In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), Teramo Advisors, LLC reported 7 stock positions worth $200.0 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 68.0% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 23.3% ) and Ionq (IONQ, 5.5% ). Compared with Q4 2023, it opened 1 new position, sold out of 7 and reduced 1. The biggest buy was a new position in Shell PLC-ADR (SHEL) and the biggest sale an exit from Apple (AAPL).
Location Naples, FL
CIK 0001904821
Portfolio Value $200.0M (Q1 2024) Holdings 7 stocks · $200.0M 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 Q4 2023 SPY SS SPDR S&P 500 ETF Trust-US 260,000 $136.0M No change IVV iShares Core S&P 500 ETF 88,700 $46.6M No change IONQ Ionq Inc. 1,100,000 $11.0M No change OPER Clearshares Ultra-Short Matu 30,000 $3.0M No change PL Planet Labs PBC 1,100,000 $2.8M No change XOM Exxon Mobil Corp. 2,800 $325K Reduce -26.3% SHEL Shell PLC-ADR 3,000 $201K New
Options reported separately and not counted above: SPY puts ($57.5M).
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ AAPL Apple Inc. Sold out 0.00% −0.31 MSFT Microsoft Corp. Sold out 0.00% −0.28 CG The Carlyle Group Inc. Sold out 0.00% −0.22 DANIMER SCIENTIFIC INC Sold out 0.00% −0.17 JNJ Johnson & Johnson Sold out 0.00% −0.05 XOM Exxon Mobil Corp. Reduce -26.3% 0.16% −0.04 ENVX Enovix Corp. Sold out 0.00% −0.03 SRTA Strata Critical Medical Inc. Sold out 0.00% −0.01
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ SHEL Shell PLC-ADR New 0.10% +0.10
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +10.0% 110,000 $57.5M AAPL Apple Inc. put Sold out 3,000 $578Kbefore exit JNJ Johnson & Johnson put Sold out 1,000 $157Kbefore exit ENVX Enovix Corp. put Sold out 5,000 $63Kbefore exit SRTA Strata Critical Medical Inc. put Sold out 6,000 $21Kbefore 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 3 $409.8M IVV, SPY, OPER Q1 2026 3 $370.3M IVV, SPY, OPER Q4 2025 10 $335.7M SPY, IVV, OPER, GOOGL, AAPL Q3 2025 13 $277.5M SPY, IVV, RSP, OPER, GOOGL Q2 2025 22 $274.4M SPY, IVV, RYN, PL, OPER Q1 2025 19 $246.4M SPY, RYN, PL, OPER, IVV Q4 2024 6 $235.1M SPY, RYN, PL, OPER, IVV Q3 2024 6 $221.9M SPY, RYN, OPER, PL, IVV Q2 2024 7 $201.9M SPY, RYN, OPER, PL, IVV Q1 2024 7 $200.0M SPY, IVV, IONQ, OPER, PL