Teramo Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Teramo Advisors, LLC reported 10 stock positions worth $335.7 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 55.9% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 42.9%) and Clearshares Ultra-Short Matu (OPER, 0.6%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 2 and reduced 1. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +40%) and the biggest sale an exit from Invesco S&P 500 Equal Weight (RSP).
- Most Recent 13F
- Q2 2026
- Location
- Naples, FL
- CIK
- 0001904821
- Portfolio Value
- $335.7M (Q4 2025)
- SEC Filing
- 0001172661-26-000528 ↗ filed Feb 6, 2026
Holdings Value
Holdings 10 stocks · $335.7M
| SPY SS SPDR S&P 500 ETF Trust-US | 55.86% | 275,000 | $187.5M | Add +10.0% |
| IVV iShares Core S&P 500 ETF | 42.95% | 210,500 | $144.2M | Add +39.9% |
| OPER Clearshares Ultra-Short Matu | 0.60% | 20,000 | $2.0M | Reduce -33.3% |
| GOOGL Alphabet Inc. Class A | 0.21% | 2,220 | $695K | No change |
| AAPL Apple Inc. | 0.08% | 967 | $263K | No change |
| PM Philip Morris International | 0.07% | 1,360 | $218K | No change |
| SPGI S&P Global Inc. | 0.06% | 414 | $216K | No change |
| FE Firstenergy Corp. | 0.06% | 4,800 | $215K | No change |
| CRM Salesforce Inc. | 0.06% | 786 | $208K | New |
| V Visa Inc. Class A | 0.06% | 591 | $207K | No change |
Options reported separately and not counted above: SPY puts ($52.6M).
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +11.1% | 150,000 | $52.6M |
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 |