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Value Aligned Research Advisors portfolio · 2025-09-30

Form 13F reports holdings as of 2025-09-30 and was filed on 2025-12-03. It is delayed, can omit confidential positions, and is not the manager's current portfolio or fund NAV. Options show reported underlying value—not premium, net exposure, or investment intent.

Disclosed long book

$4.33 billion

Long positions

Calls / puts

24 / 15

Top 5 concentration

39.4%

Longs with AI data

8 / 42

Average AI 1Y

+34.3%

Official SEC filing ↗Exact filing event Permanent quarter page JSON Download CSV

13F filing comparison

Quarter-over-quarter changes

2025-06-30 to 2025-09-30

Newly reported

No longer reported

Increased

Reduced

Newly reported this quarter

Present now and absent from the immediately preceding comparable filing.

Position	Kind	Shares	Value
APPLIED MATLS INC APPLIED MATLS INC	CALL	92,500	$18.9 million
SNOWFLAKE INC SNOWFLAKE INC	CALL	49,400	$11.1 million
CRWV COREWEAVE INC	LONG	3,079,120	$421.4 million
CIPHER MINING INC CIPHER MINING INC	LONG	5,104,537	$64.3 million
SNOWFLAKE INC SNOWFLAKE INC	LONG	212,829	$48.0 million
COMFORT SYS USA INC COMFORT SYS USA INC	LONG	54,715	$45.1 million
GITLAB INC GITLAB INC	LONG	712,184	$32.1 million
EMCOR GROUP INC EMCOR GROUP INC	LONG	27,179	$17.7 million
TERAWULF INC TERAWULF INC	LONG	1,136,932	$13.0 million
LEGENCE CORP LEGENCE CORP	LONG	205,254	$6.3 million
BKV CORP BKV CORP	LONG	170,652	$3.9 million

No longer reported this quarter

Present in the prior comparable filing and absent from this one.

Position	Kind	Prior shares	Prior value
ADVANCED MICRO DEVICES INC ADVANCED MICRO DEVICES INC · COM	LONG	623	$88,404
CORE SCIENTIFIC INC NEW CORE SCIENTIFIC INC NEW · COM	LONG	1,349,657	$23.0 million

Position

Kind

Prior shares

Prior value

ADVANCED MICRO DEVICES INC

ADVANCED MICRO DEVICES INC · COM

LONG

623

$88,404

CORE SCIENTIFIC INC NEW

CORE SCIENTIFIC INC NEW · COM

LONG

1,349,657

$23.0 million

“No longer reported” means the position is absent from this comparable 13F filing. It does not prove the manager sold it: reporting thresholds, confidential treatment, corporate actions, or instrument changes can also explain the omission.

Position	Kind	Shares	Value	Long weight	Quarter change	AI at filing · 1Y	AI now
CRWV CoreWeave Inc	LONG	3,079,120	$421.4 million	9.7%	NEWLY REPORTED	67.2%	1Y +44.1% 5Y +222.7% · 24 models
VERTIV HOLDINGS CO VERTIV HOLDINGS CO · COM CL A · 92537N108	LONG	2,221,109	$335.1 million	7.7%	INCREASED	—	1Y — 5Y —
CLS Celestica Inc.	LONG	1,359,711	$335.0 million	7.7%	INCREASED	26.9%	1Y +29.3% 5Y +149.8% · 23 models
CONSTELLATION ENERGY CORP CONSTELLATION ENERGY CORP · COM · 21037T109	LONG	943,864	$310.6 million	7.2%	INCREASED	—	1Y — 5Y —
VST Vistra	LONG	1,562,250	$306.1 million	7.1%	INCREASED	28.6%	1Y +29.5% 5Y +146.1% · 23 models
BLOOM ENERGY CORP BLOOM ENERGY CORP · COM CL A · 093712107	LONG	3,223,969	$272.7 million	6.3%	INCREASED	—	1Y — 5Y —
ASTERA LABS INC ASTERA LABS INC · COM · 04626A103	LONG	1,378,351	$269.9 million	6.2%	INCREASED	—	1Y — 5Y —
MICRON TECHNOLOGY INC MICRON TECHNOLOGY INC · COM · 595112103	LONG	1,483,742	$248.3 million	5.7%	REDUCED	—	1Y — 5Y —
NEBIUS GROUP N.V. NEBIUS GROUP N.V. · SHS CLASS A · N97284108	LONG	2,009,450	$225.6 million	5.2%	REDUCED	—	1Y — 5Y —
TALEN ENERGY CORP TALEN ENERGY CORP · COM · 87422Q109	LONG	445,039	$189.3 million	4.4%	INCREASED	—	1Y — 5Y —
IREN LIMITED IREN LIMITED · ORDINARY SHARES · Q4982L109	LONG	3,873,337	$181.8 million	4.2%	INCREASED	—	1Y — 5Y —
NRG ENERGY INC NRG ENERGY INC · COM NEW · 629377508	LONG	892,960	$144.6 million	3.3%	INCREASED	—	1Y — 5Y —
EQT CORP EQT CORP · COM · 26884L109	LONG	2,346,705	$127.7 million	2.9%	INCREASED	—	1Y — 5Y —
RIOT Riot Platforms Inc.	LONG	5,570,188	$106.0 million	2.4%	INCREASED	51.5%	1Y +46.6% 5Y +177.9% · 24 models
COHERENT CORP COHERENT CORP · COM · 19247G107	LONG	680,599	$73.3 million	1.7%	INCREASED	—	1Y — 5Y —
BROADCOM INC BROADCOM INC · COM · 11135F101	LONG	219,909	$72.6 million	1.7%	INCREASED	—	1Y — 5Y —
HUT 8 CORP HUT 8 CORP · COM · 44812J104	LONG	1,948,995	$67.8 million	1.6%	INCREASED	—	1Y — 5Y —
LAM RESEARCH CORP LAM RESEARCH CORP · COM NEW · 512807306	LONG	500,863	$67.1 million	1.5%	INCREASED	—	1Y — 5Y —
CIPHER MINING INC CIPHER MINING INC · COM · 17253J106	LONG	5,104,537	$64.3 million	1.5%	NEWLY REPORTED	—	1Y — 5Y —
ARGAN INC ARGAN INC · COM · 04010E109	LONG	225,750	$61.0 million	1.4%	INCREASED	—	1Y — 5Y —
APPLIED MATLS INC APPLIED MATLS INC · COM · 038222105	LONG	247,969	$50.8 million	1.2%	INCREASED	—	1Y — 5Y —
AAON INC AAON INC · COM PAR $0.004 · 000360206	LONG	527,874	$49.3 million	1.1%	INCREASED	—	1Y — 5Y —
SNOWFLAKE INC SNOWFLAKE INC · COM SHS · 833445109	LONG	212,829	$48.0 million	1.1%	NEWLY REPORTED	—	1Y — 5Y —
COMFORT SYS USA INC COMFORT SYS USA INC · COM · 199908104	LONG	54,715	$45.1 million	1.0%	NEWLY REPORTED	—	1Y — 5Y —
FABRINET FABRINET · SHS · G3323L100	LONG	116,817	$42.6 million	1.0%	REDUCED	—	1Y — 5Y —
KLA CORP KLA CORP · COM NEW · 482480100	LONG	37,140	$40.1 million	0.9%	INCREASED	—	1Y — 5Y —
GE VERNOVA INC GE VERNOVA INC · COM · 36828A101	LONG	54,717	$33.6 million	0.8%	REDUCED	—	1Y — 5Y —
GITLAB INC GITLAB INC · CLASS A COM · 37637K108	LONG	712,184	$32.1 million	0.7%	NEWLY REPORTED	—	1Y — 5Y —
BTDR Bitdeer Technologies Group	LONG	1,378,789	$23.6 million	0.5%	INCREASED	53.0%	1Y +50.1% 5Y +220.3% · 19 models
NVDA NVIDIA Corporation	LONG	97,259	$18.1 million	0.4%	REDUCED	36.8%	1Y +34.1% 5Y +197.4% · 27 models
EMCOR GROUP INC EMCOR GROUP INC · COM · 29084Q100	LONG	27,179	$17.7 million	0.4%	NEWLY REPORTED	—	1Y — 5Y —
TERAWULF INC TERAWULF INC · COM · 88080T104	LONG	1,136,932	$13.0 million	0.3%	NEWLY REPORTED	—	1Y — 5Y —
TRANSALTA CORP TRANSALTA CORP · COM · 89346D107	LONG	745,013	$10.2 million	0.2%	INCREASED	—	1Y — 5Y —
TSS INC DEL TSS INC DEL · COM · 87288V101	LONG	431,263	$7.8 million	0.2%	INCREASED	—	1Y — 5Y —
LEGENCE CORP LEGENCE CORP · CL A · 52476L109	LONG	205,254	$6.3 million	0.1%	NEWLY REPORTED	—	1Y — 5Y —
HALLADOR ENERGY COMPANY HALLADOR ENERGY COMPANY · COM · 40609P105	LONG	320,759	$6.3 million	0.1%	INCREASED	—	1Y — 5Y —
BKV CORP BKV CORP · COM · 05603J108	LONG	170,652	$3.9 million	0.1%	NEWLY REPORTED	—	1Y — 5Y —
ALPHABET INC ALPHABET INC · CAP STK CL A · 02079K305	LONG	11,502	$2.8 million	0.1%	REDUCED	—	1Y — 5Y —
ALPHABET INC ALPHABET INC · CAP STK CL C · 02079K107	LONG	4,785	$1.2 million	0.0%	UNCHANGED	—	1Y — 5Y —
AMAZON COM INC AMAZON COM INC · COM · 023135106	LONG	4,922	$1.1 million	0.0%	INCREASED	—	1Y — 5Y —
MSFT Microsoft Corporation	LONG	374	$193,713	0.0%	REDUCED	17.9%	1Y +16.6% 5Y +97.8% · 27 models
TSM Taiwan Semiconductor Manufacturing Co.	LONG	680	$189,917	0.0%	INCREASED	25.7%	1Y +24.3% 5Y +142.0% · 25 models
NVDA NVIDIA Corporation	CALL	2,913,200	$543.5 million	—	INCREASED	36.8%	1Y +34.1% 5Y +197.4% · 27 models
TSM Taiwan Semiconductor Manufacturing Co.	CALL	1,828,000	$510.5 million	—	INCREASED	25.7%	1Y +24.3% 5Y +142.0% · 25 models
INTEL CORP INTEL CORP · COM · 458140100	CALL	11,276,700	$378.3 million	—	UNCHANGED	—	1Y — 5Y —
ALPHABET INC ALPHABET INC · CAP STK CL A · 02079K305	CALL	1,391,100	$338.2 million	—	INCREASED	—	1Y — 5Y —
AMAZON COM INC AMAZON COM INC · COM · 023135106	CALL	1,316,200	$289.0 million	—	INCREASED	—	1Y — 5Y —
BROADCOM INC BROADCOM INC · COM · 11135F101	CALL	834,900	$275.4 million	—	INCREASED	—	1Y — 5Y —
MSFT Microsoft Corporation	CALL	366,200	$189.7 million	—	INCREASED	17.9%	1Y +16.6% 5Y +97.8% · 27 models
MICRON TECHNOLOGY INC MICRON TECHNOLOGY INC · COM · 595112103	CALL	718,600	$120.2 million	—	UNCHANGED	—	1Y — 5Y —
ORACLE CORP ORACLE CORP · COM · 68389X105	CALL	350,000	$98.4 million	—	INCREASED	—	1Y — 5Y —
AMD Advanced Micro Devices Inc.	CALL	442,300	$71.6 million	—	UNCHANGED	28.1%	1Y +26.1% 5Y +157.0% · 27 models
CRWV CoreWeave Inc	CALL	473,200	$64.8 million	—	INCREASED	67.2%	1Y +44.1% 5Y +222.7% · 24 models
VERTIV HOLDINGS CO VERTIV HOLDINGS CO · COM CL A · 92537N108	CALL	346,300	$52.2 million	—	UNCHANGED	—	1Y — 5Y —
NEBIUS GROUP N.V. NEBIUS GROUP N.V. · SHS CLASS A · N97284108	CALL	228,800	$25.7 million	—	UNCHANGED	—	1Y — 5Y —
LAM RESEARCH CORP LAM RESEARCH CORP · COM NEW · 512807306	CALL	147,300	$19.7 million	—	INCREASED	—	1Y — 5Y —
APPLIED MATLS INC APPLIED MATLS INC · COM · 038222105	CALL	92,500	$18.9 million	—	NEWLY REPORTED	—	1Y — 5Y —
EQT CORP EQT CORP · COM · 26884L109	CALL	249,400	$13.6 million	—	UNCHANGED	—	1Y — 5Y —
VST Vistra	CALL	58,500	$11.5 million	—	UNCHANGED	28.6%	1Y +29.5% 5Y +146.1% · 23 models
SNOWFLAKE INC SNOWFLAKE INC · COM SHS · 833445109	CALL	49,400	$11.1 million	—	NEWLY REPORTED	—	1Y — 5Y —
CONSTELLATION ENERGY CORP CONSTELLATION ENERGY CORP · COM · 21037T109	CALL	28,500	$9.4 million	—	UNCHANGED	—	1Y — 5Y —
CLS Celestica Inc.	CALL	13,500	$3.3 million	—	UNCHANGED	26.9%	1Y +29.3% 5Y +149.8% · 23 models
BLOOM ENERGY CORP BLOOM ENERGY CORP · COM CL A · 093712107	CALL	17,300	$1.5 million	—	UNCHANGED	—	1Y — 5Y —
COHERENT CORP COHERENT CORP · COM · 19247G107	CALL	7,300	$786,356	—	UNCHANGED	—	1Y — 5Y —
NRG ENERGY INC NRG ENERGY INC · COM NEW · 629377508	CALL	3,100	$502,045	—	UNCHANGED	—	1Y — 5Y —
GE VERNOVA INC GE VERNOVA INC · COM · 36828A101	CALL	300	$184,470	—	UNCHANGED	—	1Y — 5Y —
TSM Taiwan Semiconductor Manufacturing Co.	PUT	1,088,500	$304.0 million	—	INCREASED	25.7%	1Y +24.3% 5Y +142.0% · 25 models
NVDA NVIDIA Corporation	PUT	1,001,400	$186.8 million	—	INCREASED	36.8%	1Y +34.1% 5Y +197.4% · 27 models
BROADCOM INC BROADCOM INC · COM · 11135F101	PUT	252,600	$83.3 million	—	INCREASED	—	1Y — 5Y —
QUALCOMM INC QUALCOMM INC · COM · 747525103	PUT	355,500	$59.1 million	—	INCREASED	—	1Y — 5Y —
APPLE INC APPLE INC · COM · 037833100	PUT	208,600	$53.1 million	—	UNCHANGED	—	1Y — 5Y —
ISHARES TR ISHARES TR · MSCI EMG MKT ETF · 464287234	PUT	746,800	$39.9 million	—	UNCHANGED	—	1Y — 5Y —
ORACLE CORP ORACLE CORP · COM · 68389X105	PUT	76,900	$21.6 million	—	UNCHANGED	—	1Y — 5Y —
AMAZON COM INC AMAZON COM INC · COM · 023135106	PUT	74,500	$16.4 million	—	UNCHANGED	—	1Y — 5Y —
VST Vistra	PUT	51,900	$10.2 million	—	UNCHANGED	28.6%	1Y +29.5% 5Y +146.1% · 23 models
GE VERNOVA INC GE VERNOVA INC · COM · 36828A101	PUT	14,200	$8.7 million	—	UNCHANGED	—	1Y — 5Y —
MICRON TECHNOLOGY INC MICRON TECHNOLOGY INC · COM · 595112103	PUT	45,400	$7.6 million	—	UNCHANGED	—	1Y — 5Y —
VERTIV HOLDINGS CO VERTIV HOLDINGS CO · COM CL A · 92537N108	PUT	43,400	$6.5 million	—	UNCHANGED	—	1Y — 5Y —
CONSTELLATION ENERGY CORP CONSTELLATION ENERGY CORP · COM · 21037T109	PUT	13,200	$4.3 million	—	UNCHANGED	—	1Y — 5Y —
ISHARES TR ISHARES TR · CHINA LG-CAP ETF · 464287184	PUT	90,000	$3.7 million	—	UNCHANGED	—	1Y — 5Y —
ISHARES INC ISHARES INC · MSCI TAIWAN ETF · 46434G772	PUT	8,000	$508,960	—	UNCHANGED	—	1Y — 5Y —

AI outlook values are averages across the latest successful run per covered model at the labeled cutoff. “No longer reported” does not necessarily mean sold; thresholds, confidential treatment, corporate actions, or instrument changes may explain an omission. Reviewed API mapping covers 27.9%of disclosed long-book value; exact editorial CUSIP mappings may add current-only AI coverage on this public page. Research use only. No warranty and not investment advice.