# Cavalier Investments, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1655543. Source: https://holderbook.com/funds/1655543-cavalier-investments-llc/

- Reported value: $2.4B
- Positions: 49
- Weight of the ten largest: 90.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $691.1M | 20,430 | 28.7% | 28 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $660.6M | 24,338 | 27.4% | 24 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $467.9M | 923 | 19.4% | 27 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $144.1M | 231,176 | 6.0% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $69.0M | 92,541 | 2.9% | 4 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $35.7M | 42,489 | 1.5% | 2 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $25.2M | 0 | 1.0% | 5 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $25.1M | 107,957 | 1.0% | 3 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $24.9M | 17,482 | 1.0% | 21 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $22.4M | 33,451 | 0.9% | 13 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $20.6M | 104,644 | 0.9% | 2 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $20.3M | 0 | 0.8% | 3 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $19.7M | 27,150 | 0.8% | 2 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $17.7M | 296,581 | 0.7% | 1 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $17.2M | 0 | 0.7% | 2 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $14.4M | 166,457 | 0.6% | 15 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $13.1M | 10,292 | 0.5% | 2 |
| ISHARES TR | [IGF](https://holderbook.com/stocks/IGF/) | $11.2M | 167,971 | 0.5% | 2 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $10.6M | 0 | 0.4% | 2 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $10.3M | 47,160 | 0.4% | 2 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $10.2M | 29,662 | 0.4% | 1 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $7.8M | 117,232 | 0.3% | 4 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $7.7M | 100,441 | 0.3% | 1 |
| FIRST TR EXCHANGE-TRADED FD | [IGLD](https://holderbook.com/stocks/IGLD/) | $6.8M | 323,655 | 0.3% | 4 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $5.7M | 64,544 | 0.2% | 5 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $5.7M | 0 | 0.2% | 2 |
| STRATEGY INC | [MSTR](https://holderbook.com/stocks/MSTR/) | $5.6M | 32,697 | 0.2% | 4 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $5.4M | 56,240 | 0.2% | 1 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $4.9M | 24,748 | 0.2% | 1 |
| SPDR SERIES TRUST | [XAR](https://holderbook.com/stocks/XAR/) | $3.9M | 13,804 | 0.2% | 16 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $2.9M | 37,901 | 0.1% | 5 |
| UNITED STS OIL FD LP | [USO](https://holderbook.com/stocks/USO/) | $2.7M | 0 | 0.1% | 2 |
| GLOBAL X FDS | [URA](https://holderbook.com/stocks/URA/) | $2.2M | 0 | 0.1% | 2 |
| UBS AG | [USOI](https://holderbook.com/stocks/USOI/) | $2.0M | 46,000 | 0.1% | 3 |
| ISHARES TR | [IGV](https://holderbook.com/stocks/IGV/) | $1.8M | 20,085 | 0.1% | 1 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $1.8M | 26,284 | 0.1% | 13 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $1.4M | 25,195 | 0.1% | 24 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $1.1M | 24,727 | 0.0% | 2 |
| USA RARE EARTH INC | [USAR](https://holderbook.com/stocks/USAR/) | $1.1M | 0 | 0.0% | 2 |
| RIGETTI COMPUTING INC | [RGTI](https://holderbook.com/stocks/RGTI/) | $966.0K | 0 | 0.0% | 5 |
| TIDAL TRUST II | [GOOY](https://holderbook.com/stocks/GOOY/) | $822.7K | 61,999 | 0.0% | 7 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $642.7K | 2,139 | 0.0% | 11 |
| TIDAL TRUST II | [APLY](https://holderbook.com/stocks/APLY/) | $638.3K | 55,172 | 0.0% | 7 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $633.4K | 11,846 | 0.0% | 18 |
| TIDAL TRUST II | [NVDY](https://holderbook.com/stocks/NVDY/) | $547.0K | 43,969 | 0.0% | 7 |
| TIDAL TRUST II | [AMZY](https://holderbook.com/stocks/AMZY/) | $503.6K | 47,149 | 0.0% | 7 |
| TIDAL TRUST II | [MSFO](https://holderbook.com/stocks/MSFO/) | $445.9K | 42,584 | 0.0% | 7 |
| TIDAL TRUST II | [FBY](https://holderbook.com/stocks/FBY/) | $400.2K | 44,638 | 0.0% | 7 |
| ROCKET LAB CORP | [RKLB](https://holderbook.com/stocks/RKLB/) | $202.1K | 1,988 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +7.0% | +7.8% | -0.8% | 100% |
| Q2 2025 | +19.4% | +10.5% | +8.9% | 100% |
| Q1 2025 | -4.1% | -4.6% | +0.4% | 100% |
| Q4 2024 | +2.0% | +2.1% | -0.2% | 100% |
| Q3 2024 | +0.3% | +5.4% | -5.1% | 100% |
| Q2 2024 | +6.7% | +4.0% | +2.7% | 100% |
| Q1 2024 | +12.4% | +10.0% | +2.3% | 100% |
| Q4 2023 | +12.3% | +11.2% | +1.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.4B | 49 |
| Q1 2026 | $3.7B | 73 |
| Q4 2025 | $1.9B | 61 |
| Q3 2025 | $1.2B | 68 |
| Q2 2025 | $330.0M | 71 |
| Q1 2025 | $294.3M | 75 |
| Q4 2024 | $299.3M | 74 |
| Q3 2024 | $326.0M | 84 |
| Q2 2024 | $324.9M | 79 |
| Q1 2024 | $274.0M | 81 |
| Q4 2023 | $271.6M | 90 |
| Q3 2023 | $255.5M | 93 |