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Livermore
Livermore
ZHEN

Belvedere Trading LLC

SEC CIK
0001632341
Latest filing
Jul 31, 2026

The latest 13F from Belvedere Trading LLC covers Q2 2026 (filed Jul 31, 2026): 316 long positions worth $1.20B. The top 10 holdings make up 75.4% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 33.0%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
208
Est. +$418.8M
Added
52
Est. +$412.7M
Reduced
55
Est. −$158.9M
Sold out
114
Est. −$286.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    33.0%$396.6MHistory
  2. MUMicron Technology Inc
    12.5%$150.1MHistory
  3. SNDKSandisk Corp
    10.3%$123.2MHistory
  4. INTCIntel Corp
    4.2%$50.6MHistory
  5. TSLATesla, Inc.
    3.8%$46.0MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. NVDANVIDIA Corp
    +$208.7MAddedHistory
  2. MUMicron Technology Inc
    +$150.1MNewHistory
  3. SNDKSandisk Corp
    +$108.8MAddedHistory
  4. INTCIntel Corp
    +$50.6MNewHistory
  5. TSLATesla, Inc.
    +$46.0MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MUMicron Technology Inc
    +12.50 pp0.0% → 12.5%History
  2. NVDANVIDIA Corp
    +11.18 pp21.9% → 33.0%History
  3. SNDKSandisk Corp
    +9.73 pp0.5% → 10.3%History
  4. INTCIntel Corp
    +4.22 pp0.0% → 4.2%History
  5. TSLATesla, Inc.
    +3.83 pp0.0% → 3.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$178.1MSold outHistory
  2. METAMeta Platforms, Inc.
    −$59.0MReducedHistory
  3. IBITiShares Bitcoin Trust ETF
    −$30.6MReducedHistory
  4. iShares Russell 2000 ETF464287655
    −$25.0MSold out
  5. Sprott FDS Tr85208P873
    −$22.4MSold out

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SPYSPDR S&P 500 ETF Trust
    −23.75 pp23.7% → 0.0%History
  2. METAMeta Platforms, Inc.
    −9.27 pp11.3% → 2.0%History
  3. IBITiShares Bitcoin Trust ETF
    −5.54 pp6.5% → 1.0%History
  4. iShares Russell 2000 ETF464287655
    −3.34 pp3.3% → 0.0%
  5. Sprott FDS Tr85208P873
    −2.99 pp3.0% → 0.0%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.20B
+$450.9M (+60.1%) vs. prior quarter
Positions
316
+94 vs. prior quarter
Top 10 concentration
75.4%
Top 10 as share of value
Turnover
45.7%
Q2 2026, one quarter
Average holding period
5.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.89B (Q2 2024)

Q1 2021: $220.8MQ2 2021: $239.8MQ3 2021: $367.1MQ4 2021: $418.8MQ1 2022: $141.5MQ2 2022: $92.2MQ3 2022: $91.0MQ4 2022: $175.3MQ1 2023: $227.2MQ2 2023: $311.1MQ3 2023: $750.2MQ4 2023: $1.16BQ1 2024: $1.40BQ2 2024: $1.89BQ3 2024: $1.67BQ4 2024: $1.31BQ1 2025: $1.15BQ2 2025: $1.27BQ3 2025: $1.25BQ4 2025: $540.2MQ1 2026: $749.8MQ2 2026: $1.20B
Q1 2021Q2 2026
13F filings of Belvedere Trading LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 31, 2026316$1.20BNVDAMUSNDKvs. Q1 2026SEC
Q1 2026May 12, 2026222$749.8MSPYNVDAMETAvs. Q4 2025SEC
Q4 2025Feb 10, 2026249$540.2MInvesco QQQ Trust Series IAMDSMCIvs. Q3 2025SEC
Q3 2025Oct 27, 2025257$1.25BTSLASPYNVDAvs. Q2 2025SEC
Q2 2025Aug 1, 2025224$1.27BMSTRNVDAVanEck Semiconductor ETFvs. Q1 2025SEC
Q1 2025May 9, 2025182$1.15BSPYNVDAMSTRvs. Q4 2024SEC
Q4 2024Jan 31, 2025226$1.31BNVDASPYVanEck Semiconductor ETFvs. Q3 2024SEC
Q3 2024Nov 1, 2024Amended188$1.67BNVDAInvesco QQQ Trust Series ISPYvs. Q2 2024SEC
Q2 2024Nov 1, 2024Amended177$1.89BNVDASPYAMZNvs. Q1 2024SEC
Q1 2024May 9, 2024186$1.40BNVDASPYAMZNvs. Q4 2023SEC
Q4 2023Feb 13, 2024233$1.16BSPYNVDAAMZNvs. Q3 2023SEC
Q3 2023Oct 27, 2023157$750.2MSPYiShares Russell 2000 ETFTSLAvs. Q2 2023SEC
Q2 2023Aug 8, 2023230$311.1MAMZNMETAAAPLvs. Q1 2023SEC
Q1 2023May 15, 2023238$227.2MSPYTSLAMETAvs. Q4 2022SEC
Q4 2022Feb 15, 2023358$175.3MTSLAAMZNVanguard S&P 500 ETFvs. Q3 2022SEC
Q3 2022Oct 26, 2022101$91.0MTSLAGLDKraneshares Trustvs. Q2 2022SEC
Q2 2022Jul 21, 2022122$92.2MSPYTSLAGOOGLvs. Q1 2022SEC
Q1 2022Apr 20, 2022172$141.5MGLDSLVTSLAvs. Q4 2021SEC
Q4 2021Jan 25, 2022149$418.8MSPYAAPLGLDvs. Q3 2021SEC
Q3 2021Oct 19, 2021188$367.1MAAPLSPYInvesco QQQ Trust Series Ivs. Q2 2021SEC
Q2 2021Jul 23, 2021141$239.8MAAPLAMZNTSLAvs. Q1 2021SEC
Q1 2021Apr 27, 2021124$220.8MSPYAAPLTSLA–SEC