V
Valiant Capital Management, L.P.
Q1 2025 · CIK 0001452689
Portfolio — Q1 2025
Reported Book
$1.4B
13F value · -13% QoQ
Positions
35
+2 vs Q4 2024
Top 10
60.0%
of reported book
In Dimetrics Coverage
28.4%
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 11.3%
Long 67.8%
Calls 20.9%
Puts $154.7M· 2 lines
Long $927.2M· 29 lines
Calls $286.0M· 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
6.5%
$88.4M
Hyperscalers
4.8%
$66.2M
Custom Silicon
4.2%
$57.8M
Power Shells
3.8%
$52.5M
AI Grid & Power Equipment
3.5%
$47.3M
AI Merchant Power
3.0%
$40.6M
AI Construction & EPC
2.2%
$29.8M
AI Networking
0.4%
$5.8M
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 — 35 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| GLD | SPDR GOLD TR | Call | $172.9M | 12.64% | — | Outside |
| FTAI | FTAI AVIATION LTD | Put | $112.6M | 8.23% | — | Outside |
| SPY | SPDR S&P 500 ETF TRUST | Long | $98.8M | 7.22% | — | Outside |
| IWM | IWM | Long | $98.4M | 7.20% | — | Outside |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | Call | $88.4M | 6.46% | Lithography & Fab Tools | Covered |
| AGX | ARGAN INC | Long | $55.2M | 4.04% | — | Outside |
| CART | MAPLEBEAR | Long | $53.8M | 3.93% | — | Outside |
| TKO | TKO GROUP HOLDINGS INC | Long | $48.6M | 3.56% | — | Outside |
| GEV | GE VERNOVA INC | Long | $47.3M | 3.46% | AI Grid & Power Equipment | Covered |
| HDB | HDFC BANK LTD | Long | $45.1M | 3.30% | — | Outside |
| ABR | ARBOR REALTY TRUST INC | Put | $42.1M | 3.08% | — | Outside |
| VST | VISTRA CORP | Long | $39.5M | 2.89% | AI Merchant Power | Covered |
| MSFT | MICROSOFT CORP | Long | $37.6M | 2.75% | Hyperscalers | Covered |
| AVGO | BROADCOM INC | Long | $36.0M | 2.63% | Custom Silicon | Covered |
| CRM | SALESFORCE INC | Long | $33.1M | 2.42% | — | Outside |
| KGS | KODIAK GAS SVCS INC | Long | $32.3M | 2.36% | — | Outside |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $32.0M | 2.34% | Power Shells | Covered |
| GDX | VANECK ETF TRUST | Long | $30.3M | 2.21% | — | Outside |
| PWR | QUANTA SVCS INC | Long | $29.8M | 2.18% | AI Construction & EPC | Covered |
| AMZN | AMAZON COM INC | Long | $28.6M | 2.09% | Hyperscalers | Covered |
| Z | ZILLOW GROUP INC | Long | $28.3M | 2.07% | — | Outside |
| CRWD | CROWDSTRIKE HLDGS INC | Long | $22.2M | 1.62% | — | Outside |
| NFLX | NETFLIX INC | Long | $22.0M | 1.61% | — | Outside |
| NVDA | NVIDIA CORPORATION | Long | $21.8M | 1.60% | Custom Silicon | Covered |
| TTWO | TAKE-TWO INTERACTIVE SOFTWAR | Long | $21.1M | 1.54% | — | Outside |
| CORZ | CORE SCIENTIFIC INC NEW | Call | $20.5M | 1.50% | Power Shells | Covered |
| NOW | SERVICENOW INC | Long | $18.8M | 1.38% | — | Outside |
| LLY | ELI LILLY & CO | Long | $17.0M | 1.25% | — | Outside |
| TAC | TRANSALTA CORP | Long | $9.0M | 0.66% | — | Outside |
| WLDN | WILLDAN GROUP INC | Long | $8.1M | 0.59% | — | Outside |
| CRDO | CREDO TECHNOLOGY GROUP HOLDI | Long | $5.8M | 0.42% | AI Networking | Covered |
| UBER | UBER TECHNOLOGIES INC | Long | $4.3M | 0.32% | — | Outside |
| RUN | SUNRUN INC | Call | $4.2M | 0.31% | — | Outside |
| TLN | TALEN ENERGY CORP | Long | $1.1M | 0.08% | AI Merchant Power | Covered |
| PSIX | POWER SOLUTIONS INTL INC | Long | $1.1M | 0.08% | — | 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.