Valiant Capital Management, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Valiant Capital Management, L.P. reported 29 stock positions worth $927.2 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 10.7% of the portfolio, followed by iShares Russell 2000 ETF (IWM, 10.6%) and Argan (AGX, 6.0%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 11 and reduced 1. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Williams Cos (WMB).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001452689
Portfolio Value
$927.2M (Q1 2025)
SEC Filing
0000935836-25-000349 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $848.9M Q1 2024 Q2 2024: $848.2M Q2 2024 Q3 2024: $731.7M Q3 2024 Q4 2024: $747.4M Q4 2024 Q1 2025: $927.2M $927.2M Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.6B Q2 2026

Holdings 29 stocks · $927.2M
SPY SS SPDR S&P 500 ETF Trust-US 10.66% 176,612 $98.8M New
IWM iShares Russell 2000 ETF 10.62% 493,377 $98.4M New
AGX Argan Inc. 5.96% 421,115 $55.2M Add +18.4%
CART Maplebear Inc. 5.80% 1,348,275 $53.8M No change
TKO Tko Group Holdings Inc. 5.25% 318,259 $48.6M No change
GEV GE Vernova Inc. 5.10% 154,953 $47.3M Add +15.4%
HDB HDFC Bank Ltd.-ADR 4.86% 678,600 $45.1M Add +30.4%
VST Vistra Corp. 4.26% 336,386 $39.5M Add +16.7%
MSFT Microsoft Corp. 4.06% 100,195 $37.6M No change
AVGO Broadcom Inc. 3.88% 215,040 $36.0M Add +8.6%
CRM Salesforce Inc. 3.57% 123,410 $33.1M Add +26.4%
KGS Kodiak Gas Services Inc. 3.48% 865,257 $32.3M Add +67.9%
CORZ Core Scientific Inc. 3.45% 4,422,524 $32.0M Add +2.3%
GDX Vaneck Gold Miners ETF 3.26% 658,389 $30.3M No change
PWR Quanta Services Inc. 3.21% 117,220 $29.8M Add +23.1%
AMZN Amazon.com Inc. 3.08% 150,115 $28.6M No change
Z Zillow Group Inc. Class C 3.06% 413,150 $28.3M No change
CRWD CrowdStrike Holdings Inc. Class A 2.40% 62,996 $22.2M No change
NFLX Netflix Inc. 2.37% 23,578 $22.0M No change
NVDA Nvidia Corp. 2.35% 201,415 $21.8M No change
TTWO Take-Two Interactive Softwre 2.28% 101,972 $21.1M No change
NOW ServiceNow Inc. 2.03% 23,626 $18.8M No change
LLY Eli Lilly & Co. 1.84% 20,626 $17.0M No change
TAC Transalta Corp. 0.97% 960,092 $9.0M New
WLDN Willdan Group Inc. 0.87% 198,321 $8.1M Reduce -1.3%
CRDO Credo Technology Group Holdi 0.63% 144,496 $5.8M No change
UBER Uber Technologies Inc. 0.47% 59,464 $4.3M No change
TLN Talen Energy Corp. 0.12% 5,633 $1.1M Add +4.7%
PSIX Power Solutions Internationa 0.12% 43,605 $1.1M Add +23.0%

Options reported separately and not counted above: GLD calls ($172.9M), FTAI puts ($112.6M), TSM calls ($88.4M), ABR puts ($42.1M), CORZ calls ($20.5M), RUN calls ($4.2M).

Portfolio Sells Q4 2024 → Q1 2025
WMB Williams Cos Inc. Sold out 0.00% −1.28
WLDN Willdan Group Inc. Reduce -1.3% 0.87% −0.15

Portfolio Buys Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US New 10.66% +10.66
IWM iShares Russell 2000 ETF New 10.62% +10.62
TAC Transalta Corp. New 0.97% +0.97
KGS Kodiak Gas Services Inc. Add +67.9% 3.48% +0.67
HDB HDFC Bank Ltd.-ADR Add +30.4% 4.86% +0.42
PSIX Power Solutions Internationa Add +23.0% 0.12% −0.02
TLN Talen Energy Corp. Add +4.7% 0.12% −0.02
AGX Argan Inc. Add +18.4% 5.96% −0.56
CRM Salesforce Inc. Add +26.4% 3.57% −0.79
GEV GE Vernova Inc. Add +15.4% 5.10% −0.81
PWR Quanta Services Inc. Add +23.1% 3.21% −0.81
VST Vistra Corp. Add +16.7% 4.26% −1.06
AVGO Broadcom Inc. Add +8.6% 3.88% −2.26
CORZ Core Scientific Inc. Add +2.3% 3.45% −4.68

Options Activity Q4 2024 → Q1 2025
QQQ Invesco QQQ Trust Series 1 put Sold out 766,900 $392.1Mbefore exit
TLT iShares 20+ Year Treasury BD call Sold out 2,500,000 $218.3Mbefore exit
GLD SPDR Gold Shares call Add +43.5% 600,000 $172.9M
FTAI Ftai Aviation Ltd. put New 1,045,500 $112.6M
TSM Taiwan Semiconductor-SP ADR call Add +8.2% 532,400 $88.4M
ABR Arbor Realty Trust Inc. put Add +243.5% 3,582,800 $42.1M
CORZ Core Scientific Inc. call New 2,830,000 $20.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 25$1.6BIWM, SPY, CORZ, SEI, GEV
Q1 2026 28$1.3BSPY, IWM, CORZ, GEV, SEI
Q4 2025 29$1.2BSPY, IWM, CORZ, GEV, AVGO
Q3 2025 28$1.1BCORZ, SPY, IWM, AGX, GEV
Q2 2025 29$1.3BIWM, SPY, AGX, GEV, CORZ
Q1 2025 29$927.2MSPY, IWM, AGX, CART, TKO
Q4 2024 27$747.4MCORZ, CART, AGX, AVGO, TKO
Q3 2024 23$731.7MCART, CORZ, MSFT, TKO, AVGO
Q2 2024 24$848.2MCART, MSFT, TKO, AMZN, CORZ
Q1 2024 24$848.9MCART, MSFT, CRM, AMZN, AMD