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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
QTUM icon
1076
PUT
Defiance Quantum ETF
QTUM
$5.23B
– –
-4,000
Closed -$367K
QUBT icon
1077
CALL
Quantum Computing Inc
QUBT
$1.83B
– –
-10,300
Closed -$197K
QUBT icon
1078
Quantum Computing Inc
QUBT
$1.83B
– –
-12,557
Closed -$241K
QUBT icon
1079
PUT
Quantum Computing Inc
QUBT
$1.83B
– –
-4,000
Closed -$76.7K
RCAT icon
1080
CALL
Red Cat Holdings
RCAT
$1.15B
– –
-10,200
Closed -$74.3K
RDVI icon
1081
CALL
FT Vest Rising Dividend Achievers Target Income ETF
RDVI
$3.57B
– –
-10,100
Closed -$250K
RINF icon
1082
ProShares Inflation Expectations ETF
RINF
$18.3M
– –
-81,836
Closed -$2.68M
RLJ icon
1083
RLJ Lodging Trust
RLJ
$1.86B
– –
-17,194
Closed -$125K
ROAD icon
1084
CALL
Construction Partners
ROAD
$5.84B
– –
-9,300
Closed -$988K
ROAD icon
1085
PUT
Construction Partners
ROAD
$5.84B
– –
-100
Closed -$10.6K
RSPH icon
1086
CALL
Invesco S&P 500 Equal Weight Health Care ETF
RSPH
$764M
– –
-9,100
Closed -$266K
RTH icon
1087
PUT
VanEck Retail ETF
RTH
$258M
– –
-2,100
Closed -$501K
SARK icon
1088
PUT
Tradr 2X Long Innovation ETFShort Innovation Daily ETF
SARK
$44.6M
– –
-4,600
Closed -$164K
ECHO
1089
EchoStar
ECHO
$24.4B
– –
-3,629
Closed -$164K
SFYF icon
1090
CALL
SoFi Social 50 ETF
SFYF
$39.6M
– –
-12,500
Closed -$585K
SHO icon
1091
Sunstone Hotel Investors
SHO
$2.19B
– –
-14,164
Closed -$123K
SKYT icon
1092
CALL
SkyWater Technology
SKYT
– –
-24,000
Closed -$236K
SKYY icon
1093
CALL
First Trust Cloud Computing ETF
SKYY
$2.92B
– –
-2,400
Closed -$292K
SLV icon
1094
iShares Silver Trust
SLV
$28B
– –
-186,270
Closed -$6.69M
SMH icon
1095
VanEck Semiconductor ETF
SMH
$65.2B
– –
-378,298
Closed -$112M
SOUN icon
1096
CALL
SoundHound AI
SOUN
$2.67B
– –
-41,200
Closed -$442K
SOUN icon
1097
SoundHound AI
SOUN
$2.67B
– –
-9,535
Closed -$102K
SOUN icon
1098
PUT
SoundHound AI
SOUN
$2.67B
– –
-2,200
Closed -$23.6K
SPXS icon
1099
Direxion Daily S&P 500 Bear 3x ETF
SPXS
$337M
– –
-2,552
Closed -$120K
SPXS icon
1100
PUT
Direxion Daily S&P 500 Bear 3x ETF
SPXS
$337M
– –
-90
Closed -$4.22K
42 43
44
45 46

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Qube Research & Technologies (QRT)
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Sanders Capital
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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.