In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), QVR LLC reported 55 stock positions worth $143.1 million . Its top holding was Tesla (TSLA) at 16.0% of the portfolio, followed by Alphabet Class C (GOOG, 10.0% ) and Meta Platforms Class A (META, 9.8% ). Compared with Q3 2025, it opened 30 new positions, sold out of 19, added to 16 and reduced 9. The biggest buy was a new position in Meta Platforms Class A (META) and the biggest sale an exit from Apple (AAPL).
Location San Francisco, CA
CIK 0001718858
Portfolio Value $143.1M (Q4 2025) Holdings 55 stocks · $143.1M 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 Q3 2025 TSLA Tesla Inc. 50,794 $22.8M Add +207.8% GOOG Alphabet Inc. Class C 45,635 $14.3M Add +115.8% META Meta Platforms Inc. Class A 21,318 $14.1M New GOOGL Alphabet Inc. Class A 38,688 $12.1M Add +22.1% AMD Advanced Micro Devices 53,273 $11.4M Add +353.4% NVDA Nvidia Corp. 51,710 $9.6M Reduce -26.5% AMZN Amazon.com Inc. 34,261 $7.9M New LLY Eli Lilly & Co. 7,177 $7.7M Add +940.1% MU Micron Technology Inc. 11,664 $3.3M Add +318.2% V Visa Inc. Class A 7,887 $2.8M New MRK Merck & Co. Inc. 23,647 $2.5M Add +284.4% PLTR Palantir Technologies Inc. Class A 12,247 $2.2M Reduce -46.0% JNJ Johnson & Johnson 10,204 $2.1M Reduce -37.4% JPM JPMorgan Chase & Co. 5,446 $1.8M Add +42.6% GE General Electric filed as GE AEROSPACE 5,466 $1.7M New CRM Salesforce Inc. 6,109 $1.6M New RTX RTX Corp. 7,812 $1.4M Add +351.3% SVXY Proshares Short Vix St Futur 25,001 $1.4M Add +8.7% PM Philip Morris International 8,192 $1.3M New WFC Wells Fargo & Co. 13,982 $1.3M Add +174.0% BTAL Agf US Market Neutral Anti-B 86,018 $1.2M Add +581.0% LRCX Lam Research Corp. 7,217 $1.2M New XOM Exxon Mobil Corp. 10,156 $1.2M Add +689.1% BA The Boeing Co. 5,219 $1.1M New LIN Linde PLC 2,421 $1.0M New GLD SPDR Gold Shares 2,591 $1.0M Add +607.9% MA Mastercard Inc. Class A 1,531 $874K New ABBV Abbvie Inc. 3,805 $869K Reduce -68.6% DIS The Walt Disney Co. filed as DISNEY WALT CO 7,625 $867K New SCHW Schwab (charles) Corp. 8,382 $837K New BMY Bristol-Myers Squibb Co. 14,520 $783K New C Citigroup Inc. 6,185 $722K New MS Morgan Stanley 3,845 $683K Reduce -2.7% COF Capital One Financial Corp. 2,695 $653K New CB Chubb Ltd. 1,888 $589K New BRK.B Berkshire Hathaway Inc. Class B 1,075 $540K Reduce -63.5% TMO Thermo Fisher Scientific Inc. 848 $491K Add +92.3% GS Goldman Sachs Group Inc. 492 $432K Add +12.6% CVX Chevron Corp. 2,837 $432K New BAC Bank of America Corp. filed as BANK AMERICA CORP 7,745 $426K Reduce -36.8% AMAT Applied Materials Inc. 1,479 $380K New ICE Intercontinental Exchange Inc. 2,328 $377K New ADI Analog Devices Inc. 1,384 $375K New SPGI S&P Global Inc. 674 $352K New ISRG Intuitive Surgical Inc. 563 $319K New ADBE Adobe Inc. 784 $274K New COP Conocophillips 2,813 $263K New GILD Gilead Sciences Inc. 2,070 $254K New LMT Lockheed Martin Corp. 479 $232K New DHR Danaher Corp. 926 $212K New KLAC KLA Corp. 171 $208K New SLB SLB Ltd. filed as SLB LIMITED 4,000 $154K New VRTX Vertex Pharmaceuticals Inc. 253 $115K New TJX TJX Companies Inc. filed as TJX COS INC NEW 708 $109K Reduce -74.6% WMT Walmart Inc. 89 $10K Reduce -99.1%
Options reported separately and not counted above: TSLA puts ($384.7M), NVDA puts ($340.5M), GOOG puts ($213.8M), AMD puts ($200.2M), PLTR puts ($174.2M), AMZN puts ($154.4M), META puts ($137.4M), GOOGL puts ($101.3M), GLD puts ($32.5M), NVDA calls ($30.3M), GLD calls ($21.0M), SPY puts ($15.7M), and 56 more.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ AAPL Apple Inc. Sold out 0.00% −21.07 NVDA Nvidia Corp. Reduce -26.5% 6.74% −9.16 PLTR Palantir Technologies Inc. Class A Reduce -46.0% 1.52% −3.48 ABBV Abbvie Inc. Reduce -68.6% 0.61% −2.79 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −2.47 JNJ Johnson & Johnson Reduce -37.4% 1.48% −2.18 AVGO Broadcom Inc. Sold out 0.00% −1.59 HD Home Depot Inc. Sold out 0.00% −1.54 BRK.B Berkshire Hathaway Inc. Class B Reduce -63.5% 0.38% −1.42 MSFT Microsoft Corp. Sold out 0.00% −1.40 WMT Walmart Inc. Reduce -99.1% 0.01% −1.18 CAT Caterpillar Inc. Sold out 0.00% −0.81 ANET Arista Networks Inc. Sold out 0.00% −0.77 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.70 INTC Intel Corp. Sold out 0.00% −0.50 BAC Bank of America Corp. Reduce -36.8% 0.30% −0.47 APH Amphenol Corp. Class A Sold out 0.00% −0.46 TJX TJX Companies Inc. Reduce -74.6% 0.08% −0.41 PFE Pfizer Inc. Sold out 0.00% −0.38 WELL Welltower Inc. Sold out 0.00% −0.35 MS Morgan Stanley Reduce -2.7% 0.48% −0.28 PLD Prologis Inc. Sold out 0.00% −0.27 PEP Pepsico Inc. Sold out 0.00% −0.22 GEV GE Vernova Inc. Sold out 0.00% −0.22 MDT Medtronic PLC Sold out 0.00% −0.19 LOW Lowe's Cos Inc. Sold out 0.00% −0.18 IBM Intl Business Machines Corp. Sold out 0.00% −0.17 BX Blackstone Inc. Sold out 0.00% −0.15
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ META Meta Platforms Inc. Class A New 9.83% +9.83 TSLA Tesla Inc. Add +207.8% 15.96% +7.08 AMD Advanced Micro Devices Add +353.4% 7.97% +5.67 AMZN Amazon.com Inc. New 5.53% +5.53 LLY Eli Lilly & Co. Add +940.1% 5.39% +4.75 GOOG Alphabet Inc. Class C Add +115.8% 10.01% +3.77 V Visa Inc. Class A New 1.93% +1.93 MU Micron Technology Inc. Add +318.2% 2.33% +1.76 GE General Electric New 1.18% +1.18 CRM Salesforce Inc. New 1.13% +1.13 MRK Merck & Co. Inc. Add +284.4% 1.74% +1.11 PM Philip Morris International New 0.92% +0.92 LRCX Lam Research Corp. New 0.86% +0.86 BA The Boeing Co. New 0.79% +0.79 LIN Linde PLC New 0.72% +0.72 XOM Exxon Mobil Corp. Add +689.1% 0.85% +0.68 RTX RTX Corp. Add +351.3% 1.00% +0.65 BTAL Agf US Market Neutral Anti-B Add +581.0% 0.86% +0.62 MA Mastercard Inc. Class A New 0.61% +0.61 DIS The Walt Disney Co. New 0.61% +0.61 SCHW Schwab (charles) Corp. New 0.59% +0.59 GLD SPDR Gold Shares Add +607.9% 0.72% +0.56 BMY Bristol-Myers Squibb Co. New 0.55% +0.55 C Citigroup Inc. New 0.50% +0.50 COF Capital One Financial Corp. New 0.46% +0.46 CB Chubb Ltd. New 0.41% +0.41 WFC Wells Fargo & Co. Add +174.0% 0.91% +0.39 CVX Chevron Corp. New 0.30% +0.30 AMAT Applied Materials Inc. New 0.27% +0.27 ICE Intercontinental Exchange Inc. New 0.26% +0.26 ADI Analog Devices Inc. New 0.26% +0.26 SPGI S&P Global Inc. New 0.25% +0.25 ISRG Intuitive Surgical Inc. New 0.22% +0.22 ADBE Adobe Inc. New 0.19% +0.19 COP Conocophillips New 0.18% +0.18 GILD Gilead Sciences Inc. New 0.18% +0.18 LMT Lockheed Martin Corp. New 0.16% +0.16 DHR Danaher Corp. New 0.15% +0.15 KLAC KLA Corp. New 0.15% +0.15 SLB SLB Ltd. New 0.11% +0.11 TMO Thermo Fisher Scientific Inc. Add +92.3% 0.34% +0.08 VRTX Vertex Pharmaceuticals Inc. New 0.08% +0.08 GS Goldman Sachs Group Inc. Add +12.6% 0.30% −0.12 JPM JPMorgan Chase & Co. Add +42.6% 1.23% −0.23 SVXY Proshares Short Vix St Futur Add +8.7% 0.97% −0.45 GOOGL Alphabet Inc. Class A Add +22.1% 8.46% −0.86
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ TSLA Tesla Inc. put Add +538.4% 855,400 $384.7M NVDA Nvidia Corp. put Add +119.8% 1,825,700 $340.5M GOOG Alphabet Inc. Class C put Add +84.4% 681,200 $213.8M AMD Advanced Micro Devices put Add +199.2% 986,900 $200.2M PLTR Palantir Technologies Inc. Class A put Add +31.3% 980,200 $174.2M AMZN Amazon.com Inc. put Add +185.0% 668,800 $154.4M META Meta Platforms Inc. Class A put Add +233.5% 208,100 $137.4M GOOGL Alphabet Inc. Class A put Add +49.7% 323,800 $101.3M GLD SPDR Gold Shares put New 82,000 $32.5M NVDA Nvidia Corp. call Add +713.0% 162,600 $30.3M GLD SPDR Gold Shares call Add +960.0% 53,000 $21.0M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -75.0% 23,000 $15.7M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 60,000 $4.8M LLY Eli Lilly & Co. put Add +1850.0% 3,900 $4.2M SLV iShares Silver Trust put New 50,000 $3.2M AVGO Broadcom Inc. call Add +1760.0% 9,300 $3.2M AVGO Broadcom Inc. put Sold out 8,300 $2.7Mbefore exit MSFT Microsoft Corp. call Reduce -11.1% 4,000 $1.9M ABBV Abbvie Inc. put Sold out 5,500 $1.3Mbefore exit QQQ Invesco QQQ Trust Series 1 call Sold out 2,100 $1.3Mbefore exit MU Micron Technology Inc. put Add +19.4% 3,700 $1.1M AMZN Amazon.com Inc. call New 4,000 $923K NFLX Netflix Inc. call New 9,400 $881K HD Home Depot Inc. put Sold out 2,100 $851Kbefore exit MRK Merck & Co. Inc. put Add +914.3% 7,100 $747K MSFT Microsoft Corp. put Sold out 1,400 $725Kbefore exit V Visa Inc. Class A put Add +1900.0% 2,000 $701K JNJ Johnson & Johnson put Reduce -66.3% 2,900 $600K GS Goldman Sachs Group Inc. put Sold out 700 $557Kbefore exit UNH Unitedhealth Group Inc. call Sold out 1,400 $483Kbefore exit META Meta Platforms Inc. Class A call Reduce -12.5% 700 $462K RTX RTX Corp. put Add +2400.0% 2,500 $459K CAT Caterpillar Inc. put Reduce -20.0% 800 $458K MA Mastercard Inc. Class A put New 800 $457K AAPL Apple Inc. put Reduce -95.9% 1,500 $408K ORCL Oracle Corp. put Sold out 1,400 $394Kbefore exit ETN Eaton Corp. PLC call New 1,200 $382K AAPL Apple Inc. call Add +250.0% 1,400 $381K JPM JPMorgan Chase & Co. put Sold out 1,200 $379Kbefore exit XOM Exxon Mobil Corp. put Sold out 3,300 $372Kbefore exit WELL Welltower Inc. call New 1,900 $353K ANET Arista Networks Inc. put Sold out 2,900 $350Kbefore exit SCHW Schwab (charles) Corp. put New 3,400 $340K ISRG Intuitive Surgical Inc. call Sold out 700 $313Kbefore exit JEF Jefferies Financial Group Inc. put New 5,000 $310K APH Amphenol Corp. Class A put Sold out 2,500 $309Kbefore exit GEV GE Vernova Inc. put Sold out 500 $307Kbefore exit BRK.B Berkshire Hathaway Inc. Class B put Reduce -57.1% 600 $302K HON Honeywell International Inc. call Sold out 1,400 $295Kbefore exit C Citigroup Inc. put New 2,400 $280K
Showing the first 50 of 109.
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