Portfolio — Q1 2025
Reported Book
$1.0B
13F value · +295% QoQ
Positions
12
+6 vs Q4 2024
Top 10
95.7%
of reported book
In Dimetrics Coverage
100.0%
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 54.3%
Calls 45.7%
Long $546.0M· 11 lines
Calls $459.6M· 1 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
Custom Silicon
57.4%
$576.8M
AI Merchant Power
12.8%
$128.4M
HBM & Packaging
7.1%
$71.2M
Neo-Clouds
6.6%
$65.9M
Power Shells
5.5%
$55.4M
Liquid Cooling
5.5%
$55.0M
Appalachian Gas Molecules
5.3%
$52.9M
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 — 12 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| INTC | Intel Corp | Call | $459.6M | 45.70% | Custom Silicon | Covered |
| AVGO | Broadcom Inc | Long | $117.2M | 11.66% | Custom Silicon | Covered |
| ONTO | Onto Innovation Inc | Long | $71.2M | 7.08% | HBM & Packaging | Covered |
| VST | Vistra Corp | Long | $61.8M | 6.14% | AI Merchant Power | Covered |
| MOD | Modine Mfg Co | Long | $55.0M | 5.47% | Liquid Cooling | Covered |
| EQT | EQT Corp | Long | $52.9M | 5.26% | Appalachian Gas Molecules | Covered |
| CRWV | CoreWeave Inc | Long | $45.4M | 4.52% | Neo-Clouds | Covered |
| CEG | Constellation Energy Corp | Long | $37.0M | 3.68% | AI Merchant Power | Covered |
| CORZ | Core Scientific Inc New | Long | $32.7M | 3.26% | Power Shells | Covered |
| TLN | Talen Energy Corp | Long | $29.6M | 2.95% | AI Merchant Power | Covered |
| APLD | Applied Digital Corp | Long | $22.7M | 2.26% | Power Shells | Covered |
| IREN | IREN Limited | Long | $20.5M | 2.04% | Neo-Clouds | Covered |
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.