Q4 2025 — Complete Holdings (29 line items)
Sourced from [SEC 13F-HR XML, accession 0002045724-26-000002]1. Period of report 2025-12-31, filed 2026-02-11. Total reportable value $5,516,758,344.
| # | Issuer | Ticker | Type | Shares / Notional | Value (USD) | % | Bucket |
|---|---|---|---|---|---|---|---|
| 1 | Bloom Energy | BE | Common | 10,076,022 | $875,505,552 | 15.87% | Power |
| 2 | CoreWeave | CRWV | Calls | 10,814,500 | $774,426,345 | 14.04% | AI Cloud |
| 3 | Intel | INTC | Calls | 20,237,400 | $746,760,060 | 13.54% | Chips |
| 4 | Lumentum | LITE | Common | 1,298,400 | $478,577,256 | 8.68% | Optics |
| 5 | CoreWeave | CRWV | Common | 6,098,812 | $436,735,927 | 7.92% | AI Cloud |
| 6 | Core Scientific | CORZ | Common | 28,756,478 | $418,694,320 | 7.59% | Data Centers |
| 7 | IREN Limited | IREN | Common | 8,700,621 | $328,622,455 | 5.96% | Data Centers |
| 8 | Applied Digital | APLD | Common | 11,339,060 | $278,033,751 | 5.04% | Data Centers |
| 9 | Sandisk | SNDK | Common | 1,054,200 | $250,245,996 | 4.53% | Storage |
| 10 | Cipher Mining | CIFR | Common | 10,469,093 | $154,523,813 | 2.80% | Data Centers |
| 11 | EQT Corp | EQT | Common | 2,482,225 | $133,047,260 | 2.41% | Power |
| 12 | Coherent | COHR | Common | 480,300 | $88,648,971 | 1.61% | Optics |
| 13 | Solaris Energy | SEI | Common | 1,866,500 | $85,803,005 | 1.56% | Power |
| 14 | Tower Semiconductor | TSEM | Common | 723,004 | $84,895,130 | 1.54% | Chips |
| 15 | Riot Platforms | RIOT | Common | 6,167,700 | $78,144,759 | 1.42% | Data Centers |
| 16 | Kilroy Realty | KRC | Common | 1,327,700 | $49,616,149 | 0.90% | Real Estate |
| 17 | Hut 8 | HUT | Common | 860,200 | $39,517,588 | 0.72% | Data Centers |
| 18 | EQT Corp | EQT | Calls | 700,000 | $37,520,000 | 0.68% | Power |
| 19 | Bloom Energy | BE | Calls | 408,500 | $35,494,565 | 0.64% | Power |
| 20 | WhiteFiber | WYFI | Common | 1,757,600 | $27,770,080 | 0.50% | Data Centers |
| 21 | Power Solutions Intl | PSIX | Common | 432,300 | $24,701,622 | 0.45% | Power |
| 22 | Bitdeer | BTDR | Common | 1,788,000 | $20,043,480 | 0.36% | Data Centers |
| 23 | Bitfarms | BITF | Common | 6,897,100 | $16,208,185 | 0.29% | Data Centers |
| 24 | CleanSpark | CLSK | Common | 1,640,400 | $16,600,848 | 0.30% | Data Centers |
| 25 | Liberty Energy | LBRT | Common | 567,200 | $10,470,512 | 0.19% | Power |
| 26 | Infosys ADR | INFY | Puts | 500,000 | $8,910,000 | 0.16% | Shorts |
| 27 | ProPetro | PUMP | Common | 910,300 | $8,656,953 | 0.16% | Power |
| 28 | Babcock & Wilcox | BW | Common | 1,353,900 | $8,583,726 | 0.16% | Power |
| 29 | Intel (residual) | INTC | Common | 1 | $37 | 0.00% | Chips |
| TOTAL | $5,516,758,344 | 100.00% |
Notes on the table
- Option lines (CRWV, INTC, EQT, BE calls; INFY puts) are reported at the value of the underlying shares, not premium paid. Real cash-at-risk is a small fraction of the line’s headline value.
- The single share of INTC common (line 29, value $37) is a tracking placeholder used to satisfy the SEC convention that a CUSIP appearing as an option also appear as a common-stock line.
- Infosys puts are the only short disclosure in Q4 2025. Q3 2025 had additional puts on AVGO, CRWV, MU, NVDA, TSM, and the VanEck SMH ETF — all closed by Q4.
5-Quarter Trajectory
| Period | Filed | Line items | Reportable value | Notable changes |
|---|---|---|---|---|
| Q4 2024 | 2025-02-12 | 6 | $254.8 M | First filing. Initial book: CEG, MOD, MRVL, TLN, VRT, VST. |
| Q1 2025 | 2025-05-14 | 12 | $1,005.6 M | +APLD, +AVGO, +CRWV, +CORZ, +EQT, +INTC calls, +IREN, +ONTO, +TLN. Exited MRVL, VRT. |
| Q2 2025 | 2025-08-14 | 9 | $2,123.0 M | Concentrated; added VanEck SMH ETF puts ($570 M notional) as a macro hedge. Exited MOD, ONTO, TLN. |
| Q3 2025 | 2025-11-14 | 28 | $4,138.4 M | Major expansion. New: BE, CIFR, COHR, GLXY, HUT, LITE, RIOT, STX (Seagate), SNDK, SEI, TSEM, WDC. Added puts on AVGO, CRWV, MU, NVDA, TSM, SMH. CORZ grew to 20.18 M sh. |
| Q4 2025 | 2026-02-11 | 29 | $5,516.8 M | New: BW, BITF, BTDR, CLSK, INFY put, KRC, LBRT, PSIX, PUMP, WYFI. Exited: AVGO, CEG, GLXY, MU put, NVDA put, STX, TSM put, VST, SMH put, WDC, MOD. CORZ grew to 28.76 M sh; CRWV calls added at 10.81 M-share notional ($774 M); BE became #1 long. |
Filing URLs
- Q4 2024 — accession 0000935836-25-000120
- Q1 2025 — accession 0002045724-25-000002
- Q2 2025 — accession 0002045724-25-000006
- Q3 2025 — accession 0002045724-25-000008
- Q4 2025 — accession 0002045724-26-000002