	6,705	+55	$7,739,514	+244.5%	17	unpriced	0.80%
JBL	Jabil Inc Technology	Reduced	19,926	-7,937	$7,681,074	+3.8%	14	$144.81	0.80%
AMP	Ameriprise Financial Inc Financial Services	Added	15,947	+2,725	$7,315,845	+24.5%	24	$426.26	0.76%
RPRX	Royalty Pharma plc Healthcare	Reduced	129,324	-17,758	$7,251,196	+2.8%	5	$36.83	0.75%
INCY	Incyte Corp Healthcare	Added	61,784	+19,639	$7,003,834	+76.6%	3	$97.53	0.73%
VWOB	VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND	Reduced	102,759	-98,142	$6,909,515	−47.6%	7	$66.10	0.72%
EXEL	Exelixis, Inc. Healthcare	Reduced	125,702	-4,590	$6,839,445	+22.4%	4	$41.18	0.71%
LYV	Live Nation Entertainment, Inc. Communication Services	Reduced	36,058	-18,173	$6,602,580	−20.2%	11	$142.46	0.69%
JAZZ	Jazz Pharmaceuticals plc Healthcare	NEW	27,290	NEW	$6,576,071	NEW	1	$219.08	0.68%
HAL	Halliburton Co Energy	Reduced	189,772	-27,094	$6,442,759	−23.8%	6	$27.77	0.67%

Showing the top 50 of 411 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.