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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
+0.72%
1 Year Est. Return
+52.68%
3 Year Est. Return
+262.56%
5 Year Est. Return
+468.62%
10 Year Est. Return
–
AUM
$93.1B
AUM Growth
+$6.26B
Cap. Flow
-$9.32B
Cap. Flow %
-10%
Top 10 Hldgs %
81.34%
Holding
1,246
New
362
Increased
207
Reduced
237
Closed
397

Top Buys

Rank Stock Value
1
SMCI icon
Super Micro Computer
SMCI
+$32.9M
2
GLD icon
SPDR Gold Trust
GLD
+$22.2M
3
MSTR icon
Strategy Inc
MSTR
+$17.7M
4
WDC icon
Western Digital
WDC
+$11.4M
5
PLTR icon
Palantir
PLTR
+$9.83M

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$188M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$171M
3
NVDA icon
NVIDIA
NVDA
+$145M
4
AVGO icon
Broadcom
AVGO
+$96.9M
5
IBIT icon
iShares Bitcoin Trust
IBIT
+$92.3M

Sector Composition

Rank Sector Weight
1 Technology 0.23%
2 Consumer Discretionary 0.01%
3 Industrials 0.01%
4 Financials 0.01%
5 Healthcare 0%
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
$778B
$16B 17.15%
23,424,200
-7,578,300
-24% -$5.12B
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$15.5B 16.6%
22,668,400
-5,435,700
-19% -$3.67B
ES icon
3
PUT
Eversource Energy
ES
$28.2B
$12.1B 13.03%
+1,743,650
New +$122M
TSLA icon
4
PUT
Tesla
TSLA
$1.25T
$5.68B 6.1%
12,638,100
-565,200
-4% -$251M
NVDA icon
5
CALL
NVIDIA
NVDA
$5.03T
$4.99B 5.36%
26,753,000
-1,226,900
-4% -$228M
TSLA icon
6
CALL
Tesla
TSLA
$1.25T
$4.96B 5.33%
11,028,500
+546,800
+5% +$242M
NVDA icon
7
PUT
NVIDIA
NVDA
$5.03T
$4.64B 4.99%
24,894,900
-346,000
-1% -$64.4M
QQQ icon
8
PUT
Invesco QQQ Trust
QQQ
$458B
$4.37B 4.69%
7,111,200
-1,734,100
-20% -$1.06B
QQQ icon
9
CALL
Invesco QQQ Trust
QQQ
$458B
$3.84B 4.12%
6,247,300
-282,200
-4% -$173M
ES icon
10
CALL
Eversource Energy
ES
$28.2B
$3.69B 3.97%
+529,650
New +$37.2M
SO icon
11
CALL
Southern Company
SO
$110B
$1.61B 1.73%
+22,720,000
New +$2.07B
SO icon
12
PUT
Southern Company
SO
$110B
$1.33B 1.42%
+18,720,000
New +$1.71B
META icon
13
CALL
Meta Platforms (Facebook)
META
$1.53T
$1.32B 1.42%
1,999,000
-143,600
-7% -$95.9M
IWM icon
14
PUT
iShares Russell 2000 ETF
IWM
$81.2B
$983M 1.06%
3,994,900
-1,369,700
-26% -$337M
META icon
15
PUT
Meta Platforms (Facebook)
META
$1.53T
$948M 1.02%
1,436,900
-248,000
-15% -$166M
AAPL icon
16
PUT
Apple
AAPL
$4.79T
$799M 0.86%
2,937,300
-353,100
-11% -$94.8M
SMH icon
17
PUT
VanEck Semiconductor ETF
SMH
$68.6B
$775M 0.83%
2,150,900
+278,900
+15% +$97.9M
AAPL icon
18
CALL
Apple
AAPL
$4.79T
$744M 0.8%
2,735,000
-136,300
-5% -$36.6M
GLD icon
19
CALL
SPDR Gold Trust
GLD
$131B
$729M 0.78%
1,839,400
-205,500
-10% -$78.5M
IWM icon
20
CALL
iShares Russell 2000 ETF
IWM
$81.2B
$720M 0.77%
2,923,300
-1,225,400
-30% -$301M
SMH icon
21
CALL
VanEck Semiconductor ETF
SMH
$68.6B
$670M 0.72%
1,860,000
+4,400
+0.2% +$1.54M
AMD icon
22
CALL
Advanced Micro Devices
AMD
$862B
$607M 0.65%
2,833,100
-295,700
-9% -$66.4M
AMD icon
23
PUT
Advanced Micro Devices
AMD
$862B
$600M 0.64%
2,803,800
+59,600
+2% +$13.4M
AMZN icon
24
CALL
Amazon
AMZN
$2.51T
$584M 0.63%
2,528,700
+166,200
+7% +$38M
AVGO icon
25
PUT
Broadcom
AVGO
$1.83T
$577M 0.62%
1,667,300
-332,700
-17% -$119M
1
2 3 4 5

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Mariner
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Belvedere Trading's Q4 2025 Portfolio in Review

As of Q4 2025, Belvedere Trading held 1,246 positions worth $93.1B, up 7.2% from $86.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Belvedere Trading withdrew a net $9.32B in Q4 2025, closing 397 positions and reducing 237 holdings. Its most notable exit was Tesla, an estimated $188M position sold in full.

By sector, the portfolio is most concentrated in Technology at 0.23% of assets, down from 0.5% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Belvedere Trading opened a new position in SPDR Gold Trust worth $23M.

  • Belvedere Trading's largest Q4 2025 buy was SPDR Gold Trust: 58,131 shares worth $23M.
  • Belvedere Trading added most to Super Micro Computer in Q4 2025, an estimated $32.9M increase.
  • Belvedere Trading's biggest Q4 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $171M.
  • Belvedere Trading fully exited Tesla in Q4 2025, selling an estimated $188M.
  • Belvedere Trading's ten largest holdings make up 81% of its $93.1B portfolio in Q4 2025.
  • Belvedere Trading opened 362 new positions and closed 397 in Q4 2025.
  • Belvedere Trading's portfolio value rose 7.2% quarter-over-quarter to $93.1B.

Based on Belvedere Trading's 13F filing for Q4 2025, filed 10 Feb 2026.