The position layer
Value Aligned Research Advisors
Seventeen filings, from a $221m long-only book to $40.1bn across 123 positions. It picked stocks for two years and then changed shape. Over half the reported value is now option underlying, which is not the same thing as money.
The manager behind VAR AI Fund, LP and VAR AI Offshore Fund, Ltd. It files from Princeton, New Jersey, reports no other included managers, and its filings are signed by its COO/CCO. We do not name a portfolio manager because the filings do not, and neither should we.
This is the closest public book to the argument this site makes: semicap, memory, optics, power generation, the datacenter build, and the miners that turned into neoclouds. That makes it useful in a way a fund page usually is not — its wins and its drawdowns are evidence about the thesis, not only about the fund.
READ THE OPTION LINES BEFORE QUOTING A SIZE. In the June 2026 book, 51% of the $40.1bn sits in call rows, where a 13F reports the value of the UNDERLYING and not the premium paid. The capital actually at risk is smaller than the headline by an amount the filing does not disclose, and no arithmetic here can recover it.
The first seven filings cannot be priced and never will be. Our point-in-time archive begins 2024-07-29, the provider sells a rolling window, and a session that ages out cannot be bought back. So the book before Q3 2024 is shown as filed, with no forward marks, rather than priced against a restated series that would look better and mean less.
The book, filing by filing
Each book is priced held unchanged from its report date, marked at every quarter-end since. The large figure is the move over that leg alone; the small one is cumulative from the report date. Long is capital at risk. Put and call lines are the notional value of the underlying, which is not money anyone put up — so the three are never added.
| Side | At report | Names | Marked forward |
|---|---|---|---|
| 2022-12-31 filed 2023-01-30 24 positions · $221m gross | |||
| long | $215m | 20 (0 priced) |
2023-03-31
no price
cum
2023-06-30
no price
cum
2023-09-30
no price
cum
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+89% cum
2024-12-31
no price
+74% cum
2025-03-31
-12.7%
+52% cum
2025-06-30
+25.4%
+91% cum
2025-09-30
+23.6%
+136% cum
2025-12-31
+16.4%
+174% cum
2026-03-31
+4.8%
+187% cum
2026-06-30
+62.2%
+366% cum
2026-09-30
-7.4%
+332% cum
2026-11-12
-17.5%
+256% cum
|
| 2023-03-31 filed 2023-04-24 19 positions · $282m gross | |||
| long | $280m | 17 (0 priced) |
2023-06-30
no price
cum
2023-09-30
no price
cum
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+40% cum
2024-12-31
no price
+32% cum
2025-03-31
-12.6%
+15% cum
2025-06-30
+27.2%
+46% cum
2025-09-30
+22.1%
+79% cum
2025-12-31
+14.0%
+104% cum
2026-03-31
+3.6%
+111% cum
2026-06-30
+57.9%
+233% cum
2026-09-30
-5.9%
+213% cum
2026-11-12
-16.9%
+161% cum
|
| 2023-06-30 filed 2023-08-03 16 positions · $320m gross | |||
| long | $303m | 14 (0 priced) |
2023-09-30
no price
cum
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+44% cum
2024-12-31
no price
-2% cum
2025-03-31
-12.2%
-13% cum
2025-06-30
+28.1%
+11% cum
2025-09-30
+21.7%
+35% cum
2025-12-31
+21.5%
+64% cum
2026-03-31
+14.2%
+87% cum
2026-06-30
+133.5%
+337% cum
2026-09-30
-11.2%
+288% cum
2026-11-12
-23.2%
+198% cum
|
| 2023-09-30 filed 2023-11-08 19 positions · $317m gross | |||
| long | $304m | 17 (0 priced) |
2023-12-31
no price
cum
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+49% cum
2024-12-31
no price
+2% cum
2025-03-31
-15.7%
-14% cum
2025-06-30
+28.4%
+10% cum
2025-09-30
+19.4%
+32% cum
2025-12-31
+13.2%
+49% cum
2026-03-31
+14.9%
+71% cum
2026-06-30
+96.6%
+236% cum
2026-09-30
-12.9%
+193% cum
2026-11-12
-20.9%
+132% cum
|
| 2023-12-31 filed 2024-01-19 19 positions · $396m gross | |||
| long | $392m | 17 (0 priced) |
2024-03-31
no price
cum
2024-06-30
no price
cum
2024-09-30
no price
+19% cum
2024-12-31
no price
-19% cum
2025-03-31
-16.5%
-32% cum
2025-06-30
+29.3%
-12% cum
2025-09-30
+18.4%
+4% cum
2025-12-31
+14.2%
+19% cum
2026-03-31
+14.4%
+36% cum
2026-06-30
+97.0%
+168% cum
2026-09-30
-11.8%
+136% cum
2026-11-12
-19.7%
+89% cum
|
| 2024-03-31 filed 2024-04-26 19 positions · $507m gross | |||
| long | $506m | 18 (0 priced) |
2024-06-30
no price
cum
2024-09-30
no price
-12% cum
2024-12-31
no price
-32% cum
2025-03-31
-17.7%
-44% cum
2025-06-30
+29.7%
-27% cum
2025-09-30
+18.3%
-14% cum
2025-12-31
+15.9%
-0% cum
2026-03-31
+14.6%
+14% cum
2026-06-30
+101.4%
+130% cum
2026-09-30
-12.1%
+102% cum
2026-11-12
-19.8%
+62% cum
|
| 2024-06-30 filed 2024-08-09 31 positions · $457m gross | |||
| long | $456m | 19 (16 priced) |
2024-09-30
-6.3%
-6% cum
2024-12-31
no price
-20% cum
2025-03-31
-30.2%
-44% cum
2025-06-30
+35.7%
-24% cum
2025-09-30
+26.6%
-4% cum
2025-12-31
+16.2%
+11% cum
2026-03-31
+22.2%
+36% cum
2026-06-30
+97.7%
+169% cum
2026-09-30
-19.0%
+118% cum
2026-11-12
-26.3%
+60% cum
|
| call | $0m | 11 (10 priced) |
2024-09-30
+1336.6%
+1337% cum
2024-12-31
no price
+1264% cum
2025-03-31
-15.2%
+1056% cum
2025-06-30
+38.4%
+1501% cum
2025-09-30
+14.1%
+1727% cum
2025-12-31
+2.8%
+1779% cum
2026-03-31
-5.5%
+1676% cum
2026-06-30
+36.6%
+2326% cum
2026-09-30
+1.8%
+2368% cum
2026-11-12
-15.1%
+1995% cum
|
| 2024-09-30 filed 2024-11-08 21 positions · $385m gross | |||
| long | $383m | 18 |
2024-12-31
-15.5%
-16% cum
2025-03-31
-29.4%
-40% cum
2025-06-30
+34.6%
-20% cum
2025-09-30
+19.6%
-4% cum
2025-12-31
+17.4%
+13% cum
2026-03-31
+27.4%
+43% cum
2026-06-30
+73.8%
+149% cum
2026-09-30
-19.7%
+100% cum
2026-11-12
-26.1%
+48% cum
|
| 2024-12-31 filed 2025-02-13 47 positions · $366m gross | |||
| long | $330m | 23 |
2025-03-31
-23.8%
-24% cum
2025-06-30
+53.3%
+17% cum
2025-09-30
+52.1%
+78% cum
2025-12-31
+4.2%
+85% cum
2026-03-31
+24.5%
+130% cum
2026-06-30
+108.9%
+381% cum
2026-09-30
-14.1%
+313% cum
2026-11-12
-25.6%
+208% cum
|
| call | $8m | 20 |
2025-03-31
+953.4%
+953% cum
2025-06-30
+43.2%
+1408% cum
2025-09-30
+22.1%
+1741% cum
2025-12-31
+9.3%
+1912% cum
2026-03-31
+3.1%
+1975% cum
2026-06-30
+55.6%
+3128% cum
2026-09-30
-4.7%
+2977% cum
2026-11-12
-17.2%
+2446% cum
|
| 2025-03-31 filed 2025-05-15 61 positions · $1.37bn gross | |||
| long | $1.23bn | 29 |
2025-06-30
+63.1%
+63% cum
2025-09-30
+35.1%
+120% cum
2025-12-31
+4.6%
+130% cum
2026-03-31
+11.0%
+156% cum
2026-06-30
+97.3%
+405% cum
2026-09-30
-15.8%
+325% cum
2026-11-12
-22.5%
+229% cum
|
| call | $141m | 27 |
2025-06-30
+45.8%
+46% cum
2025-09-30
+23.2%
+80% cum
2025-12-31
+8.4%
+95% cum
2026-03-31
+2.5%
+99% cum
2026-06-30
+66.7%
+233% cum
2026-09-30
-8.2%
+205% cum
2026-11-12
-17.7%
+151% cum
|
| 2025-06-30 filed 2025-08-14 72 positions · $4.73bn gross | |||
| long | $2.17bn | 29 |
2025-09-30
+42.4%
+42% cum
2025-12-31
+5.9%
+51% cum
2026-03-31
+11.5%
+68% cum
2026-06-30
+95.6%
+229% cum
2026-09-30
-14.8%
+180% cum
2026-11-12
-23.9%
+113% cum
|
| puta rise is against the holder | $369m | 11 |
2025-09-30
+20.7%
+21% cum
2025-12-31
+5.2%
+27% cum
2026-03-31
+3.9%
+32% cum
2026-06-30
+36.9%
+81% cum
2026-09-30
-1.6%
+78% cum
2026-11-12
-11.1%
+58% cum
|
| call | $2.04bn | 21 |
2025-09-30
+23.2%
+23% cum
2025-12-31
+9.5%
+35% cum
2026-03-31
+1.8%
+37% cum
2026-06-30
+84.3%
+153% cum
2026-09-30
-5.7%
+139% cum
2026-11-12
-24.1%
+81% cum
|
| 2025-09-30 filed 2025-11-14 80 positions · $6.83bn gross | |||
| long | $2.75bn | 33 |
2025-12-31
-0.5%
-0% cum
2026-03-31
+8.9%
+8% cum
2026-06-30
+78.6%
+94% cum
2026-09-30
-15.6%
+63% cum
2026-11-12
-24.5%
+23% cum
|
| puta rise is against the holder | $703m | 11 |
2025-12-31
-99.0%
-99% cum
2026-03-31
+2.0%
-99% cum
2026-06-30
+33.3%
-99% cum
2026-09-30
-0.5%
-99% cum
2026-11-12
-12.5%
-99% cum
|
| call | $3.03bn | 23 |
2025-12-31
-98.9%
-99% cum
2026-03-31
+1.1%
-99% cum
2026-06-30
+75.7%
-98% cum
2026-09-30
-4.9%
-98% cum
2026-11-12
-22.6%
-99% cum
|
| 2025-09-30 filed 2025-12-03 81 positions · $8.19bn gross | |||
| long | $4.09bn | 33 |
2025-12-31
-0.2%
-0% cum
2026-03-31
+10.0%
+10% cum
2026-06-30
+83.7%
+102% cum
2026-09-30
-15.9%
+70% cum
2026-11-12
-24.1%
+29% cum
|
| puta rise is against the holder | $703m | 11 |
2025-12-31
+4.8%
+5% cum
2026-03-31
+2.0%
+7% cum
2026-06-30
+33.3%
+42% cum
2026-09-30
-0.5%
+42% cum
2026-11-12
-12.5%
+24% cum
|
| call | $3.03bn | 23 |
2025-12-31
+8.2%
+8% cum
2026-03-31
+1.1%
+9% cum
2026-06-30
+75.7%
+92% cum
2026-09-30
-4.9%
+83% cum
2026-11-12
-22.6%
+42% cum
|
| 2025-12-31 filed 2026-02-17 86 positions · $9.94bn gross | |||
| long | $4.60bn | 37 |
2026-03-31
+22.8%
+23% cum
2026-06-30
+64.4%
+102% cum
2026-09-30
-14.9%
+72% cum
2026-11-12
-28.1%
+23% cum
|
| puta rise is against the holder | $828m | 11 |
2026-03-31
+2.3%
+2% cum
2026-06-30
+33.5%
+37% cum
2026-09-30
-0.7%
+36% cum
2026-11-12
-11.9%
+20% cum
|
| call | $4.14bn | 23 |
2026-03-31
-0.7%
-1% cum
2026-06-30
+63.5%
+62% cum
2026-09-30
-3.0%
+57% cum
2026-11-12
-21.6%
+23% cum
|
| 2026-03-31 filed 2026-05-18 107 positions · $20.71bn gross | |||
| long | $7.44bn | 40 |
2026-06-30
+77.2%
+77% cum
2026-09-30
-15.4%
+50% cum
2026-11-12
-31.9%
+2% cum
|
| puta rise is against the holder | $975m | 10 |
2026-06-30
+36.2%
+36% cum
2026-09-30
-1.9%
+34% cum
2026-11-12
-12.7%
+17% cum
|
| call | $10.97bn | 35 |
2026-06-30
+39.9%
+40% cum
2026-09-30
-0.5%
+39% cum
2026-11-12
-17.5%
+15% cum
|
| 2026-06-30 filed 2026-08-17 123 positions · $40.11bn gross | |||
| long | $15.28bn | 42 |
2026-09-30
-13.8%
-14% cum
2026-11-12
-31.2%
-41% cum
|
| puta rise is against the holder | $2.79bn | 13 |
2026-09-30
+5.8%
+6% cum
2026-11-12
-12.0%
-7% cum
|
| call | $20.01bn | 38 |
2026-09-30
+0.1%
+0% cum
2026-11-12
-14.3%
-14% cum
|
The latest book, position by position
Filed 2026-08-17 for the quarter ended 2026-06-30 — a snapshot up to 45 days old on the day it became public. Prices are as-traded closes from our own point-in-time sessions.
| Name | Side | Value | At report | 2026-09-30 | 2026-11-12 |
|---|---|---|---|---|---|
| GOOGL dossier | call | $4.66bn notional | 357.37 | -3.7% -4% cum | -13.2% -16% cum |
| AMZN dossier | call | $4.35bn notional | 238.34 | +4.5% +5% cum | +7.3% +12% cum |
| NVDA dossier | call | $4.04bn notional | 200.09 | +14.1% +14% cum | -27.2% -17% cum |
| BE dossier | long | $1.69bn | 302.70 | -8.5% -8% cum | -27.1% -33% cum |
| NBIS dossier | long | $1.69bn | 276.17 | -14.6% -15% cum | -45.5% -53% cum |
| MU dossier | call | $1.16bn notional | 1154.29 | -7.7% -8% cum | -25.0% -31% cum |
| CRWV dossier | long | $1.08bn | 99.54 | -12.5% -12% cum | -35.0% -43% cum |
| TSM dossier | call | $1.05bn notional | 477.57 | -4.5% -4% cum | -11.1% -15% cum |
| NVDA dossier | put | $892m notional | 200.09 | +14.1% +14% cum | -27.2% -17% cum |
| INTC dossier | long | $886m | 139.63 | -13.9% -14% cum | -49.1% -56% cum |
| INTC dossier | call | $881m notional | 139.63 | -13.9% -14% cum | -49.1% -56% cum |
| MU dossier | long | $846m | 1154.29 | -7.7% -8% cum | -25.0% -31% cum |
| SNDK dossier | long | $709m | 2273.73 | -23.5% -23% cum | -46.1% -59% cum |
| STX dossier | long | $685m | 965.00 | -4.4% -4% cum | -40.9% -44% cum |
| ASML dossier | call | $638m notional | 1989.44 | -8.9% -9% cum | -17.4% -25% cum |
| WDC tracked | long | $631m | 638.72 | -28.8% -29% cum | -31.5% -51% cum |
| LITE tracked | long | $630m | 858.06 | +13.2% +13% cum | -35.7% -27% cum |
| TSM dossier | put | $622m notional | 477.57 | -4.5% -4% cum | -11.1% -15% cum |
| CRWV dossier | call | $575m notional | 99.54 | -12.5% -12% cum | -35.0% -43% cum |
| CLS tracked | long | $575m | 364.80 | -0.9% -1% cum | -29.7% -30% cum |
| AVGO dossier | put | $546m notional | 377.75 | -7.0% -7% cum | +3.8% -4% cum |
| FIX tracked | long | $483m | 1981.95 | -16.5% -17% cum | -31.8% -43% cum |
| VRT tracked | long | $481m | 334.82 | -27.9% -28% cum | -13.1% -37% cum |
| TSM dossier | long | $481m | 477.57 | -4.5% -4% cum | -11.1% -15% cum |
| AMZN dossier | long | $387m | 238.34 | +4.5% +5% cum | +7.3% +12% cum |
| IREN dossier | long | $387m | 45.73 | -10.6% -11% cum | -52.3% -57% cum |
| AMD dossier | put | $356m notional | 580.91 | +5.3% +5% cum | -4.3% +1% cum |
| AMD dossier | call | $353m notional | 580.91 | +5.3% +5% cum | -4.3% +1% cum |
| MSFT dossier | call | $349m notional | 373.02 | +37.5% +37% cum | +2.0% +40% cum |
| ORCL dossier | call | $308m notional | 146.55 | -6.3% -6% cum | -7.4% -13% cum |
| VRT tracked | call | $305m notional | 334.82 | -27.9% -28% cum | -13.1% -37% cum |
| WULF dossier | long | $303m | 24.70 | -40.1% -40% cum | -11.9% -47% cum |
| EME tracked | long | $290m | 829.88 | -9.1% -9% cum | -12.2% -20% cum |
| ALAB dossier | long | $275m | 483.02 | -26.3% -26% cum | -36.0% -53% cum |
| CIFR tracked | long | $273m | 24.50 | -35.4% -35% cum | -54.8% -71% cum |
| AVGO dossier | call | $247m notional | 377.75 | -7.0% -7% cum | +3.8% -4% cum |
| CBRS dossier | long | $242m | 221.00 | -19.6% -20% cum | -45.0% -56% cum |
| AAOI tracked | long | $236m | 148.16 | -33.0% -33% cum | -46.8% -64% cum |
| CORZ tracked | long | $235m | 25.59 | -37.6% -38% cum | -10.0% -44% cum |
| NBIS dossier | call | $231m notional | 276.17 | -14.6% -15% cum | -45.5% -53% cum |
| APLD dossier | long | $207m | 37.30 | -34.7% -35% cum | -30.4% -55% cum |
| MSFT dossier | put | $201m notional | 373.02 | +37.5% +37% cum | +2.0% +40% cum |
| SNDK dossier | call | $171m notional | 2273.73 | -23.5% -23% cum | -46.1% -59% cum |
| HUT tracked | long | $166m | 115.44 | -25.4% -25% cum | -28.0% -46% cum |
| NVDA dossier | long | $160m | 200.09 | +14.1% +14% cum | -27.2% -17% cum |
| AVGO dossier | long | $154m | 377.75 | -7.0% -7% cum | +3.8% -4% cum |
| ASML dossier | long | $140m | 1989.44 | -8.9% -9% cum | -17.4% -25% cum |
| GOOGL dossier | long | $132m | 357.37 | -3.7% -4% cum | -13.2% -16% cum |
| COHR tracked | long | $126m | 394.47 | -27.0% -27% cum | -19.4% -41% cum |
| AMAT tracked | call | $110m notional | 723.00 | -29.3% -29% cum | -25.5% -47% cum |
| SPCX dossier | long | $101m | 170.86 | -11.7% -12% cum | -7.2% -18% cum |
| CRDO tracked | long | $92m | 271.95 | -28.4% -28% cum | -28.2% -49% cum |
| AMD dossier | long | $90m | 580.91 | +5.3% +5% cum | -4.3% +1% cum |
| RIOT tracked | long | $90m | 27.38 | -26.4% -26% cum | -11.5% -35% cum |
| BTDR tracked | long | $83m | 15.87 | -33.9% -34% cum | -41.6% -61% cum |
| LRCX tracked | call | $80m notional | 433.33 | -24.2% -24% cum | -28.8% -46% cum |
| WULF dossier | call | $68m notional | 24.70 | -40.1% -40% cum | -11.9% -47% cum |
| STRL tracked | long | $62m | 839.36 | -41.4% -41% cum | -38.7% -64% cum |
| IREN dossier | call | $61m notional | 45.73 | -10.6% -11% cum | -52.3% -57% cum |
| ORCL dossier | put | $61m notional | 146.55 | -6.3% -6% cum | -7.4% -13% cum |
| CLS tracked | call | $60m notional | 364.80 | -0.9% -1% cum | -29.7% -30% cum |
| META dossier | put | $56m notional | 563.29 | +28.7% +29% cum | -14.0% +11% cum |
| KLAC tracked | call | $55m notional | 301.71 | -35.4% -35% cum | -19.3% -48% cum |
| LRCX tracked | long | $53m | 433.33 | -24.2% -24% cum | -28.8% -46% cum |
| GEV tracked | long | $52m | 1174.86 | -19.1% -19% cum | -13.9% -30% cum |
| AMAT tracked | long | $50m | 723.00 | -29.3% -29% cum | -25.5% -47% cum |
| GEV tracked | call | $42m notional | 1174.86 | -19.1% -19% cum | -13.9% -30% cum |
| APLD dossier | call | $39m notional | 37.30 | -34.7% -35% cum | -30.4% -55% cum |
| SNOW tracked | call | $34m notional | 254.50 | +33.4% +33% cum | -12.0% +17% cum |
| HUT tracked | call | $26m notional | 115.45 | -25.4% -25% cum | -28.0% -46% cum |
| RIOT tracked | call | $24m notional | 27.38 | -26.4% -26% cum | -11.5% -35% cum |
| VST tracked | call | $22m notional | 158.63 | -12.8% -13% cum | -2.8% -15% cum |
| VRT tracked | put | $20m notional | 334.82 | -27.9% -28% cum | -13.1% -37% cum |
| CEG dossier | call | $17m notional | 248.37 | +2.3% +2% cum | +11.2% +14% cum |
| ORCL dossier | long | $17m | 146.55 | -6.3% -6% cum | -7.4% -13% cum |
| AAPL tracked | put | $16m notional | 289.36 | +15.1% +15% cum | +6.6% +23% cum |
| CIFR tracked | call | $13m notional | 24.50 | -35.4% -35% cum | -54.8% -71% cum |
| BE dossier | call | $11m notional | 302.70 | -8.5% -8% cum | -27.1% -33% cum |
| TSEM tracked | call | $10m notional | 260.64 | -12.7% -13% cum | -30.6% -39% cum |
| CRWV dossier | put | $10m notional | 99.54 | -12.5% -12% cum | -35.0% -43% cum |
| TLN tracked | long | $7m | 384.26 | -18.6% -19% cum | +23.7% +1% cum |
| LITE tracked | call | $6m notional | 858.06 | +13.2% +13% cum | -35.7% -27% cum |
| CORZ tracked | call | $6m notional | 25.59 | -37.6% -38% cum | -10.0% -44% cum |
| AAOI tracked | call | $4m notional | 148.16 | -33.0% -33% cum | -46.8% -64% cum |
| VST tracked | put | $4m notional | 158.63 | -12.8% -13% cum | -2.8% -15% cum |
| COHR tracked | call | $3m notional | 394.47 | -27.0% -27% cum | -19.4% -41% cum |
| GEV tracked | put | $1m notional | 1174.86 | -19.1% -19% cum | -13.9% -30% cum |
| NRG tracked | call | $0m notional | 146.06 | -34.5% -35% cum | +2.5% -33% cum |
| AMZN dossier | put | $0m notional | 238.34 | +4.5% +5% cum | +7.3% +12% cum |
| MSFT dossier | long | $0m | 373.02 | +37.5% +37% cum | +2.0% +40% cum |
| STX dossier | call | $0m notional | 965.00 | -4.4% -4% cum | -40.9% -44% cum |
| META dossier | long | $0m | 563.29 | +28.7% +29% cum | -14.0% +11% cum |
| BTDR tracked | call | $0m notional | 15.87 | -33.9% -34% cum | -41.6% -61% cum |
Not in the figures above
- No price series — ACMR, GOOG, BW, BKV, EQT, FCX, FTAI, GTLB, HNRG, EEM, LGN, LBRT, QCOM, TAC, TSSI, ZM. Held, and outside our sessions, so excluded from every total rather than carried at zero.
- Unmapped CUSIPs — 9 line(s). A 13F names an issuer and a CUSIP, never a ticker; anything not in our map is reported here rather than guessed at.
What a 13F cannot say
- Each book is priced held UNCHANGED from its report date. These are counterfactuals — what that filing would have done — never the manager's realised P&L, which depends on trades no outsider can see.
- An option line reports the value of the UNDERLYING, not the premium paid. There is no dollar profit or loss on an option in a 13F, so none is stated here.
- A rise in a put's underlying is a move AGAINST the holder. A put may be an outright bet or a hedge and the filing cannot say which.
- Ordinary short stock is not reported in a 13F at all. An absence is not evidence.
- A 13F is a snapshot filed up to 45 days after the quarter it describes.
- An index or sector ETF line is a view on a sector, never on a company.
Read alongside
- Situational Awareness LP — The other AI book we page. Concentrated where this one is broad, and it did not survive the rout.
- The Power Wall — The generation and grid names are the largest single layer in this book.
- The Memory Wall — SanDisk, Micron, Western Digital and Seagate, held together and hedged apart.