VC
Valiant Capital Management, L.P. Quarterly 13F Portfolio Update (Q2 2026)
Valiant Capital Management, L.P.CIK: 0001452689
Momentum followerSector-focusedQuality / disciplined sizing
Total reported value
$2.5B
Reporting period: 2026-06-30 · Number of holdings: 29
Valiant Capital Management, L.P. disclosed 29 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $2.5B and a quarterly turnover rate of 52.9%.
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Personality snowflake
- Concentration
- 37.67
- Portfolio Stability
- 52.87
- Momentum
- 100
- Sector conviction
- 84.23
- Diversification
- 52
- Sizing Uniformity
- 87.73
Valiant Capital Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.094 — mathematically equivalent to about 11 equally-sized positions, well below its 29 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.23), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd AMZN
+144.8% $292.8M
Add RH
+182.6% $98.1M
Add CORZ
+5.6% $160.0M
New buy WULF
Trim SPY
-2.9% $26.0M
Sold out APO
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 26 holdings (of 29 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 18.38% | +9.04% | +144.80% | |
| 2 | CORZ | Core Scientific Inc | Stock-Tech | 14.46% | +3.07% | +5.60% | |
| 3 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 10.47% | -2.46% | -4.92% | |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 10.14% | -2.80% | -2.86% | |
| 5 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 7.89% | -0.06% | — | |
| 6 | RH | Rh | Stock-Consumer Disc | 5.66% | +3.24% | +182.56% | |
| 7 | SEI | Solaris Energy Infrastructur | Stock-Energy | 5.21% | +1.58% | +43.31% | |
| 8 | GEV | GE Vernova Inc | Stock-Industrials | 4.63% | -0.11% | +3.23% | |
| 9 | WULF | Terawulf Inc | Stock-Financials | 2.89% | +2.89% | NEW | |
| 10 | PUMP | Propetro Holding CORP | Stock-Other | 2.46% | -0.89% | +4.93% | |
| 11 | GRDN | Guardian Phrmcy Services-a | Stock-Other | 2.01% | -0.56% | — | |
| 12 | PWR | Quanta Services Inc | Stock-Industrials | 1.98% | -0.08% | +4.30% | |
| 13 | AVGO | Broadcom Inc | Stock-Tech | 1.93% | -0.32% | — | |
| 14 | TKO | Tko Group Holdings Inc | Stock-Comm Services | 1.46% | -0.63% | — | |
| 15 | CRWD | Crowdstrike Holdings Inc - A | Stock-Tech | 1.37% | +0.37% | — | |
| 16 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 1.29% | -0.95% | — | |
| 17 | TTWO | Take-two Interactive Softwre | Stock-Comm Services | 1.23% | -0.16% | — | |
| 18 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.18% | -0.10% | — | |
| 19 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 1.07% | -0.40% | — | |
| 20 | NVDA | Nvidia CORP | Stock-Tech | 1.05% | -0.25% | — | |
| 21 | CRDO | Credo Technology Group Holding Ltd | Stock-Tech | 1.02% | +0.52% | — | |
| 22 | MSFT | Microsoft CORP | Stock-Tech | 1.00% | -0.41% | — | |
| 23 | Z | Zillow Group Inc - C | Stock-Comm Services | 0.60% | -0.53% | — | |
| 24 | BW | Babcock & Wilcox Enterpr | Stock-Other | 0.31% | +0.31% | NEW | |
| 25 | UBER | Uber Technologies Inc | Stock-Industrials | 0.17% | -0.08% | — | |
| 26 | PSIX | Power Solutions Internationa | Stock-Other | 0.13% | -0.11% | +17.71% |
Portfolio Performance
Performance for Q3 2026
-8.5%
Performance Last 4 Quarters
+29.7%
- Stdev
- +18.7%
- Beta
- +1.25
- Alpha
- +5.8%
- Max Drawdown
- -10.2%
- Annualized Perf
- +33.3%
- Batting Avg vs S&P
- +66.7%
- Sortino
- +3.7
- Stutzer
- +0.49
- Treynor
- +0.25
- Sterling
- +1.84
- Calmar
- +3.26
- Information Ratio
- +1.08
- Tracking Error
- +10%
- Stdev Down
- +8.3%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +69.1%
- Worst 12 Months
- +7.5%
- Efficiency Ratio
- +0.78
- Sharpe
- +1.65
- Stdev Sectors
- +14%
- Skewness
- +0.13
- Kurtosis
- -0.42
- Upside Potential
- +5.38
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 29 | $2.5B | 53 | ||
| 2026 Q1 | 34 | $1.7B | 60 | ||
| 2025 Q4 | 33 | $1.8B | 50 | ||
| 2025 Q3 | 32 | $1.5B | 46 | ||
| 2025 Q2 | 34 | $1.8B | 0 | ||
| 2025 Q1 | 35 | $1.4B | 100 | ||
| 2024 Q4 | 33 | $1.6B | 0 | ||
| 2024 Q3 | 32 | $1.8B | 0 | ||
| 2024 Q2 | 34 | $1.9B | 0 | ||
| 2024 Q1 | 33 | $1.6B | 0 | ||
| 2023 Q4 | 26 | $2.0B | 0 | ||
| 2023 Q3 | 28 | $1.0B | 0 | ||
| 2023 Q2 | 26 | $1.1B | 0 | ||
| 2023 Q1 | 25 | $1.3B | 0 | ||
| 2022 Q4 | 20 | $651.4M | 0 | ||
| 2022 Q3 | 25 | $1.0B | 0 | ||
| 2022 Q2 | 29 | $995.7M | 0 | ||
| 2022 Q1 | 26 | $872.2M | 0 | ||
| 2021 Q4 | 21 | $826.8M | 0 | ||
| 2021 Q3 | 24 | $1.0B | 0 | ||
| 2021 Q2 | 22 | $1.3B | 100 | ||
| 2021 Q1 | 22 | $2.6B | 32 | ||
| 2020 Q4 | 22 | $2.3B | 42 | ||
| 2020 Q3 | 21 | $1.9B | 71 | ||
| 2020 Q2 | 16 | $1.0B | 31 | ||
| 2020 Q1 | 22 | $962.9M | 52 | ||
| 2019 Q4 | 15 | $857.5M | 91 | ||
| 2019 Q3 | 16 | $1.8B | 77 | ||
| 2019 Q2 | 15 | $1.2B | 20 | ||
| 2019 Q1 | 15 | $1.1B | 16 | ||
| 2018 Q4 | 17 | $1.1B | 23 | ||
| 2018 Q3 | 16 | $1.1B | 13 | ||
| 2018 Q2 | 14 | $1.1B | 84 | ||
| 2018 Q1 | 16 | $1.1B | 60 | ||
| 2017 Q4 | 14 | $1.3B | 100 | ||
| 2017 Q3 | 14 | $1.3B | 0 | ||
| 2017 Q2 | 17 | $1.8B | 0 | ||
| 2017 Q1 | 16 | $1.8B | 0 | ||
| 2016 Q4 | 14 | $1.4B | 21 | ||
| 2016 Q3 | 14 | $1.6B | 20 | ||
| 2016 Q2 | 17 | $1.5B | 35 | ||
| 2016 Q1 | 18 | $1.4B | 61 | ||
| 2015 Q4 | 21 | $1.9B | 48 | ||
| 2015 Q3 | 20 | $1.5B | 77 | ||
| 2015 Q2 | 18 | $1.1B | 60 | ||
| 2015 Q1 | 17 | $1.0B | 33 | ||
| 2014 Q4 | 16 | $932.6M | 39 | ||
| 2014 Q3 | 16 | $845.7M | 50 | ||
| 2014 Q2 | 18 | $1.1B | 44 | ||
| 2014 Q1 | 12 | $815.4M | 84 | ||
| 2013 Q4 | 21 | $1.4B | 27 | ||
| 2013 Q3 | 20 | $1.2B | 40 | ||
| 2013 Q2 | 15 | $834.4M | 62 |
Holding changes this quarter
Valiant Capital Management, L.P.'s most significant position changes for 2026-06-30: New buy: Terawulf Inc (WULF); Sold out: Apollo Global Management Inc (APO); Sold out: Carlyle Group Inc/the (CG); Sold out: Argan Inc (AGX); Sold out: Ares Management CORP - A (ARES).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com Inc | +9% | +144.80% | Add |
| 2 | RH | Rh | +3.2% | +182.56% | Add |
| 3 | CORZ | Core Scientific Inc | +3.1% | +5.60% | Add |
| 4 | WULF | Terawulf Inc | +2.9% | NEW | New buy |
| 5 | SEI | Solaris Energy Infrastructur | +1.6% | +43.31% | Add |
| 6 | CRDO | Credo Technology Group Holding Ltd | +0.5% | — | Unchanged |
| 7 | CRWD | Crowdstrike Holdings Inc - A | +0.4% | — | Unchanged |
| 8 | BW | Babcock & Wilcox Enterpr | +0.3% | NEW | New buy |
| 9 | TSM | Taiwan Semiconductor-sp Adr | -0.1% | — | Unchanged |
| 10 | PWR | Quanta Services Inc | -0.1% | +4.30% | Add |
| 11 | UBER | Uber Technologies Inc | -0.1% | — | Unchanged |
| 12 | LLY | Eli Lilly & Co | -0.1% | — | Unchanged |
| 13 | GEV | GE Vernova Inc | -0.1% | +3.23% | Add |
| 14 | PSIX | Power Solutions Internationa | -0.1% | +17.71% | Add |
| 15 | TTWO | Take-two Interactive Softwre | -0.2% | — | Unchanged |
| 16 | FPS | Forgent Power Solutions Inc | -0.2% | EXIT | Sold out |
| 17 | NVDA | Nvidia CORP | -0.3% | — | Unchanged |
| 18 | AVGO | Broadcom Inc | -0.3% | — | Unchanged |
| 19 | HDB | Hdfc Bank Ltd-adr | -0.4% | — | Unchanged |
| 20 | MSFT | Microsoft CORP | -0.4% | — | Unchanged |
| 21 | NOW | Servicenow Inc | -0.5% | EXIT | Sold out |
| 22 | Z | Zillow Group Inc - C | -0.5% | — | Unchanged |
| 23 | GRDN | Guardian Phrmcy Services-a | -0.6% | — | Unchanged |
| 24 | WLDN | Willdan Group Inc | -0.6% | EXIT | Sold out |
| 25 | TKO | Tko Group Holdings Inc | -0.6% | — | Unchanged |
| 26 | PUMP | Propetro Holding CORP | -0.9% | +4.93% | Add |
| 27 | CRM | Salesforce Inc | -0.9% | EXIT | Sold out |
| 28 | GDX | Vaneck Gold Miners ETF | -1% | — | Unchanged |
| 29 | ARES | Ares Management CORP - A | -1.1% | EXIT | Sold out |
| 30 | AGX | Argan Inc | -1.9% | EXIT | Sold out |
| 31 | CG | Carlyle Group Inc/the | -2.2% | EXIT | Sold out |
| 32 | IWM | Ishares Russell 2000 ETF | -2.5% | -4.92% | Trim |
| 33 | APO | Apollo Global Management Inc | -2.8% | EXIT | Sold out |
| 34 | SPY | Ss Spdr S&p 500 ETF Trust-us | -2.8% | -2.86% | Trim |
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is Valiant Capital Management, L.P. and what type of investor is it?
Valiant Capital Management, L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $2.5B, spread across 29 disclosed positions.
What are Valiant Capital Management, L.P.'s largest equity positions?
Based on the latest 13F filing, Valiant Capital Management, L.P.'s top holdings by market value are:
1. Amazon.com Inc (AMZN) — $455.3M (18.4%)
2. Core Scientific Inc (CORZ) — $358.3M (14.5%)
3. Ishares Russell 2000 ETF (IWM) — $259.3M (10.5%)
4. Ss Spdr S&p 500 ETF Trust-us (SPY) — $251.2M (10.1%)
5. Taiwan Semiconductor-sp Adr (TSM) — $195.5M (7.9%)
What changes did Valiant Capital Management, L.P. make in its most recent portfolio filing?
In the latest reported quarter, Valiant Capital Management, L.P. made 20 notable position adjustments: 2 new positions were initiated, 8 existing holdings were added to, 2 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: Terawulf Inc (WULF); Sold out: Apollo Global Management Inc (APO); Sold out: Carlyle Group Inc/the (CG); Sold out: Argan Inc (AGX); Sold out: Ares Management CORP - A (ARES)
What sectors does Valiant Capital Management, L.P. focus on?
Valiant Capital Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 39.3%
• Consumer Discretionary: 32.8%
• Industrials: 9.3%
• Energy: 7.1%
• Financials: 5.4%
• Communication Services: 4.5%
Investment Profile
Valiant Capital Management, L.P. returned an annualized 33.3% over the trailing 36 months — outperforming the S&P 500 by 5.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.25 (more volatile than the market) and a 67% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 39.3% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 53 over the past 4 quarters — a shift toward more active trading.
It has added to its AMZN position over the past two quarters (+$419.5M, now $455.3M), while trimming GDX over the same stretch (-$7.7M, still holding $32.1M).
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