13F filer · CIK 2045724 ↗
Situational Awareness
You are looking at Q3 2025. See the latest, Q2 2026 →
Reported value
$4.14B
+95% on the quarter before
Positions
28
22 new · 3 sold out
Top 10
80.6%
of the value
Est. gain
+$290.1M
on stocks held all quarter
Est. return
+47.7%
on those stocks since Q2 2025
Positions as of Sep 30, 2025, from Situational Awareness's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
Each tile is a position, sized by its share, colored by what the fund did with it since Q2 2025. Striped tiles are options.
Largest buys
Since Q2 2025, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- CoreWeave~$563.2MNew · 0.0% → 13.6%+4,115,456 shares
- CoreWeaveCALL~$316.7MNew · 0.0% → 7.7%+2,314,500 underlying
- NvidiaPUT~$298.5MNew · 0.0% → 7.2%+1,600,000 underlying
- Core Scientific~$218.6MAdded · 6.4% → 8.7%+12,186,496 shares
- Vaneck ETF TrustPUT~$195.8MNew · 0.0% → 4.7%+600,000 underlying
- CoreWeavePUT~$191.6MNew · 0.0% → 4.6%+1,400,000 underlying
- Galaxy Digital Inc.~$92.6MNew · 0.0% → 2.2%+2,737,500 shares
- BroadcomPUT~$75.9MNew · 0.0% → 1.8%+230,000 underlying
- TSMCPUT~$75.4MNew · 0.0% → 1.8%+270,000 underlying
- Cipher Mining Inc~$72.3MNew · 0.0% → 1.7%+5,740,493 shares
Largest sells
Since Q2 2025, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Vaneck ETF TrustPUT~$570.1MSold out · 26.9% → 0.0%−2,044,100 underlying
- Broadcom~$328.5MSold out · 15.5% → 0.0%−1,191,606 shares
- Constellation Energy Corp~$103.0MSold out · 4.9% → 0.0%−319,200 shares
- Eqt Corp~$50.5MCut · 5.9% → 1.6%−927,959 shares
- Applied Digital Corp~$12.1MCut · 3.1% → 3.4%−527,645 shares
Holdings
As of Sep 30, 2025. Changes are in shares against Jun 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| IntelCALLCOM · shares 0% | 16.4% | $679.0M | — | ||||||||
| CoreWeaveCOM CL A · shares New | 13.6% | $563.2M | — | ||||||||
| Core ScientificCOM · shares +152% · price +5.1% | 8.7% | $362.0M | +$7.0M | ||||||||
| Iren LimitedORDINARY SHARES · shares +13% · price +222.1% | 8.2% | $338.9M | +$207.1M | ||||||||
| CoreWeaveCALLCOM CL A · shares New | 7.7% | $316.7M | — | ||||||||
| NvidiaPUTCOM · shares New | 7.2% | $298.5M | — | ||||||||
| VistraCOM · shares +1.1% · price +1.1% | 6.1% | $252.3M | +$2.7M | ||||||||
| Vaneck ETF TrustPUTSEMICONDUCTR ETF · shares New | 4.7% | $195.8M | — | ||||||||
| CoreWeavePUTCOM CL A · shares New | 4.6% | $191.6M | — | ||||||||
| Applied Digital CorpCOM NEW · shares −8.0% · price +127.8% | 3.4% | $139.1M | +$78.0M | ||||||||
| Galaxy Digital Inc.CL A · shares New | 2.2% | $92.6M | — | ||||||||
| BroadcomPUTCOM · shares New | 1.8% | $75.9M | — | ||||||||
| TSMCPUTSPONSORED ADS · shares New | 1.8% | $75.4M | — | ||||||||
| Cipher Mining IncCOM · shares New | 1.7% | $72.3M | — | ||||||||
| Riot PlatformsCOM · shares New | 1.7% | $68.4M | — | ||||||||
| LumentumCOM · shares New | 1.6% | $67.9M | — | ||||||||
| Eqt CorpCOM · shares −43% · price −6.7% | 1.6% | $66.3M | −$4.7M | ||||||||
| MicronPUTCOM · shares New | 1.2% | $50.2M | — | ||||||||
| Solaris Energy Infras IncCOM CL A · shares New | 1.1% | $46.0M | — | ||||||||
| Bloom EnergyCOM CL A · shares New | 1.1% | $43.9M | — | ||||||||
| Tower Semiconductor LtdSHS NEW · shares New | 0.82% | $34.0M | — | ||||||||
| Hut 8COM · shares New | 0.50% | $20.9M | — | ||||||||
| Western DigitalCOM · shares New | 0.44% | $18.3M | — | ||||||||
| Coherent CorpCOM · shares New | 0.40% | $16.6M | — | ||||||||
| Bitdeer Technologies GroupCL A ORD SHS · shares New | 0.38% | $15.9M | — | ||||||||
| Total · 28 positions | 100% | $4.14B | +$290.1M |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q2 2025 to Q3 2025: 5 stocks held throughout, up $290.1M (+47.7%).
- Iren Limited+$207.1M+222%
- Applied Digital Corp+$78.0M+128%
- Core Scientific+$7.0M+5%
- Vistra+$2.7M+1%
- Eqt Corp−$4.7M−7%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | $20.24B+48% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $13.68B+148% | SEC ↗ |
| Q4 2025 | Feb 11, 2026 | $5.52B+33% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $4.14B+95% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $2.12B+111% | SEC ↗ |
| Q1 2025 | May 14, 2025 | $1.01B+295% | SEC ↗ |
| Q4 2024 | Feb 11, 2025 | $254.8M | SEC ↗ |