The position layer
Fund books
What a manager actually held, priced forward against our own sessions.
A 13F is the only public record of what a manager held on a date. It is filed up to 45 days late, it reports long positions only, and an option line carries the value of the underlying rather than the premium paid. Every page here states those limits next to the numbers rather than under them.
Each book is priced held unchanged from its report date, which makes these counterfactuals — what that filing would have done — and never a manager's realised return. That distinction is the whole reason the pages are worth publishing: a fund letter reports the second and cannot be checked.
Books
Situational Awareness LP
Six filings, from a $255m book to $13.7bn, priced forward against our own sessions. The long side was right for fifteen months. The hedge was in the right sector and the wrong direction.
6 filings · latest 2026-03-31
Value Aligned Research Advisors
Sixteen filings, from a $221m long-only book to $20.7bn across 107 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.
15 filings · latest 2026-03-31