Valiant Capital Management’s SPDR Gold Trust GLD Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	–	Sell	-106,100	Closed	-$42M	–	35
2025 Q4	$42M	Sell	106,100 -219,200	-67%	-$83.7M	2.38%	10
2025 Q3	$116M	Sell	325,300 -94,700	-23%	-$30.2M	7.96%	3
2025 Q2	$128M	Sell	420,000 -180,000	-30%	-$54.5M	7.01%	2
2025 Q1	$173M	Buy	600,000 +182,000	+44%	+$48.1M	12.64%	1
2024 Q4	$101M	Hold	418,000	–	–	6.42%	3
2024 Q3	$102M	Sell	418,000 -122,000	-23%	-$27.9M	5.61%	7
2024 Q2	$116M	Hold	540,000	–	–	6.19%	5
2024 Q1	$111M	Sell	540,000 -800,000	-60%	-$154M	7.04%	5
2023 Q4	$256M	Buy	1,340,000 +740,000	+123%	+$136M	12.54%	3
2023 Q3	$103M	Hold	600,000	–	–	9.91%	2
2023 Q2	$107M	Hold	600,000	–	–	10.06%	2
2023 Q1	$110M	Buy	+600,000	New	+$106M	8.7%	3
2022 Q4	–	Sell	-1,150,000	Closed	-$178M	–	23
2022 Q3	$178M	Hold	1,150,000	–	–	17.76%	2
2022 Q2	$194M	Buy	+1,150,000	New	+$201M	19.46%	1