13F filer · CIK 2045724 ↗
Situational Awareness
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$5.52B
+33% on the quarter before
Positions
29
15 new · 14 sold out
Top 10
86.0%
of the value
Est. gain
−$361.5M
on stocks held all quarter
Est. return
−21.5%
on those stocks since Q3 2025
Positions as of Dec 31, 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 Q3 2025. Striped tiles are options.
Largest buys
Since Q3 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.
- Bloom Energy~$875.5MNew · 0.0% → 15.9%+10,076,022 shares
- CoreWeaveCALL~$608.7MAdded · 7.7% → 14.0%+8,500,000 underlying
- Lumentum~$478.6MNew · 0.0% → 8.7%+1,298,400 shares
- Sandisk~$222.9MAdded · 0.3% → 4.5%+939,200 shares
- Cipher Mining Inc~$154.5MNew · 0.0% → 2.8%+10,469,093 shares
- CoreWeave~$142.0MAdded · 13.6% → 7.9%+1,983,356 shares
- Applied Digital Corp~$129.3MAdded · 3.4% → 5.0%+5,274,905 shares
- Core Scientific~$124.9MAdded · 8.7% → 7.6%+8,575,944 shares
- Eqt Corp~$67.8MAdded · 1.6% → 2.4%+1,264,839 shares
- Coherent Corp~$60.2MAdded · 0.4% → 1.6%+325,900 shares
Largest sells
Since Q3 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.
- NvidiaPUT~$298.5MSold out · 7.2% → 0.0%−1,600,000 underlying
- Vistra~$252.3MSold out · 6.1% → 0.0%−1,287,910 shares
- Vaneck ETF TrustPUT~$195.8MSold out · 4.7% → 0.0%−600,000 underlying
- CoreWeavePUT~$191.6MSold out · 4.6% → 0.0%−1,400,000 underlying
- Galaxy Digital Inc.~$92.6MSold out · 2.2% → 0.0%−2,737,500 shares
- BroadcomPUT~$75.9MSold out · 1.8% → 0.0%−230,000 underlying
- TSMCPUT~$75.4MSold out · 1.8% → 0.0%−270,000 underlying
- Cipher Mining Inc~$72.3MSold out · 1.7% → 0.0%−5,740,493 shares
- Lumentum~$67.9MSold out · 1.6% → 0.0%−417,600 shares
- MicronPUT~$50.2MSold out · 1.2% → 0.0%−300,000 underlying
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bloom EnergyCOM CL A · shares New | 15.9% | $875.5M | — | ||||||||
| CoreWeaveCALLCOM CL A · shares +367% | 14.0% | $774.4M | — | ||||||||
| IntelCALLCOM · shares 0% | 13.5% | $746.8M | — | ||||||||
| LumentumCOM · shares New | 8.7% | $478.6M | — | ||||||||
| CoreWeaveCOM CL A · shares +48% · price −47.7% | 7.9% | $436.7M | −$268.5M | ||||||||
| Core ScientificCOM · shares +42% · price −18.8% | 7.6% | $418.7M | −$68.2M | ||||||||
| Iren LimitedORDINARY SHARES · shares +21% · price −19.5% | 6.0% | $328.6M | −$66.1M | ||||||||
| Applied Digital CorpCOM NEW · shares +87% · price +6.9% | 5.0% | $278.0M | +$9.6M | ||||||||
| SandiskCOM · shares +817% · price +111.6% | 4.5% | $250.2M | +$14.4M | ||||||||
| Cipher Mining IncCOM · shares New | 2.8% | $154.5M | — | ||||||||
| Eqt CorpCOM · shares +104% · price −1.5% | 2.4% | $133.0M | −$1.0M | ||||||||
| Coherent CorpCOM · shares +211% · price +71.3% | 1.6% | $88.6M | +$11.9M | ||||||||
| Solaris Energy Infras IncCOM CL A · shares +62% · price +15.0% | 1.6% | $85.8M | +$6.9M | ||||||||
| Tower Semiconductor LtdSHS NEW · shares +54% · price +62.4% | 1.5% | $84.9M | +$21.2M | ||||||||
| Riot PlatformsCOM · shares +72% · price −33.4% | 1.4% | $78.1M | −$22.8M | ||||||||
| Kilroy Rlty CorpCOM · shares New | 0.90% | $49.6M | — | ||||||||
| Hut 8COM · shares +44% · price +32.0% | 0.72% | $39.5M | +$6.7M | ||||||||
| Eqt CorpCALLCOM · shares New | 0.68% | $37.5M | — | ||||||||
| Bloom EnergyCALLCOM CL A · shares New | 0.64% | $35.5M | — | ||||||||
| Whitefiber IncSHS · shares New | 0.50% | $27.8M | — | ||||||||
| Power Solutions Intl IncCOM NEW · shares New | 0.45% | $24.7M | — | ||||||||
| Bitdeer Technologies GroupCL A ORD SHS · shares +92% · price −34.4% | 0.36% | $20.0M | −$5.5M | ||||||||
| CleanSparkCOM NEW · shares New | 0.30% | $16.6M | — | ||||||||
| Bitfarms LtdCOM · shares New | 0.29% | $16.2M | — | ||||||||
| Liberty Energy IncCOM CL A · shares New | 0.19% | $10.5M | — | ||||||||
| Total · 29 positions | 100% | $5.52B | −$361.5M |
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 Q3 2025 to Q4 2025: 12 stocks held throughout, down $361.5M (−21.5%).
- Tower Semiconductor Ltd+$21.2M+62%
- Sandisk+$14.4M+112%
- Coherent Corp+$11.9M+71%
- Applied Digital Corp+$9.6M+7%
- Solaris Energy Infras Inc+$6.9M+15%
- Bitdeer Technologies Group−$5.5M−34%
- Riot Platforms−$22.8M−33%
- Iren Limited−$66.1M−20%
- Core Scientific−$68.2M−19%
- CoreWeave−$268.5M−48%
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 ↗ |