In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Teramo Advisors, LLC reported 19 stock positions worth $246.4 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 93.1% of the portfolio, followed by Rayonier (RYN, 2.0% ) and Planet Labs PBC (PL, 1.5% ). Compared with Q4 2024, it opened 13 new positions, added to 1 and reduced 2. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +11% ) and the biggest sale Rayonier (RYN, shares −45% ).
Location Naples, FL
CIK 0001904821
Portfolio Value $246.4M (Q1 2025) Holdings 19 stocks · $246.4M 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 2024 SPY SS SPDR S&P 500 ETF Trust-US 410,000 $229.3M Add +10.8% RYN Rayonier Inc. 175,720 $4.9M Reduce -45.1% PL Planet Labs PBC 1,080,100 $3.7M Reduce -4.6% OPER Clearshares Ultra-Short Matu 30,000 $3.0M No change IVV iShares Core S&P 500 ETF 3,500 $2.0M No change META Meta Platforms Inc. Class A 600 $346K New GOOGL Alphabet Inc. Class A 2,220 $343K New AMZN Amazon.com Inc. 1,780 $339K New XOM Exxon Mobil Corp. 2,800 $333K No change WMT Walmart Inc. 2,565 $225K New SHEL Shell PLC-ADR 3,000 $220K New PM Philip Morris International 1,360 $216K New AAPL Apple Inc. 967 $215K New CRM Salesforce Inc. 786 $211K New SPGI S&P Global Inc. 414 $210K New NOW ServiceNow Inc. 261 $208K New V Visa Inc. Class A 591 $207K New CNP Centerpoint Energy Inc. 5,710 $207K New BSX Boston Scientific Corp. 2,050 $207K New
Options reported separately and not counted above: SPY puts ($2.2M).
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ RYN Rayonier Inc. Reduce -45.1% 1.99% −1.56 PL Planet Labs PBC Reduce -4.6% 1.48% −0.46
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US Add +10.8% 93.10% +0.87 META Meta Platforms Inc. Class A New 0.14% +0.14 GOOGL Alphabet Inc. Class A New 0.14% +0.14 AMZN Amazon.com Inc. New 0.14% +0.14 WMT Walmart Inc. New 0.09% +0.09 SHEL Shell PLC-ADR New 0.09% +0.09 PM Philip Morris International New 0.09% +0.09 AAPL Apple Inc. New 0.09% +0.09 CRM Salesforce Inc. New 0.09% +0.09 SPGI S&P Global Inc. New 0.09% +0.09 NOW ServiceNow Inc. New 0.08% +0.08 V Visa Inc. Class A New 0.08% +0.08 CNP Centerpoint Energy Inc. New 0.08% +0.08 BSX Boston Scientific Corp. New 0.08% +0.08
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -13.3% 130,000 $2.2M
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