In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), QVR LLC reported 44 stock positions worth $82.6 million . Its top holding was Apple (AAPL) at 21.1% of the portfolio, followed by Nvidia (NVDA, 15.9% ) and Alphabet Class A (GOOGL, 9.3% ). Compared with Q2 2025, it opened 26 new positions, sold out of 18, added to 13 and reduced 4. The biggest buy was Apple (AAPL, shares +618% ) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).
Location San Francisco, CA
CIK 0001718858
Portfolio Value $82.6M (Q3 2025) Holdings 44 stocks · $82.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 AAPL Apple Inc. 68,350 $17.4M Add +617.6% NVDA Nvidia Corp. 70,385 $13.1M Add +253.6% GOOGL Alphabet Inc. Class A 31,686 $7.7M Add +654.4% TSLA Tesla Inc. 16,503 $7.3M Add +329.0% GOOG Alphabet Inc. Class C 21,143 $5.1M Add +57.5% PLTR Palantir Technologies Inc. Class A 22,657 $4.1M Add +10.5% JNJ Johnson & Johnson 16,300 $3.0M New ABBV Abbvie Inc. 12,130 $2.8M New QQQ Invesco QQQ Trust Series 1 3,402 $2.0M Reduce -52.1% AMD Advanced Micro Devices 11,751 $1.9M Add +1780.2% BRK.B Berkshire Hathaway Inc. Class B 2,948 $1.5M New AVGO Broadcom Inc. 3,971 $1.3M Add +130.2% HD Home Depot Inc. 3,149 $1.3M New JPM JPMorgan Chase & Co. 3,818 $1.2M Add +151.3% SVXY Proshares Short Vix St Futur 23,001 $1.2M Reduce -15.8% MSFT Microsoft Corp. 2,228 $1.2M Reduce -6.9% WMT Walmart Inc. 9,537 $983K Add +89.8% CAT Caterpillar Inc. 1,400 $668K Add +90.7% ANET Arista Networks Inc. 4,387 $639K New BAC Bank of America Corp. filed as BANK AMERICA CORP 12,255 $632K New MS Morgan Stanley 3,950 $628K New IBIT iShares Bitcoin Trust ETF 8,838 $574K No change LLY Eli Lilly & Co. 690 $526K New MRK Merck & Co. Inc. 6,151 $516K New MU Micron Technology Inc. 2,789 $467K New WFC Wells Fargo & Co. 5,103 $428K New INTC Intel Corp. 12,355 $415K New TJX TJX Companies Inc. filed as TJX COS INC NEW 2,789 $403K New APH Amphenol Corp. Class A 3,100 $384K New GS Goldman Sachs Group Inc. 437 $348K New PFE Pfizer Inc. 12,383 $316K New WELL Welltower Inc. 1,628 $290K New RTX RTX Corp. 1,731 $290K New PLD Prologis Inc. 1,934 $221K New TMO Thermo Fisher Scientific Inc. 441 $214K New BTAL Agf US Market Neutral Anti-B 12,632 $201K New PEP Pepsico Inc. 1,304 $183K Add +65.1% GEV GE Vernova Inc. 295 $181K New MDT Medtronic PLC 1,681 $160K New LOW Lowe's Cos Inc. 599 $151K New XOM Exxon Mobil Corp. 1,287 $145K New IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 509 $144K New GLD SPDR Gold Shares 366 $130K Add +127.3% BX Blackstone Inc. 725 $124K Reduce -5.5%
Options reported separately and not counted above: NVDA puts ($155.0M), PLTR puts ($136.1M), GOOG puts ($90.0M), SPY puts ($61.3M), TSLA puts ($59.6M), AMD puts ($53.4M), GOOGL puts ($52.6M), AMZN puts ($51.5M), META puts ($45.8M), AAPL puts ($9.4M), NVDA calls ($3.7M), AVGO puts ($2.7M), and 61 more.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −37.30 COST Costco Wholesale Corp. Sold out 0.00% −22.83 TGT Target Corp. Sold out 0.00% −11.10 KO The Coca-Cola Co. Sold out 0.00% −1.90 QQQ Invesco QQQ Trust Series 1 Reduce -52.1% 2.47% −1.47 AMZN Amazon.com Inc. Sold out 0.00% −1.16 NFLX Netflix Inc. Sold out 0.00% −1.06 META Meta Platforms Inc. Class A Sold out 0.00% −0.77 ORCL Oracle Corp. Sold out 0.00% −0.38 V Visa Inc. Class A Sold out 0.00% −0.32 MA Mastercard Inc. Class A Sold out 0.00% −0.32 DIS The Walt Disney Co. Sold out 0.00% −0.30 GE General Electric Sold out 0.00% −0.29 XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.25 AXP American Express Co. Sold out 0.00% −0.23 T AT&T Inc. Sold out 0.00% −0.21 MCD McDonald's Corp. Sold out 0.00% −0.19 VZ Verizon Communications Inc. Sold out 0.00% −0.15 KKR KKR & Co. Inc. Sold out 0.00% −0.00 BX Blackstone Inc. Reduce -5.5% 0.15% +0.03 MSFT Microsoft Corp. Reduce -6.9% 1.40% +0.20 SVXY Proshares Short Vix St Futur Reduce -15.8% 1.42% +0.25
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ AAPL Apple Inc. Add +617.6% 21.07% +19.10 NVDA Nvidia Corp. Add +253.6% 15.90% +12.73 GOOGL Alphabet Inc. Class A Add +654.4% 9.33% +8.58 TSLA Tesla Inc. Add +329.0% 8.89% +7.65 GOOG Alphabet Inc. Class C Add +57.5% 6.23% +3.84 JNJ Johnson & Johnson New 3.66% +3.66 ABBV Abbvie Inc. New 3.40% +3.40 AMD Advanced Micro Devices Add +1780.2% 2.30% +2.21 PLTR Palantir Technologies Inc. Class A Add +10.5% 5.00% +2.19 BRK.B Berkshire Hathaway Inc. Class B New 1.79% +1.79 HD Home Depot Inc. New 1.54% +1.54 AVGO Broadcom Inc. Add +130.2% 1.59% +1.11 JPM JPMorgan Chase & Co. Add +151.3% 1.46% +1.01 ANET Arista Networks Inc. New 0.77% +0.77 BAC Bank of America Corp. New 0.77% +0.77 MS Morgan Stanley New 0.76% +0.76 WMT Walmart Inc. Add +89.8% 1.19% +0.69 LLY Eli Lilly & Co. New 0.64% +0.64 MRK Merck & Co. Inc. New 0.63% +0.63 MU Micron Technology Inc. New 0.56% +0.56 CAT Caterpillar Inc. Add +90.7% 0.81% +0.52 WFC Wells Fargo & Co. New 0.52% +0.52 INTC Intel Corp. New 0.50% +0.50 TJX TJX Companies Inc. New 0.49% +0.49 APH Amphenol Corp. Class A New 0.46% +0.46 GS Goldman Sachs Group Inc. New 0.42% +0.42 PFE Pfizer Inc. New 0.38% +0.38 WELL Welltower Inc. New 0.35% +0.35 RTX RTX Corp. New 0.35% +0.35 PLD Prologis Inc. New 0.27% +0.27 TMO Thermo Fisher Scientific Inc. New 0.26% +0.26 BTAL Agf US Market Neutral Anti-B New 0.24% +0.24 GEV GE Vernova Inc. New 0.22% +0.22 MDT Medtronic PLC New 0.19% +0.19 LOW Lowe's Cos Inc. New 0.18% +0.18 XOM Exxon Mobil Corp. New 0.18% +0.18 IBM Intl Business Machines Corp. New 0.17% +0.17 PEP Pepsico Inc. Add +65.1% 0.22% +0.12 GLD SPDR Gold Shares Add +127.3% 0.16% +0.11
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ NVDA Nvidia Corp. put Add +2.6% 830,600 $155.0M PLTR Palantir Technologies Inc. Class A put Add +39.3% 746,300 $136.1M GOOG Alphabet Inc. Class C put Add +13.1% 369,500 $90.0M SPY SS SPDR S&P 500 ETF Trust-US put Add +159.9% 92,000 $61.3M BX Blackstone Inc. call Sold out 407,500 $61.0Mbefore exit TSLA Tesla Inc. put Reduce -34.2% 134,000 $59.6M APO Apollo Global Management Inc. call Sold out 414,100 $58.7Mbefore exit KKR KKR & Co. Inc. put Sold out 419,900 $55.9Mbefore exit AMD Advanced Micro Devices put Add +74.0% 329,800 $53.4M GOOGL Alphabet Inc. Class A put Add +69.7% 216,300 $52.6M AMZN Amazon.com Inc. put Add +16.9% 234,700 $51.5M APO Apollo Global Management Inc. put Sold out 346,500 $49.2Mbefore exit META Meta Platforms Inc. Class A put Add +46.1% 62,400 $45.8M KKR KKR & Co. Inc. call Sold out 332,200 $44.2Mbefore exit OWL Blue Owl Capital Inc. put Sold out 1,088,900 $20.9Mbefore exit OWL Blue Owl Capital Inc. call Sold out 971,600 $18.7Mbefore exit AAPL Apple Inc. put New 36,900 $9.4M NVDA Nvidia Corp. call New 20,000 $3.7M AVGO Broadcom Inc. put Add +730.0% 8,300 $2.7M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 31,800 $2.6Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US call Sold out 4,100 $2.5Mbefore exit QQQ Invesco QQQ Trust Series 1 put Sold out 4,300 $2.4Mbefore exit MSFT Microsoft Corp. call Add +350.0% 4,500 $2.3M KWEB Kranesh Csi China Internet put Reduce -55.4% 50,000 $2.1M TLT iShares 20+ Year Treasury BD put Sold out 21,100 $1.9Mbefore exit TLT iShares 20+ Year Treasury BD call Sold out 21,100 $1.9Mbefore exit GLD SPDR Gold Shares call Add +400.0% 5,000 $1.8M JNJ Johnson & Johnson put New 8,600 $1.6M ABBV Abbvie Inc. put New 5,500 $1.3M QQQ Invesco QQQ Trust Series 1 call Reduce -94.6% 2,100 $1.3M HD Home Depot Inc. put New 2,100 $851K MSFT Microsoft Corp. put Reduce -63.2% 1,400 $725K BRK.B Berkshire Hathaway Inc. Class B put New 1,400 $704K META Meta Platforms Inc. Class A call Reduce -20.0% 800 $588K GS Goldman Sachs Group Inc. put New 700 $557K MU Micron Technology Inc. put New 3,100 $519K UNH Unitedhealth Group Inc. call New 1,400 $483K CAT Caterpillar Inc. put New 1,000 $477K TJX TJX Companies Inc. put New 2,800 $405K ORCL Oracle Corp. put Add +55.6% 1,400 $394K JPM JPMorgan Chase & Co. put New 1,200 $379K XOM Exxon Mobil Corp. put New 3,300 $372K ANET Arista Networks Inc. put New 2,900 $350K WMT Walmart Inc. put Add +100.0% 3,200 $330K ISRG Intuitive Surgical Inc. call New 700 $313K APH Amphenol Corp. Class A put New 2,500 $309K GEV GE Vernova Inc. put New 500 $307K HON Honeywell International Inc. call New 1,400 $295K MS Morgan Stanley put New 1,700 $270K KO The Coca-Cola Co. call New 4,000 $265K
Showing the first 50 of 89.
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 0 $0 Q1 2026 36 $203.6M TSLA, GOOG, NVDA, META, GOOGL Q4 2025 55 $143.1M TSLA, GOOG, META, GOOGL, AMD Q3 2025 44 $82.6M AAPL, NVDA, GOOGL, TSLA, GOOG Q2 2025 36 $99.2M SPY, COST, TGT, QQQ, NVDA Q1 2025 0 $0 Q4 2024 0 $0 Q3 2024 0 $0 Q2 2024 1 $102.7M SPY Q1 2024 36 $587.7M SPY, NVDA, MSFT, BRK.B, GOOGL