§ 13F · FUND PROFILE
Belvedere Trading LLC.
Options market maker, volatility
AUM · $85485.4T (13F)Positions · 807Turnover · 97% · Q4Filed · Feb 10, 2026
CONCENTRATION
81%
Top 10 holdings
NEW BUYS
+335
+$18983.7T deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → OTHER
-2pp · +1pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 10, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | SPY | SPDR S&P 500 ETF TR TR | 23.42M | $15973.4T | 17.2% | −24% |
| 2 | SPY | SPDR S&P 500 ETF TR TR | 22.67M | $15458.0T | 16.6% | −27% |
| 3 | ES | EVERSOURCE ENERGY | 1.74M | $12133.9T | 13.0% | NEW |
| 4 | TSLA | TESLA INC | 12.64M | $5683.6T | 6.1% | −4% |
| 5 | NVDA | NVIDIA CORPORATION | 26.75M | $4989.4T | 5.4% | +6% |
| 6 | TSLA | TESLA INC | 11.03M | $4959.7T | 5.3% | −16% |
| 7 | NVDA | NVIDIA CORPORATION | 24.89M | $4642.9T | 5.0% | −1% |
| 8 | QQQ | INVESCO QQQ TR UNIT | 7.11M | $4368.5T | 4.7% | — |
| 9 | QQQ | INVESCO QQQ TR UNIT | 6.25M | $3837.8T | 4.1% | — |
| 10 | ES | EVERSOURCE ENERGY | 530K | $3692.5T | 4.0% | NEW |
§ 02 · SECTOR ALLOCATION
Where the money is
Utilities20.2%
Semiconductors12.9% (−1pp)
Automobiles11.4% (−1pp)
Technology3.4% (−2pp)
Media2.4% (−1pp)
Other1.4% (+1pp)
§ 03 · THE BELVEDERE SIGNAL
AC read
Belvedere Trading LLC is a Systematic / Quant fund managing $85485352.9 trillion in assets. The fund runs a broad portfolio of 807 positions, moderate concentration, with the top 10 positions making up 81% of the portfolio. Trading activity is aggressive at 97% quarterly turnover, with 335 new positions and 0 exits last quarter. Top sector allocations: Utilities (20%), Semiconductors (13%), Automobiles (11%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+335 buys · −0 exits · 494 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed