V
Valiant Capital Management, L.P.
Q4 2024 · CIK 0001452689
Portfolio — Q4 2024
Reported Book
$1.6B
13F value · -13% QoQ
Positions
33
+2 vs Q3 2024
Top 10
70.3%
of reported book
In Dimetrics Coverage
27.3%
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 25.8%
Long 47.4%
Calls 26.8%
Puts $406.5M· 2 lines
Long $747.4M· 27 lines
Calls $423.4M· 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
Lithography & Fab Tools
6.2%
$97.2M
Hyperscalers
4.8%
$75.2M
Custom Silicon
4.6%
$72.9M
Power Shells
3.9%
$60.8M
AI Grid & Power Equipment
2.8%
$44.2M
AI Merchant Power
2.6%
$40.8M
AI Construction & EPC
1.9%
$30.1M
AI Networking
0.6%
$9.7M
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 — 33 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| QQQ | INVESCO QQQ TR | Put | $392.1M | 24.86% | — | Outside |
| TLT | ISHARES TR | Call | $218.3M | 13.84% | — | Outside |
| GLD | SPDR GOLD TR | Call | $101.2M | 6.42% | — | Outside |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | Call | $97.2M | 6.16% | Lithography & Fab Tools | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $60.8M | 3.85% | Power Shells | Covered |
| CART | MAPLEBEAR INC | Long | $55.8M | 3.54% | — | Outside |
| AGX | ARGAN INC | Long | $48.7M | 3.09% | — | Outside |
| AVGO | BROADCOM INC | Long | $45.9M | 2.91% | Custom Silicon | Covered |
| TKO | TKO GROUP HOLDINGS INC | Long | $45.2M | 2.87% | — | Outside |
| GEV | GE VERNOVA INC | Long | $44.2M | 2.80% | AI Grid & Power Equipment | Covered |
| MSFT | MICROSOFT CORP | Long | $42.2M | 2.68% | Hyperscalers | Covered |
| VST | VISTRA CORP | Long | $39.7M | 2.52% | AI Merchant Power | Covered |
| HDB | HDFC BANK LTD | Long | $33.2M | 2.11% | — | Outside |
| AMZN | AMAZON COM INC | Long | $32.9M | 2.09% | Hyperscalers | Covered |
| CRM | SALESFORCE INC | Long | $32.6M | 2.07% | — | Outside |
| Z | ZILLOW GROUP INC | Long | $30.6M | 1.94% | — | Outside |
| PWR | QUANTA SVCS INC | Long | $30.1M | 1.91% | AI Construction & EPC | Covered |
| NVDA | NVIDIA CORPORATION | Long | $27.0M | 1.71% | Custom Silicon | Covered |
| NOW | SERVICENOW INC | Long | $25.0M | 1.59% | — | Outside |
| GDX | VANECK ETF TRUST | Long | $22.3M | 1.42% | — | Outside |
| CRWD | CROWDSTRIKE HLDGS INC | Long | $21.6M | 1.37% | — | Outside |
| KGS | KODIAK GAS SVCS INC | Long | $21.0M | 1.33% | — | Outside |
| NFLX | NETFLIX INC | Long | $21.0M | 1.33% | — | Outside |
| TTWO | TAKE-TWO INTERACTIVE SOFTWAR | Long | $18.8M | 1.19% | — | Outside |
| LLY | ELI LILLY & CO | Long | $15.9M | 1.01% | — | Outside |
| ABR | ARBOR REALTY TRUST INC | Put | $14.4M | 0.92% | — | Outside |
| CRDO | CREDO TECHNOLOGY GROUP HOLDI | Long | $9.7M | 0.62% | AI Networking | Covered |
| WMB | WILLIAMS COS INC | Long | $9.5M | 0.61% | — | Outside |
| WLDN | WILLDAN GROUP INC | Long | $7.7M | 0.49% | — | Outside |
| RUN | SUNRUN INC | Call | $6.7M | 0.43% | — | Outside |
| UBER | UBER TECHNOLOGIES INC | Long | $3.6M | 0.23% | — | Outside |
| TLN | TALEN ENERGY CORP | Long | $1.1M | 0.07% | AI Merchant Power | Covered |
| PSIX | POWER SOLUTIONS INTL INC | Long | $1.1M | 0.07% | — | 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.