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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
-8.69%
1 Year Est. Return
+131.08%
3 Year Est. Return
+497.29%
5 Year Est. Return
+787.25%
10 Year Est. Return
–
AUM
$88.7B
AUM Growth
+$5.87B
Cap. Flow
+$14.6B
Cap. Flow %
16.42%
Top 10 Hldgs %
86.79%
Holding
1,102
New
275
Increased
152
Reduced
217
Closed
425

Top Buys

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$195M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$158M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$39.2M
4
AVGO icon
Broadcom
AVGO
+$26.4M
5
META icon
Meta Platforms (Facebook)
META
+$25.1M

Top Sells

Rank Stock Value
1
SMH icon
VanEck Semiconductor ETF
SMH
+$144M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$135M
3
NVDA icon
NVIDIA
NVDA
+$104M
4
AMD icon
Advanced Micro Devices
AMD
+$23.2M
5
SMCI icon
Super Micro Computer
SMCI
+$22.3M

Sector Composition

Rank Sector Weight
1 Technology 0.7%
2 Communication Services 0.07%
3 Consumer Discretionary 0.05%
4 Energy 0%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UPST icon
1001
CALL
Upstart Holdings
UPST
$2.63B
– –
-7,300
Closed -$449K
UPST icon
1002
PUT
Upstart Holdings
UPST
$2.63B
– –
-1,500
Closed -$92.4K
AD
1003
CALL
Array Digital Infrastructure
AD
$3.01B
– –
-4,300
Closed -$270K
AD
1004
Array Digital Infrastructure
AD
$3.01B
– –
-1,075
Closed -$67.4K
VEA icon
1005
Vanguard FTSE Developed Markets ETF
VEA
$229B
– –
-44,472
Closed -$2.13M
VEA icon
1006
PUT
Vanguard FTSE Developed Markets ETF
VEA
$229B
– –
-81,800
Closed -$3.91M
VEON icon
1007
CALL
VEON
VEON
$3.62B
– –
-100
Closed -$4.01K
VGT icon
1008
CALL
Vanguard Information Technology ETF
VGT
$139B
– –
-11,200
Closed -$871K
VGT icon
1009
PUT
Vanguard Information Technology ETF
VGT
$139B
– –
-37,600
Closed -$2.92M
VKTX icon
1010
CALL
Viking Therapeutics
VKTX
$3.7B
– –
-7,700
Closed -$310K
VKTX icon
1011
Viking Therapeutics
VKTX
$3.7B
– –
-1,098
Closed -$44.2K
VKTX icon
1012
PUT
Viking Therapeutics
VKTX
$3.7B
– –
-2,700
Closed -$109K
VONG icon
1013
PUT
Vanguard Russell 1000 Growth ETF
VONG
$42.8B
– –
-100
Closed -$10.3K
VPU
1014
CALL
Vanguard Utilities ETF
VPU
$8.46B
– –
-200
Closed -$32.7K
VPU
1015
Vanguard Utilities ETF
VPU
$8.46B
– –
-2,066
Closed -$338K
VST icon
1016
CALL
Vistra
VST
$50B
– –
-2,400
Closed -$331K
VST icon
1017
Vistra
VST
$50B
– –
-758
Closed -$105K
VT icon
1018
CALL
Vanguard Total World Stock ETF
VT
$77.1B
– –
-3,700
Closed -$435K
VT icon
1019
PUT
Vanguard Total World Stock ETF
VT
$77.1B
– –
-200
Closed -$23.5K
VTV icon
1020
Vanguard Morningstar Value ETF
VTV
$188B
– –
-290
Closed -$50.6K
VUZI icon
1021
CALL
Vuzix
VUZI
$194M
– –
-98,700
Closed -$389K
VUZI icon
1022
Vuzix
VUZI
$194M
– –
-6,324
Closed -$24.9K
VXX icon
1023
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$154M
– –
-7,998
Closed -$370K
VXX icon
1024
PUT
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$154M
– –
-12,100
Closed -$306K
VYX icon
1025
CALL
NCR Voyix
VYX
$1.14B
– –
-242,300
Closed -$7.46M
39 40
41
42 43

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Belvedere Trading's Q1 2025 Portfolio in Review

As of Q1 2025, Belvedere Trading held 1,102 positions worth $88.7B, up 7.1% from $82.8B the previous quarter. Its ten largest holdings account for 87% of the portfolio.

Belvedere Trading deployed $14.6B of net new capital in Q1 2025, opening 275 new positions and adding to 152 existing holdings. Its largest new stake was Broadcom: 124,615 shares worth $20.9M.

By sector, the portfolio is most concentrated in Technology at 0.7% of assets, down from 0.76% a quarter earlier, followed by Communication Services and Consumer Discretionary.

On the sell side, the largest reduction was NVIDIA, an estimated $104M trimmed.

  • Belvedere Trading's largest Q1 2025 buy was Broadcom: 124,615 shares worth $20.9M.
  • Belvedere Trading added most to Strategy Inc in Q1 2025, an estimated $195M increase.
  • Belvedere Trading's biggest Q1 2025 reduction was NVIDIA, cutting an estimated $104M.
  • Belvedere Trading fully exited VanEck Semiconductor ETF in Q1 2025, selling an estimated $144M.
  • Belvedere Trading's ten largest holdings make up 87% of its $88.7B portfolio in Q1 2025.
  • Belvedere Trading opened 275 new positions and closed 425 in Q1 2025.
  • Belvedere Trading's portfolio value rose 7.1% quarter-over-quarter to $88.7B.

Based on Belvedere Trading's 13F filing for Q1 2025, filed 9 May 2025.