V
Valiant Capital Management, L.P.
Q4 2025 · CIK 0001452689
Portfolio — Q4 2025
Reported Book
$1.8B
13F value · +22% QoQ
Positions
33
+1 vs Q3 2025
Top 10
65.1%
of reported book
In Dimetrics Coverage
32.2%
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 19.5%
Long 67.3%
Calls 13.2%
Puts $344.0M· 1 lines
Long $1.2B· 29 lines
Calls $234.0M· 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
8.4%
$148.0M
Lithography & Fab Tools
7.7%
$136.2M
Custom Silicon
4.2%
$74.5M
Hyperscalers
4.0%
$71.0M
AI Grid & Power Equipment
3.8%
$66.4M
AI Construction & EPC
1.7%
$29.7M
AI Merchant Power
1.6%
$28.9M
AI Networking
0.8%
$14.7M
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 | $344.0M | 19.46% | — | Outside |
| SPY | SPDR S&P 500 ETF TR | Long | $161.8M | 9.15% | — | Outside |
| IWM | ISHARES TR | Long | $161.8M | 9.15% | — | Outside |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | Call | $136.2M | 7.70% | Lithography & Fab Tools | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $92.3M | 5.22% | Power Shells | Covered |
| GEV | GE VERNOVA INC | Long | $66.4M | 3.76% | AI Grid & Power Equipment | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Call | $55.8M | 3.15% | Power Shells | Covered |
| AVGO | BROADCOM INC | Long | $48.0M | 2.72% | Custom Silicon | Covered |
| AGX | ARGAN INC | Long | $42.1M | 2.38% | — | Outside |
| GLD | SPDR GOLD TR | Call | $42.0M | 2.38% | — | Outside |
| TKO | TKO GROUP HOLDINGS INC | Long | $41.2M | 2.33% | — | Outside |
| HDB | HDFC BANK LTD | Long | $41.0M | 2.32% | — | Outside |
| GDX | VANECK ETF TRUST | Long | $39.8M | 2.25% | — | Outside |
| GRDN | GUARDIAN PHARMACY SVCS INC | Long | $37.1M | 2.10% | — | Outside |
| AMZN | AMAZON COM INC | Long | $35.9M | 2.03% | Hyperscalers | Covered |
| MSFT | MICROSOFT CORP | Long | $35.1M | 1.99% | Hyperscalers | Covered |
| PUMP | PROPETRO HLDG CORP | Long | $34.9M | 1.97% | — | Outside |
| TTWO | TAKE-TWO INTERACTIVE SOFTWAR | Long | $34.2M | 1.93% | — | Outside |
| SEI | SOLARIS ENERGY INFRAS INC | Long | $33.8M | 1.91% | — | Outside |
| RH | RH | Long | $32.7M | 1.85% | — | Outside |
| PWR | QUANTA SVCS INC | Long | $29.7M | 1.68% | AI Construction & EPC | Covered |
| VST | VISTRA CORP | Long | $28.9M | 1.63% | AI Merchant Power | Covered |
| LLY | ELI LILLY & CO | Long | $28.5M | 1.61% | — | Outside |
| NVDA | NVIDIA CORPORATION | Long | $26.5M | 1.50% | Custom Silicon | Covered |
| CRM | SALESFORCE INC | Long | $24.7M | 1.40% | — | Outside |
| CRWD | CROWDSTRIKE HLDGS INC | Long | $22.9M | 1.29% | — | Outside |
| Z | ZILLOW GROUP INC | Long | $21.7M | 1.23% | — | Outside |
| NFLX | NETFLIX INC | Long | $17.4M | 0.99% | — | Outside |
| WLDN | WILLDAN GROUP INC | Long | $15.8M | 0.89% | — | Outside |
| CRDO | CREDO TECHNOLOGY GROUP HOLDI | Long | $14.7M | 0.83% | AI Networking | Covered |
| NOW | SERVICENOW INC | Long | $13.9M | 0.79% | — | Outside |
| UBER | UBER TECHNOLOGIES INC | Long | $4.9M | 0.27% | — | Outside |
| PSIX | POWER SOLUTIONS INTL INC | Long | $2.3M | 0.13% | — | 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.