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Valiant Capital Management, L.P.

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13F filer, CIK 1452689, San Francisco, CA

Valiant Capital Management, L.P. reported $1,367,898,366 across 35 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 60.44% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-25-000349

Period
2025-03-31
Reported value
$1.37B
Holdings
35
Top 10 weight
60.44%
New
5
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYnew+176,612$98.8M
IWMnew+493,377$98.4M
KGSadded+349,781$13M
HDBadded+158,300$10.5M
TACnew+960,092$8.98M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
WMBexited-176,366-$9.54M
WLDNreduced-2,576-$105K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0000935836-25-000349, largest first. % of portfolio is the value over $927,164,329, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 176,612 shares 176,612$98.8M10.66%newTimeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 493,377 shares 493,377$98.4M10.62%newTimeline
AGXARGAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: 355,556 shares; 2025Q1: 421,115 shares 421,115$55.2M5.96%+65,559Timeline
CARTMAPLEBEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,551,694 shares; 2024Q4: 1,348,275 shares; 2025Q1: 1,348,275 shares 1,348,275$53.8M5.8%0Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 278,759 shares; 2024Q4: 318,259 shares; 2025Q1: 318,259 shares 318,259$48.6M5.25%0Timeline
GEVGE VERNOVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,800 shares; 2024Q4: 134,290 shares; 2025Q1: 154,953 shares 154,953$47.3M5.1%+20,663Timeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 520,300 shares; 2024Q4: 520,300 shares; 2025Q1: 678,600 shares 678,600$45.1M4.86%+158,300Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,100 shares; 2024Q4: 288,287 shares; 2025Q1: 336,386 shares 336,386$39.5M4.26%+48,099Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,195 shares; 2024Q4: 100,195 shares; 2025Q1: 100,195 shares 100,195$37.6M4.06%0Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 197,940 shares; 2024Q4: 197,940 shares; 2025Q1: 215,040 shares 215,040$36M3.88%+17,100Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,510 shares; 2024Q4: 97,610 shares; 2025Q1: 123,410 shares 123,410$33.1M3.57%+25,800Timeline
KGSKODIAK GAS SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 515,476 shares; 2025Q1: 865,257 shares 865,257$32.3M3.48%+349,781Timeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,702,943 shares; 2024Q4: 4,325,024 shares; 2025Q1: 4,422,524 shares 4,422,524$32M3.45%+97,500Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 658,389 shares; 2024Q4: 658,389 shares; 2025Q1: 658,389 shares 658,389$30.3M3.26%0Timeline
PWRQUANTA SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,000 shares; 2024Q4: 95,205 shares; 2025Q1: 117,220 shares 117,220$29.8M3.21%+22,015Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 172,215 shares; 2024Q4: 150,115 shares; 2025Q1: 150,115 shares 150,115$28.6M3.08%0Timeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,150 shares; 2024Q4: 413,150 shares; 2025Q1: 413,150 shares 413,150$28.3M3.06%0Timeline
CRWDCROWDSTRIKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,796 shares; 2024Q4: 62,996 shares; 2025Q1: 62,996 shares 62,996$22.2M2.4%0Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,178 shares; 2024Q4: 23,578 shares; 2025Q1: 23,578 shares 23,578$22M2.37%0Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 224,415 shares; 2024Q4: 201,415 shares; 2025Q1: 201,415 shares 201,415$21.8M2.35%0Timeline
TTWOTAKE-TWO INTERACTIVE SOFTWARQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,972 shares; 2024Q4: 101,972 shares; 2025Q1: 101,972 shares 101,972$21.1M2.28%0Timeline
NOWSERVICENOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,826 shares; 2024Q4: 23,626 shares; 2025Q1: 23,626 shares 23,626$18.8M2.03%0Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,526 shares; 2024Q4: 20,626 shares; 2025Q1: 20,626 shares 20,626$17M1.84%0Timeline
TACTRANSALTA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 960,092 shares 960,092$8.98M0.97%newTimeline
WLDNWILLDAN GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,897 shares; 2025Q1: 198,321 shares 198,321$8.08M0.87%-2,576Timeline
CRDOCREDO TECHNOLOGY GROUP HOLDIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 369,364 shares; 2024Q4: 144,496 shares; 2025Q1: 144,496 shares 144,496$5.8M0.63%0Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,464 shares; 2024Q4: 59,464 shares; 2025Q1: 59,464 shares 59,464$4.33M0.47%0Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,381 shares; 2025Q1: 5,633 shares 5,633$1.12M0.12%+252Timeline
PSIXPOWER SOLUTIONS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,450 shares; 2025Q1: 43,605 shares 43,605$1.1M0.12%+8,155Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
GLDSPDR GOLD TR GOLD SHScall600,000$173M+182,000
FTAIFTAI AVIATION LTD Stockput1,045,500$113Mnew
TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADScall532,400$88.4M+40,400
ABRARBOR REALTY TRUST INC COMput3,582,800$42.1M+2,539,800
CORZCORE SCIENTIFIC INC NEW COMcall2,830,000$20.5Mnew
RUNSUNRUN INC COMcall725,000$4.25M0

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
QQQINVESCO QQQ TR766,900$392Mput
TLTISHARES TR2,500,000$218Mcall
WMBWILLIAMS COS INC176,366$9.54Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000935836-25-000349 base2025-05-15acceptance time not in the bulk data set