Militia Capital Management Portfolio holdings
Militia Capital Management is an investment adviser owned entirely by David Orr that runs a global long/short equity strategy for a single client, the private fund Militia Capital Partners. Orr, founder and chief investment officer of the affiliated company Militia Investments, also manages the Militia Long/Short Equity ETF, which launched in January 2025. The private fund can also allocate its money among selected portfolio managers, each running a separate strategy.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Abivax
ABVX
|
+$14M |
| 2 |
Karman Holdings
KRMN
|
+$10.2M |
| 3 |
Regal Rexnord
RRX
|
+$8.75M |
| 4 |
SPDR Gold Trust
GLD
|
+$7.92M |
| 5 |
Bank of N.T. Butterfield & Son
NTB
|
+$7.85M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$14.1M |
| 2 |
Moderna
MRNA
|
+$8.58M |
| 3 |
Amazon
AMZN
|
+$6.35M |
| 4 |
iShares Biotechnology ETF
IBB
|
+$4.58M |
| 5 |
Novo Nordisk
NVO
|
+$4.39M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 83.28% |
| 2 | Financials | 3.44% |
| 3 | Healthcare | 2.68% |
| 4 | Industrials | 2.63% |
| 5 | Technology | 2.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
CALL
Invesco QQQ Trust
QQQ
$467B
| $1.53B | 38.32% |
2,072,000
+354,600
| +21% | +$253M |
2026 Q2
1 quarter
|
|
2
PUT
Tesla
TSLA
$1.54T
| $1.3B | 32.56% |
3,671,300
+3,236,000
| +743% | +$1.16B |
2026 Q1
2 quarters
|
|
3
CALL
Blackrock
BLK
$189B
| $241M | 6.03% |
228,000
+16,300
| +8% | +$17.8M |
2026 Q2
1 quarter
|
|
4
PUT
Alibaba
BABA
$235B
| $65.5M | 1.64% |
609,500
+560,000
| +1,131% | +$64.7M |
2026 Q1
2 quarters
|
|
5
PUT
Coinbase
COIN
$33.8B
| $22.2M | 0.56% |
119,200
-3,479,200
| -97% | -$591M |
2026 Q1
2 quarters
|
|
6
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.2B
| $20.9M | 0.52% |
312,600
| – | – |
2026 Q1
2 quarters
|
|
7
CALL
Applovin
APP
$136B
| $19.7M | 0.49% |
+68,000
| New | +$25M |
2026 Q3
0 quarters
|
|
8
Militia Long/Short Equity ETF
ORR
$363M
| $14M | 0.35% |
370,000
-34,411
| -9% | -$1.31M |
2026 Q1
2 quarters
|
|
9
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.35B
| $13.9M | 0.35% |
+200,000
| New | +$15M |
2026 Q3
0 quarters
|
|
10
NVIDIA
NVDA
$3.93T
| $12.1M | 0.3% |
53,050
+31,662
| +148% | +$6.79M |
2026 Q1
2 quarters
|
|
|
11
Abivax
ABVX
$7.67B
| $11.5M | 0.29% |
+116,251
| New | +$14M |
2026 Q3
0 quarters
|
|
|
12
Amazon
AMZN
$2.88T
| $10.5M | 0.26% |
42,202
-24,991
| -37% | -$6.35M |
2026 Q1
2 quarters
|
|
13
Energy Transfer Partners
ET
$66.8B
| $10M | 0.25% |
503,400
-96,600
| -16% | -$1.99M |
2026 Q1
2 quarters
|
|
14
Snap
SNAP
$9.08B
| $9.7M | 0.24% |
1,803,500
+1,103,500
| +158% | +$5.7M |
2026 Q1
2 quarters
|
|
15
PUT
UBS Group
UBS
$146B
| $9.6M | 0.24% |
+200,000
| New | +$10.5M |
2026 Q3
0 quarters
|
|
16
PUT
Casey's General Stores
CASY
$26.3B
| $9.13M | 0.23% |
15,000
| – | – |
2026 Q2
1 quarter
|
|
17
Axos Financial
AX
$5.17B
| $8.66M | 0.22% |
100,000
| – | – |
2026 Q1
2 quarters
|
|
18
Millicom
TIGO
$13.3B
| $8.28M | 0.21% |
95,000
+25,000
| +36% | +$2.36M |
2026 Q1
2 quarters
|
|
19
Western Midstream Partners
WES
$17.5B
| $7.86M | 0.2% |
177,112
-23,138
| -12% | -$1.09M |
2026 Q1
2 quarters
|
|
20
Hyperliquid Strategies Inc
PURR
$1.72B
| $7.78M | 0.19% |
633,900
-93,487
| -13% | -$875K |
2026 Q1
2 quarters
|
|
21
Interactive Brokers
IBKR
$37.1B
| $7.77M | 0.19% |
91,000
| – | – |
2026 Q1
2 quarters
|
|
22
Grupo Aeroportuario Centro Norte
OMAB
$5.28B
| $7.76M | 0.19% |
80,300
-2,524
| -3% | -$262K |
2026 Q1
2 quarters
|
|
|
23
SPDR Gold Trust
GLD
$130B
| $7.71M | 0.19% |
+20,240
| New | +$7.92M |
2026 Q3
0 quarters
|
|
|
24
Regal Rexnord
RRX
$11.7B
| $7.52M | 0.19% |
+48,500
| New | +$8.75M |
2026 Q3
0 quarters
|
|
|
25
Bank of N.T. Butterfield & Son
NTB
$2.24B
| $7.52M | 0.19% |
+130,000
| New | +$7.85M |
2026 Q3
0 quarters
|
|
Similar funds
Militia Capital Management's Q3 2026 Portfolio in Review
As of Q3 2026, Militia Capital Management held 385 positions worth $4B, up 19% from $3.37B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Militia Capital Management deployed $180M of net new capital in Q3 2026, opening 107 new positions and adding to 90 existing holdings. Its largest new stake was Abivax: 116,251 shares worth $11.5M.
By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, down from 84% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Moderna, an estimated $8.58M trimmed.
- Militia Capital Management's largest Q3 2026 buy was Abivax: 116,251 shares worth $11.5M.
- Militia Capital Management added most to Karman Holdings in Q3 2026, an estimated $10.2M increase.
- Militia Capital Management's biggest Q3 2026 reduction was Moderna, cutting an estimated $8.58M.
- Militia Capital Management fully exited TSMC in Q3 2026, selling an estimated $14.1M.
- Militia Capital Management's ten largest holdings make up 81% of its $4B portfolio in Q3 2026.
- Militia Capital Management opened 107 new positions and closed 71 in Q3 2026.
- Militia Capital Management's portfolio value rose 19% quarter-over-quarter to $4B.
Based on Militia Capital Management's 13F filing for Q3 2026, filed 12 Nov 2026.