Portfolio — Q4 2025
Reported Book
$40.0B
13F value · -2% QoQ
Positions
52
-22 vs Q3 2025
Top 10
54.2%
of reported book
In Dimetrics Coverage
69.9%
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 $40.0B· 52 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
27.3%
$10.9B
Lithography & Fab Tools
14.6%
$5.8B
Custom Silicon
10.8%
$4.3B
AI Grid & Power Equipment
9.3%
$3.7B
AI Merchant Power
5.2%
$2.1B
EDA & Chip Design IP
1.9%
$778.1M
AI Construction & EPC
0.4%
$147.4M
Liquid Cooling
0.3%
$134.3M
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 — 52 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | Long | $2.6B | 6.56% | Lithography & Fab Tools | Covered |
| MSFT | MICROSOFT CORP | Long | $2.5B | 6.26% | Hyperscalers | Covered |
| META | META PLATFORMS INC | Long | $2.5B | 6.25% | Hyperscalers | Covered |
| AMZN | AMAZON COM INC | Long | $2.3B | 5.74% | Hyperscalers | Covered |
| GEV | GE VERNOVA INC | Long | $2.2B | 5.51% | AI Grid & Power Equipment | Covered |
| GOOGL | ALPHABET INC | Long | $2.1B | 5.36% | Hyperscalers | Covered |
| CEG | CONSTELLATION ENERGY CORP | Long | $2.1B | 5.22% | AI Merchant Power | Covered |
| AVGO | BROADCOM INC | Long | $1.9B | 4.77% | Custom Silicon | Covered |
| NVDA | NVIDIA CORPORATION | Long | $1.7B | 4.30% | Custom Silicon | Covered |
| LRCX | LAM RESEARCH CORP | Long | $1.7B | 4.20% | Lithography & Fab Tools | Covered |
| AMAT | APPLIED MATLS INC | Long | $1.5B | 3.85% | Lithography & Fab Tools | Covered |
| ETN | EATON CORP PLC | Long | $1.5B | 3.76% | AI Grid & Power Equipment | Covered |
| APP | APPLOVIN CORP | Long | $1.5B | 3.69% | — | Outside |
| SPOT | SPOTIFY TECHNOLOGY S A | Long | $1.4B | 3.56% | — | Outside |
| RDDT | REDDIT INC | Long | $1.3B | 3.19% | — | Outside |
| NFLX | NETFLIX INC. | Long | $1.0B | 2.55% | — | Outside |
| DASH | DOORDASH INC | Long | $988.7M | 2.47% | — | Outside |
| ORCL | ORACLE CORP | Long | $865.4M | 2.17% | Hyperscalers | Covered |
| CVNA | CARVANA CO | Long | $826.4M | 2.07% | — | Outside |
| SNPS | SYNOPSYS INC | Long | $778.1M | 1.95% | EDA & Chip Design IP | Covered |
| NU | NU HLDGS LTD | Long | $765.9M | 1.92% | — | Outside |
| TSLA | TESLA INC | Long | $738.2M | 1.85% | — | Outside |
| GOOGL | ALPHABET INC | Long | $627.8M | 1.57% | Hyperscalers | Covered |
| NTRA | NATERA INC | Long | $603.3M | 1.51% | — | Outside |
| SNOW | SNOWFLAKE INC | Long | $544.2M | 1.36% | — | Outside |
| ISRG | INTUITIVE SURGICAL INC | Long | $457.2M | 1.14% | — | Outside |
| ADBE | ADOBE INC | Long | $305.9M | 0.77% | — | Outside |
| FCNCA | FIRST CTZNS BANCSHARES INC D | Long | $299.4M | 0.75% | — | Outside |
| AMD | ADVANCED MICRO DEVICES INC | Long | $265.4M | 0.66% | Custom Silicon | Covered |
| CAI | CARIS LIFE SCIENCES INC | Long | $264.9M | 0.66% | — | Outside |
| CHYM | CHIME FINL INC | Long | $253.5M | 0.63% | — | Outside |
| ARM | ARM HOLDINGS PLC | Long | $251.4M | 0.63% | Custom Silicon | Covered |
| MRVL | MARVELL TECHNOLOGY INC | Long | $176.7M | 0.44% | Custom Silicon | Covered |
| MTZ | MASTEC INC | Long | $147.4M | 0.37% | AI Construction & EPC | Covered |
| VRT | VERTIV HOLDINGS CO | Long | $134.3M | 0.34% | Liquid Cooling | Covered |
| RKT | ROCKET COS INC | Long | $130.6M | 0.33% | — | Outside |
| PYPL | PAYPAL HLDGS INC | Long | $99.1M | 0.25% | — | Outside |
| AXON | AXON ENTERPRISE INC | Long | $88.2M | 0.22% | — | Outside |
| INFY | INFOSYS LTD | Long | $81.5M | 0.20% | — | Outside |
| CHRW | C H ROBINSON WORLDWIDE IN | Long | $54.8M | 0.14% | — | Outside |
| EXPD | EXPEDITORS INTL WASH INC | Long | $54.5M | 0.14% | — | Outside |
| GNRC | GENERAC HLDGS INC | Long | $50.3M | 0.13% | — | Outside |
| SFM | SPROUTS FMRS MKT INC | Long | $48.0M | 0.12% | — | Outside |
| QS | QUANTUMSCAPE CORP | Long | $38.5M | 0.10% | — | Outside |
| CHA | CHAGEE HLDGS LTD | Long | $36.9M | 0.09% | — | Outside |
| SPGI | S&P GLOBAL INC | Long | $33.2M | 0.08% | — | Outside |
| MCO | MOODYS CORP | Long | $32.8M | 0.08% | — | Outside |
| MPT | MEDICAL PROPERTIES TRUST INC | Long | $22.6M | 0.06% | — | Outside |
| NAVN | NAVAN INC | Long | $10.2M | 0.03% | — | Outside |
| MRNA | MODERNA INC | Long | $5.9M | 0.01% | — | Outside |
| IBIT | ISHARES BITCOIN TRUST ETF | Long | $3.3M | 0.01% | — | Outside |
| BULL | WEBULL CORP | Long | $577.6K | 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.