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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
TZA icon
1126
Direxion Daily Small Cap Bear 3x ETF
TZA
$250M
– –
-2,877
Closed -$341K
UCC icon
1127
CALL
ProShares Ultra Consumer Discretionary
UCC
$10.5M
– –
-6,000
Closed -$271K
UDN icon
1128
CALL
Invesco DB US Dollar Index Bearish Fund
UDN
$109M
– –
-25,400
Closed -$480K
UDN icon
1129
PUT
Invesco DB US Dollar Index Bearish Fund
UDN
$109M
– –
-1,000
Closed -$18.9K
ULCC icon
1130
CALL
Frontier Group Holdings
ULCC
$1.55B
– –
-100
Closed -$363
ULCC icon
1131
Frontier Group Holdings
ULCC
$1.55B
– –
-16,330
Closed -$59.3K
UNL icon
1132
CALL
United States 12 Month Natural Gas Fund
UNL
$13.5M
– –
-117,900
Closed -$1.03M
UNL icon
1133
PUT
United States 12 Month Natural Gas Fund
UNL
$13.5M
– –
-1,000
Closed -$8.71K
USO icon
1134
CALL
United States Oil Fund
USO
$2.15B
– –
-22,000
Closed -$1.61M
UTHY icon
1135
US Treasury 30 Year Bond ETF
UTHY
$174M
– –
-8,794
Closed -$368K
VCR icon
1136
CALL
Vanguard Consumer Discretionary ETF
VCR
$6.15B
– –
-1,300
Closed -$471K
VCR icon
1137
PUT
Vanguard Consumer Discretionary ETF
VCR
$6.15B
– –
-100
Closed -$36.2K
VEA icon
1138
Vanguard FTSE Developed Markets ETF
VEA
$229B
– –
-2,209
Closed -$126K
VEA icon
1139
PUT
Vanguard FTSE Developed Markets ETF
VEA
$229B
– –
-4,000
Closed -$228K
VERA icon
1140
Vera Therapeutics
VERA
$2.3B
– –
-6,817
Closed -$161K
VERA icon
1141
PUT
Vera Therapeutics
VERA
$2.3B
– –
-6,700
Closed -$158K
VGT icon
1142
Vanguard Information Technology ETF
VGT
$139B
– –
-8
Closed -$699
VIOO icon
1143
CALL
Vanguard S&P Small-Cap 600 ETF
VIOO
$4.15B
– –
-3,400
Closed -$344K
VIOO icon
1144
PUT
Vanguard S&P Small-Cap 600 ETF
VIOO
$4.15B
– –
-600
Closed -$60.7K
VOE icon
1145
CALL
Vanguard Morningstar Mid-Cap Value ETF
VOE
$23.7B
– –
-2,000
Closed -$329K
VONE icon
1146
PUT
Vanguard Russell 1000 ETF
VONE
$8.27B
– –
-200
Closed -$56.2K
VONG icon
1147
CALL
Vanguard Russell 1000 Growth ETF
VONG
$42.8B
– –
-2,500
Closed -$273K
VOOG icon
1148
Vanguard S&P 500 Growth ETF
VOOG
$25.9B
– –
-1,134
Closed -$78.4K
VOX icon
1149
CALL
Vanguard Communication Services ETF
VOX
$5.59B
– –
-1,300
Closed -$222K
VOX icon
1150
PUT
Vanguard Communication Services ETF
VOX
$5.59B
– –
-100
Closed -$17.1K
44 45
46
47 48

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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.