In its 13F for Q3 2025 (holdings as of September 30, 2025, filed August 14, 2026), Torno Capital, LLC reported 23 stock positions worth $755.5 million . Its top holding was Kranesh Csi China Internet (KWEB) at 67.8% of the portfolio, followed by Alphabet Class C (GOOG, 16.0% ) and Alphabet Class A (GOOGL, 11.6% ). Compared with Q2 2025, it opened 18 new positions, sold out of 7, added to 3 and reduced 2. The biggest buy was a new position in Alphabet Class A (GOOGL) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).
Location COHASSET, MA
CIK 0001974312
Portfolio Value $755.5M (Q3 2025) Holdings 23 stocks · $755.5M 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 Q2 2025 KWEB Kranesh Csi China Internet 12,200,000 $512.5M Add +149.3% GOOG Alphabet Inc. Class C 495,000 $120.6M Add +27.7% GOOGL Alphabet Inc. Class A 360,000 $87.5M New UNH Unitedhealth Group Inc. 50,000 $17.3M New BTF Valkyrie ETF Trust II 200,000 $3.5M New VNQ Vanguard Real Estate ETF 32,000 $2.9M Add +220.0% PSKY Paramount Skydance Class B 127,500 $2.4M New NVDL Granitesh 2X LNG Nvda ETF 25,000 $2.3M New ETHA iShares Ethereum Trust ETF 55,000 $1.7M New EMPD Empery Digital Inc. 190,000 $1.4M New HOOD Robinhood Markets Inc. Class A 5,000 $716K New IREN Iren Ltd. filed as IREN LIMITED 14,000 $657K New BOXX Alpha Architect 1-3 MNTH Box 5,680 $647K Reduce -67.3% MURA Mural Oncology PLC 170,000 $352K New PLRX Pliant Therapeutics Inc. 130,916 $194K New AIFC AI Financial Corp. filed as ALT5 SIGMA CORP 67,700 $182K New SCPH Scpharmaceuticals Inc. 30,000 $170K New MIR Mirion Technologies Inc. 6,410 $149K New AGIO Agios Pharmaceuticals Inc. 2,500 $100K New ZETA Zeta Global Holdings Corp. Class A 2,500 $50K New ALAB Astera Labs Inc. 250 $49K New LVTX Lava Therapeutics NV 15,000 $23K New KINS Kingstone Cos Inc. 1,500 $22K Reduce -50.0%
Options reported separately and not counted above: KWEB puts ($540.5M), UNH calls ($205.5M), GOOGL puts ($145.9M), UNH puts ($87.7M), SOXL puts ($67.0M), CAT calls ($65.5M), TSLA calls ($65.4M), GOOG puts ($60.9M), BMI calls ($33.5M), WDC puts ($29.9M), LITE calls ($26.2M), TQQQ puts ($19.1M), and 47 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above) Security Class Shares / Principal Value Change SXTPW 60 Degrees Pharma Inc.-28 *W EXP 07/12/202 47,169 $2K No change
Total filed on the 13F, all lines: $755.5M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −5.36 PEP Pepsico Inc. Sold out 0.00% −1.49 ELV Elevance Health Inc. Sold out 0.00% −1.47 BOXX Alpha Architect 1-3 MNTH Box Reduce -67.3% 0.09% −0.65 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.46 EWG iShares MSCI Germany ETF Sold out 0.00% −0.40 WGO Winnebago Industries Sold out 0.00% −0.33 NXPI NXP Semiconductors NV Sold out 0.00% −0.04 KINS Kingstone Cos Inc. Reduce -50.0% 0.00% −0.01
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ GOOGL Alphabet Inc. Class A New 11.58% +11.58 KWEB Kranesh Csi China Internet Add +149.3% 67.84% +4.43 UNH Unitedhealth Group Inc. New 2.29% +2.29 BTF Valkyrie ETF Trust II New 0.46% +0.46 PSKY Paramount Skydance Class B New 0.32% +0.32 NVDL Granitesh 2X LNG Nvda ETF New 0.31% +0.31 ETHA iShares Ethereum Trust ETF New 0.23% +0.23 EMPD Empery Digital Inc. New 0.19% +0.19 HOOD Robinhood Markets Inc. Class A New 0.09% +0.09 IREN Iren Ltd. New 0.09% +0.09 VNQ Vanguard Real Estate ETF Add +220.0% 0.39% +0.05 MURA Mural Oncology PLC New 0.05% +0.05 PLRX Pliant Therapeutics Inc. New 0.03% +0.03 AIFC AI Financial Corp. New 0.02% +0.02 SCPH Scpharmaceuticals Inc. New 0.02% +0.02 MIR Mirion Technologies Inc. New 0.02% +0.02 AGIO Agios Pharmaceuticals Inc. New 0.01% +0.01 ZETA Zeta Global Holdings Corp. Class A New 0.01% +0.01 ALAB Astera Labs Inc. New 0.01% +0.01 LVTX Lava Therapeutics NV New 0.00% +0.00 GOOG Alphabet Inc. Class C Add +27.7% 15.96% −9.98
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ KWEB Kranesh Csi China Internet put Add +106.7% 12,866,300 $540.5M UNH Unitedhealth Group Inc. call New 595,100 $205.5M GOOGL Alphabet Inc. Class A put Add +106.9% 600,000 $145.9M PEP Pepsico Inc. call Sold out 687,000 $90.7Mbefore exit UNH Unitedhealth Group Inc. put New 254,100 $87.7M SOXL Direx Dail Semi Bu 3X Et-Usd put Add +64.6% 1,923,000 $67.0M CAT Caterpillar Inc. call New 137,200 $65.5M TSLA Tesla Inc. call Add +65.3% 147,000 $65.4M GOOG Alphabet Inc. Class C put New 250,000 $60.9M ELV Elevance Health Inc. put Sold out 93,900 $36.5Mbefore exit BMI Badger Meter Inc. call New 187,500 $33.5M XLE SS Energy Select Sector put Sold out 390,000 $33.1Mbefore exit ELV Elevance Health Inc. call Sold out 78,000 $30.3Mbefore exit WDC Western Digital Corp. put New 248,800 $29.9M LITE Lumentum Holdings Inc. call New 161,000 $26.2M TQQQ Proshares Ultrapro QQQ put Reduce -71.2% 184,500 $19.1M BTF Valkyrie ETF Trust II put New 1,050,000 $18.2M SNOW Snowflake Inc. call Sold out 75,000 $16.8Mbefore exit AIV Apartment Invt & Mgmt Co. Class A call New 2,000,000 $15.9M GOOG Alphabet Inc. Class C call New 58,900 $14.3M NVDL Granitesh 2X LNG Nvda ETF put New 150,000 $14.0M SPOT Spotify Technology SA call Sold out 18,300 $14.0Mbefore exit EWG iShares MSCI Germany ETF call Add +393.4% 335,000 $13.9M BMI Badger Meter Inc. put New 77,000 $13.8M MSTR Strategy Inc. put New 30,000 $9.7M CRDO Credo Technology Group Holdi put New 62,500 $9.1M SNDK Sandisk Corp. call New 80,000 $9.0M IBIT iShares Bitcoin Trust ETF call New 138,000 $9.0M CSCO Cisco Systems Inc. put New 112,500 $7.7M KWEB Kranesh Csi China Internet call Reduce -73.3% 160,000 $6.7M SOXX iShares Semiconductor ETF call Sold out 20,000 $4.8Mbefore exit VNQ Vanguard Real Estate ETF put Add +25.0% 50,000 $4.6M JPM JPMorgan Chase & Co. call Sold out 15,600 $4.5Mbefore exit IREN Iren Ltd. put Reduce -36.0% 80,000 $3.8M IREN Iren Ltd. call Reduce -18.3% 77,900 $3.7M WBA Walgreens Boots Alliance Inc. call Sold out 280,000 $3.2Mbefore exit PSKY Paramount Skydance Class B put New 130,000 $2.5M JCI Johnson Controls Internation call New 21,500 $2.4M JNJ Johnson & Johnson call Add +2.5% 12,200 $2.3M CCL Carnival Corp. put Sold out 80,000 $2.2Mbefore exit ISRG Intuitive Surgical Inc. call Reduce -75.8% 4,600 $2.1M MS Morgan Stanley call Sold out 13,300 $1.9Mbefore exit ABBV Abbvie Inc. call Add +13.0% 7,800 $1.8M ALAB Astera Labs Inc. call New 9,000 $1.8M PM Philip Morris International call Sold out 9,100 $1.7Mbefore exit NVDA Nvidia Corp. call Sold out 10,000 $1.6Mbefore exit MET Metlife Inc. call Add +5.6% 19,000 $1.6M VLO Valero Energy Corp. call Add +1.1% 8,900 $1.5M AEP American Electric Power call Add +9.2% 13,100 $1.5M WGO Winnebago Industries put Sold out 49,400 $1.4Mbefore exit
Showing the first 50 of 82.
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 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