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Belvedere Trading

Belvedere Trading Portfolio holdings

AUM $84.4B
1-Year Est. Return 52.68%
This Fund
S&P 500
This Quarter Est. Return
+18%
1 Year Est. Return
+52.68%
3 Year Est. Return
+262.56%
5 Year Est. Return
+468.62%
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
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
$20.7B 23.78%
31,002,500
-4,434,900
-13% -$2.84B
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$784B
$18.7B 21.56%
28,104,100
-4,891,900
-15% -$3.14B
TSLA icon
3
PUT
Tesla
TSLA
$1.22T
$5.87B 6.76%
13,203,300
+1,022,300
+8% +$355M
QQQ icon
4
PUT
Invesco QQQ Trust
QQQ
$446B
$5.31B 6.11%
8,845,300
-549,900
-6% -$315M
NVDA icon
5
CALL
NVIDIA
NVDA
$4.79T
$5.22B 6.01%
27,979,900
+1,003,300
+4% +$175M
NVDA icon
6
PUT
NVIDIA
NVDA
$4.79T
$4.71B 5.42%
25,240,900
-4,979,600
-16% -$868M
TSLA icon
7
CALL
Tesla
TSLA
$1.22T
$4.66B 5.37%
10,481,700
+483,200
+5% +$168M
QQQ icon
8
CALL
Invesco QQQ Trust
QQQ
$446B
$3.92B 4.51%
6,529,500
-1,289,900
-16% -$739M
META icon
9
CALL
Meta Platforms (Facebook)
META
$1.51T
$1.57B 1.81%
2,142,600
-271,700
-11% -$202M
IWM icon
10
PUT
iShares Russell 2000 ETF
IWM
$80.4B
$1.3B 1.49%
5,364,600
-1,631,700
-23% -$374M
META icon
11
PUT
Meta Platforms (Facebook)
META
$1.51T
$1.24B 1.42%
1,684,900
-24,700
-1% -$18.4M
MSTR icon
12
PUT
Strategy Inc
MSTR
$35.6B
$1.16B 1.33%
3,596,900
-577,200
-14% -$214M
IWM icon
13
CALL
iShares Russell 2000 ETF
IWM
$80.4B
$1B 1.16%
4,148,700
-803,500
-16% -$184M
MSTR icon
14
CALL
Strategy Inc
MSTR
$35.6B
$894M 1.03%
2,773,900
+24,700
+0.9% +$9.16M
AAPL icon
15
PUT
Apple
AAPL
$4.98T
$838M 0.96%
3,290,400
+339,700
+12% +$76.7M
AAPL icon
16
CALL
Apple
AAPL
$4.98T
$731M 0.84%
2,871,300
-169,500
-6% -$38.3M
GLD icon
17
CALL
SPDR Gold Trust
GLD
$131B
$727M 0.84%
2,044,900
-944,600
-32% -$301M
AVGO icon
18
PUT
Broadcom
AVGO
$1.81T
$660M 0.76%
2,000,000
+601,700
+43% +$185M
SMH icon
19
PUT
VanEck Semiconductor ETF
SMH
$64.2B
$611M 0.7%
1,872,000
-507,700
-21% -$150M
SMH icon
20
CALL
VanEck Semiconductor ETF
SMH
$64.2B
$606M 0.7%
1,855,600
+448,300
+32% +$133M
AMZN icon
21
PUT
Amazon
AMZN
$2.49T
$563M 0.65%
2,564,500
-61,700
-2% -$14M
GLD icon
22
PUT
SPDR Gold Trust
GLD
$131B
$553M 0.64%
1,555,500
-713,000
-31% -$227M
AMZN icon
23
CALL
Amazon
AMZN
$2.49T
$519M 0.6%
2,362,500
+143,400
+6% +$32.5M
AVGO icon
24
CALL
Broadcom
AVGO
$1.81T
$516M 0.59%
1,565,200
+301,500
+24% +$92.5M
AMD icon
25
CALL
Advanced Micro Devices
AMD
$751B
$506M 0.58%
3,128,800
+55,300
+2% +$8.92M
1
2 3 4 5

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Squarepoint
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Mackenzie Financial
Mackenzie Financial Toronto Ontario, Ontario, Canada $83.3B AUM 31.19% 1-Year Est. Return
Mariner
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BNP Paribas Asset Management
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US Bancorp
US Bancorp Minneapolis, Minnesota $82.4B AUM 19.69% 1-Year Est. Return
Prudential Financial
Prudential Financial Newark, New Jersey $81.2B AUM 27.81% 1-Year Est. Return
Focus Partners Wealth
Focus Partners Wealth Boston, Massachusetts $89.9B AUM 20.5% 1-Year Est. Return

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.