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Hedge fund

Valiant Capital Management, L.P.

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1452689

Reported value
$1.6bn
66% in companies we cover
Positions we cover
22
Largest CORZ 11.9%
Copy, a year
+16.9%
S&P 500 +14.1%
Copy Sharpe ratio
0.65
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $78.7k$57.0k
CopyS&P 500 $10,000 copying Valiant Capital Management, L.P.'s filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −65.2% (S&P 500 −31.8%); beta 1.25; alpha +1.5% a year (t = 0.32); last 12 months −2.8% against +12.1%.

Reported value by quarter

Valiant Capital Management, L.P.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $200B $400B $600B Reported value, 2013-03-31: $980.9M Reported value, 2013-06-30: $834.4M Reported value, 2013-09-30: $965.7M Reported value, 2013-12-31: $1B Reported value, 2014-03-31: $776.5M Reported value, 2014-06-30: $951M Reported value, 2014-09-30: $836.5M Reported value, 2014-12-31: $932.6M Reported value, 2015-03-31: $1B Reported value, 2015-06-30: $920.1M Reported value, 2015-09-30: $978.3M Reported value, 2015-12-31: $1B Reported value, 2016-03-31: $887.2M Reported value, 2016-06-30: $877.9M Reported value, 2016-09-30: $848.1M Reported value, 2016-12-31: $780.3M Reported value, 2017-03-31: $40.9M Reported value, 2017-06-30: $39.5M Reported value, 2017-09-30: $15M Reported value, 2017-12-31: $548.9M Reported value, 2018-03-31: $660.9M Reported value, 2018-06-30: $637M Reported value, 2018-09-30: $669.1M Reported value, 2018-12-31: $532.6M Reported value, 2019-03-31: $528.3M Reported value, 2019-06-30: $593.8M Reported value, 2019-09-30: $1.4B Reported value, 2019-12-31: $788.6M Reported value, 2020-03-31: $797.5M Reported value, 2020-06-30: $1B Reported value, 2020-09-30: $1.3B Reported value, 2020-12-31: $1.3B Reported value, 2021-03-31: $1.2B Reported value, 2021-06-30: $1.2B Reported value, 2021-09-30: $29.9M Reported value, 2021-12-31: $713.6M Reported value, 2022-03-31: $775.9M Reported value, 2022-06-30: $647.8M Reported value, 2022-09-30: $548.9M Reported value, 2022-12-31: $418.3B Reported value, 2023-03-31: $574.8M Reported value, 2023-06-30: $702.2M Reported value, 2023-09-30: $836M Reported value, 2023-12-31: $802.4M Reported value, 2024-03-31: $848.9M Reported value, 2024-06-30: $848.2M Reported value, 2024-09-30: $731.7M Reported value, 2024-12-31: $747.4M Reported value, 2025-03-31: $927.2M Reported value, 2025-06-30: $1.3B Reported value, 2025-09-30: $1.1B Reported value, 2025-12-31: $1.2B Reported value, 2026-03-31: $1.3B Reported value, 2026-06-30: $1.6B 2013-03-31 2015-12-31 2018-09-30 2021-06-30 2024-03-31 2026-06-30 $1.6B
View chart data
Period Reported value
2013-03-31 $980.9M
2013-06-30 $834.4M
2013-09-30 $965.7M
2013-12-31 $1B
2014-03-31 $776.5M
2014-06-30 $951M
2014-09-30 $836.5M
2014-12-31 $932.6M
2015-03-31 $1B
2015-06-30 $920.1M
2015-09-30 $978.3M
2015-12-31 $1B
2016-03-31 $887.2M
2016-06-30 $877.9M
2016-09-30 $848.1M
2016-12-31 $780.3M
2017-03-31 $40.9M
2017-06-30 $39.5M
2017-09-30 $15M
2017-12-31 $548.9M
2018-03-31 $660.9M
2018-06-30 $637M
2018-09-30 $669.1M
2018-12-31 $532.6M
2019-03-31 $528.3M
2019-06-30 $593.8M
2019-09-30 $1.4B
2019-12-31 $788.6M
2020-03-31 $797.5M
2020-06-30 $1B
2020-09-30 $1.3B
2020-12-31 $1.3B
2021-03-31 $1.2B
2021-06-30 $1.2B
2021-09-30 $29.9M
2021-12-31 $713.6M
2022-03-31 $775.9M
2022-06-30 $647.8M
2022-09-30 $548.9M
2022-12-31 $418.3B
2023-03-31 $574.8M
2023-06-30 $702.2M
2023-09-30 $836M
2023-12-31 $802.4M
2024-03-31 $848.9M
2024-06-30 $848.2M
2024-09-30 $731.7M
2024-12-31 $747.4M
2025-03-31 $927.2M
2025-06-30 $1.3B
2025-09-30 $1.1B
2025-12-31 $1.2B
2026-03-31 $1.3B
2026-06-30 $1.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
CORZCore Scientific, Inc.11.91%$191.3m7.47M+9.1% Added
SEISolaris Energy Infrastructure, Inc.8.04%$129.1m1.60M+43.3% Added
GEVGE Vernova7.14%$114.7m97.6K+3.2% Added
WULFTerawulf Inc.4.46%$71.5m2.90MNew
PUMPPropetro Holding Corp.3.79%$60.8m4.24M+4.9% Added
GRDNGuardian Pharmacy Services, Inc.3.09%$49.7m1.19M0.0%
RHRH3.09%$49.6m301.3K0.0%
PWRQuanta Services3.06%$49.2m68.3K+4.3% Added
AVGOBroadcom2.98%$47.8m126.6K0.0%
AMZNAmazon2.31%$37.0m155.4K0.0%
TKOTKO Group Holdings2.26%$36.3m180.1K0.0%
CRWDCrowdStrike2.12%$34.0m44.6K0.0%
TTWOTake TWO Interactive Software Inc1.90%$30.5m122.1K0.0%
LLYLilly (Eli)1.81%$29.1m24.3K0.0%
HDBHdfc Bank LTD1.65%$26.5m1.03M0.0%
NVDANVIDIA Corporation1.61%$25.9m129.6K0.0%
CRDOCredo Technology Group Holding Ltd1.58%$25.4m93.4K0.0%
MSFTMicrosoft Corporation1.54%$24.8m66.4K0.0%
ZZillow Group, Inc.0.93%$14.9m473.3K0.0%
BWBabcock & Wilcox Enterprises, Inc.0.48%$7.8m550.0KNew
UBERUber0.27%$4.3m59.5K0.0%
PSIXPower Solutions International, Inc.0.20%$3.2m81.7K+17.7% Added
CompanyBought (value)Shares
WULFTerawulf Inc.$71.5m2.90M
SEISolaris Energy Infrastructure, Inc.$39.0m484.8K
CORZCore Scientific, Inc.$15.9m622.9K
BWBabcock & Wilcox Enterprises, Inc.$7.8m550.0K
GEVGE Vernova$3.6m3.1K
PUMPPropetro Holding Corp.$2.9m199.5K
PWRQuanta Services$2.0m2.8K
PSIXPower Solutions International, Inc.$477,80312.3K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
AGXArgan Inc−$32.3m−59.2K
CRMSalesforce−$15.9m−85.3K
WLDNWilldan Group, Inc.−$11.0m−143.3K
NOWServiceNow−$8.7m−82.9K
FPSForgent Power Solutions, Inc.−$2.9m−100.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
AGXArgan Inc$32.3m59.2K
CRMSalesforce$15.9m85.3K
WLDNWilldan Group, Inc.$11.0m143.3K
NOWServiceNow$8.7m82.9K
FPSForgent Power Solutions, Inc.$2.9m100.0K
  • Technology39.6%
  • Energy17.9%
  • Industrials16.8%
  • Consumer Discretionary8.1%
  • Health Care7.4%
  • Communication Services6.3%
  • Financials2.5%
  • Real Estate1.4%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+16.9%+14.1%0.650.78−65.2%1.25
2018 onwardsJanuary 5, 2018 to November 2, 2026+12.5%+13.9%0.450.66−65.2%1.27
Last three yearsNovember 3, 2023 to November 2, 2026+33.8%+21.8%1.101.16−22.6%1.41
Last yearNovember 7, 2025 to November 2, 2026+0.2%+14.2%−0.040.84−22.6%1.19

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.