§ 13F · FUND PROFILE
Belvedere Trading LLC.
Options market maker, volatility
AUM · $87.6B (13F)Positions · 1038Turnover · 44% · Q2Filed · Jul 31, 2026
CONCENTRATION
81%
Top 10 holdings
NEW BUYS
+261
+$326M deployed
EXITS
0
No exits
SECTOR SHIFT
OTHER → SEMICONDUCTORS
-1pp · +6pp
§ 01 · TOP HOLDINGS
The book · Q2 2026
FILED JUL 31, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q2 |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T TR | 32.02M | $23.9B | 27.3% | +13% |
| 2 | SPY | STATE STR SPDR S&P 500 ETF T TR | 26.97M | $20.1B | 23.0% | — |
| 3 | QQQ | INVESCO QQQ TR UNIT | 6.96M | $5.1B | 5.8% | +7% |
| 4 | QQQ | INVESCO QQQ TR UNIT | 6.20M | $4.6B | 5.2% | — |
| 5 | TSLA | TESLA INC | 8.19M | $3.4B | 3.9% | −14% |
| 6 | NVDA | NVIDIA CORPORATION | 16.53M | $3.3B | 3.8% | −15% |
| 7 | TSLA | TESLA INC | 7.40M | $3.1B | 3.6% | — |
| 8 | NVDA | NVIDIA CORPORATION | 14.78M | $3.0B | 3.4% | — |
| 9 | SMH | VANECK | 4.28M | $2.8B | 3.2% | +82% |
| 10 | MU | MICRON TECHNOLOGY INC | 1.37M | $1.6B | 1.8% | +30371% |
§ 02 · SECTOR ALLOCATION
Where the money is
Semiconductors15.9% (+6pp)
Automobiles7.5% (±0)
Technology4.3% (+2pp)
Retail1.1%
Media1.1% (±0)
Other0.1% (−1pp)
§ 03 · THE BELVEDERE SIGNAL
AC read
Belvedere Trading LLC is a Systematic / Quant fund managing $87.6 billion in assets. The fund runs a massive portfolio of 1,038 positions, high concentration in top holdings, with the top 10 positions making up 81% of the portfolio. Trading activity is aggressive at 44% quarterly turnover, with 261 new positions and 0 exits last quarter. Top sector allocations: Semiconductors (16%), Automobiles (8%), Technology (4%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
4 OF 2 FILINGS MEASURED
Q2 2026
Busy quarter
+261 buys · −0 exits · 196 changed
Q1 2026
Busy quarter
+155 buys · −0 exits · 177 changed
Q4 2025
Busy quarter
+161 buys · −0 exits · 212 changed
Q3 2025
Busy quarter
+181 buys · −0 exits · 220 changed