Portfolio — Q4 2025
Reported Book
$5.5B
13F value · +33% QoQ
Positions
29
+1 vs Q3 2025
Top 10
86.0%
of reported book
In Dimetrics Coverage
94.9%
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 70.9%
Calls 28.9%
Puts $8.9M· 1 lines
Long $3.9B· 24 lines
Calls $1.6B· 4 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
28.4%
$1.6B
Power Shells
18.5%
$1.0B
AI Merchant Power
16.5%
$911.0M
Custom Silicon
13.5%
$746.8M
Photonics
10.3%
$567.2M
Memory
4.5%
$250.2M
Appalachian Gas Molecules
3.1%
$170.6M
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 — 29 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| BE | BLOOM ENERGY CORP | Long | $875.5M | 15.87% | AI Merchant Power | Covered |
| CRWV | COREWEAVE INC | Call | $774.4M | 14.04% | Neo-Clouds | Covered |
| INTC | INTEL CORP | Call | $746.8M | 13.54% | Custom Silicon | Covered |
| LITE | LUMENTUM HLDGS INC | Long | $478.6M | 8.67% | Photonics | Covered |
| CRWV | COREWEAVE INC | Long | $436.7M | 7.92% | Neo-Clouds | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $418.7M | 7.59% | Power Shells | Covered |
| IREN | IREN LIMITED | Long | $328.6M | 5.96% | Neo-Clouds | Covered |
| APLD | APPLIED DIGITAL CORP | Long | $278.0M | 5.04% | Power Shells | Covered |
| SNDK | SANDISK CORP | Long | $250.2M | 4.54% | Memory | Covered |
| CIFR | CIPHER MINING INC | Long | $154.5M | 2.80% | Power Shells | Covered |
| EQT | EQT CORP | Long | $133.0M | 2.41% | Appalachian Gas Molecules | Covered |
| COHR | COHERENT CORP | Long | $88.6M | 1.61% | Photonics | Covered |
| SEI | SOLARIS ENERGY INFRAS INC | Long | $85.8M | 1.56% | — | Outside |
| TSEM | TOWER SEMICONDUCTOR LTD | Long | $84.9M | 1.54% | — | Outside |
| RIOT | RIOT PLATFORMS INC | Long | $78.1M | 1.42% | Power Shells | Covered |
| KRC | KILROY RLTY CORP | Long | $49.6M | 0.90% | — | Outside |
| HUT | HUT 8 CORP | Long | $39.5M | 0.72% | Power Shells | Covered |
| EQT | EQT CORP | Call | $37.5M | 0.68% | Appalachian Gas Molecules | Covered |
| BE | BLOOM ENERGY CORP | Call | $35.5M | 0.64% | AI Merchant Power | Covered |
| WYFI | WHITEFIBER INC | Long | $27.8M | 0.50% | Neo-Clouds | Covered |
| PSIX | POWER SOLUTIONS INTL INC | Long | $24.7M | 0.45% | — | Outside |
| BTDR | BITDEER TECHNOLOGIES GROUP | Long | $20.0M | 0.36% | Power Shells | Covered |
| CLSK | CLEANSPARK INC | Long | $16.6M | 0.30% | Power Shells | Covered |
| KEEL | BITFARMS LTD | Long | $16.2M | 0.29% | Power Shells | Covered |
| LBRT | LIBERTY ENERGY INC | Long | $10.5M | 0.19% | — | Outside |
| INFY | INFOSYS LTD | Put | $8.9M | 0.16% | — | Outside |
| PUMP | PROPETRO HLDG CORP | Long | $8.7M | 0.16% | — | Outside |
| BW | BABCOCK & WILCOX ENTERPRISES | Long | $8.6M | 0.16% | — | Outside |
| INTC | INTEL CORP | Long | $37.0 | 0.00% | Custom Silicon | 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.