Valiant Capital Management, L.P.
San Francisco, CA
$1.6bn in 25 US stocks at the end of 30 June 2026. The top 10 are 76.4% of the money. It changed about 14.4% of the portfolio this quarter.
Value
$1.6bn
Stocks
25
Top 10 share
76.4%
Turnover
14.4%
What changed this quarter
New
Bought for the first time this quarter.
- TerawulfWULF4.5% of the fund
- Babcock & Wilcox EnterprisesBW0.5% of the fund
Added
Bought more of a stock they already held.
- Core ScientificCORZ11.9% of the fund+9%
- Solaris Energy InfrastructureSEI8.0% of the fund+43%
- GE VernovaGEV7.1% of the fund+3%
- ProPetro HoldingPUMP3.8% of the fund+5%
- Quanta ServicesPWR3.1% of the fund+4%
- Power Solutions InternationalPSIX0.2% of the fund+18%
Cut
Sold some of their stake.
- Ishares TRIWM16.1% of the fund-5%
- State STR Spdr S&P 500 ETF TSPY15.6% of the fund-3%
Sold out
Sold their entire stake.
- ArganAGX-100%
- SalesforceCRM-100%
- Willdan GroupWLDN-100%
- ServiceNowNOW-100%
- Forgent Power SolutionsFPS-100%
Holdings
- Ishares TRIWM
- Share
- 16.1%
- Value
- $259m
- Shares
- 863,141
-5%
- State STR Spdr S&P 500 ETF TSPY
- Share
- 15.6%
- Value
- $251m
- Shares
- 336,426
-3%
- Vaneck ETF TrustGDX
- Share
- 2.0%
- Value
- $32m
- Shares
- 425,204
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Ishares TRIWM | 16.1% | $259m | 863,141 | -5% |
| State STR Spdr S&P 500 ETF TSPY | 15.6% | $251m | 336,426 | -3% |
| Core ScientificCORZ | 11.9% | $191m | 7,474,231 | +9% |
| Solaris Energy InfrastructureSEI | 8.0% | $129m | 1,604,346 | +43% |
| GE VernovaGEV | 7.1% | $115m | 97,612 | +3% |
| TerawulfWULF | 4.5% | $72m | 2,896,756 | New |
| ProPetro HoldingPUMP | 3.8% | $61m | 4,242,475 | +5% |
| Guardian Pharmacy ServicesGRDN | 3.1% | $50m | 1,186,658 | Held |
| RHRH | 3.1% | $50m | 301,276 | Held |
| Quanta ServicesPWR | 3.1% | $49m | 68,275 | +4% |
| BroadcomAVGO | 3.0% | $48m | 126,602 | Held |
| Amazon.comAMZN | 2.3% | $37m | 155,404 | Held |
| TKO Group HoldingsTKO | 2.3% | $36m | 180,117 | Held |
| CrowdStrike HoldingsCRWD | 2.1% | $34m | 44,576 | Held |
| Vaneck ETF TrustGDX | 2.0% | $32m | 425,204 | Held |
| Take TWO Interactive SoftwareTTWO | 1.9% | $31m | 122,095 | Held |
| Eli LillyLLY | 1.8% | $29m | 24,286 | Held |
| HDFC BankHDB | 1.7% | $27m | 1,026,232 | Held |
| NvidiaNVDA | 1.6% | $26m | 129,579 | Held |
| Credo Technology Group HoldingCRDO | 1.6% | $25m | 93,353 | Held |
| MicrosoftMSFT | 1.5% | $25m | 66,415 | Held |
| Zillow GroupZ | 0.9% | $15m | 473,329 | Held |
| Babcock & Wilcox EnterprisesBW | 0.5% | $8m | 550,000 | New |
| Uber TechnologiesUBER | 0.3% | $4m | 59,464 | Held |
| Power Solutions InternationalPSIX | 0.2% | $3m | 81,674 | +18% |
Options (4)
- Amazon.comAMZN
- Type
- Call
- Value
- $418m
- Contracts
- 1,755,000
- Taiwan Semiconductor ManufacturingTSM
- Type
- Call
- Value
- $195m
- Contracts
- 409,300
- Core ScientificCORZ
- Type
- Call
- Value
- $167m
- Contracts
- 6,527,700
- RHRH
- Type
- Call
- Value
- $91m
- Contracts
- 550,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Amazon.comAMZN | Call | $418m | 1,755,000 |
| Taiwan Semiconductor ManufacturingTSM | Call | $195m | 409,300 |
| Core ScientificCORZ | Call | $167m | 6,527,700 |
| RHRH | Call | $91m | 550,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 23.8% since 30 June 2025.
Where the money is
Industrials19.2%
Financial services18.0%
Technology10.8%
Retail & consumer5.4%
Media & telecom4.2%
Energy3.8%
Everyday goods3.1%
Health care1.8%
Other33.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.