Teramo Advisors, LLC

Name: Teramo Advisors, LLC 13F holdings, Q3 2025
Creator: Teramo Advisors, LLC
Published: 2025-11-14

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Teramo Advisors, LLC reported 13 stock positions worth $277.5 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 60.0% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 36.3%) and Invesco S&P 500 Equal Weight (RSP, 1.8%). Compared with Q2 2025, it opened 3 new positions, sold out of 12, added to 1 and reduced 1. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +43%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −21%).

Most Recent 13F: Q2 2026
Location: Naples, FL
CIK: 0001904821
Portfolio Value: $277.5M (Q3 2025)
SEC Filing: 0001172661-25-004871 ↗ filed Nov 14, 2025

Holdings Value

Holdings 13 stocks · $277.5M


SPY SS SPDR S&P 500 ETF Trust-US	60.01%	250,000	$166.5M	Reduce -20.6%
IVV iShares Core S&P 500 ETF	36.30%	150,500	$100.7M	Add +43.3%
RSP Invesco S&P 500 Equal Weight	1.80%	26,300	$5.0M	New
OPER Clearshares Ultra-Short Matu	1.08%	30,000	$3.0M	No change
GOOGL Alphabet Inc. Class A	0.19%	2,220	$540K	No change
AAPL Apple Inc.	0.09%	967	$246K	New
CNP Centerpoint Energy Inc.	0.08%	5,710	$222K	No change
PM Philip Morris International	0.08%	1,360	$221K	No change
FE Firstenergy Corp.	0.08%	4,800	$220K	New
EFX Equifax Inc.	0.07%	794	$204K	No change
V Visa Inc. Class A	0.07%	591	$202K	No change
SPGI S&P Global Inc.	0.07%	414	$201K	No change
BSX Boston Scientific Corp.	0.07%	2,050	$200K	No change

Options reported separately and not counted above: SPY puts ($89.9M).

Portfolio Sells Q2 2025 → Q3 2025


SPY SS SPDR S&P 500 ETF Trust-US	Reduce -20.6%	60.01%	−10.93
RYN Rayonier Inc.	Sold out	0.00%	−1.42
PL Planet Labs PBC	Sold out	0.00%	−1.11
META Meta Platforms Inc. Class A	Sold out	0.00%	−0.16
AMZN Amazon.com Inc.	Sold out	0.00%	−0.14
AVGO Broadcom Inc.	Sold out	0.00%	−0.12
XOM Exxon Mobil Corp.	Sold out	0.00%	−0.11
NOW ServiceNow Inc.	Sold out	0.00%	−0.10
NFLX Netflix Inc.	Sold out	0.00%	−0.09
WMT Walmart Inc.	Sold out	0.00%	−0.09
JPM JPMorgan Chase & Co.	Sold out	0.00%	−0.08
CRM Salesforce Inc.	Sold out	0.00%	−0.08
SHEL Shell PLC-ADR	Sold out	0.00%	−0.08

Portfolio Buys Q2 2025 → Q3 2025


IVV iShares Core S&P 500 ETF	Add +43.3%	36.30%	+12.53
RSP Invesco S&P 500 Equal Weight	New	1.80%	+1.80
AAPL Apple Inc.	New	0.09%	+0.09
FE Firstenergy Corp.	New	0.08%	+0.08

Options Activity Q2 2025 → Q3 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	Add +8.0%	135,000	$89.9M

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