In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2026), Torno Capital, LLC reported 12 stock positions worth $265.0 million . Its top holding was Kranesh Csi China Internet (KWEB) at 63.4% of the portfolio, followed by Alphabet Class C (GOOG, 25.9% ) and SS SPDR S&P 500 ETF Trust-US (SPY, 5.4% ). Compared with Q1 2025, it opened 9 new positions, sold out of 14, added to 1 and reduced 2. The biggest buy was a new position in Kranesh Csi China Internet (KWEB) and the biggest sale an exit from Dollar Tree (DLTR).
Location COHASSET, MA
CIK 0001974312
Portfolio Value $265.0M (Q2 2025) Holdings 12 stocks · $265.0M 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 Q1 2025 KWEB Kranesh Csi China Internet 4,894,750 $168.0M New GOOG Alphabet Inc. Class C 387,500 $68.7M Add +267.5% SPY SS SPDR S&P 500 ETF Trust-US 23,000 $14.2M New PEP Pepsico Inc. 30,000 $4.0M New ELV Elevance Health Inc. 10,000 $3.9M New BOXX Alpha Architect 1-3 MNTH Box 17,350 $2.0M Reduce -81.5% IBIT iShares Bitcoin Trust ETF 20,000 $1.2M Reduce -52.9% EWG iShares MSCI Germany ETF 25,000 $1.1M New VNQ Vanguard Real Estate ETF 10,000 $891K New WGO Winnebago Industries 30,000 $870K New NXPI NXP Semiconductors NV 500 $109K New KINS Kingstone Cos Inc. 3,000 $46K New
Options reported separately and not counted above: KWEB puts ($213.7M), PEP calls ($90.7M), TQQQ puts ($53.2M), GOOGL puts ($51.1M), ELV puts ($36.5M), XLE puts ($33.1M), ELV calls ($30.3M), SOXL puts ($29.3M), TSLA calls ($28.2M), KWEB calls ($20.6M), SNOW calls ($16.8M), SPOT calls ($14.0M), and 38 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $3K (not counted above) Security Class Shares / Principal Value Change SXTPW 60 Degrees Pharma Inc.-28 *W EXP 07/12/202 47,169 $3K No change
Total filed on the 13F, all lines: $265.0M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ DLTR Dollar Tree Inc. Sold out 0.00% −41.23 GOOGL Alphabet Inc. Class A Sold out 0.00% −23.23 BOXX Alpha Architect 1-3 MNTH Box Reduce -81.5% 0.74% −10.12 RH RH Sold out 0.00% −2.43 IBIT iShares Bitcoin Trust ETF Reduce -52.9% 0.46% −1.60 JNJ Johnson & Johnson Sold out 0.00% −0.69 KMI Kinder Morgan Inc. Sold out 0.00% −0.67 SMTC Semtech Corp. Sold out 0.00% −0.48 TQQQ Proshares Ultrapro QQQ Sold out 0.00% −0.45 DXCM Dexcom Inc. Sold out 0.00% −0.35 SOXL Direx Dail Semi Bu 3X Et-Usd Sold out 0.00% −0.17 TOL Toll Brothers Inc. Sold out 0.00% −0.16 SOC Sable Offshore Corp. Sold out 0.00% −0.11 XOM Exxon Mobil Corp. Sold out 0.00% −0.02 DCH Dauch Corporation Sold out 0.00% −0.02 CONL Granitesh 2X LNG Coin ETF-US Sold out 0.00% −0.01
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ KWEB Kranesh Csi China Internet New 63.41% +63.41 GOOG Alphabet Inc. Class C Add +267.5% 25.94% +8.87 SPY SS SPDR S&P 500 ETF Trust-US New 5.36% +5.36 PEP Pepsico Inc. New 1.49% +1.49 ELV Elevance Health Inc. New 1.47% +1.47 EWG iShares MSCI Germany ETF New 0.40% +0.40 VNQ Vanguard Real Estate ETF New 0.34% +0.34 WGO Winnebago Industries New 0.33% +0.33 NXPI NXP Semiconductors NV New 0.04% +0.04 KINS Kingstone Cos Inc. New 0.02% +0.02
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ KWEB Kranesh Csi China Internet put New 6,225,200 $213.7M PEP Pepsico Inc. call Add +11350.0% 687,000 $90.7M TQQQ Proshares Ultrapro QQQ put Add +1.8% 641,500 $53.2M DLTR Dollar Tree Inc. put Sold out 695,000 $52.2Mbefore exit GOOGL Alphabet Inc. Class A put New 290,000 $51.1M GOOG Alphabet Inc. Class C put Sold out 250,000 $39.1Mbefore exit ELV Elevance Health Inc. put New 93,900 $36.5M XLE SS Energy Select Sector put New 390,000 $33.1M ELV Elevance Health Inc. call New 78,000 $30.3M SOXL Direx Dail Semi Bu 3X Et-Usd put Reduce -36.5% 1,168,100 $29.3M TSLA Tesla Inc. call New 88,900 $28.2M KWEB Kranesh Csi China Internet call New 600,000 $20.6M META Meta Platforms Inc. Class A call Sold out 35,000 $20.2Mbefore exit SNOW Snowflake Inc. call Add +239.4% 75,000 $16.8M SPOT Spotify Technology SA call New 18,300 $14.0M CVNA Carvana Co. put Sold out 50,000 $10.5Mbefore exit ISRG Intuitive Surgical Inc. call New 19,000 $10.3M RH RH put Sold out 40,000 $9.4Mbefore exit CMG Chipotle Mexican Grill Inc. call Sold out 135,000 $6.8Mbefore exit SMTC Semtech Corp. call Sold out 150,000 $5.2Mbefore exit SOXX iShares Semiconductor ETF call New 20,000 $4.8M JPM JPMorgan Chase & Co. call Add +18.2% 15,600 $4.5M STNG Scorpio Tankers Inc. call Reduce -36.3% 110,000 $4.3M KMI Kinder Morgan Inc. call Sold out 140,000 $4.0Mbefore exit DLTR Dollar Tree Inc. call Sold out 50,000 $3.8Mbefore exit TNA Dir Dai SML Ca Bul 3X Et-Usd put Sold out 124,000 $3.6Mbefore exit VNQ Vanguard Real Estate ETF put New 40,000 $3.6M DXCM Dexcom Inc. call Sold out 50,000 $3.4Mbefore exit META Meta Platforms Inc. Class A put Sold out 5,700 $3.3Mbefore exit WBA Walgreens Boots Alliance Inc. call Add +7.7% 280,000 $3.2M TSN Tyson Foods Inc. Class A call Sold out 46,700 $3.0Mbefore exit EWG iShares MSCI Germany ETF call New 67,900 $2.9M TJX TJX Companies Inc. call Sold out 23,300 $2.8Mbefore exit CCL Carnival Corp. put New 80,000 $2.2M UPS United Parcel Service Class B call Sold out 20,000 $2.2Mbefore exit CVX Chevron Corp. call Sold out 12,700 $2.1Mbefore exit TOL Toll Brothers Inc. call Sold out 20,000 $2.1Mbefore exit MS Morgan Stanley call Add +12.7% 13,300 $1.9M IREN Iren Ltd. put Reduce -4.6% 125,000 $1.8M JNJ Johnson & Johnson call Add +28.0% 11,900 $1.8M IBM Intl Business Machines Corp. call Add +11.3% 5,900 $1.7M NBR Nabors Industries Ltd. put Sold out 40,000 $1.7Mbefore exit PM Philip Morris International call Reduce -38.5% 9,100 $1.7M VZ Verizon Communications Inc. call Sold out 35,600 $1.6Mbefore exit QCOM Qualcomm Inc. call Sold out 10,400 $1.6Mbefore exit NVDA Nvidia Corp. call New 10,000 $1.6M MET Metlife Inc. call Add +3.5% 18,000 $1.4M WGO Winnebago Industries put New 49,400 $1.4M IREN Iren Ltd. call Reduce -32.1% 95,400 $1.4M DUK Duke Energy Corp. call New 11,300 $1.3M
Showing the first 50 of 83.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ NAKAW Kindly MD Inc. -29 *W EXP 05/31/202 Sold out 27,273 $10Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 21 $1.4B NVDA, MSFT, GOOG, AMZN, TSM Q1 2026 Amended 18 $242.3M GOOGL, GOOG, WIX, ORCL, SOXL Q4 2025 Amended 28 $234.5M GOOGL, KWEB, URNM, SGDJ, URA Q3 2025 Amended 23 $755.5M KWEB, GOOG, GOOGL, UNH, BTF Q2 2025 Amended 12 $265.0M KWEB, GOOG, SPY, PEP, ELV Q1 2025 17 $96.5M DLTR, GOOGL, GOOG, BOXX, RH Q4 2024 Amended 39 $506.3M AMZN, AMD, NVDA, GOOG, NVDL Q3 2024 Amended 48 $77.2M GOOG, GOOGL, STNG, KWEB, DUK Q2 2024 Amended 48 $947.1M AMZN, AAPL, META, GOOG, MSFT Q1 2024 58 $465.1M GOOGL, BKNG, MSFT, BRK.B, MELI