Value Aligned Research Advisors, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Value Aligned Research Advisors, LLC reported 47 stock positions worth $4.9 billion . Its top holding was Lumentum (LITE) at 8.9% of the portfolio, followed by Coreweave Class A (CRWV, 8.8% ) and Vertiv Class A (VRT, 7.2% ). Compared with Q3 2025, it opened 8 new positions, sold out of 3, added to 20 and reduced 11. The biggest buy was a new position in Lumentum (LITE) and the biggest sale Constellation Energy (CEG, shares −69% ).
Location PRINCETON, NJ
CIK 0001963565
Portfolio Value $4.9B (Q4 2025) Holdings 47 stocks · $4.9B 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 Q3 2025 LITE Lumentum Holdings Inc. 1,172,201 $432.1M New CRWV Coreweave Inc. Class A 6,028,220 $431.7M Add +95.8% VRT Vertiv Holdings Co. Class A 2,173,391 $352.1M Reduce -2.1% CLS Celestica Inc. 1,149,828 $339.9M Reduce -15.4% BE Bloom Energy Corp. Class A 3,476,548 $302.1M Add +7.8% NBIS Nebius Group NV 3,305,776 $276.7M Add +64.5% COHR Coherent Corp. 1,335,217 $246.4M Add +96.2% GEV GE Vernova Inc. 271,213 $177.3M Add +395.7% EQT Eqt Corp. 2,915,700 $156.3M Add +24.3% APLD Applied Digital Corp. 5,643,550 $138.4M New AMAT Applied Materials Inc. 538,231 $138.3M Add +117.1% FIX Comfort Systems USA Inc. 147,021 $137.2M Add +168.7% IREN Iren Ltd. filed as IREN LIMITED 3,515,247 $132.8M Reduce -9.2% HUT Hut 8 Corp. 2,788,516 $128.1M Add +43.1% RIOT Riot Platforms Inc. 9,624,147 $121.9M Add +72.8% LRCX Lam Research Corp. 707,033 $121.0M Add +41.2% CORZ Core Scientific Inc. 8,089,697 $117.8M New VST Vistra Corp. 716,107 $115.5M Reduce -54.2% CIFR Cipher Digital Inc. 7,447,495 $109.9M Add +45.9% CEG Constellation Energy 296,877 $104.9M Reduce -68.5% ALAB Astera Labs Inc. 568,316 $94.5M Reduce -58.8% AVGO Broadcom Inc. 219,909 $76.1M No change SNOW Snowflake Inc. 312,224 $68.5M Add +46.7% EME Emcor Group Inc. 111,108 $68.0M Add +308.8% MU Micron Technology Inc. 218,808 $62.4M Reduce -85.3% KLAC KLA Corp. 50,786 $61.7M Add +36.7% TLN Talen Energy Corp. 157,347 $59.0M Reduce -64.6% SEI Solaris Energy Infrastructur 975,939 $44.9M New AGX Argan Inc. 128,858 $40.4M Reduce -42.9% BTDR Bitdeer Technologies Group-A 3,267,614 $36.6M Add +137.0% STX Seagate Technology Holdings 126,282 $34.8M New ORCL Oracle Corp. 141,409 $27.6M New GTLB Gitlab Inc. Class A 729,152 $27.4M Add +2.4% GLXY Galaxy Digital Inc. Class A 1,061,151 $23.7M New NRG NRG Energy Inc. 135,486 $21.6M Reduce -84.8% NVDA Nvidia Corp. 97,259 $18.1M No change LGN Legence Corp. Class A 251,681 $10.8M Add +22.6% HNRG Hallador Energy Co. 320,759 $6.1M No change BKV BKV Corporation 192,295 $5.2M Add +12.7% GOOGL Alphabet Inc. Class A 11,502 $3.6M No change TSSI TSS Inc. 460,510 $3.3M Add +6.8% AAON Aaon Inc. 41,956 $3.2M Reduce -92.0% GOOG Alphabet Inc. Class C 4,785 $1.5M No change AMZN Amazon.com Inc. 4,922 $1.1M No change ASML ASML Holding NV-NY Reg SHS 203 $217K New TSM Taiwan Semiconductor-SP ADR 680 $207K No change MSFT Microsoft Corp. 374 $181K No change
Options reported separately and not counted above: NVDA calls ($1.1B), TSM calls ($555.5M), GOOGL calls ($511.6M), AMZN calls ($471.6M), INTC calls ($406.6M), TSM puts ($394.2M), AVGO calls ($301.8M), MSFT calls ($205.1M), MU calls ($205.1M), NVDA puts ($186.8M), ORCL calls ($101.0M), AVGO puts ($100.4M), and 27 more.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ CEG Constellation Energy Reduce -68.5% 2.15% −5.02 VST Vistra Corp. Reduce -54.2% 2.37% −4.70 MU Micron Technology Inc. Reduce -85.3% 1.28% −4.45 ALAB Astera Labs Inc. Reduce -58.8% 1.94% −4.29 TLN Talen Energy Corp. Reduce -64.6% 1.21% −3.16 NRG NRG Energy Inc. Reduce -84.8% 0.44% −2.89 IREN Iren Ltd. Reduce -9.2% 2.72% −1.47 AAON Aaon Inc. Reduce -92.0% 0.07% −1.07 FN Fabrinet Sold out 0.00% −0.98 CLS Celestica Inc. Reduce -15.4% 6.96% −0.77 AGX Argan Inc. Reduce -42.9% 0.83% −0.58 VRT Vertiv Holdings Co. Class A Reduce -2.1% 7.21% −0.52 WULF Terawulf Inc. Sold out 0.00% −0.30 TAC Transalta Corp. Sold out 0.00% −0.23
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ LITE Lumentum Holdings Inc. New 8.85% +8.85 COHR Coherent Corp. Add +96.2% 5.05% +3.36 GEV GE Vernova Inc. Add +395.7% 3.63% +2.86 APLD Applied Digital Corp. New 2.83% +2.83 CORZ Core Scientific Inc. New 2.41% +2.41 FIX Comfort Systems USA Inc. Add +168.7% 2.81% +1.77 AMAT Applied Materials Inc. Add +117.1% 2.83% +1.66 HUT Hut 8 Corp. Add +43.1% 2.62% +1.06 EME Emcor Group Inc. Add +308.8% 1.39% +0.99 LRCX Lam Research Corp. Add +41.2% 2.48% +0.93 SEI Solaris Energy Infrastructur New 0.92% +0.92 CIFR Cipher Digital Inc. Add +45.9% 2.25% +0.77 STX Seagate Technology Holdings New 0.71% +0.71 ORCL Oracle Corp. New 0.56% +0.56 GLXY Galaxy Digital Inc. Class A New 0.49% +0.49 NBIS Nebius Group NV Add +64.5% 5.67% +0.46 KLAC KLA Corp. Add +36.7% 1.26% +0.34 SNOW Snowflake Inc. Add +46.7% 1.40% +0.30 EQT Eqt Corp. Add +24.3% 3.20% +0.25 BTDR Bitdeer Technologies Group-A Add +137.0% 0.75% +0.21 LGN Legence Corp. Class A Add +22.6% 0.22% +0.08 RIOT Riot Platforms Inc. Add +72.8% 2.50% +0.05 BKV BKV Corporation Add +12.7% 0.11% +0.02 ASML ASML Holding NV-NY Reg SHS New 0.00% +0.00 BE Bloom Energy Corp. Class A Add +7.8% 6.19% −0.10 TSSI TSS Inc. Add +6.8% 0.07% −0.11 GTLB Gitlab Inc. Class A Add +2.4% 0.56% −0.18 CRWV Coreweave Inc. Class A Add +95.8% 8.84% −0.88
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ NVDA Nvidia Corp. call Add +94.8% 5,675,800 $1.1B GOOGL Alphabet Inc. Class A call Add +17.5% 1,634,600 $511.6M AMZN Amazon.com Inc. call Add +55.2% 2,043,300 $471.6M INTC Intel Corp. call Reduce -2.3% 11,019,800 $406.6M TSM Taiwan Semiconductor-SP ADR put Add +19.2% 1,297,300 $394.2M AVGO Broadcom Inc. call Add +4.4% 872,000 $301.8M MSFT Microsoft Corp. call Add +15.8% 424,100 $205.1M ORCL Oracle Corp. call Add +48.0% 518,100 $101.0M AVGO Broadcom Inc. put Add +14.8% 290,000 $100.4M AAPL Apple Inc. put Add +26.6% 264,000 $71.8M VRT Vertiv Holdings Co. Class A call Add +5.3% 364,600 $59.1M QCOM Qualcomm Inc. put Reduce -11.6% 314,300 $53.8M LRCX Lam Research Corp. call Add +0.1% 147,400 $25.2M EEM iShares MSCI Emerging Market put Reduce -39.1% 454,600 $24.9M AMAT Applied Materials Inc. call Add +0.1% 92,600 $23.8M GEV GE Vernova Inc. call Add +11766.7% 35,600 $23.3M EQT Eqt Corp. call Add +10.5% 275,600 $14.8M VST Vistra Corp. call Add +52.6% 89,300 $14.4M CEG Constellation Energy call Add +35.1% 38,500 $13.6M FXI iShares China Large-Cap ETF put Sold out 90,000 $3.7Mbefore exit EWT iShares MSCI Taiwan ETF put Reduce -37.5% 5,000 $318K GTLB Gitlab Inc. Class A call New 7,800 $293K
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