§ 13F · FUND PROFILE
Belvedere Trading LLC.
Options market maker, volatility
AUM · $86.9B (13F)Positions · 888Turnover · 45% · Q1Filed · May 12, 2026
CONCENTRATION
87%
Top 10 holdings
NEW BUYS
+155
+$90M deployed
EXITS
0
No exits
SECTOR SHIFT
AUTOMOBILES → UTILITIES
-3pp · +2pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q1 2026
FILED MAY 12, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T TR | 26.11M | $17.0B | 20.1% | +14% |
| 2 | SPY | STATE STR SPDR S&P 500 ETF T TR | 26.03M | $16.9B | 20.0% | — |
| 3 | ES | EVERSOURCE ENERGY | 2.22M | $14.8B | 17.5% | +24% |
| 4 | ES | EVERSOURCE ENERGY | 586K | $3.9B | 4.6% | — |
| 5 | QQQ | INVESCO QQQ TR UNIT | 6.74M | $3.9B | 4.6% | −8% |
| 6 | TSLA | TESLA INC | 9.75M | $3.6B | 4.3% | −23% |
| 7 | NVDA | NVIDIA CORPORATION | 19.35M | $3.4B | 4.0% | −25% |
| 8 | NVDA | NVIDIA CORPORATION | 18.72M | $3.3B | 3.9% | — |
| 9 | QQQ | INVESCO QQQ TR UNIT | 5.60M | $3.2B | 3.8% | — |
| 10 | TSLA | TESLA INC | 8.43M | $3.1B | 3.7% | — |
§ 02 · SECTOR ALLOCATION
Where the money is
Utilities22.1% (+2pp)
Semiconductors9.9% (−3pp)
Automobiles8.0% (−3pp)
Technology2.6% (−1pp)
Media1.5% (−1pp)
Other1.0% (±0)
§ 03 · THE BELVEDERE SIGNAL
AC read
Belvedere Trading LLC is a Systematic / Quant fund managing $86.9 billion in assets. The fund runs a broad portfolio of 888 positions, high concentration in top holdings, with the top 10 positions making up 87% of the portfolio. Trading activity is aggressive at 45% quarterly turnover, with 155 new positions and 0 exits last quarter. Top sector allocations: Utilities (22%), Semiconductors (10%), Automobiles (8%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
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
Q2 2025
Busy quarter
+174 buys · −0 exits · 198 changed