In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Riposte Capital LLC reported 17 stock positions worth $207.9 million . Its top holding was Vertiv Class A (VRT) at 13.1% of the portfolio, followed by Expand Energy (EXE, 10.2% ) and Birkenstock (9.8% ). Compared with Q2 2025, it opened 5 new positions, sold out of 7, added to 5 and reduced 6. The biggest buy was a new position in Eaton (ETN) and the biggest sale an exit from Core & Main Class A (CNM).
Location NEW YORK, NY
CIK 0001672355
Portfolio Value $207.9M (Q3 2025) Holdings 17 stocks · $207.9M 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 VRT Vertiv Holdings Co. Class A 180,000 $27.2M Add +157.1% EXE Expand Energy Corp. 200,000 $21.2M Add +66.7% BIRKENSTOCK HOLDING PLC 450,000 $20.4M Add +50.0% ETN Eaton Corp. PLC 50,000 $18.7M New JLL Jones Lang Lasalle Inc. 60,000 $17.9M Add +9.1% CEG Constellation Energy 45,000 $14.8M Add +50.0% QXO INC 700,000 $13.3M New SN Sharkninja Inc. 115,000 $11.9M No change DELTA AIR LINES INC DEL 200,000 $11.3M Reduce -20.0% FCNCA First Citizens Bcshs Class A 6,000 $10.7M Reduce -20.0% TPB Turning Point Brands Inc. 75,000 $7.4M New CCL Carnival Corp. 250,000 $7.2M Reduce -44.4% SPOT Spotify Technology SA 10,000 $7.0M Reduce -33.3% ACGL Arch Capital Group Ltd. 70,000 $6.4M Reduce -6.7% BLDR Builders Firstsource Inc. 50,000 $6.1M New VIK Viking Holdings Ltd. 75,000 $4.7M Reduce -62.5% NFE New Fortress Energy Inc. 800,000 $1.8M New
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($133.2M), INVESCO QQQ TR puts ($120.1M), ON HLDG AG calls ($29.6M), CITIZENS INC puts ($14.4M), HIGHPEAK ENERGY INC puts ($9.9M).
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 ▲ CNM Core & Main Inc. Class A Sold out 0.00% −6.02 URBN Urban Outfitters Inc. Sold out 0.00% −5.42 CP Canadian Pacific Kansas City Sold out 0.00% −4.54 VST Vistra Corp. Sold out 0.00% −3.86 NEXT Nextdecade Corp. Sold out 0.00% −3.33 GTLS Chart Industries Inc. Sold out 0.00% −3.28 VIK Viking Holdings Ltd. Reduce -62.5% 2.24% −3.07 CRGY Crescent Energy Inc. Class A Sold out 0.00% −3.00 CCL Carnival Corp. Reduce -44.4% 3.48% −2.83 SPOT Spotify Technology SA Reduce -33.3% 3.36% −2.38 FCNCA First Citizens Bcshs Class A Reduce -20.0% 5.16% −2.15 DELTA AIR LINES INC DEL Reduce -20.0% 5.46% −0.67 ACGL Arch Capital Group Ltd. Reduce -6.7% 3.05% −0.35
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 ▼ ETN Eaton Corp. PLC New 9.00% +9.00 VRT Vertiv Holdings Co. Class A Add +157.1% 13.06% +8.58 QXO INC New 6.42% +6.42 TPB Turning Point Brands Inc. New 3.57% +3.57 EXE Expand Energy Corp. Add +66.7% 10.22% +3.22 BLDR Builders Firstsource Inc. New 2.92% +2.92 BIRKENSTOCK HOLDING PLC Add +50.0% 9.79% +2.44 CEG Constellation Energy Add +50.0% 7.12% +2.30 JLL Jones Lang Lasalle Inc. Add +9.1% 8.61% +1.60 NFE New Fortress Energy Inc. New 0.85% +0.85
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ INVESCO QQQ TR put Sold out 250,000 $137.9Mbefore exit STATE STR SPDR S&P 500 ETF T put Reduce -20.0% 200,000 $133.2M INVESCO QQQ TR put New 200,000 $120.1M ISHARES TR put Sold out 300,000 $64.7Mbefore exit NVIDIA CORPORATION call Sold out 200,000 $31.6Mbefore exit ON HLDG AG call New 700,000 $29.6M BIRKENSTOCK HOLDING PLC call Sold out 450,000 $22.1Mbefore exit CITIZENS INC put Add +7.7% 2,735,000 $14.4M HIGHPEAK ENERGY INC put Add +100.0% 1,400,000 $9.9M UNITY SOFTWARE INC call Sold out 200,000 $4.8Mbefore exit
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 21 $294.6M MU, RACE, CIEN, ONTO, STM Q1 2026 19 $218.7M MTZ, BIRKENSTOCK HOLDING PLC, QXO INC, B, MU Q4 2025 26 $240.7M GOOGL, FSLR, QXO INC, MU, SN Q3 2025 17 $207.9M VRT, EXE, BIRKENSTOCK HOLDING PLC, ETN, JLL Q2 2025 19 $200.6M BIRKENSTOCK HOLDING PLC, FCNCA, JLL, EXE, CCL Q1 2025 17 $156.7M BP, VRT, CEG, ACGL, VST Q4 2024 19 $189.2M CEG, VST, GTLS, FCNCA, VRT Q3 2024 15 $195.6M CEG, FCNCA, CRGY, VRT, VST Q2 2024 Amended 15 $199.6M SBOW, EQT, UBER, FCNCA, PANW Q1 2024 19 $248.1M SBOW, SN, ERF, SPOT, FCNCA