The Bucket
A single disclosed short in Q4 2025: puts on Infosys ADR (INFY) at $8.9 M underlying notional, 0.16% of the 13F. The bucket is small in dollar terms but thematically central — it expresses the fund’s view of which businesses get displaced by the same AI buildout the rest of the portfolio benefits from.
Important Caveat
13F filings only require disclosure of listed put options on US equities. The fund’s actual short book is invisible in this filing — outright stock shorts, swap-based shorts, and non-US shorts are not reported. Press references the fund running a “long/short” strategy with global mandate, so what appears here is at best a fraction of the short book.
Thesis: Infosys (and IT Services Broadly)
Infosys, TCS, Wipro, HCL, Cognizant, and the broader Indian IT-services industry have built ~80–150/hour for engineering work performed by employees in India earning a fraction of that. The “value” they sell is fundamentally human-hours of competent-but-not-elite software work — exactly the activity LLM coding agents (Claude Code, Cursor, GitHub Copilot Workspace, Devin and successors) are eating fastest.
The fund is presumably also short other names in this group via swaps that don’t appear in the 13F. Infosys is selected for the listed-put expression because:
- Largest US-listed ADR among Indian IT majors with deep options liquidity.
- Most concentrated revenue dependence on application-development outsourcing — the most directly disrupted segment.
- Multi-year contracts mean revenue-erosion is a slow-motion process — ideal for time-decay-friendly options strategies.
Q3 2025 → Q4 2025 Short-Book Rotation
Q3 2025 disclosed several puts that were closed by Q4 2025:
| Ticker | Q3 2025 disclosure | Q4 2025 status |
|---|---|---|
| AVGO | Puts | Closed |
| CRWV | Puts | Closed (and call position added) |
| MU | Puts | Closed |
| NVDA | Puts | Closed |
| TSM | Puts | Closed |
| SMH ETF | Puts | Closed |
| INFY | — | New put |
The Q3 short book read as a macro hedge against AI-semi froth. The Q4 closure of every one of those puts is consistent with conviction that the AI capex cycle is sustaining and that no near-term semi correction is on the horizon. The pivot to a single, narrower put on Infosys reads as structural conviction rather than tactical hedge: AI displaces IT services regardless of where chip stocks trade.
Constituents
| Company | Ticker | Q4 2025 line | Underlying notional | % of 13F |
|---|---|---|---|---|
| Infosys | INFY | Puts | $8.9 M | 0.16% |
Position History
INFY puts are a new entry in Q4 2025. The disappearance of the Q3 put book and the appearance of this single thematic short in Q4 is one of the most legible posture shifts in the 5-quarter history.