V
Valiant Capital Management, L.P.
Q3 2025 · CIK 0001452689
Portfolio — Q3 2025
Reported Book
$1.5B
13F value · -20% QoQ
Positions
32
-2 vs Q2 2025
Top 10
60.6%
of reported book
In Dimetrics Coverage
46.7%
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 74.3%
Calls 25.7%
Long $1.1B· 28 lines
Calls $373.2M· 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
Power Shells
12.7%
$185.0M
Lithography & Fab Tools
9.5%
$137.5M
Custom Silicon
5.4%
$77.9M
Hyperscalers
5.1%
$74.7M
AI Grid & Power Equipment
4.6%
$67.2M
Neo-Clouds
3.5%
$51.3M
AI Merchant Power
2.6%
$38.2M
AI Construction & EPC
2.1%
$30.5M
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 — 32 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | Call | $137.5M | 9.46% | Lithography & Fab Tools | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $116.3M | 8.00% | Power Shells | Covered |
| GLD | SPDR GOLD TR | Call | $115.6M | 7.96% | — | Outside |
| SPY | SPDR S&P 500 ETF TR | Long | $102.9M | 7.08% | — | Outside |
| IWM | ISHARES TR | Long | $102.3M | 7.04% | — | Outside |
| AGX | ARGAN INC | Long | $68.8M | 4.73% | — | Outside |
| CORZ | CORE SCIENTIFIC INC NEW | Call | $68.7M | 4.73% | Power Shells | Covered |
| GEV | GE VERNOVA INC | Long | $67.2M | 4.62% | AI Grid & Power Equipment | Covered |
| CRWV | COREWEAVE INC | Call | $51.3M | 3.53% | Neo-Clouds | Covered |
| AVGO | BROADCOM INC | Long | $50.3M | 3.46% | Custom Silicon | Covered |
| TKO | TKO GROUP HOLDINGS INC | Long | $43.7M | 3.01% | — | Outside |
| MSFT | MICROSOFT CORP | Long | $39.2M | 2.69% | Hyperscalers | Covered |
| GDX | VANECK ETF TRUST | Long | $39.0M | 2.68% | — | Outside |
| VST | VISTRA CORP | Long | $38.2M | 2.63% | AI Merchant Power | Covered |
| TTWO | TAKE-TWO INTERACTIVE SOFTWAR | Long | $37.9M | 2.61% | — | Outside |
| HDB | HDFC BANK LTD | Long | $36.3M | 2.49% | — | Outside |
| AMZN | AMAZON COM INC | Long | $35.5M | 2.44% | Hyperscalers | Covered |
| LLY | ELI LILLY & CO | Long | $30.7M | 2.11% | — | Outside |
| PWR | QUANTA SVCS INC | Long | $30.5M | 2.10% | AI Construction & EPC | Covered |
| GRDN | GUARDIAN PHARMACY SVCS INC | Long | $27.9M | 1.92% | — | Outside |
| NVDA | NVIDIA CORPORATION | Long | $27.6M | 1.90% | Custom Silicon | Covered |
| Z | ZILLOW GROUP INC | Long | $27.0M | 1.85% | — | Outside |
| CRWD | CROWDSTRIKE HLDGS INC | Long | $26.3M | 1.81% | — | Outside |
| CRM | SALESFORCE INC | Long | $24.3M | 1.67% | — | Outside |
| NFLX | NETFLIX INC | Long | $23.2M | 1.60% | — | Outside |
| RH | RH | Long | $22.0M | 1.52% | — | Outside |
| NOW | SERVICENOW INC | Long | $18.3M | 1.26% | — | Outside |
| CRDO | CREDO TECHNOLOGY GROUP HOLDI | Long | $16.3M | 1.12% | AI Networking | Covered |
| WLDN | WILLDAN GROUP INC | Long | $15.5M | 1.07% | — | Outside |
| UBER | UBER TECHNOLOGIES INC | Long | $5.8M | 0.40% | — | Outside |
| PSIX | POWER SOLUTIONS INTL INC | Long | $3.8M | 0.26% | — | Outside |
| FLY | FIREFLY AEROSPACE INC | Long | $3.5M | 0.24% | — | 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.