ADAPT Investment Managers SA In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), ADAPT Investment Managers SA reported 28 stock positions worth $494.7 million . Its top holding was Microsoft (MSFT) at 11.2% of the portfolio, followed by SPDR Gold Shares (GLD, 11.2% ) and Vaneck Semiconductor ETF (SMH, 8.0% ). Compared with Q3 2025, it opened 12 new positions, sold out of 12, added to 9 and reduced 6. The biggest buy was a new position in SPDR Gold Shares (GLD) and the biggest sale Nvidia (NVDA, shares −85% ).
Location Geneva, V8
CIK 0002029917
Portfolio Value $494.7M (Q4 2025) Holdings 28 stocks · $494.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 MSFT Microsoft Corp. 114,825 $55.5M Add +222.5% GLD SPDR Gold Shares 139,900 $55.4M New SMH Vaneck Semiconductor ETF 109,241 $39.3M Add +217.3% AMZN Amazon.com Inc. 167,550 $38.7M Add +81.2% AVGO Broadcom Inc. 102,652 $35.5M Reduce -35.8% ZS Zscaler Inc. 112,413 $25.3M New COIN Coinbase Global Inc. Class A 104,840 $23.7M New DDOG Datadog Inc. Class A 160,121 $21.8M New HD Home Depot Inc. 60,470 $20.8M Add +403.7% NVDA Nvidia Corp. 103,032 $19.2M Reduce -84.9% INTU Intuit Inc. 28,023 $18.6M Add +52.2% FXI iShares China Large-Cap ETF 463,524 $17.7M New ADSK Autodesk Inc. 55,648 $16.5M Add +861.9% TSLA Tesla Inc. 33,530 $15.1M Reduce -59.7% LOW Lowe's Cos Inc. 58,970 $14.2M Add +107.0% AAPL Apple Inc. 45,400 $12.3M New LEN Lennar Corp. Class A 114,143 $11.7M New META Meta Platforms Inc. Class A 14,460 $9.5M Reduce -69.0% TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 211,437 $8.0M Reduce -21.7% NKE Nike Inc. Class B 111,213 $7.1M Add +579.6% OKTA Okta Inc. 73,789 $6.4M Add +984.2% XYZ Block Inc. 97,114 $6.3M Reduce -21.8% ADI Analog Devices Inc. 16,435 $4.5M New MRVL Marvell Technology Inc. 47,955 $4.1M New NFLX Netflix Inc. 33,000 $3.1M No change AMAT Applied Materials Inc. 10,177 $2.6M New VZ Verizon Communications Inc. 36,555 $1.5M New NEE Nextera Energy Inc. 1,801 $145K New
Options reported separately and not counted above: NVDA puts ($1.8B), HYG puts ($1.3B), TSLA puts ($1.1B), AMD puts ($765.6M), AAPL puts ($734.0M), XLK puts ($575.9M), MU puts ($428.1M), META puts ($349.8M), FXI calls ($306.3M), AVGO puts ($302.8M), FXI puts ($268.0M), PLTR puts ($263.5M), and 102 more.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ NVDA Nvidia Corp. Reduce -84.9% 3.88% −22.95 MU Micron Technology Inc. Sold out 0.00% −6.47 META Meta Platforms Inc. Class A Reduce -69.0% 1.93% −5.27 GOOG Alphabet Inc. Class C Sold out 0.00% −5.12 TXN Texas Instruments Inc. Sold out 0.00% −4.99 TSLA Tesla Inc. Reduce -59.7% 3.05% −4.73 AVGO Broadcom Inc. Reduce -35.8% 7.18% −3.92 HUBS HubSpot Inc. Sold out 0.00% −2.63 AMD Advanced Micro Devices Sold out 0.00% −2.40 TTD Trade Desk Inc./the Class A Reduce -21.7% 1.62% −1.16 FCX Freeport-McMoran Inc. Sold out 0.00% −0.94 TGT Target Corp. Sold out 0.00% −0.94 BAC Bank of America Corp. Sold out 0.00% −0.73 KRE SS SPDR S&P Regional Bank Sold out 0.00% −0.69 XYZ Block Inc. Reduce -21.8% 1.28% −0.61 XOM Exxon Mobil Corp. Sold out 0.00% −0.14 DLTR Dollar Tree Inc. Sold out 0.00% −0.04 LLY Eli Lilly & Co. Sold out 0.00% −0.03
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ GLD SPDR Gold Shares New 11.21% +11.21 MSFT Microsoft Corp. Add +222.5% 11.23% +7.35 SMH Vaneck Semiconductor ETF Add +217.3% 7.95% +5.59 ZS Zscaler Inc. New 5.11% +5.11 COIN Coinbase Global Inc. Class A New 4.79% +4.79 DDOG Datadog Inc. Class A New 4.40% +4.40 FXI iShares China Large-Cap ETF New 3.59% +3.59 AMZN Amazon.com Inc. Add +81.2% 7.82% +3.55 HD Home Depot Inc. Add +403.7% 4.21% +3.18 ADSK Autodesk Inc. Add +861.9% 3.33% +2.94 AAPL Apple Inc. New 2.49% +2.49 LEN Lennar Corp. Class A New 2.37% +2.37 LOW Lowe's Cos Inc. Add +107.0% 2.87% +1.37 NKE Nike Inc. Class B Add +579.6% 1.43% +1.19 OKTA Okta Inc. Add +984.2% 1.29% +1.16 INTU Intuit Inc. Add +52.2% 3.75% +1.11 ADI Analog Devices Inc. New 0.90% +0.90 MRVL Marvell Technology Inc. New 0.82% +0.82 AMAT Applied Materials Inc. New 0.53% +0.53 VZ Verizon Communications Inc. New 0.30% +0.30 NEE Nextera Energy Inc. New 0.03% +0.03
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ NVDA Nvidia Corp. put Add +12.2% 9,630,200 $1.8B HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +100.0% 16,000,000 $1.3B TSLA Tesla Inc. put Reduce -17.5% 2,375,000 $1.1B AMD Advanced Micro Devices put Add +24.4% 3,575,000 $765.6M AAPL Apple Inc. put Add +25.6% 2,700,000 $734.0M XLK SS Technology Select Sector put New 4,000,000 $575.9M MU Micron Technology Inc. put Reduce -14.3% 1,500,000 $428.1M META Meta Platforms Inc. Class A put Add +15.2% 530,000 $349.8M FXI iShares China Large-Cap ETF call Add +220.0% 8,000,000 $306.3M FXI iShares China Large-Cap ETF put Reduce -12.5% 7,000,000 $268.0M PLTR Palantir Technologies Inc. Class A put Add +18.6% 1,482,200 $263.5M MSFT Microsoft Corp. put Reduce -56.3% 465,000 $224.9M AMZN Amazon.com Inc. put Add +11.8% 950,000 $219.3M MRVL Marvell Technology Inc. put Add +21.4% 2,550,000 $216.7M ORCL Oracle Corp. put New 1,044,900 $203.7M DELL Dell Technologies -C put Add +6.9% 1,550,000 $195.1M EEM iShares MSCI Emerging Market call New 3,000,000 $164.1M AAPL Apple Inc. call Add +24.4% 560,000 $152.2M AVGO Broadcom Inc. call Add +66.7% 375,000 $129.8M XOM Exxon Mobil Corp. put Add +28.6% 900,000 $108.3M TXN Texas Instruments Inc. put Add +100.1% 600,300 $104.1M TFC Truist Financial Corp. put Add +216.7% 1,900,000 $93.5M AMZN Amazon.com Inc. call Add +100.0% 400,000 $92.3M IBM Intl Business Machines Corp. put New 300,000 $88.9M AMGN Amgen Inc. put Add +150.0% 250,000 $81.8M GOOG Alphabet Inc. Class C put New 250,000 $78.5M BAC Bank of America Corp. put Add +125.0% 1,350,000 $74.3M TXN Texas Instruments Inc. call Add +1600.0% 425,000 $73.7M XOM Exxon Mobil Corp. call Add +49.9% 600,600 $72.3M LRCX Lam Research Corp. put New 375,000 $64.2M FCX Freeport-McMoran Inc. put Add +200.0% 1,200,000 $60.9M KRE SS SPDR S&P Regional Bank put Add +100.0% 900,000 $58.3M ISRG Intuitive Surgical Inc. put New 100,000 $56.6M ZS Zscaler Inc. put Reduce -28.6% 250,000 $56.2M INTC Intel Corp. put Reduce -6.3% 1,500,200 $55.4M LVS Las Vegas Sands Corp. put New 795,200 $51.8M MU Micron Technology Inc. call Sold out 300,000 $50.2Mbefore exit VZ Verizon Communications Inc. put Add +133.3% 1,050,000 $42.8M ANET Arista Networks Inc. put Reduce -48.0% 325,000 $42.6M MRVL Marvell Technology Inc. call Reduce -16.7% 500,000 $42.5M BAC Bank of America Corp. call New 750,000 $41.3M PLTR Palantir Technologies Inc. Class A call Add +1.6% 228,600 $40.6M ORCL Oracle Corp. call New 200,000 $39.0M KRE SS SPDR S&P Regional Bank call Add +100.0% 600,000 $38.9M CCL Carnival Corp. put Add +38.9% 1,250,000 $38.2M LVS Las Vegas Sands Corp. call New 570,200 $37.1M RTX RTX Corp. put New 200,000 $36.7M FCX Freeport-McMoran Inc. call Add +133.3% 700,000 $35.6M QCOM Qualcomm Inc. put Reduce -60.0% 200,000 $34.2M AMAT Applied Materials Inc. call Sold out 150,000 $30.7Mbefore exit
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Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 27 $441.2M NVDA, MSFT, SMH, AVGO, META Q1 2026 34 $294.4M AMZN, META, TXN, IBM, AMD Q4 2025 28 $494.7M MSFT, GLD, SMH, AMZN, AVGO Q3 2025 28 $475.4M NVDA, AVGO, TSLA, META, MU Q2 2025 16 $290.4M NVDA, MSFT, AVGO, AMZN, AAPL Q1 2025 17 $414.5M GOOG, AAPL, ADBE, FXI, NVDA Q4 2024 21 $215.8M AVGO, FXI, KRE, SMCI, UPS