V
Valiant Capital Management, L.P.
Q2 2025 · CIK 0001452689
Portfolio — Q2 2025
Reported Book
$1.8B
13F value · +34% QoQ
Positions
34
-1 vs Q1 2025
Top 10
57.4%
of reported book
In Dimetrics Coverage
35.8%
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 11.8%
Long 71.0%
Calls 17.2%
Puts $216.1M· 2 lines
Long $1.3B· 29 lines
Calls $314.0M· 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
Power Shells
8.1%
$147.3M
Lithography & Fab Tools
6.6%
$120.6M
Custom Silicon
5.3%
$96.5M
Hyperscalers
5.1%
$93.3M
AI Grid & Power Equipment
4.7%
$85.8M
AI Merchant Power
3.0%
$54.6M
AI Construction & EPC
2.3%
$42.1M
AI Networking
0.7%
$13.4M
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 — 34 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| QQQ | INVESCO QQQ TR | Put | $209.6M | 11.47% | — | Outside |
| GLD | SPDR GOLD TR | Call | $128.0M | 7.01% | — | Outside |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | Call | $120.6M | 6.60% | Lithography & Fab Tools | Covered |
| IWM | ISHARES TR | Long | $103.6M | 5.67% | — | Outside |
| SPY | SPDR S&P 500 ETF TR | Long | $103.0M | 5.64% | — | Outside |
| AGX | ARGAN INC | Long | $85.9M | 4.70% | — | Outside |
| GEV | GE VERNOVA INC | Long | $85.8M | 4.70% | AI Grid & Power Equipment | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $82.0M | 4.49% | Power Shells | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Call | $65.4M | 3.58% | Power Shells | Covered |
| AVGO | BROADCOM INC | Long | $64.7M | 3.54% | Custom Silicon | Covered |
| CART | MAPLEBEAR INC | Long | $61.0M | 3.34% | — | Outside |
| VST | VISTRA CORP | Long | $54.6M | 2.99% | AI Merchant Power | Covered |
| HDB | HDFC BANK LTD | Long | $54.4M | 2.98% | — | Outside |
| TKO | TKO GROUP HOLDINGS INC | Long | $54.1M | 2.96% | — | Outside |
| MSFT | MICROSOFT CORP | Long | $54.0M | 2.96% | Hyperscalers | Covered |
| PWR | QUANTA SVCS INC | Long | $42.1M | 2.30% | AI Construction & EPC | Covered |
| LLY | ELI LILLY & CO | Long | $40.5M | 2.22% | — | Outside |
| ABR | ARBOR REALTY TRUST INC | Long | $40.2M | 2.20% | — | Outside |
| AMZN | AMAZON COM INC | Long | $39.3M | 2.15% | Hyperscalers | Covered |
| TTWO | TAKE-TWO INTERACTIVE SOFTWAR | Long | $37.2M | 2.04% | — | Outside |
| CRM | SALESFORCE INC | Long | $36.1M | 1.98% | — | Outside |
| CRWD | CROWDSTRIKE HLDGS INC | Long | $35.2M | 1.93% | — | Outside |
| NFLX | NETFLIX INC | Long | $34.7M | 1.90% | — | Outside |
| GDX | VANECK ETF TRUST | Long | $34.3M | 1.88% | — | Outside |
| NVDA | NVIDIA CORPORATION | Long | $31.8M | 1.74% | Custom Silicon | Covered |
| Z | ZILLOW GROUP INC | Long | $31.6M | 1.73% | — | Outside |
| NOW | SERVICENOW INC | Long | $26.4M | 1.45% | — | Outside |
| RH | RH | Long | $20.5M | 1.12% | — | Outside |
| CRDO | CREDO TECHNOLOGY GROUP HOLDI | Long | $13.4M | 0.73% | AI Networking | Covered |
| WLDN | WILLDAN GROUP INC | Long | $12.4M | 0.68% | — | Outside |
| BTBT | BIT DIGITAL INC | Long | $8.8M | 0.48% | — | Outside |
| ABR | ARBOR REALTY TRUST INC | Put | $6.4M | 0.35% | — | Outside |
| UBER | UBER TECHNOLOGIES INC | Long | $5.5M | 0.30% | — | Outside |
| PSIX | POWER SOLUTIONS INTL INC | Long | $3.9M | 0.21% | — | 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.