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Belvedere Trading

Belvedere Trading Portfolio holdings

AUM $87.6B
1-Year Est. Return 131.08%
This Fund
S&P 500
This Quarter Est. Return
+18%
1 Year Est. Return
+131.08%
3 Year Est. Return
+497.29%
5 Year Est. Return
+787.25%
10 Year Est. Return
–
AUM
$86.9B
AUM Growth
+$1.37B
Cap. Flow
-$8.02B
Cap. Flow %
-9.24%
Top 10 Hldgs %
82.83%
Holding
1,210
New
406
Increased
208
Reduced
217
Closed
323

Top Buys

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$139M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$108M
3
IBIT icon
iShares Bitcoin Trust
IBIT
+$48.6M
4
AVGO icon
Broadcom
AVGO
+$43.8M
5
QQQ icon
Invesco QQQ Trust
QQQ
+$24.2M

Top Sells

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$316M
2
SMH icon
VanEck Semiconductor ETF
SMH
+$112M
3
GLD icon
SPDR Gold Trust
GLD
+$35.2M
4
NVDA icon
NVIDIA
NVDA
+$30.6M
5
SMCI icon
Super Micro Computer
SMCI
+$22.1M

Sector Composition

Rank Sector Weight
1 Technology 0.5%
2 Consumer Discretionary 0.25%
3 Communication Services 0.02%
4 Industrials 0.01%
5 Financials 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARGT icon
901
CALL
Global X MSCI Argentina ETF
ARGT
$847M
– –
-15,800
Closed -$1.34M
ARGT icon
902
Global X MSCI Argentina ETF
ARGT
$847M
– –
-21,033
Closed -$1.78M
ARGT icon
903
PUT
Global X MSCI Argentina ETF
ARGT
$847M
– –
-13,000
Closed -$1.1M
ARKF icon
904
CALL
ARK Blockchain & Fintech Innovation ETF
ARKF
$724M
– –
-300
Closed -$15.1K
ARKF icon
905
PUT
ARK Blockchain & Fintech Innovation ETF
ARKF
$724M
– –
-4,200
Closed -$211K
ARM icon
906
Arm
ARM
$254B
– –
-2,037
Closed -$329K
ASPI icon
907
CALL
ASP Isotopes
ASPI
$524M
– –
-1,100
Closed -$8.1K
AVAH icon
908
Aveanna Healthcare
AVAH
$2.11B
– –
-11,936
Closed -$62.4K
AVUV icon
909
Avantis US Small Cap Value ETF
AVUV
$30.9B
– –
-1,754
Closed -$170K
AZEK
910
CALL
DELISTED
The AZEK Co
AZEK
– –
-23,700
Closed -$1.29M
AZEK
911
PUT
DELISTED
The AZEK Co
AZEK
– –
-300
Closed -$16.3K
BBAR icon
912
CALL
BBVA Argentina
BBAR
$3.9B
– –
-14,000
Closed -$230K
BFOR icon
913
CALL
Barron's 400 ETF
BFOR
$235M
– –
-25,200
Closed -$485K
BFOR icon
914
PUT
Barron's 400 ETF
BFOR
$235M
– –
-11,600
Closed -$223K
BGFV
915
CALL
DELISTED
Big 5 Sporting Goods
BGFV
– –
-42,000
Closed -$59.6K
BGFV
916
DELISTED
Big 5 Sporting Goods
BGFV
– –
-3,297
Closed -$4.68K
BGFV
917
PUT
DELISTED
Big 5 Sporting Goods
BGFV
– –
-5,200
Closed -$7.38K
BIDU icon
918
Baidu
BIDU
$38.4B
– –
-303
Closed -$30K
BIL icon
919
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.9B
– –
-3,587
Closed -$329K
BIL icon
920
PUT
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.9B
– –
-7,600
Closed -$697K
BITQ icon
921
CALL
Bitwise Crypto Industry Innovators ETF
BITQ
$394M
– –
-200
Closed -$3.94K
BITQ icon
922
Bitwise Crypto Industry Innovators ETF
BITQ
$394M
– –
-11,131
Closed -$220K
BITQ icon
923
PUT
Bitwise Crypto Industry Innovators ETF
BITQ
$394M
– –
-100
Closed -$1.97K
BITS icon
924
CALL
Global X Blockchain & Bitcoin Strategy ETF
BITS
$23.7M
– –
-2,800
Closed -$203K
BITS icon
925
Global X Blockchain & Bitcoin Strategy ETF
BITS
$23.7M
– –
-100
Closed -$7.24K
35 36
37
38 39

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Belvedere Trading's Q3 2025 Portfolio in Review

As of Q3 2025, Belvedere Trading held 1,210 positions worth $86.9B, up 1.6% from $85.5B the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Belvedere Trading withdrew a net $8.02B in Q3 2025, closing 323 positions and reducing 217 holdings. Its most notable exit was VanEck Semiconductor ETF, an estimated $112M position sold in full.

By sector, the portfolio is most concentrated in Technology at 0.5% of assets, down from 0.85% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Belvedere Trading opened a new position in Palantir worth $10.9M.

  • Belvedere Trading's largest Q3 2025 buy was Palantir: 59,574 shares worth $10.9M.
  • Belvedere Trading added most to Tesla in Q3 2025, an estimated $139M increase.
  • Belvedere Trading's biggest Q3 2025 reduction was Strategy Inc, cutting an estimated $316M.
  • Belvedere Trading fully exited VanEck Semiconductor ETF in Q3 2025, selling an estimated $112M.
  • Belvedere Trading's ten largest holdings make up 83% of its $86.9B portfolio in Q3 2025.
  • Belvedere Trading opened 406 new positions and closed 323 in Q3 2025.
  • Belvedere Trading's portfolio value rose 1.6% quarter-over-quarter to $86.9B.

Based on Belvedere Trading's 13F filing for Q3 2025, filed 27 Oct 2025.