Value Aligned Research Advisors, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Value Aligned Research Advisors, LLC reported 35 stock positions worth $2.2 billion . Its top holding was Vistra (VST) at 11.8% of the portfolio, followed by Micron Technology (MU, 10.4% ) and Constellation Energy (CEG, 10.3% ). Compared with Q1 2025, it opened 8 new positions, sold out of 6, added to 19 and reduced 8. The biggest buy was Celestica (CLS, shares +140% ) and the biggest sale NRG Energy (NRG, shares −52% ).
Location PRINCETON, NJ
CIK 0001963565
Portfolio Value $2.2B (Q2 2025) Holdings 35 stocks · $2.2B 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 VST Vistra Corp. 1,368,338 $265.2M Reduce -7.7% MU Micron Technology Inc. 1,887,678 $232.7M Add +25.4% CEG Constellation Energy 714,763 $230.7M Add +12.7% VRT Vertiv Holdings Co. Class A 1,753,721 $225.2M Add +1.8% GEV GE Vernova Inc. 384,669 $203.5M Reduce -22.2% CLS Celestica Inc. 1,191,321 $186.0M Add +140.0% NBIS Nebius Group NV 2,228,124 $123.3M Add +18.5% TLN Talen Energy Corp. 376,428 $109.5M Add +7.3% ALAB Astera Labs Inc. 1,181,031 $106.8M Reduce -11.4% RIOT Riot Platforms Inc. 5,141,221 $58.1M Add +2.6% NRG NRG Energy Inc. 356,956 $57.3M Reduce -52.1% FN Fabrinet 193,581 $57.0M Add +69.2% BE Bloom Energy Corp. Class A 2,044,417 $48.9M Add +27.1% IREN Iren Ltd. filed as IREN LIMITED 3,266,148 $47.6M New LRCX Lam Research Corp. 482,330 $47.0M Add +2141.9% EQT Eqt Corp. 452,481 $26.4M Add +15776.5% AAON Aaon Inc. 334,498 $24.7M Add +769.7% AGX Argan Inc. 110,562 $24.4M New CORZ Core Scientific Inc. 1,349,657 $23.0M New KLAC KLA Corp. 23,511 $21.1M Add +2234.8% NVDA Nvidia Corp. 131,430 $20.8M Add +435.0% COHR Coherent Corp. 232,518 $20.7M Reduce -55.7% AMAT Applied Materials Inc. 110,764 $20.3M Add +93.7% HUT Hut 8 Corp. 927,040 $17.2M New GOOGL Alphabet Inc. Class A 71,693 $12.6M Add +1763.6% TSSI TSS Inc. 353,149 $10.2M Add +40.1% BTDR Bitdeer Technologies Group-A 832,509 $9.6M New TAC Transalta Corp. 633,587 $6.8M New GOOG Alphabet Inc. Class C 4,785 $849K Add +51.4% HNRG Hallador Energy Co. 28,182 $446K New MSFT Microsoft Corp. 466 $232K Add +288.3% TSM Taiwan Semiconductor-SP ADR 504 $114K Reduce -93.7% AMD Advanced Micro Devices 623 $88K New AMZN Amazon.com Inc. 89 $20K Reduce -98.0% AVGO Broadcom Inc. 19 $5K Reduce -99.7%
Options reported separately and not counted above: NVDA calls ($337.3M), TSM calls ($302.0M), INTC calls ($252.6M), GOOGL calls ($243.9M), AVGO calls ($206.4M), AMZN calls ($186.5M), TSM puts ($178.4M), MSFT calls ($133.7M), MU calls ($88.6M), ORCL calls ($64.8M), CRWV calls ($64.3M), AMD calls ($62.8M), and 25 more.
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 ▲ NRG NRG Energy Inc. Reduce -52.1% 2.56% −3.22 GEV GE Vernova Inc. Reduce -22.2% 9.09% −3.17 VST Vistra Corp. Reduce -7.7% 11.85% −2.29 ONTO Onto Innovation Inc. Sold out 0.00% −2.21 CRDO Credo Technology Group Holdi Sold out 0.00% −2.18 COHR Coherent Corp. Reduce -55.7% 0.93% −1.84 ALAB Astera Labs Inc. Reduce -11.4% 4.77% −1.69 CAMT Camtek Ltd. Sold out 0.00% −1.12 MRVL Marvell Technology Inc. Sold out 0.00% −0.69 TSM Taiwan Semiconductor-SP ADR Reduce -93.7% 0.01% −0.10 AVGO Broadcom Inc. Reduce -99.7% 0.00% −0.08 AMZN Amazon.com Inc. Reduce -98.0% 0.00% −0.07 ORCL Oracle Corp. Sold out 0.00% −0.02 ASML ASML Holding NV-NY Reg SHS 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 ▼ CLS Celestica Inc. Add +140.0% 8.31% +5.13 NBIS Nebius Group NV Add +18.5% 5.51% +2.28 IREN Iren Ltd. New 2.13% +2.13 LRCX Lam Research Corp. Add +2141.9% 2.10% +1.97 EQT Eqt Corp. Add +15776.5% 1.18% +1.17 AGX Argan Inc. New 1.09% +1.09 CORZ Core Scientific Inc. New 1.03% +1.03 KLAC KLA Corp. Add +2234.8% 0.94% +0.89 AAON Aaon Inc. Add +769.7% 1.10% +0.86 HUT Hut 8 Corp. New 0.77% +0.77 FN Fabrinet Add +69.2% 2.55% +0.71 NVDA Nvidia Corp. Add +435.0% 0.93% +0.71 GOOGL Alphabet Inc. Class A Add +1763.6% 0.56% +0.52 BTDR Bitdeer Technologies Group-A New 0.43% +0.43 TAC Transalta Corp. New 0.31% +0.31 TSSI TSS Inc. Add +40.1% 0.45% +0.29 AMAT Applied Materials Inc. Add +93.7% 0.91% +0.23 HNRG Hallador Energy Co. New 0.02% +0.02 MSFT Microsoft Corp. Add +288.3% 0.01% +0.01 AMD Advanced Micro Devices New 0.00% +0.00 GOOG Alphabet Inc. Class C Add +51.4% 0.04% −0.00 VRT Vertiv Holdings Co. Class A Add +1.8% 10.06% −0.04 CEG Constellation Energy Add +12.7% 10.31% −0.09 MU Micron Technology Inc. Add +25.4% 10.39% −0.23 RIOT Riot Platforms Inc. Add +2.6% 2.60% −0.30 BE Bloom Energy Corp. Class A Add +27.1% 2.18% −0.39 TLN Talen Energy Corp. Add +7.3% 4.89% −0.80
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ NVDA Nvidia Corp. call Add +937.8% 2,134,800 $337.3M TSM Taiwan Semiconductor-SP ADR call Add +1038.8% 1,333,500 $302.0M INTC Intel Corp. call New 11,276,700 $252.6M GOOGL Alphabet Inc. Class A call Add +1243.8% 1,384,100 $243.9M AVGO Broadcom Inc. call Add +886.3% 748,600 $206.4M AMZN Amazon.com Inc. call Add +2131.8% 850,300 $186.5M TSM Taiwan Semiconductor-SP ADR put New 787,600 $178.4M MSFT Microsoft Corp. call Add +1569.6% 268,800 $133.7M MU Micron Technology Inc. call Add +553.9% 718,600 $88.6M ORCL Oracle Corp. call Add +657.8% 296,300 $64.8M CRWV Coreweave Inc. Class A call New 394,200 $64.3M AMD Advanced Micro Devices call Add +14167.7% 442,300 $62.8M NVDA Nvidia Corp. put New 386,000 $61.0M VRT Vertiv Holdings Co. Class A call Add +304.1% 346,300 $44.5M AAPL Apple Inc. put New 208,600 $42.8M EEM iShares MSCI Emerging Market put New 746,800 $36.0M QCOM Qualcomm Inc. put New 216,700 $34.5M AVGO Broadcom Inc. put New 74,900 $20.6M ORCL Oracle Corp. put New 76,900 $16.8M AMZN Amazon.com Inc. put New 74,500 $16.3M EQT Eqt Corp. call Add +6135.0% 249,400 $14.5M LRCX Lam Research Corp. call Add +801.2% 146,000 $14.2M NBIS Nebius Group NV call Add +518.4% 228,800 $12.7M VST Vistra Corp. call Reduce -16.4% 58,500 $11.3M VST Vistra Corp. put New 51,900 $10.1M CEG Constellation Energy call Reduce -24.6% 28,500 $9.2M GEV GE Vernova Inc. put New 14,200 $7.5M MU Micron Technology Inc. put New 45,400 $5.6M VRT Vertiv Holdings Co. Class A put New 43,400 $5.6M CEG Constellation Energy put New 13,200 $4.3M FXI iShares China Large-Cap ETF put New 90,000 $3.3M ALAB Astera Labs Inc. call Sold out 38,500 $2.3Mbefore exit CLS Celestica Inc. call Add +68.8% 13,500 $2.1M MRVL Marvell Technology Inc. call Sold out 33,600 $2.1Mbefore exit RIOT Riot Platforms Inc. call Sold out 139,900 $996Kbefore exit CRDO Credo Technology Group Holdi call Sold out 22,000 $884Kbefore exit AMAT Applied Materials Inc. call Sold out 5,700 $827Kbefore exit ASML ASML Holding NV-NY Reg SHS call Sold out 1,200 $795Kbefore exit TLN Talen Energy Corp. call Sold out 3,500 $699Kbefore exit COHR Coherent Corp. call Reduce -71.4% 7,300 $651K NRG NRG Energy Inc. call Reduce -79.6% 3,100 $498K EWT iShares MSCI Taiwan ETF put New 8,000 $459K BE Bloom Energy Corp. Class A call Reduce -49.0% 17,300 $414K KLAC KLA Corp. call Sold out 300 $204Kbefore exit GEV GE Vernova Inc. call Reduce -98.1% 300 $159K
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 59 $16.7B BE, NBIS, CRWV, INTC, MU Q1 2026 53 $8.4B LITE, CRWV, BE, NBIS, VRT Q4 2025 47 $4.9B LITE, CRWV, VRT, CLS, BE Q3 2025 Amended 42 $4.3B CRWV, VRT, CLS, CEG, VST Q2 2025 35 $2.2B VST, MU, CEG, VRT, GEV Q1 2025 33 $1.2B VST, GEV, MU, CEG, VRT Q4 2024 Amended 27 $358.0M VRT, MRVL, GEV, ONTO, RIOT Q3 2024 21 $384.9M MRVL, ONTO, AMAT, VRT, LRCX Q2 2024 20 $456.4M AMAT, LRCX, MRVL, ONTO, VRT Q1 2024 19 $507.0M AMD, SMCI, LRCX, AMAT, CDNS