Valiant Capital Management’s Invesco QQQ Trust QQQ Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	–	Sell	-560,000	Closed	-$344M	–	37
2025 Q4	$344M	Buy	+560,000	New	+$344M	19.46%	1
2025 Q3	–	Sell	-380,000	Closed	-$210M	–	37
2025 Q2	$210M	Buy	+380,000	New	+$189M	11.47%	1
2025 Q1	–	Sell	-766,900	Closed	-$392M	–	36
2024 Q4	$392M	Buy	766,900 +355,000	+86%	+$180M	24.86%	1
2024 Q3	$201M	Sell	411,900 -3,100	-0.7%	-$1.47M	11.1%	2
2024 Q2	$199M	Sell	415,000 -41,000	-9%	-$18.4M	10.6%	2
2024 Q1	$202M	Sell	456,000 -284,000	-38%	-$122M	12.82%	2
2023 Q4	$303M	Buy	740,000 +462,000	+166%	+$175M	14.83%	1
2023 Q3	$99.6M	Sell	278,000 -409,000	-60%	-$152M	9.59%	3
2023 Q2	$254M	Buy	687,000 +8,000	+1%	+$2.69M	23.88%	1
2023 Q1	$218M	Buy	+679,000	New	+$200M	17.24%	2
2021 Q2	–	Sell	-3,180,000	Closed	-$1.01B	–	24
2021 Q1	$1.01B	Buy	3,180,000 +580,000	+22%	+$185M	39.29%	1
2020 Q4	$816M	Buy	2,600,000 +550,000	+27%	+$161M	35.63%	1
2020 Q3	$570M	Buy	+2,050,000	New	+$556M	29.71%	1
2019 Q4	–	Sell	-1,328,500	Closed	-$251M	–	18
2019 Q3	$251M	Sell	1,328,500 -421,500	-24%	-$79.9M	13.67%	2
2019 Q2	$327M	Hold	1,750,000	–	–	26.5%	1
2019 Q1	$314M	Sell	1,750,000 -195,000	-10%	-$33.1M	28.21%	1
2018 Q4	$300M	Buy	1,945,000 +245,000	+14%	+$41M	28.28%	1
2018 Q3	$316M	Hold	1,700,000	–	–	27.93%	1
2018 Q2	$292M	Buy	1,700,000 +675,000	+66%	+$113M	27.12%	1
2018 Q1	$164M	Sell	1,025,000 -900,000	-47%	-$149M	15%	2
2017 Q4	$300M	Buy	+1,925,000	New	+$294M	22.41%	2
2017 Q3	–	Sell	-2,200,000	Closed	-$303M	–	19
2017 Q2	$303M	Buy	2,200,000 +1,200,000	+120%	+$165M	16.46%	2
2017 Q1	$132M	Buy	+1,000,000	New	+$128M	7.23%	3