Belvedere Trading LLC

Belvedere Trading LLC is an institution, managing $1.2B across 198 long positions as of Q3 2025 with 40% ETF concentration, 85% concentrated in top 10 holdings, and 15% allocation to TSLA.

Portfolio Value: $1.2B
Positions: 198
Top Holding: TSLA at 15.47%
Last Reported: Q3 2025

Top Holdings

Largest long holdings in Belvedere Trading LLC's portfolio (84.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$188.3M	15.47%	+$178.1M Bought	0.01% 423.4K shares	Q4 2020 Held for 4y 11m
2 SPDR S&P 500 ETF Trust SPY	ETF ETF	$182.8M	15.01%	+$112.5M Bought	— 274.4K shares	Q2 2019 Held for 6y 5m
3 Nvidia NVDA	Semiconductors Technology	$173.9M	14.28%	-$32.7M Sold	0.00% 932.0K shares	Q3 2023 Held for 2y 2m
4 iShares Bitcoin Trust IBIT	ETF ETF	$150.2M	12.34%	+$48.6M Bought	— 2.3M shares	Q4 2024 Held for 11 months
5 Broadcom Inc. AVGO	Semiconductors Technology	$118.6M	9.74%	+$47.2M Bought	0.01% 359.4K shares	Q1 2025 Held for 8 months
6 Invesco QQQ Trust QQQ	ETF ETF	$84.0M	6.90%	+$25.4M Bought	— 139.9K shares	Q1 2019 Held for 6y 8m
7 Advanced Micro Devices AMD	Semiconductors Technology	$62.9M	5.16%	-$10.1M Sold	0.02% 388.6K shares	Q3 2021 Held for 4y 2m
8 MicroStrategy MSTR	Software - Application Technology	$28.6M	2.35%	-$274.0M Sold	0.03% 88.6K shares	Q2 2022 Held for 3y 5m
9 iShares Russell 2000 IWM	ETF ETF	$21.9M	1.80%	-$22.7M Sold	— 90.6K shares	Q3 2020 Held for 5y 2m
10 Amazon AMZN	Specialty Retail Consumer Cyclical	$21.9M	1.80%	+$4.1M Bought	0.00% 99.8K shares	Q2 2020 Held for 5y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Belvedere Trading LLC's latest filing

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Market Value

$1.2B

Prior: $1.3B

Q/Q Change

-3.53%

-$44.5M

Net Flows % of MV

-8.81%

Turnover Ratio

44.39%

New Purchases

49 stocks

$12.1M

Added To

48 stocks

+$447.0M

Sold Out Of

106 stocks

$188.7M

Reduced Holdings

46 stocks

-$377.7M

Increased Positions

Position	Shares Δ	Change
1 Amplify Global Cloud Technology IVES	New	0 → 49.7K +$1.6M
2 Patrick Industries PATK	New	0 → 11.7K +$1.2M
3 StoneX Group Inc. SNEX	New	0 → 7.1K +$717.3K
4 Global X Uranium URA	New	0 → 14.4K +$687.6K
5 Goldman Sachs ActiveBeta U.S. Large Cap Equity GSLC	New	0 → 4.2K +$552.9K

Decreased Positions

Position	Shares Δ	Change
1 VanEck Semiconductor SMH	Sold	378.3K → 0 −$105.5M
2 GLD SPDR Gold Trust GLD	Sold	110.5K → 0 −$33.7M
3 PPLT abrdn Physical Platinum Shares PPLT	Sold	87.9K → 0 −$10.8M
4 SLV iShares Silver Trust SLV	Sold	186.3K → 0 −$6.1M
5 iShares MSCI Emerging Markets EEM	Sold	83.4K → 0 −$4.0M

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Analytics

Portfolio insights and performance metrics for Belvedere Trading LLC

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Sector Allocation

ETF

39.90%

Technology

35.80%

Consumer Cyclical

17.60%

Communication Services

1.40%

Industrials

0.60%

Financial Services

0.50%

Utilities

0.30%

Basic Materials

0.10%

Healthcare

0.10%

Market Cap Distribution

Mega Cap (> $200B)

50.51%

Large Cap ($10B - $200B)

5.28%

Mid Cap ($2B - $10B)

0.45%

Small Cap ($300M - $2B)

0.25%

Micro Cap ($50M - $300M)

0.03%

Nano Cap (< $50M)

0.04%

N/A (ETF or Unknown)

43.43%

Portfolio Concentration

Top 10 Holdings %

84.85%

Top 20 Holdings %

93.41%

Top 50 Holdings %

97.35%

Top 100 Holdings %

99.2%