Belvedere Trading LLC
Long book
$749.8M
Q1 2026
Positions
227
Top-10 weight
83%
concentration
Last quarter
+11.6%
SPY +14.8%
Turnover
75%
of book per quarter
Strategy in plain words
auto-generated from filingsBelvedere Trading LLC is a wealth-management firm allocating client money, specialised in technology (64% of the long book), running a $749.8M US long book across 227 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: SS SPDR S&P 500 ETF TRUST-US, NVIDIA CORP, META PLATFORMS INC-CLASS A, ISHARES BITCOIN TRUST ETF, STRATEGY INC.
Over the last 9 quarters its long book ran on average 1.9pp per quarter ahead of the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+19.0%
Q2 2024
+3.1%
Q3 2024
+10.7%
Q4 2024
-12.5%
Q1 2025
+29.3%
Q2 2025
+3.2%
Q3 2025
-1.7%
Q4 2025
-4.9%
Q1 2026
+11.6%
Sector allocation
Technology 85%
Financials 13%
Consumer discretionary 1%
Industrials 0%
Materials 0%
Utilities 0%
Other 0%
Services media 0%
Long book by quarter
What does Belvedere Trading own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 939.4K | $163.8M | 21.9% | +515.4% |
| META META PLATFORMS INC-CLASS A | Technology | 148.1K | $84.7M | 11.3% | New |
| MSTR STRATEGY INC | Financials | 310.8K | $38.8M | 5.2% | +87.6% |
| AMD ADVANCED MICRO DEVICES | Technology | 67.9K | $13.8M | 1.8% | -68.3% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 54.0K | $7.9M | 1.1% | -52.6% |
| AMZN AMAZON.COM INC | Consumer discretionary | 20.1K | $4.2M | 0.6% | -10.7% |
| SNDK SANDISK CORP | Technology | 6.3K | $4.0M | 0.5% | -76.7% |
| COIN COINBASE GLOBAL INC -CLASS A | Financials | 6.7K | $1.2M | 0.2% | -15.9% |
| CRWV COREWEAVE INC-CL A | Technology | 13.9K | $1.1M | 0.1% | +47.1% |
| LITE LUMENTUM HOLDINGS INC | Technology | 1.2K | $877K | 0.1% | New |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 617 | $815K | 0.1% | New |
| WBS WEBSTER FINANCIAL CORP | Financials | 11.4K | $795K | 0.1% | New |
| BNT BROOKFIELD WEALTH SOLUTIONS | Financials | 11.8K | $681K | 0.1% | +254.2% |
| CDE COEUR MINING INC | Materials | 28.0K | $526K | 0.1% | -47.5% |
| ASST STRIVE INC-A | Financials | 43.5K | $436K | 0.1% | New |
| RGLD ROYAL GOLD INC | Financials | 1.5K | $380K | 0.1% | New |
| EA ELECTRONIC ARTS INC | Technology | 1.7K | $354K | 0.0% | -0.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 731 | $84.44B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 857 | $93.12B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 27, 2025 | 888 | $86.85B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 1, 2025 | 807 | $85.49B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 681 | $88.71B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 31, 2025 | 831 | $82.84B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 1, 2024 | 710 | $74.51B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 30, 2024 | 712 | $74.58B | SEC ↗ | |
| Q2 2024 | 13F-HR/ARESTATEMENT | Nov 1, 2024 | 668 | $80.58B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 700 | $80.58B | SEC ↗ | |
| Q1 2024 | 13F-HR | May 9, 2024 | 664 | $77.26B | canonical | SEC ↗ |