Alphadyne Asset Management LP

Reported holdings as of Q2 2026, from 30 quarterly filings.

This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.

CIK

1535943

Reported value

$10.5B

Positions

375

Top 10 weight

48.1%

Filed

2026-08-14

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
INVESCO QQQ TR CALL+PUT	QQQ	$2.2B	544,110	20.82%	+19.85pp	6q	HELD
STATE STR SPDR S&P 500 ETF T CALL+PUT	SPY	$1.4B	1,695,591	13.04%	+12.60pp	4q	HELD
MICRON TECHNOLOGY INC CALL+PUT	MU	$327.2M	67,132	3.13%	+2.19pp	5q	+108.5%+$170.2M
MICROSOFT CORP CALL+PUT	MSFT	$262.4M	75,850	2.51%	-0.76pp	5q	-59.0%-$378.2M
ISHARES TR CALL	IWM	$183.1M	294,461	1.75%	-	new	NEW
ALPHABET INC CALL+PUT	GOOGL	$170.5M	options only	1.63%	+0.01pp	5q	OPTIONS
APPLE INC CALL+PUT	AAPL	$153.6M	options only	1.47%	-0.78pp	5q	OPTIONS
AMAZON COM INC CALL+PUT	AMZN	$144.1M	options only	1.38%	-0.35pp	5q	OPTIONS
SANDISK CORP CALL+PUT	SNDK	$138.7M	options only	1.33%	+0.85pp	2q	OPTIONS
META PLATFORMS INC CALL+PUT	META	$111.4M	20,844	1.07%	-0.58pp	5q	-21.4%-$30.4M
JOHNSON & JOHNSON CALL+PUT	JNJ	$104.9M	options only	1.00%	-0.92pp	4q	OPTIONS
BROADCOM INC CALL+PUT	AVGO	$102.9M	25,924	0.98%	+0.97pp	5q	HELD
CISCO SYS INC CALL+PUT	CSCO	$99.5M	options only	0.95%	+0.90pp	4q	OPTIONS
NVIDIA CORPORATION CALL+PUT	NVDA	$98.9M	options only	0.95%	-0.44pp	3q	OPTIONS
COSTCO WHOLESALE CORPORATION CALL+PUT	COST	$92.0M	6,263	0.88%	+0.47pp	4q	+562.1%+$78.1M
TESLA INC CALL+PUT	TSLA	$90.2M	options only	0.86%	-0.27pp	3q	OPTIONS
VANECK ETF TRUST CALL+PUT	SMH	$88.5M	options only	0.85%	-	new	OPTIONS
ISHARES TR CALL+PUT	TLT	$88.0M	options only	0.84%	-0.91pp	4q	OPTIONS
ALPHABET INC CALL+PUT	GOOG	$85.9M	812	0.82%	+0.12pp	5q	-93.8%-$1.3B
MERCK & CO INC CALL+PUT	MRK	$78.8M	options only	0.75%	-0.87pp	5q	OPTIONS
GE VERNOVA INC CALL+PUT	GEV	$76.0M	options only	0.73%	+0.25pp	5q	OPTIONS
VANECK ETF TRUST CALL	OIH	$74.5M	384	0.71%	-	new	NEW
TEXAS INSTRS INC CALL+PUT	TXN	$72.3M	options only	0.69%	-0.49pp	5q	OPTIONS
TARGET CORP CALL+PUT	TGT	$71.7M	options only	0.69%	-0.78pp	5q	OPTIONS
APPLIED MATLS INC CALL+PUT	AMAT	$66.2M	options only	0.63%	-0.12pp	5q	OPTIONS
WALMART INC CALL+PUT	WMT	$65.4M	54,135	0.63%	-0.40pp	4q	-2.4%-$1.6M
CITIGROUP INC CALL+PUT	C	$62.9M	4,435	0.60%	+0.07pp	8q	-64.9%-$116.4M
MORGAN STANLEY CALL+PUT	MS	$62.3M	2,726	0.60%	+0.36pp	5q	-85.0%-$352.4M
ISHARES INC CALL	EWT	$59.2M	options only	0.57%	-	new	OPTIONS
CVS HEALTH CORP CALL+PUT	CVS	$55.6M	options only	0.53%	+0.51pp	3q	OPTIONS
INTUITIVE SURGICAL INC CALL+PUT	ISRG	$55.1M	15,768	0.53%	+0.09pp	5q	+326.3%+$42.1M
CLOUDFLARE INC CALL+PUT	NET	$52.1M	14,768	0.50%	+0.46pp	5q	+274.8%+$38.2M
EXXON MOBIL CORP CALL+PUT	XOMXXXX	$51.4M	56,815	0.49%	-1.45pp	3q	HELD
ALIBABA GROUP HLDG LTD CALL+PUT	BABA	$51.3M	185,942	0.49%	+0.19pp	6q	+169.2%+$32.2M
NUCOR CORP CALL+PUT	NUE	$50.7M	options only	0.48%	-0.31pp	3q	OPTIONS
VERTIV HOLDINGS CO CALL+PUT	VRT	$49.8M	options only	0.48%	-0.08pp	4q	OPTIONS
HUMANA INC CALL+PUT	HUM	$49.5M	options only	0.47%	-	new	OPTIONS
DIAMONDBACK ENERGY INC CALL+PUT	FANG	$48.3M	24,980	0.46%	-0.75pp	3q	HELD
UBER TECHNOLOGIES INC CALL+PUT	UBER	$47.2M	options only	0.45%	-	new	OPTIONS
GENERAC HLDGS INC CALL+PUT	GNRC	$47.1M	options only	0.45%	+0.13pp	3q	OPTIONS
ELEVANCE HEALTH INC FORMERLY CALL+PUT	ELV	$46.1M	3,439	0.44%	-	new	NEW
TALEN ENERGY CORP CALL+PUT	TLN	$46.1M	options only	0.44%	-	new	OPTIONS
UNITEDHEALTH GROUP INC CALL+PUT	UNH	$45.7M	options only	0.44%	+0.43pp	4q	OPTIONS
LOCKHEED MARTIN CORP CALL+PUT	LMT	$44.9M	15,545	0.43%	-0.75pp	4q	+15.5%+$6.0M
STARBUCKS CORP CALL+PUT	SBUX	$43.8M	options only	0.42%	-0.12pp	5q	OPTIONS
EOG RES INC CALL+PUT	EOG	$41.7M	28,219	0.40%	-0.55pp	2q	HELD
LIVE NATION ENTERTAINMENT IN CALL+PUT	LYV	$41.3M	options only	0.39%	+0.38pp	3q	OPTIONS
AMGEN INC CALL+PUT	AMGN	$40.4M	options only	0.39%	-0.88pp	3q	OPTIONS
HALLIBURTON CO CALL+PUT	HAL	$38.7M	136,791	0.37%	-0.31pp	3q	HELD
WESTERN DIGITAL CORP CALL+PUT	WDC	$37.7M	options only	0.36%	-0.25pp	3q	OPTIONS
ROSS STORES INC CALL+PUT	ROST	$37.6M	6,648	0.36%	-0.49pp	2q	HELD
SEAGATE TECHNOLOGY HLDNGS PL CALL+PUT	STX	$37.5M	options only	0.36%	+0.01pp	3q	OPTIONS
DECKERS OUTDOOR CORP CALL+PUT	DECK	$36.5M	20,205	0.35%	+0.20pp	2q	+1282.0%+$33.8M
GILEAD SCIENCES INC CALL+PUT	GILD	$36.0M	5,436	0.34%	-0.56pp	3q	-87.9%-$262.8M
LINDE PLC CALL+PUT	LIN	$35.4M	options only	0.34%	-0.08pp	2q	OPTIONS
MARATHON PETE CORP CALL+PUT	MPC	$33.7M	19,705	0.32%	-0.09pp	3q	-51.1%-$35.2M
VALERO ENERGY CORP CALL+PUT	VLO	$33.5M	12,064	0.32%	-0.46pp	3q	-17.0%-$6.9M
CENTENE CORP DEL CALL+PUT	CNC	$33.1M	options only	0.32%	+0.30pp	3q	OPTIONS
CATERPILLAR INC CALL+PUT	CAT	$32.8M	options only	0.31%	+0.16pp	5q	OPTIONS
RIOT PLATFORMS INC CALL+PUT	RIOT	$32.7M	options only	0.31%	+0.30pp	4q	OPTIONS
MODERNA INC CALL+PUT	MRNA	$32.6M	options only	0.31%	-0.46pp	4q	OPTIONS
PALO ALTO NETWORKS INC CALL	PANW	$31.9M	36,406	0.31%	+0.30pp	4q	+1776.6%+$30.2M
VISTRA CORP CALL+PUT	VST	$31.8M	options only	0.30%	-	new	OPTIONS
FEDEX CORP CALL+PUT	FDX	$31.2M	options only	0.30%	-1.47pp	3q	OPTIONS
UNION PAC CORP CALL+PUT	UNP	$31.0M	options only	0.30%	+0.11pp	2q	OPTIONS
ELI LILLY & CO CALL+PUT	LLY	$30.8M	options only	0.29%	+0.08pp	5q	OPTIONS
CAVA GROUP INC CALL+PUT	CAVA	$30.2M	17,031	0.29%	-0.16pp	4q	HELD
LUMENTUM HLDGS INC CALL+PUT	LITE	$30.1M	options only	0.29%	-0.26pp	3q	OPTIONS
AIR PRODUCTS AND CHEMICALS I CALL+PUT	APD	$29.6M	options only	0.28%	+0.27pp	3q	OPTIONS
COLGATE PALMOLIVE CO CALL+PUT	CL	$28.9M	options only	0.28%	-0.27pp	2q	OPTIONS
DELL TECHNOLOGIES INC CALL+PUT	DELL	$28.9M	options only	0.28%	-	new	OPTIONS
BAIDU INC CALL+PUT	BIDU	$28.5M	options only	0.27%	+0.27pp	2q	OPTIONS
ADVANCED MICRO DEVICES INC CALL+PUT	AMD	$27.8M	options only	0.27%	-	new	OPTIONS
TAIWAN SEMICONDUCTOR MANUFAC CALL	TSM	$26.8M	48,719	0.26%	-0.15pp	2q	-6.3%-$1.8M
ALCOA CORP CALL+PUT	AA	$26.8M	132,532	0.26%	-0.60pp	4q	+93.3%+$12.9M
MARVELL TECHNOLOGY INC CALL+PUT	MRVL	$26.8M	options only	0.26%	-	new	OPTIONS
ARCHER DANIELS MIDLAND CO CALL+PUT	ADM	$26.3M	options only	0.25%	-0.11pp	3q	OPTIONS
EATON CORP PLC CALL+PUT	ETN	$25.2M	options only	0.24%	+0.22pp	3q	OPTIONS
ASTERA LABS INC CALL+PUT	ALAB	$25.1M	options only	0.24%	+0.19pp	4q	OPTIONS
QUANTA SVCS INC CALL+PUT	PWR	$24.8M	options only	0.24%	+0.05pp	3q	OPTIONS
MOLINA HEALTHCARE INC CALL+PUT	MOH	$24.0M	options only	0.23%	-	new	OPTIONS
LAM RESEARCH CORP CALL+PUT	LRCX	$23.9M	options only	0.23%	+0.10pp	3q	OPTIONS
ECHOSTAR CORP CALL+PUT	ECHO	$23.9M	21,041	0.23%	-0.51pp	3q	+616.9%+$20.5M
SYNOPSYS INC PUT	SNPS	$23.5M	19,630	0.22%	-0.04pp	2q	+149.0%+$14.1M
ALLSTATE CORP CALL+PUT	ALL	$23.5M	options only	0.22%	-	new	OPTIONS
BRISTOL-MYERS SQUIBB CO CALL+PUT	BMY	$23.4M	options only	0.22%	flat	4q	OPTIONS
ROYAL CARIBBEAN GROUP CALL+PUT	RCL	$23.1M	options only	0.22%	+0.19pp	3q	OPTIONS
PHILLIPS 66 CALL+PUT	PSX	$23.0M	5,642	0.22%	-0.24pp	3q	HELD
HUT 8 CORP CALL+PUT	HUT	$22.4M	options only	0.21%	+0.02pp	3q	OPTIONS
JPMORGAN CHASE & CO CALL+PUT	JPM	$22.2M	options only	0.21%	-0.12pp	5q	OPTIONS
TJX COS INC NEW CALL+PUT	TJX	$21.7M	14,129	0.21%	-0.05pp	3q	HELD
CAMECO CORP CALL+PUT	CCJ	$21.6M	7,683	0.21%	+0.19pp	4q	+1141.2%+$19.9M
TERAWULF INC CALL+PUT	WULF	$21.5M	options only	0.21%	+0.20pp	3q	OPTIONS
SOFI TECHNOLOGIES INC CALL+PUT	SOFI	$21.5M	options only	0.21%	+0.18pp	4q	OPTIONS
ANALOG DEVICES INC CALL+PUT	ADI	$21.4M	options only	0.20%	-0.78pp	3q	OPTIONS
CIPHER DIGITAL INC CALL+PUT	CIFR	$20.5M	options only	0.20%	-	new	OPTIONS
WORKDAY INC PUT	WDAY	$20.3M	41,870	0.19%	+0.07pp	3q	+283.6%+$15.0M
APPLIED DIGITAL CORP CALL+PUT	APLD	$20.2M	23,943	0.19%	+0.13pp	3q	-48.0%-$18.7M
SUNCOR ENERGY INC NEW CALL+PUT	SU	$20.2M	62,288	0.19%	-0.19pp	3q	HELD
ONEOK INC NEW CALL+PUT	OKE	$20.1M	2,446	0.19%	-0.24pp	3q	HELD
ADOBE INC PUT	ADBE	$20.0M	40,076	0.19%	-1.00pp	5q	-50.4%-$20.4M
HOWMET AEROSPACE INC CALL+PUT	HWM	$20.0M	options only	0.19%	-0.59pp	3q	OPTIONS
CHENIERE ENERGY INC CALL+PUT	LNG	$19.6M	13,817	0.19%	-0.11pp	3q	HELD
GOLDMAN SACHS GROUP INC CALL+PUT	GS	$19.6M	478	0.19%	-0.52pp	5q	-96.5%-$544.2M
BOEING CO CALL+PUT	BA	$19.3M	2,412	0.18%	-0.37pp	4q	-94.1%-$309.7M
BANK OF NY MELLON CORP CALL+PUT	BNY	$19.3M	options only	0.18%	+0.12pp	3q	OPTIONS
TAKE-TWO INTERACTIVE SOFTWAR CALL+PUT	TTWO	$19.2M	options only	0.18%	-	new	OPTIONS
COHERENT CORP CALL+PUT	COHR	$18.5M	options only	0.18%	-0.60pp	3q	OPTIONS
AUTODESK INC CALL+PUT	ADSK	$18.4M	38,009	0.18%	+0.17pp	2q	+15671.4%+$18.3M
SALESFORCE INC CALL+PUT	CRM	$18.3M	42,302	0.18%	-0.88pp	5q	-42.4%-$13.5M
PALANTIR TECHNOLOGIES INC CALL+PUT	PLTR	$18.2M	3,103	0.17%	+0.15pp	5q	-22.2%-$5.2M
NETFLIX INC CALL+PUT	NFLX	$17.9M	21,986	0.17%	+0.13pp	5q	-9.0%-$1.8M
LYONDELLBASELL INDUSTRIES NV CALL+PUT	LYB	$17.8M	92,791	0.17%	-0.35pp	3q	HELD
DOW HLDGS INC CALL+PUT	DOW	$17.7M	143,350	0.17%	-0.12pp	2q	HELD
METLIFE INC CALL+PUT	MET	$17.4M	5,714	0.17%	+0.14pp	2q	+15.6%+$2.4M
INTEL CORP CALL+PUT	INTC	$16.8M	options only	0.16%	+0.14pp	5q	OPTIONS
HILTON WORLDWIDE HLDGS INC CALL+PUT	HLT	$16.6M	options only	0.16%	+0.08pp	2q	OPTIONS
CORNING INC CALL+PUT	GLW	$16.3M	options only	0.16%	-0.23pp	3q	OPTIONS
ISHARES TR PUT	SOXX	$16.0M	options only	0.15%	+0.04pp	2q	OPTIONS
DEERE & CO CALL+PUT	DE	$15.9M	options only	0.15%	-0.39pp	3q	OPTIONS
WILLIAMS COS INC CALL+PUT	WMB	$15.7M	6,730	0.15%	-0.05pp	3q	+646.1%+$13.6M
AT&T INC CALL+PUT	T	$15.7M	98,697	0.15%	+0.07pp	3q	HELD
NEBIUS GROUP N.V. CALL+PUT	NBIS	$15.6M	options only	0.15%	+0.14pp	3q	OPTIONS
REDDIT INC CALL+PUT	RDDT	$15.4M	options only	0.15%	+0.13pp	4q	OPTIONS
EQT CORP CALL+PUT	EQT	$15.3M	40,209	0.15%	-0.08pp	3q	+2110.5%+$14.7M
CELESTICA INC CALL+PUT	CLS	$15.2M	options only	0.15%	-	new	OPTIONS
TWILIO INC CALL+PUT	TWLO	$15.2M	options only	0.14%	+0.12pp	3q	OPTIONS
CONSTELLATION ENERGY CORP CALL+PUT	CEG	$15.0M	1,005	0.14%	+0.09pp	5q	HELD
APPLIED OPTOELECTRONICS INC CALL+PUT	AAOI	$14.7M	options only	0.14%	-0.14pp	2q	OPTIONS
CF INDUSTRIES HOLD CALL+PUT	CF	$14.3M	78,572	0.14%	-1.50pp	3q	-57.6%-$19.5M
CADENCE DESIGN SYSTEM INC PUT	CDNS	$14.2M	8,912	0.14%	-0.14pp	3q	-22.0%-$4.0M
RTX CORPORATION CALL+PUT	RTX	$14.1M	options only	0.13%	-1.29pp	3q	OPTIONS
CROCS INC CALL+PUT	CROX	$14.0M	options only	0.13%	-	new	OPTIONS
ORACLE CORP CALL+PUT	ORCL	$13.9M	13,497	0.13%	-	new	NEW
STEEL DYNAMICS INC CALL+PUT	STLD	$13.8M	options only	0.13%	-0.35pp	3q	OPTIONS
KINDER MORGAN INC DEL CALL+PUT	KMI	$13.7M	22,379	0.13%	+0.01pp	3q	+32.2%+$3.3M
HERSHEY CO CALL+PUT	HSY	$13.5M	14,984	0.13%	-0.32pp	3q	-22.5%-$3.9M
CROWDSTRIKE HLDGS INC CALL+PUT	CRWD	$13.2M	18,450	0.13%	-0.30pp	4q	+0.6%+$85.3K
ARES MANAGEMENT CORPORATION CALL+PUT	ARES	$12.9M	11,418	0.12%	-	new	NEW
HUBSPOT INC PUT	HUBS	$12.8M	22,062	0.12%	-0.20pp	3q	+94.2%+$6.2M
BANK OF AMER CORP CALL+PUT	BAC	$12.7M	10,897	0.12%	-0.05pp	5q	-83.3%-$63.6M
FIRST SOLAR INC CALL+PUT	FSLR	$12.7M	options only	0.12%	+0.05pp	4q	OPTIONS
PEPSICO INC CALL+PUT	PEP	$12.5M	7,708	0.12%	-0.46pp	3q	HELD
EBAY INC. CALL+PUT	EBAY	$12.3M	options only	0.12%	+0.07pp	3q	OPTIONS
ALNYLAM PHARMACEUTICALS INC CALL+PUT	ALNY	$12.2M	options only	0.12%	-	new	OPTIONS
PROGRESSIVE CORP CALL+PUT	PGR	$12.0M	options only	0.11%	-	new	OPTIONS
MICROCHIP TECHNOLOGY INC. CALL+PUT	MCHP	$11.8M	options only	0.11%	-0.59pp	2q	OPTIONS
CONOCOPHILLIPS CALL+PUT	COP	$11.7M	options only	0.11%	-1.05pp	2q	OPTIONS
DEXCOM INC CALL+PUT	DXCM	$11.7M	2,759	0.11%	+0.10pp	2q	HELD
GLOBAL PMTS INC CALL+PUT	GPN	$11.6M	options only	0.11%	-0.13pp	3q	OPTIONS
ZETA GLOBAL HOLDINGS CORP CALL+PUT	ZETA	$11.4M	117,176	0.11%	+0.10pp	3q	+757.1%+$10.1M
TOLL BROTHERS INC CALL+PUT	TOL	$11.4M	options only	0.11%	-0.47pp	3q	OPTIONS
SERVICENOW INC PUT	NOW	$11.3M	32,341	0.11%	-0.57pp	5q	-53.9%-$13.1M
CHUBB LIMITED CALL+PUT	CB	$11.2M	options only	0.11%	-0.03pp	3q	OPTIONS
CHEVRON CORPORATION CALL+PUT	CVX	$10.8M	14,145	0.10%	-0.19pp	2q	HELD
MARA HOLDINGS INC CALL+PUT	MARA	$10.6M	184	0.10%	+0.10pp	2q	-99.2%-$1.3B
CONSTELLATION BRANDS INC CALL+PUT	STZ	$10.5M	3,468	0.10%	-0.28pp	4q	+616.5%+$9.0M
DRAFTKINGS INC NEW CALL+PUT	DKNG	$10.2M	options only	0.10%	-	new	OPTIONS
ALIGN TECHNOLOGY INC CALL+PUT	ALGN	$10.2M	3,369	0.10%	-0.47pp	2q	-81.6%-$45.1M
VERIZON COMMUNICATIONS INC CALL+PUT	VZ	$10.1M	16,647	0.10%	-	new	NEW
ON SEMICONDUCTOR CORP CALL+PUT	ON	$9.8M	options only	0.09%	-0.30pp	4q	OPTIONS
UNITED PARCEL SVCS INC CALL+PUT	UPS	$9.8M	options only	0.09%	-0.90pp	5q	OPTIONS
NUTRIEN LTD CALL+PUT	NTR	$9.7M	109,644	0.09%	-0.20pp	3q	-8.5%-$899.6K
XPO INC CALL+PUT	XPO	$9.5M	options only	0.09%	-0.09pp	3q	OPTIONS
CHIPOTLE MEXICAN GRILL INC CALL+PUT	CMG	$9.5M	options only	0.09%	-	new	OPTIONS
SAP SE PUT	SAP	$9.4M	21,307	0.09%	-0.53pp	2q	-63.1%-$16.1M
BLOCK INC CALL+PUT	XYZ	$9.1M	options only	0.09%	+0.08pp	2q	OPTIONS
MARRIOTT INTL INC NEW CALL+PUT	MAR	$8.8M	options only	0.08%	-0.37pp	2q	OPTIONS
CME GROUP INC CALL+PUT	CME	$8.8M	24,065	0.08%	-0.38pp	2q	-19.5%-$2.1M
AMERICAN ELEC PWR CO INC CALL+PUT	AEP	$8.8M	options only	0.08%	-0.15pp	3q	OPTIONS
PFIZER INC CALL+PUT	PFE	$8.7M	18,508	0.08%	-	new	NEW
AMERICAN AIRLINES GROUP INC CALL+PUT	AAL	$8.7M	options only	0.08%	-	new	OPTIONS
ATLASSIAN CORPORATION PUT	TEAM	$8.6M	29,588	0.08%	-0.20pp	4q	-64.9%-$15.8M
FORTINET INC CALL+PUT	FTNT	$8.5M	355	0.08%	+0.06pp	3q	HELD
OCCIDENTAL PETE CORP CALL+PUT	OXY	$8.4M	44,801	0.08%	-0.16pp	4q	HELD
CAPITAL ONE FINL CORP CALL+PUT	COF	$8.3M	687	0.08%	+0.07pp	4q	HELD
NEWMONT CORP CALL+PUT	NEM	$8.2M	438	0.08%	-0.41pp	5q	-99.0%-$805.9M
BLOOM ENERGY CORP CALL+PUT	BE	$8.2M	options only	0.08%	-0.05pp	3q	OPTIONS
QUALCOMM INC CALL+PUT	QCOM	$8.2M	4,776	0.08%	+0.03pp	5q	HELD
SOUTHWEST AIRLS CO CALL+PUT	LUV	$7.9M	options only	0.08%	-0.04pp	3q	OPTIONS
TORONTO DOMINION BK ONT CALL+PUT	TD	$7.6M	options only	0.07%	-0.06pp	4q	OPTIONS
KROGER CO CALL+PUT	KR	$7.5M	33,598	0.07%	+0.02pp	2q	+79.6%+$3.3M
DEVON ENERGY CORP NEW CALL+PUT	DVN	$7.4M	20,325	0.07%	-0.21pp	3q	HELD
CIENA CORP CALL+PUT	CIEN	$7.4M	855	0.07%	-0.26pp	3q	HELD
LIQUIDIA CORPORATION CALL+PUT	LQDA	$7.4M	options only	0.07%	+0.01pp	2q	OPTIONS
GALAXY DIGITAL INC. CALL+PUT	GLXY	$7.3M	options only	0.07%	-	new	OPTIONS
D R HORTON INC CALL+PUT	DHI	$6.8M	options only	0.07%	+0.02pp	3q	OPTIONS
ENPHASE ENERGY INC CALL+PUT	ENPH	$6.8M	options only	0.06%	-0.10pp	4q	OPTIONS
ADVANCE AUTO PARTS INC CALL+PUT	AAP	$6.7M	options only	0.06%	-0.05pp	2q	OPTIONS
SELECT SECTOR SPDR TR CALL	XLE	$6.7M	76,132	0.06%	-	new	NEW
TRIP COM GROUP LTD PUT	TCOM	$6.6M	14,550	0.06%	-	new	NEW
DUKE ENERGY CORP NEW CALL+PUT	DUK	$6.5M	1,943	0.06%	-0.14pp	2q	-45.1%-$5.3M
AFFIRM HLDGS INC CALL+PUT	AFRM	$6.5M	options only	0.06%	-	new	OPTIONS
JABIL INC CALL+PUT	JBL	$6.4M	options only	0.06%	+0.02pp	3q	OPTIONS
ALBEMARLE CORP CALL+PUT	ALB	$6.3M	7,185	0.06%	-0.18pp	3q	+69.1%+$2.6M
RH CALL+PUT	RH	$6.3M	options only	0.06%	flat	4q	OPTIONS
SPACE EXPLORATION TECHN CORP	SPCX	$6.2M	36,123	0.06%	-	new	NEW
CHARTER COMMUNICATIONS INC CALL+PUT	CHTR	$6.2M	13,655	0.06%	+0.04pp	4q	+12661.7%+$6.1M
NEXTERA ENERGY INC CALL+PUT	NEE	$6.1M	8,438	0.06%	-0.06pp	3q	HELD
PROCTER & GAMBLE CO CALL+PUT	PG	$6.0M	2,990	0.06%	-0.33pp	3q	-35.1%-$3.2M
FREEPORT-MCMORAN INC CALL+PUT	FCX	$5.9M	options only	0.06%	-0.21pp	3q	OPTIONS
DIGITALOCEAN HLDGS INC CALL+PUT	DOCN	$5.9M	options only	0.06%	flat	2q	OPTIONS
HECLA MINING COMPANY CALL+PUT	HL	$5.7M	456	0.05%	+0.05pp	3q	HELD
INTERACTIVE BROKERS GROUP IN CALL+PUT	IBKR	$5.6M	2,582	0.05%	-	new	NEW
CSX CORP CALL+PUT	CSX	$5.5M	options only	0.05%	-0.07pp	2q	OPTIONS
REGENERON PHARMACEUTICALS CALL+PUT	REGN	$5.5M	48	0.05%	-0.13pp	4q	-93.6%-$81.1M
ISHARES TR	ITB	$5.5M	52,346	0.05%	-0.03pp	5q	+1.2%+$67.5K
PAYPAL HLDGS INC CALL+PUT	PYPL	$5.4M	options only	0.05%	-	new	OPTIONS
US BANCORP CALL+PUT	USB	$5.4M	5,141	0.05%	-0.13pp	3q	-88.9%-$43.4M
ULTA BEAUTY INC CALL+PUT	ULTA	$5.4M	1,751	0.05%	-0.57pp	2q	-92.3%-$64.3M
TRANSOCEAN LTD CALL+PUT	RIG	$5.3M	346,628	0.05%	-0.07pp	2q	HELD
BAKER HUGHES COMPANY CALL+PUT	BKR	$5.0M	45,099	0.05%	-0.02pp	3q	HELD
UIPATH INC PUT	PATH	$5.0M	74,463	0.05%	+0.02pp	2q	+183.1%+$3.2M
SHAKE SHACK INC CALL+PUT	SHAK	$5.0M	20,954	0.05%	flat	3q	+2950.1%+$4.8M
FLUOR CORP CALL+PUT	FLR	$4.9M	options only	0.05%	-	new	OPTIONS
FTAI AVIATION LTD CALL+PUT	FTAI	$4.9M	1,877	0.05%	-0.28pp	2q	-82.5%-$23.2M
PBF ENERGY INC	PBF	$4.8M	105,085	0.05%	-0.05pp	2q	-4.5%-$223.7K
VERTEX PHARMACEUTICALS INC CALL+PUT	VRTX	$4.8M	73	0.05%	-0.31pp	3q	-99.2%-$576.4M
KKR & CO INC CALL+PUT	KKR	$4.6M	1,038	0.04%	-	new	NEW
APA CORPORATION CALL+PUT	APA	$4.6M	17,132	0.04%	-0.22pp	3q	HELD
MOODYS CORP	MCO	$4.6M	10,125	0.04%	+0.01pp	2q	+153.1%+$2.8M
PRICE T ROWE GROUP INC CALL+PUT	TROW	$4.5M	7,376	0.04%	+0.03pp	2q	+121.0%+$2.5M
SELECT SECTOR SPDR TR PUT	XLU	$4.5M	options only	0.04%	-0.05pp	3q	OPTIONS
VISA INC CALL+PUT	V	$4.5M	options only	0.04%	-	new	OPTIONS
STRATEGY INC CALL+PUT	MSTR	$4.4M	5,171	0.04%	+0.03pp	4q	HELD
THE CIGNA GROUP CALL+PUT	CI	$4.4M	87	0.04%	-	new	NEW
CARMAX INC CALL+PUT	KMX	$4.2M	1,359	0.04%	-	new	NEW
DOMINION ENERGY INC CALL+PUT	D	$4.1M	options only	0.04%	-0.03pp	2q	OPTIONS
ROYAL BK CDA CALL+PUT	RY	$4.1M	options only	0.04%	-0.12pp	4q	OPTIONS
LOWES COS INC CALL+PUT	LOW	$4.1M	710	0.04%	-0.10pp	2q	-87.6%-$28.5M
MACYS INC CALL+PUT	M	$3.9M	options only	0.04%	+0.02pp	3q	OPTIONS
SPROUTS FMRS MKT INC CALL+PUT	SFM	$3.9M	options only	0.04%	+0.03pp	3q	OPTIONS
LULULEMON ATHLETICA INC CALL+PUT	LULU	$3.8M	3,290	0.04%	-0.12pp	3q	-82.4%-$17.6M
STMICROELECTRONICS N V CALL	STM	$3.8M	327	0.04%	-	new	NEW
CANADIAN IMPERIAL BANK OF CO CALL+PUT	CM	$3.6M	options only	0.03%	-0.01pp	4q	OPTIONS
LYFT INC CALL+PUT	LYFT	$3.5M	options only	0.03%	+0.02pp	3q	OPTIONS
AEHR TEST SYS CALL+PUT	AEHR	$3.5M	options only	0.03%	+0.01pp	2q	OPTIONS
GENERAL MTRS CO CALL+PUT	GM	$3.4M	1,667	0.03%	-0.18pp	3q	-93.6%-$50.1M
MONDELEZ INTL INC CALL+PUT	MDLZ	$3.4M	8,036	0.03%	-0.02pp	3q	+72.8%+$1.4M
CARVANA CO CALL+PUT	CVNA	$3.4M	3,587	0.03%	-0.11pp	5q	-13.0%-$504.3K
DOLLAR GEN CORP CALL+PUT	DG	$3.3M	3,241	0.03%	-0.70pp	3q	-97.4%-$123.2M
MONSTER BEVERAGE CORP NEW CALL+PUT	MNST	$3.3M	options only	0.03%	-0.34pp	2q	OPTIONS
SYSCO CORP CALL+PUT	SYY	$3.3M	options only	0.03%	-0.19pp	2q	OPTIONS
TRANE TECHNOLOGIES PLC CALL+PUT	TT	$3.1M	278	0.03%	flat	3q	-33.7%-$1.6M
MCKESSON CORP CALL+PUT	MCK	$3.1M	97	0.03%	+0.01pp	3q	+185.3%+$2.0M
CORE SCIENTIFIC INC NEW CALL+PUT	CORZ	$3.1M	2,072	0.03%	-	new	NEW
ANTERO RESOURCES CORP CALL+PUT	AR	$3.1M	12,276	0.03%	-0.01pp	3q	+165.7%+$1.9M
NXP SEMICONDUCTORS N V CALL+PUT	NXPI	$3.0M	737	0.03%	-0.19pp	3q	-96.4%-$81.1M
MGM RESORTS INTERNATIONAL CALL+PUT	MGM	$3.0M	options only	0.03%	-	new	OPTIONS
TAPESTRY INC CALL+PUT	TPR	$2.9M	options only	0.03%	-0.18pp	3q	OPTIONS
ETSY INC CALL+PUT	ETSY	$2.9M	4,659	0.03%	-	new	NEW
MONOLITHIC PWR SYS INC CALL+PUT	MPWR	$2.9M	options only	0.03%	-0.04pp	3q	OPTIONS
RIO TINTO PLC	RIO	$2.9M	30,374	0.03%	-0.04pp	4q	-24.1%-$913.8K
ROYAL GOLD INC CALL+PUT	RGLD	$2.9M	582	0.03%	-0.35pp	2q	-95.1%-$55.0M
WELLS FARGO & CO CALL+PUT	WFC	$2.7M	options only	0.03%	-0.18pp	5q	OPTIONS
WYNN RESORTS LTD CALL+PUT	WYNN	$2.7M	815	0.03%	-	new	NEW
SELECT SECTOR SPDR TR PUT	XLF	$2.7M	options only	0.03%	-	new	OPTIONS
GRUPO FINANCIERO GALICIA S.A	GGAL	$2.5M	50,674	0.02%	-0.02pp	4q	+1.3%+$31.3K
ROKU INC CALL+PUT	ROKU	$2.5M	options only	0.02%	-0.06pp	4q	OPTIONS
NORTHROP GRUMMAN CORP CALL+PUT	NOC	$2.5M	235	0.02%	-0.74pp	2q	-97.4%-$91.0M
KRANESHARES TRUST CALL	KWEB	$2.4M	options only	0.02%	-	new	OPTIONS
STATE STR CORP CALL+PUT	STT	$2.3M	options only	0.02%	-	new	OPTIONS
CAESARS ENTERTAINMENT INC NE CALL+PUT	CZR	$2.3M	options only	0.02%	+0.01pp	3q	OPTIONS
COMCAST CORP NEW CALL+PUT	CMCSA	$2.3M	options only	0.02%	-	new	OPTIONS
AFLAC INC CALL+PUT	AFL	$2.2M	options only	0.02%	-0.06pp	2q	OPTIONS
AMERICAN EAGLE OUTFITTERS IN CALL+PUT	AEO	$2.2M	options only	0.02%	-0.01pp	2q	OPTIONS
TERADYNE INC CALL+PUT	TER	$2.2M	options only	0.02%	-0.24pp	3q	OPTIONS
ABBVIE INC CALL+PUT	ABBV	$2.0M	options only	0.02%	-0.14pp	4q	OPTIONS
PG&E CORP CALL+PUT	PCG	$2.0M	9,763	0.02%	-0.02pp	3q	-48.8%-$1.9M
COMFORT SYS USA INC CALL+PUT	FIX	$2.0M	5	0.02%	-0.01pp	2q	-80.0%-$8.0M
SUMITOMO MITSUI FIN GRP INC	SMFG	$2.0M	82,753	0.02%	-0.18pp	2q	HELD
DICKS SPORTING GOODS INC CALL+PUT	DKS	$1.8M	options only	0.02%	-	new	OPTIONS
ARISTA NETWORKS INC CALL+PUT	ANET	$1.8M	344	0.02%	-	new	NEW
TECK RESOURCES LTD CALL+PUT	TECK	$1.7M	options only	0.02%	-0.17pp	3q	OPTIONS
TRUIST FINL CORP CALL+PUT	TFC	$1.7M	1,380	0.02%	-0.12pp	2q	-95.2%-$34.2M
GOLAR LNG LTD CALL+PUT	GLNG	$1.7M	4,749	0.02%	-	new	NEW
JOHNSON CONTROLS INTERNATION CALL+PUT	JCI	$1.6M	options only	0.02%	-0.42pp	3q	OPTIONS
EXPAND ENERGY CORPORATION CALL+PUT	EXE	$1.6M	options only	0.02%	-0.11pp	3q	OPTIONS
EMCOR GROUP INC CALL+PUT	EME	$1.5M	3	0.01%	-	new	NEW
ROBINHOOD MKTS INC CALL+PUT	HOOD	$1.5M	82	0.01%	-0.02pp	5q	HELD
DATADOG INC	DDOG	$1.5M	5,730	0.01%	-	new	NEW
AMKOR TECHNOLOGY INC CALL+PUT	AMKR	$1.5M	options only	0.01%	+0.01pp	2q	OPTIONS
TARGA RES CORP CALL+PUT	TRGP	$1.4M	options only	0.01%	flat	2q	OPTIONS
OKTA INC CALL+PUT	OKTA	$1.3M	5,510	0.01%	-	new	NEW
COCA COLA CO CALL+PUT	KO	$1.2M	1,068	0.01%	-0.08pp	3q	-62.6%-$2.1M
GAMESTOP CORP CALL+PUT	GME	$1.2M	1,588	0.01%	-0.02pp	3q	HELD
ATI INC CALL+PUT	ATI	$1.2M	117	0.01%	-0.05pp	2q	-97.2%-$41.8M
SLB LIMITED CALL+PUT	SLB	$1.2M	1,351	0.01%	-0.04pp	2q	HELD
BUNGE GLOBAL SA CALL+PUT	BG	$1.1M	2,567	0.01%	-0.05pp	3q	HELD
T-MOBILE US INC CALL+PUT	TMUS	$1.1M	2,033	0.01%	-0.08pp	3q	+132.9%+$644.4K
LENNAR CORP CALL+PUT	LEN	$1.1M	options only	0.01%	-	new	OPTIONS
AUTOMATIC DATA PROCESSING IN	ADP	$1.1M	4,854	0.01%	-	new	NEW
SOUTHERN COPPER CORP CALL+PUT	SCCO	$1.1M	options only	0.01%	-0.37pp	3q	OPTIONS
INTERCONTINENTAL EXCHANGE IN	ICE	$1.1M	8,588	0.01%	-	new	NEW
WINGSTOP INC CALL+PUT	WING	$1.0M	options only	0.01%	-	new	OPTIONS
VANECK ETF TRUST	GDX	$991.3K	13,139	0.01%	flat	3q	+228.5%+$689.5K
MIZUHO FINANCIAL GROUP INC	MFG	$970.0K	101,250	0.01%	-0.03pp	2q	HELD
WASTE MGMT INC DEL CALL+PUT	WM	$969.5K	1,550	0.01%	-0.11pp	2q	HELD
BLACKROCK INC CALL+PUT	BLK	$961.6K	options only	0.01%	-	new	OPTIONS
PNC FINL SVCS GROUP INC CALL+PUT	PNC	$960.3K	options only	0.01%	-0.20pp	2q	OPTIONS
GITLAB INC CALL+PUT	GTLB	$959.0K	15,812	0.01%	-	new	NEW
CLOROX CO DEL CALL+PUT	CLX	$949.8K	152	0.01%	-0.09pp	3q	-92.5%-$11.8M
BANCO MACRO SA	BMA	$946.8K	10,226	0.01%	flat	4q	+1.2%+$11.7K
SENTINELONE INC CALL+PUT	S	$936.8K	3,403	0.01%	-	new	NEW
MATCH GROUP INC NEW CALL+PUT	MTCH	$913.2K	options only	0.01%	-0.01pp	3q	OPTIONS
FASTENAL CO CALL+PUT	FAST	$898.2K	options only	0.01%	-0.12pp	2q	OPTIONS
AXON ENTERPRISE INC CALL+PUT	AXON	$897.0K	options only	0.01%	-	new	OPTIONS
SOLAREDGE TECHNOLOGIES INC CALL+PUT	SEDG	$888.3K	options only	0.01%	-0.02pp	2q	OPTIONS
FIVE BELOW INC CALL+PUT	FIVE	$883.3K	1,013	0.01%	-0.07pp	3q	HELD
SPOTIFY TECHNOLOGY S A CALL+PUT	SPOT	$865.0K	184	0.01%	-	new	NEW
AMERICAN EXPRESS CO	AXP	$846.0K	2,501	0.01%	-0.33pp	5q	-88.3%-$6.4M
UNITED RENTALS INC	URI	$836.1K	738	0.01%	-	new	NEW
AGNICO EAGLE MINES LTD CALL+PUT	AEM	$832.9K	2,169	0.01%	-0.12pp	3q	HELD
IREN LIMITED CALL+PUT	IREN	$768.5K	1,806	0.01%	-	new	NEW
JOBY AVIATION INC CALL+PUT	JOBY	$765.9K	6,167	0.01%	flat	3q	-67.9%-$1.6M
OSCAR HEALTH INC	OSCR	$765.9K	26,856	0.01%	-	new	NEW
BAXTER INTL INC CALL+PUT	BAX	$752.6K	options only	0.01%	-	new	OPTIONS
M & T BK CORP CALL+PUT	MTB	$746.9K	38	0.01%	-0.07pp	3q	-89.0%-$6.0M
V F CORP CALL+PUT	VFC	$727.3K	3,702	0.01%	-0.14pp	3q	-97.3%-$26.3M
INTUITIVE MACHINES INC CALL+PUT	LUNR	$718.7K	options only	0.01%	flat	2q	OPTIONS
CUMMINS INC CALL+PUT	CMI	$713.2K	options only	0.01%	-0.09pp	3q	OPTIONS
JETBLUE AIRWAYS CORP CALL+PUT	JBLU	$712.8K	options only	0.01%	flat	2q	OPTIONS
KENVUE INC CALL	KVUE	$701.3K	options only	0.01%	flat	3q	OPTIONS
CENTURY ALUM CO	CENX	$698.8K	15,187	0.01%	-0.01pp	2q	-24.1%-$221.4K
MAPLEBEAR INC CALL+PUT	CART	$696.0K	options only	0.01%	-	new	OPTIONS
DUPONT DE NEMOURS INC		$679.4K	5,009	0.01%	-	new	NEW
WHEATON PRECIOUS METALS CORP CALL+PUT	WPM	$667.6K	1,044	0.01%	-0.05pp	3q	-74.9%-$2.0M
MEDTRONIC PLC	MDT	$634.5K	8,111	0.01%	-0.14pp	3q	-77.4%-$2.2M
PULTE GROUP INC CALL+PUT	PHM	$632.7K	11	0.01%	-	new	NEW
KEYSIGHT TECHNOLOGIES INC CALL+PUT	KEYS	$630.1K	options only	0.01%	-	new	OPTIONS
SNOWFLAKE INC	SNOW	$622.3K	2,445	0.01%	-	new	NEW
ABERCROMBIE & FITCH CO CALL+PUT	ANF	$620.3K	191	0.01%	-0.25pp	2q	-99.2%-$77.5M
LEMONADE INC CALL+PUT	LMND	$618.0K	options only	0.01%	-	new	OPTIONS
TEMPUS AI INC CALL+PUT	TEM	$614.1K	options only	0.01%	-	new	OPTIONS
OPENDOOR TECHNOLOGIES INC CALL+PUT	OPEN	$590.9K	options only	0.01%	-	new	OPTIONS
BECTON DICKINSON & CO CALL+PUT	BDX	$564.9K	33	0.01%	-	new	NEW
SKYWORKS SOLUTIONS INC CALL+PUT	SWKS	$549.7K	7	0.01%	-	new	NEW
UNITY SOFTWARE INC CALL+PUT	U	$529.7K	233	0.01%	-0.01pp	4q	-99.3%-$71.3M
APPLOVIN CORP CALL+PUT	APP	$515.2K	options only	0.00%	-0.02pp	5q	OPTIONS
MITSUBISHI UFJ FINANCIAL GRO	MUFG	$503.5K	25,312	0.00%	-0.48pp	2q	HELD
CBOE GLOBAL MKTS INC	CBOE	$491.4K	2,025	0.00%	-	new	NEW
AKAMAI TECHNOLOGIES INC CALL+PUT	AKAM	$484.7K	options only	0.00%	-0.30pp	3q	OPTIONS
FORD MTR CO CALL+PUT	F	$483.7K	options only	0.00%	-0.05pp	3q	OPTIONS
COINBASE GLOBAL INC CALL+PUT	COIN	$482.4K	options only	0.00%	-0.04pp	4q	OPTIONS
SNAP INC CALL+PUT	SNAP	$453.3K	options only	0.00%	-0.01pp	3q	OPTIONS
AEROVIRONMENT INC CALL+PUT	AVAV	$429.2K	options only	0.00%	flat	3q	OPTIONS
RIVIAN AUTOMOTIVE INC CALL+PUT	RIVN	$426.4K	6,179	0.00%	-	new	NEW
PETROLEO BRASILEIRO S A	PBR	$409.0K	25,312	0.00%	-0.01pp	2q	+1.2%+$5.0K
QUANTUMSCAPE CORP CALL+PUT	QS	$400.1K	7,223	0.00%	-	new	NEW
HP INC CALL+PUT	HPQ	$383.1K	6,059	0.00%	-0.01pp	3q	HELD
LABCORP HOLDINGS INC CALL+PUT	LH	$367.9K	114	0.00%	-	new	NEW
INTERNATIONAL BUSINESS MACHS	IBM	$365.9K	1,301	0.00%	-0.09pp	5q	-80.8%-$1.5M
THE TRADE DESK INC CALL+PUT	TTD	$361.6K	options only	0.00%	-	new	OPTIONS
COEUR MNG INC CALL+PUT	CDE	$350.9K	options only	0.00%	-	new	OPTIONS
PLANET LABS PBC CALL+PUT	PL	$341.7K	1,513	0.00%	-0.02pp	2q	HELD
THERMO FISHER SCIENTIFIC INC	TMO	$336.9K	672	0.00%	-0.05pp	2q	-75.0%-$1.0M
STUBHUB HLDGS INC	STUB	$321.8K	25,000	0.00%	-	new	NEW
GE AEROSPACE	GE	$318.0K	851	0.00%	-	new	NEW
ALLY FINL INC	ALLY	$316.1K	6,880	0.00%	-	new	NEW
FASTLY INC CALL+PUT	FSLY	$314.7K	6,043	0.00%	-	new	NEW
BALL CORP PUT	BALL	$312.0K	options only	0.00%	-0.06pp	2q	OPTIONS
AERCAP HOLDINGS NV CALL+PUT	AER	$308.0K	113	0.00%	-	new	NEW
COUPANG INC CALL+PUT	CPNG	$297.0K	options only	0.00%	-	new	OPTIONS
NAVITAS SEMICONDUCTOR CORP PUT	NVTS	$269.6K	9,042	0.00%	-	new	NEW
IONQ INC	IONQ	$250.1K	4,696	0.00%	-	new	NEW
D-WAVE QUANTUM INC	QBTS	$249.3K	10,390	0.00%	-	new	NEW
CARNIVAL CORP LTD	CCL	$237.7K	8,319	0.00%	-	new	NEW
REGIONS FINANCIAL CORP NEW PUT	RF	$233.2K	4,822	0.00%	-	new	NEW
RUBRIK INC.	RBRK	$222.7K	2,774	0.00%	-	new	NEW
AMPHENOL CORP	APH	$218.5K	1,239	0.00%	-0.08pp	3q	-83.4%-$1.1M
VICTORIAS SECRET AND CO CALL+PUT	VSXY	$213.5K	158	0.00%	-0.01pp	2q	-95.9%-$4.9M
PINTEREST INC	PINS	$203.7K	9,684	0.00%	-	new	NEW
SHARPLINK INC PUT	SBET	$140.6K	9,998	0.00%	-	new	NEW
STELLANTIS N.V PUT	STLA	$135.9K	7,970	0.00%	flat	2q	-18.1%-$30.0K
WEBULL CORP	BULL	$102.0K	15,640	0.00%	-	new	NEW

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Funds & ETFs	$3.5B	33.9%
Semiconductors & Electronics	$1.1B	10.8%
Software & IT Services	$1.0B	10.0%
Retail & Consumer	$586.5M	5.6%
Computer Hardware	$538.9M	5.2%
Biotech & Pharma	$387.5M	3.7%
Energy	$384.3M	3.7%
Banks & Lending	$307.5M	2.9%
Insurance	$270.4M	2.6%
Chemicals	$217.8M	2.1%
Business Services	$190.5M	1.8%
Mining & Metals	$178.6M	1.7%
Other sectors	$1.1B	10.4%
Not classified	$599.2M	5.7%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q3 2024	+2.4%	+5.4%	-3.0%	62%
Q3 2022	-5.1%	-5.3%	+0.2%	100%
Q3 2021	-0.8%	+0.3%	-1.1%	100%
Q4 2020	+6.5%	+11.6%	-5.2%	100%
Q1 2020	-30.5%	-19.9%	-10.5%	107%
Q4 2019	+5.9%	+8.5%	-2.6%	100%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$10.5B	375	98	38	149	86	48.1%	45
Q1 2026	$5.8B	363	122	60	63	117	19.5%	45
Q4 2025	$4.3B	358	225	21	25	10	47.8%	48
Q3 2025	$1.2B	143	83	8	18	14	47.1%	45
Q2 2025	$549.2M	74	67	0	2	4	82.9%	45
Q1 2025	$1.2B	11	8	0	1	12	99.9%	45
Q4 2024	$632.7M	15	8	3	0	4	99.2%	45
Q3 2024	$672.5M	11	6	1	1	11	99.9%	45
Q2 2024	$579.6M	16	12	0	0	13	96.6%	45
Q1 2024	$353.0M	17	11	0	1	13	94.3%	45
Q4 2023	$273.9M	19	8	1	6	85	93.2%	45
Q3 2023	$1.3B	96	35	53	6	3	56.3%	45
Q2 2023	$823.0M	64	47	1	12	6	82.2%	45
Q1 2023	$895.8M	23	11	3	9	2	90.0%	45
Q4 2022	$682.2M	14	1	12	1	9	96.0%	45
Q3 2022	$315.4M	22	15	1	1	4	86.9%	45
Q2 2022	$345.3M	11	9	0	1	3	99.7%	41
Q1 2022	$131.5M	5	4	1	0	2	100.0%	46
Q4 2021	$157.9M	3	1	1	0	1	100.0%	40
Q3 2021	$157.6M	3	2	0	1	4	100.0%	46
Q2 2021	$180.3M	5	3	1	1	3	100.0%	47
Q1 2021	$122.2M	5	3	0	2	3	100.0%	47
Q4 2020	$183.6M	5	4	0	0	9	100.0%	47
Q3 2020	$745.1M	10	9	0	1	1	100.0%	47
Q2 2020	$6.5M	2	0	1	1	1	100.0%	45
Q1 2020	$49.8M	3	1	1	1	6	100.0%	45
Q4 2019	$11.9M	8	4	1	3	4	100.0%	41
Q3 2019	$33.0M	8	7	0	1	1	100.0%	45
Q2 2019	$5.1M	2	0	1	1	3	100.0%	45
Q1 2019	$55.7M	5	0	0	0	0	100.0%	44

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.