Teramo Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Teramo Advisors, LLC reported 22 stock positions worth $274.4 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 70.9% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 23.8%) and Rayonier (RYN, 1.4%). Compared with Q1 2025, it opened 4 new positions, sold out of 1, added to 1 and reduced 2. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +2900%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- Naples, FL
- CIK
- 0001904821
- Portfolio Value
- $274.4M (Q2 2025)
- SEC Filing
- 0001172661-25-003088 ↗ filed Aug 13, 2025
Holdings Value
Holdings 22 stocks · $274.4M
| SPY SS SPDR S&P 500 ETF Trust-US | 70.94% | 315,000 | $194.6M | Reduce -23.2% |
| IVV iShares Core S&P 500 ETF | 23.76% | 105,000 | $65.2M | Add +2900.0% |
| RYN Rayonier Inc. | 1.42% | 175,720 | $3.9M | No change |
| PL Planet Labs PBC | 1.11% | 500,700 | $3.1M | Reduce -53.6% |
| OPER Clearshares Ultra-Short Matu | 1.10% | 30,000 | $3.0M | No change |
| META Meta Platforms Inc. Class A | 0.16% | 600 | $443K | No change |
| GOOGL Alphabet Inc. Class A | 0.14% | 2,220 | $391K | No change |
| AMZN Amazon.com Inc. | 0.14% | 1,780 | $391K | No change |
| AVGO Broadcom Inc. | 0.12% | 1,160 | $320K | New |
| XOM Exxon Mobil Corp. | 0.11% | 2,800 | $302K | No change |
| NOW ServiceNow Inc. | 0.10% | 261 | $268K | No change |
| NFLX Netflix Inc. | 0.09% | 192 | $257K | New |
| WMT Walmart Inc. | 0.09% | 2,565 | $251K | No change |
| PM Philip Morris International | 0.09% | 1,360 | $248K | No change |
| JPM JPMorgan Chase & Co. | 0.08% | 772 | $224K | New |
| BSX Boston Scientific Corp. | 0.08% | 2,050 | $220K | No change |
| SPGI S&P Global Inc. | 0.08% | 414 | $218K | No change |
| CRM Salesforce Inc. | 0.08% | 786 | $214K | No change |
| SHEL Shell PLC-ADR | 0.08% | 3,000 | $211K | No change |
| V Visa Inc. Class A | 0.08% | 591 | $210K | No change |
| CNP Centerpoint Energy Inc. | 0.08% | 5,710 | $210K | No change |
| EFX Equifax Inc. | 0.08% | 794 | $206K | New |
Options reported separately and not counted above: SPY puts ($77.2M).
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -3.9% | 125,000 | $77.2M |
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 |