Portfolio — Q1 2025
Reported Book
$22.7B
13F value · -24% QoQ
Positions
70
+2 vs Q4 2024
Top 10
56.6%
of reported book
In Dimetrics Coverage
61.5%
of reported book
Reported book is the value of 13F-reportable US positions as filed — not the manager's total assets under management, which include cash, debt, non-US and private holdings.
Book structure
Long 100.0%
Long $22.7B· 70 lines
Reported book structure — not net exposure. 13F reports options at the notional value of the underlying, with no strike, expiry, or premium. Delta is unknowable. This describes what was filed.
Reported book by group
PutsLongCallsNotes
Hyperscalers
25.3%
$5.7B
AI Grid & Power Equipment
10.4%
$2.4B
Lithography & Fab Tools
8.5%
$1.9B
Custom Silicon
8.2%
$1.9B
AI Merchant Power
5.5%
$1.2B
Neo-Clouds
2.4%
$534.1M
EDA & Chip Design IP
1.1%
$246.9M
AI Networking
0.2%
$40.4M
Filed value by group, split by line type. Option lines are shown at the notional value of the underlying — a put bar is not exposure to that group, it is a position filed against it.
Holdings — 70 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| META | META PLATFORMS INC | Long | $2.2B | 9.55% | Hyperscalers | Covered |
| AMZN | AMAZON COM INC | Long | $2.0B | 9.02% | Hyperscalers | Covered |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | Long | $1.3B | 5.83% | Lithography & Fab Tools | Covered |
| CEG | CONSTELLATION ENERGY CORP | Long | $1.2B | 5.48% | AI Merchant Power | Covered |
| MSFT | MICROSOFT CORP | Long | $1.2B | 5.41% | Hyperscalers | Covered |
| ETN | EATON CORP PLC | Long | $1.2B | 5.35% | AI Grid & Power Equipment | Covered |
| GEV | GE VERNOVA INC | Long | $1.1B | 5.06% | AI Grid & Power Equipment | Covered |
| NVDA | NVIDIA CORPORATION | Long | $926.2M | 4.08% | Custom Silicon | Covered |
| SPOT | SPOTIFY TECHNOLOGY S A | Long | $848.1M | 3.74% | — | Outside |
| TEAM | ATLASSIAN CORPORATION | Long | $693.9M | 3.06% | — | Outside |
| AVGO | BROADCOM INC | Long | $598.1M | 2.64% | Custom Silicon | Covered |
| LRCX | LAM RESEARCH CORP | Long | $596.8M | 2.63% | Lithography & Fab Tools | Covered |
| NFLX | NETFLIX INC | Long | $577.0M | 2.54% | — | Outside |
| NU | NU HLDGS LTD | Long | $571.3M | 2.52% | — | Outside |
| APP | APPLOVIN CORP | Long | $555.4M | 2.45% | — | Outside |
| CRWV | COREWEAVE INC | Long | $534.1M | 2.35% | Neo-Clouds | Covered |
| BABA | ALIBABA GROUP HLDG LTD | Long | $502.7M | 2.22% | — | Outside |
| RDDT | REDDIT INC | Long | $497.8M | 2.19% | — | Outside |
| TSLA | TESLA INC | Long | $425.0M | 1.87% | — | Outside |
| FCNCA | FIRST CTZNS BANCSHARES INC N | Long | $410.2M | 1.81% | — | Outside |
| INTU | INTUIT | Long | $404.5M | 1.78% | — | Outside |
| KKR | KKR & CO INC | Long | $404.4M | 1.78% | — | Outside |
| ISRG | INTUITIVE SURGICAL INC | Long | $345.7M | 1.52% | — | Outside |
| PYPL | PAYPAL HLDGS INC | Long | $341.8M | 1.51% | — | Outside |
| AMD | ADVANCED MICRO DEVICES INC | Long | $332.9M | 1.47% | Custom Silicon | Covered |
| GOOGL | ALPHABET INC | Long | $310.9M | 1.37% | Hyperscalers | Covered |
| SMCI | SUPER MICRO COMPUTER INC | Long | $303.6M | 1.34% | — | Outside |
| DASH | DOORDASH INC | Long | $302.0M | 1.33% | — | Outside |
| ADBE | ADOBE INC | Long | $266.2M | 1.17% | — | Outside |
| PM | PHILIP MORRIS INTL INC | Long | $247.0M | 1.09% | — | Outside |
| CDNS | CADENCE DESIGN SYSTEM INC | Long | $246.9M | 1.09% | EDA & Chip Design IP | Covered |
| LLY | ELI LILLY & CO | Long | $151.7M | 0.67% | — | Outside |
| MPWR | MONOLITHIC PWR SYS INC | Long | $112.2M | 0.49% | — | Outside |
| CVNA | CARVANA CO | Long | $111.9M | 0.49% | — | Outside |
| SE | SEA LTD | Long | $90.9M | 0.40% | — | Outside |
| SWKS | SKYWORKS SOLUTIONS INC | Long | $82.3M | 0.36% | — | Outside |
| TTAN | SERVICETITAN INC | Long | $60.0M | 0.26% | — | Outside |
| PINS | PINTEREST INC | Long | $52.0M | 0.23% | — | Outside |
| Z | ZILLOW GROUP INC | Long | $50.7M | 0.22% | — | Outside |
| TEM | TEMPUS AI INC | Long | $45.1M | 0.20% | — | Outside |
| ALAB | ASTERA LABS INC | Long | $40.4M | 0.18% | AI Networking | Covered |
| UPST | UPSTART HLDGS INC | Long | $40.1M | 0.18% | — | Outside |
| ZG | ZILLOW GROUP INC | Long | $32.2M | 0.14% | — | Outside |
| PATH | UIPATH INC | Long | $25.1M | 0.11% | — | Outside |
| NVAX | NOVAVAX INC | Long | $24.6M | 0.11% | — | Outside |
| MPT | MEDICAL PPTYS TRUST INC | Long | $20.0M | 0.09% | — | Outside |
| QS | QUANTUMSCAPE CORP | Long | $17.9M | 0.08% | — | Outside |
| PTON | PELOTON INTERACTIVE INC | Long | $15.8M | 0.07% | — | Outside |
| GNRC | GENERAC HLDGS INC | Long | $15.2M | 0.07% | — | Outside |
| TCOM | TRIP COM GROUP LTD | Long | $14.2M | 0.06% | — | Outside |
| NVCR | NOVOCURE LTD | Long | $10.8M | 0.05% | — | Outside |
| RNG | RINGCENTRAL INC | Long | $10.2M | 0.04% | — | Outside |
| — | LUCID GROUP INC | Long | $7.1M | 0.03% | — | Outside |
| PLUG | PLUG POWER INC | Long | $5.5M | 0.02% | — | Outside |
| BEKE | KE HLDGS INC | Long | $5.5M | 0.02% | — | Outside |
| FUTU | FUTU HLDGS LTD | Long | $3.8M | 0.02% | — | Outside |
| CPNG | COUPANG INC | Long | $3.8M | 0.02% | — | Outside |
| JD | JD.COM INC | Long | $3.6M | 0.02% | — | Outside |
| QFIN | QIFU TECHNOLOGY INC | Long | $3.6M | 0.02% | — | Outside |
| LX | LEXINFINTECH HLDGS LTD | Long | $3.4M | 0.02% | — | Outside |
| MBLY | MOBILEYE GLOBAL INC | Long | $3.3M | 0.01% | — | Outside |
| SFIX | STITCH FIX INC | Long | $2.6M | 0.01% | — | Outside |
| — | CHARGEPOINT HOLDINGS INC | Long | $1.9M | 0.01% | — | Outside |
| API | AGORA INC | Long | $1.8M | 0.01% | — | Outside |
| — | OLAPLEX HLDGS INC | Long | $1.6M | 0.01% | — | Outside |
| HTZWW | HERTZ GLOBAL HLDGS INC | Long | $1.5M | 0.01% | — | Outside |
| BYND | BEYOND MEAT INC | Long | $1.0M | 0.00% | — | Outside |
| SEDG | SOLAREDGE TECHNOLOGIES INC | Long | $703.8K | 0.00% | — | Outside |
| AMC | AMC ENTMT HLDGS INC | Long | $654.8K | 0.00% | — | Outside |
| HTZ | HERTZ GLOBAL HLDGS INC | Long | $420.9K | 0.00% | — | Outside |
Shares and value as filed. Positions held with shared investment discretion are reported in full by each manager, so a filer's book can overlap another's.