Portfolio — Q3 2025
Reported Book
$4.1B
13F value · +95% QoQ
Positions
28
+19 vs Q2 2025
Top 10
80.6%
of reported book
In Dimetrics Coverage
88.1%
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
Puts 21.4%
Long 54.2%
Calls 24.4%
Puts $887.4M· 6 lines
Long $2.2B· 19 lines
Calls $1.0B· 3 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
Neo-Clouds
34.1%
$1.4B
Custom Silicon
25.5%
$1.1B
Power Shells
16.9%
$698.8M
AI Merchant Power
6.1%
$252.3M
Lithography & Fab Tools
1.8%
$75.4M
Appalachian Gas Molecules
1.6%
$66.3M
Memory
1.5%
$63.1M
Photonics
0.4%
$16.6M
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 — 28 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| INTC | INTEL CORP | Call | $679.0M | 16.41% | Custom Silicon | Covered |
| CRWV | COREWEAVE INC | Long | $563.2M | 13.61% | Neo-Clouds | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $362.0M | 8.75% | Power Shells | Covered |
| IREN | IREN LIMITED | Long | $338.9M | 8.19% | Neo-Clouds | Covered |
| CRWV | COREWEAVE INC | Call | $316.7M | 7.65% | Neo-Clouds | Covered |
| NVDA | NVIDIA CORPORATION | Put | $298.5M | 7.21% | Custom Silicon | Covered |
| VST | VISTRA CORP | Long | $252.3M | 6.10% | AI Merchant Power | Covered |
| GDX | VANECK ETF TRUST | Put | $195.8M | 4.73% | — | Outside |
| CRWV | COREWEAVE INC | Put | $191.6M | 4.63% | Neo-Clouds | Covered |
| APLD | APPLIED DIGITAL CORP | Long | $139.1M | 3.36% | Power Shells | Covered |
| GLXY | GALAXY DIGITAL INC. | Long | $92.6M | 2.24% | Power Shells | Covered |
| AVGO | BROADCOM INC | Put | $75.9M | 1.83% | Custom Silicon | Covered |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | Put | $75.4M | 1.82% | Lithography & Fab Tools | Covered |
| — | CIPHER MINING INC | Long | $72.3M | 1.75% | — | Outside |
| RIOT | RIOT PLATFORMS INC | Long | $68.4M | 1.65% | Power Shells | Covered |
| — | LUMENTUM HLDGS INC | Long | $67.9M | 1.64% | — | Outside |
| EQT | EQT CORP | Long | $66.3M | 1.60% | Appalachian Gas Molecules | Covered |
| MU | MICRON TECHNOLOGY INC | Put | $50.2M | 1.21% | Memory | Covered |
| SEI | SOLARIS ENERGY INFRAS INC | Long | $46.0M | 1.11% | — | Outside |
| — | BLOOM ENERGY CORP | Long | $43.9M | 1.06% | — | Outside |
| TSEM | TOWER SEMICONDUCTOR LTD | Long | $34.0M | 0.82% | — | Outside |
| HUT | HUT 8 CORP | Long | $20.9M | 0.50% | Power Shells | Covered |
| — | WESTERN DIGITAL CORP | Long | $18.3M | 0.44% | — | Outside |
| COHR | COHERENT CORP | Long | $16.6M | 0.40% | Photonics | Covered |
| BTDR | BITDEER TECHNOLOGIES GROUP | Long | $15.9M | 0.38% | Power Shells | Covered |
| SNDK | SANDISK CORP | Long | $12.9M | 0.31% | Memory | Covered |
| — | BLOOM ENERGY CORP | Call | $12.3M | 0.30% | — | Outside |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | Long | $11.5M | 0.28% | Storage | 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.