13F holdings
Tidal Investments LLC portfolio
Managed by . 2,017 reported positions worth $32.1B as of 2026-03-31, filed with the SEC on 2026-05-15. Parsed from the filing itself, not a reseller.
$32.1B
Book value
2,017
Positions
18%
Top 10 weight
+381
New this quarter
-210
Exited
134 days
Age today
How old this actually is
Every position on this page is a snapshot of 2026-03-31. It was already 45 days old on 2026-05-15, the day it first became public. Today it is 134 days old.
That lag is the law, not a service level — Rule 13f-1 gives managers 45 days after quarter end to file, and no product can shorten it. A fund can have sold every share below before you read this sentence. Treat it as a record of what happened, never as a position you can follow.
What changed
Positions opened and closed
Against its 2025-12-31 filing. This is the part worth reading — the holdings table below is mostly years old.
New positions (381)
| Ticker | Issuer | Value | Shares | % of book |
|---|---|---|---|---|
| SPYM | SPDR SERIES TRUST | $298.6M | 3,900,617 | 0.93% |
| WPM | WHEATON PRECIOUS METALS CORP | $245.0M | 1,869,799 | 0.76% |
| SPAB | SPDR SERIES TRUST | $152.3M | 5,964,025 | 0.47% |
| TPL | TEXAS PACIFIC LAND CORPORATI | $126.2M | 266,310 | 0.39% |
| DBA | INVESCO DB MULTI-SECTOR COMM | $70.7M | 2,587,175 | 0.22% |
| TMO | THERMO FISHER SCIENTIFIC INC | $65.7M | 133,717 | 0.20% |
| ELV | ELEVANCE HEALTH INC FORMERLY | $58.8M | 205,611 | 0.18% |
| IBM | INTERNATIONAL BUSINESS MACHS | $47.9M | 197,475 | 0.15% |
| UUP | INVESCO DB US DLR INDEX TR | $43.8M | 1,575,405 | 0.14% |
| LBRDK | LIBERTY BROADBAND CORP | $42.6M | 828,116 | 0.13% |
| AZN | ASTRAZENECA PLC | $42.2M | 216,729 | 0.13% |
| ASM | AVINO SILVER & GOLD MINES LT | $42.1M | 6,659,935 | 0.13% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN | $32.1M | 543,781 | 0.10% |
| BELFB | BEL FUSE INC | $28.1M | 141,791 | 0.09% |
| HASI | HA SUSTAINABLE INFRA CAP INC | $27.0M | 733,865 | 0.08% |
| AIT | APPLIED INDL TECHNOLOGIES IN | $25.5M | 96,267 | 0.08% |
| ICE | INTERCONTINENTAL EXCHANGE IN | $23.4M | 148,747 | 0.07% |
| UTHR | UNITED THERAPEUTICS CORP DEL | $19.8M | 33,465 | 0.06% |
| ARKB | ARK 21SHARES BITCOIN ETF | $19.2M | 853,474 | 0.06% |
| RGA | REINSURANCE GROUP AMER INC | $16.4M | 80,280 | 0.05% |
| ASX | ASE TECHNOLOGY HLDG CO LTD | $15.9M | 734,911 | 0.05% |
| OGE | OGE ENERGY CORP | $15.7M | 326,414 | 0.05% |
| DOCN | DIGITALOCEAN HLDGS INC | $13.3M | 155,257 | 0.04% |
| RVMD | REVOLUTION MEDICINES INC | $13.2M | 137,242 | 0.04% |
| PBR/A | PETROLEO BRASILEIRO S A | $13.1M | 694,241 | 0.04% |
Closed out (210)
| Ticker | Issuer | Was worth | Shares | % of book |
|---|---|---|---|---|
| AGG | ISHARES TR | $85.9M | 859,677 | 0.00% |
| BITB | BITWISE BITCOIN ETF TR | $22.8M | 479,204 | 0.00% |
| AMDY | TIDAL TRUST II | $22.4M | 594,383 | 0.00% |
| RDYY | TIDAL TRUST II | $21.5M | 577,572 | 0.00% |
| XOMO | TIDAL TRUST II | $18.3M | 1,567,217 | 0.00% |
| BRKC | TIDAL TRUST II | $18.1M | 401,654 | 0.00% |
| DISOUSD | TIDAL TRUST II | $18.1M | 1,500,201 | 0.00% |
| JPO | TIDAL TRUST II | $18.0M | 1,129,954 | 0.00% |
| DRAY | TIDAL TRUST II | $17.7M | 574,117 | 0.00% |
| RBLY | TIDAL TRUST II | $17.6M | 608,186 | 0.00% |
| BABO | TIDAL TRUST II | $17.5M | 1,332,797 | 0.00% |
| CVNY | TIDAL TRUST II | $16.9M | 462,507 | 0.00% |
| GDXY | TIDAL TRUST II | $16.9M | 1,064,487 | 0.00% |
| AIYY | TIDAL TRUST II | $16.7M | 972,190 | 0.00% |
| GMEY | TIDAL TRUST II | $16.0M | 456,371 | 0.00% |
| AGYS | AGILYSYS INC | $15.6M | 131,425 | 0.00% |
| SCHA | SCHWAB STRATEGIC TR | $12.0M | 420,894 | 0.00% |
| EFA | ISHARES TR | $11.5M | 119,809 | 0.00% |
| CYBR | CYBERARK SOFTWARE LTD | $9.9M | 22,126 | 0.00% |
| VYMI | VANGUARD WHITEHALL FDS | $9.2M | 102,171 | 0.00% |
| VYM | VANGUARD WHITEHALL FDS | $8.2M | 56,919 | 0.00% |
| EPOL | ISHARES TR | $8.1M | 229,916 | 0.00% |
| IWN | ISHARES TR | $7.7M | 42,733 | 0.00% |
| AMCR | AMCOR PLC | $7.7M | 917,312 | 0.00% |
| RSP | INVESCO EXCHANGE TRADED FD T S&P50 | $7.4M | 38,587 | 0.00% |
Added to (1145)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $961.3M | 5,512,260 | 3.00% | +15% |
| MSFT | MICROSOFT CORP | $769.5M | 2,092,399 | 2.40% | +46% |
| GOOGL | ALPHABET INC | $759.4M | 2,671,092 | 2.37% | +48% |
| AAPL | APPLE INC | $692.9M | 2,730,222 | 2.16% | +15% |
| AMZN | AMAZON COM INC | $680.0M | 3,311,403 | 2.12% | +110% |
| AVGO | BROADCOM INC | $439.9M | 1,421,652 | 1.37% | +6% |
| CDE | COEUR MNG INC | $409.2M | 21,804,255 | 1.28% | +21% |
| META | META PLATFORMS INC | $373.7M | 662,335 | 1.17% | +33% |
| COP | CONOCOPHILLIPS | $358.0M | 2,695,357 | 1.12% | +1787% |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $329.6M | 1,013,268 | 1.03% | +234% |
| CVX | CHEVRON CORPORATION | $273.8M | 1,315,882 | 0.85% | +300% |
| AMD | ADVANCED MICRO DEVICES INC | $267.7M | 1,315,796 | 0.83% | +30% |
| EXMOC | EXXON MOBIL CORP | $237.4M | 1,390,707 | 0.74% | +192% |
| SPTM | SPDR SERIES TRUST | $228.9M | 2,895,155 | 0.71% | +3% |
| NFLX | NETFLIX INC. | $228.5M | 2,395,990 | 0.71% | +85% |
Trimmed (454)
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| IJR | ISHARES TR | $334,643 | 2,692 | 0.00% | -99% |
| GME | GAMESTOP CORP | $453,151 | 19,668 | 0.00% | -98% |
| AXON | AXON ENTERPRISE INC | $3.1M | 7,379 | 0.01% | -96% |
| EXPE | EXPEDIA GROUP INC | $5.0M | 21,815 | 0.02% | -94% |
| TLT | ISHARES TR | $4.6M | 53,700 | 0.01% | -93% |
| SIL | GLOBAL X FDS | $1.1M | 12,965 | 0.00% | -90% |
| EWC | ISHARES INC | $919,595 | 16,784 | 0.00% | -90% |
| SOFI | SOFI TECHNOLOGIES INC | $6.1M | 387,144 | 0.02% | -89% |
| LVS | LAS VEGAS SANDS CORP | $2.5M | 47,181 | 0.01% | -89% |
| KD | KYNDRYL HLDGS INC | $769,855 | 58,678 | 0.00% | -88% |
| EMR | EMERSON ELEC CO | $12.8M | 100,100 | 0.04% | -88% |
| NEU | NEWMARKET CORP | $462,766 | 722 | 0.00% | -87% |
| GLD | SPDR GOLD TR | $9.1M | 21,172 | 0.03% | -86% |
| IOT | SAMSARA INC | $510,621 | 16,113 | 0.00% | -85% |
| TSMY | TIDAL TRUST II | $2.9M | 187,240 | 0.01% | -84% |
The book
Largest 150 of 2,017 holdings
| Ticker | Issuer | Value | Shares | % of book | Shares Δ |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | $961.3M | 5,512,260 | 3.00% | — |
| MSFT | MICROSOFT CORP | $769.5M | 2,092,399 | 2.40% | — |
| GOOGL | ALPHABET INC | $759.4M | 2,671,092 | 2.37% | — |
| AAPL | APPLE INC | $692.9M | 2,730,222 | 2.16% | — |
| AMZN | AMAZON COM INC | $680.0M | 3,311,403 | 2.12% | — |
| AG | FIRST MAJESTIC SILVER CORP | $452.4M | 21,059,804 | 1.41% | — |
| AVGO | BROADCOM INC | $439.9M | 1,421,652 | 1.37% | — |
| CDE | COEUR MNG INC | $409.2M | 21,804,255 | 1.28% | — |
| META | META PLATFORMS INC | $373.7M | 662,335 | 1.17% | — |
| HL | HECLA MINING COMPANY | $366.2M | 19,660,325 | 1.14% | — |
| COP | CONOCOPHILLIPS | $358.0M | 2,695,357 | 1.12% | — |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | $329.6M | 1,013,268 | 1.03% | — |
| SPYM | SPDR SERIES TRUST | $298.6M | 3,900,617 | 0.93% | — |
| CVX | CHEVRON CORPORATION | $273.8M | 1,315,882 | 0.85% | — |
| AMD | ADVANCED MICRO DEVICES INC | $267.7M | 1,315,796 | 0.83% | — |
| WPM | WHEATON PRECIOUS METALS CORP | $245.0M | 1,869,799 | 0.76% | — |
| EXMOC | EXXON MOBIL CORP | $237.4M | 1,390,707 | 0.74% | — |
| SPTM | SPDR SERIES TRUST | $228.9M | 2,895,155 | 0.71% | — |
| NFLX | NETFLIX INC. | $228.5M | 2,395,990 | 0.71% | — |
| UNH | UNITEDHEALTH GROUP INC | $227.9M | 864,050 | 0.71% | — |
| LLY | ELI LILLY & CO | $226.9M | 250,310 | 0.71% | — |
| TSLA | TESLA INC | $222.2M | 597,649 | 0.69% | — |
| GEV | GE VERNOVA INC | $217.1M | 248,853 | 0.68% | — |
| PLTR | PALANTIR TECHNOLOGIES INC | $210.8M | 1,440,875 | 0.66% | — |
| IVV | ISHARES TR | $210.4M | 322,036 | 0.66% | — |
| PWR | QUANTA SVCS INC | $199.7M | 363,842 | 0.62% | — |
| MELI | MERCADOLIBRE INC | $184.6M | 112,216 | 0.58% | — |
| AXP | AMERICAN EXPRESS CO | $173.3M | 572,995 | 0.54% | — |
| SAP | SAP SE | $172.5M | 1,024,724 | 0.54% | — |
| MSTR | STRATEGY INC | $169.8M | 1,360,186 | 0.53% | — |
| HOOD | ROBINHOOD MKTS INC | $169.4M | 2,444,681 | 0.53% | — |
| EXK | ENDEAVOUR SILVER CORP | $167.4M | 17,982,202 | 0.52% | — |
| JNJ | JOHNSON & JOHNSON | $166.8M | 685,005 | 0.52% | — |
| DHR | DANAHER CORP DEL | $163.5M | 884,667 | 0.51% | — |
| HYMC | HYCROFT MINING HOLDING CORP | $162.9M | 4,627,270 | 0.51% | — |
| KLAC | KLA CORP | $162.5M | 110,394 | 0.51% | — |
| VXUS | VANGUARD STAR FDS | $162.0M | 2,100,975 | 0.51% | — |
| PAAS | PAN AMERN SILVER CORP | $161.5M | 2,956,387 | 0.50% | — |
| JPM | JPMORGAN CHASE & CO | $161.3M | 549,403 | 0.50% | — |
| BVN | COMPANIA DE MINAS BUENAVENTU | $159.7M | 4,431,056 | 0.50% | — |
| COF | CAPITAL ONE FINL CORP | $157.8M | 882,414 | 0.49% | — |
| ETN | EATON CORP PLC | $155.5M | 434,753 | 0.48% | — |
| AMGN | AMGEN INC | $155.2M | 441,940 | 0.48% | — |
| UNP | UNION PAC CORP | $154.5M | 636,973 | 0.48% | — |
| SPAB | SPDR SERIES TRUST | $152.3M | 5,964,025 | 0.47% | — |
| PPTA | PERPETUA RESOURCES CORP | $150.7M | 5,360,084 | 0.47% | — |
| ANET | ARISTA NETWORKS INC | $150.6M | 1,226,618 | 0.47% | — |
| FNV | FRANCO NEV CORP | $148.9M | 602,858 | 0.46% | — |
| OXY | OCCIDENTAL PETE CORP | $144.9M | 2,221,947 | 0.45% | — |
| MU | MICRON TECHNOLOGY INC | $144.8M | 429,545 | 0.45% | — |
| SHEL | SHELL PLC | $143.2M | 1,542,364 | 0.45% | — |
| SSRM | SSR MINING IN | $141.7M | 4,821,333 | 0.44% | — |
| CAT | CATERPILLAR INC | $140.3M | 197,991 | 0.44% | — |
| LRCX | LAM RESEARCH CORP | $137.3M | 642,834 | 0.43% | — |
| COST | COSTCO WHOLESALE CORPORATION | $137.1M | 137,545 | 0.43% | — |
| CMCSA | COMCAST CORP NEW | $136.8M | 4,739,358 | 0.43% | — |
| ASML | ASML HLDG NV | $133.3M | 103,777 | 0.42% | — |
| INTU | INTUIT | $131.3M | 305,616 | 0.41% | — |
| WDAY | WORKDAY INC | $129.1M | 1,002,281 | 0.40% | — |
| TJX | TJX COS INC NEW | $127.8M | 800,804 | 0.40% | — |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | $127.7M | 266,551 | 0.40% | — |
| TPL | TEXAS PACIFIC LAND CORPORATI | $126.2M | 266,310 | 0.39% | — |
| V | VISA INC | $120.9M | 399,996 | 0.38% | — |
| AER | AERCAP HOLDINGS NV | $120.5M | 909,278 | 0.38% | — |
| GE | GE AEROSPACE | $117.6M | 414,371 | 0.37% | — |
| SEA1EUR | SEABRIDGE GOLD INC | $114.8M | 4,049,075 | 0.36% | — |
| APD | AIR PRODUCTS AND CHEMICALS I | $112.5M | 389,800 | 0.35% | — |
| SVM | SILVERCORP METALS INC | $112.2M | 10,448,884 | 0.35% | — |
| DE | DEERE & CO | $111.2M | 197,377 | 0.35% | — |
| CDNS | CADENCE DESIGN SYSTEM INC | $110.0M | 395,708 | 0.34% | — |
| OKE | ONEOK INC NEW | $109.8M | 1,215,016 | 0.34% | — |
| MNST | MONSTER BEVERAGE CORP NEW | $109.3M | 1,508,658 | 0.34% | — |
| BNY | BANK NEW YORK MELLON CORP | $107.9M | 910,526 | 0.34% | — |
| ABBV | ABBVIE INC | $107.4M | 497,947 | 0.33% | — |
| NOC | NORTHROP GRUMMAN CORP | $107.1M | 157,020 | 0.33% | — |
| MRK | MERCK & CO INC | $106.9M | 895,792 | 0.33% | — |
| AMAT | APPLIED MATLS INC | $106.4M | 311,199 | 0.33% | — |
| VST | VISTRA CORP | $106.0M | 704,868 | 0.33% | — |
| LEN | LENNAR CORP | $104.8M | 1,234,904 | 0.33% | — |
| GS | GOLDMAN SACHS GROUP INC | $104.7M | 123,937 | 0.33% | — |
| OR | OR ROYALTIES INC. | $103.7M | 2,728,396 | 0.32% | — |
| WWD | WOODWARD INC | $103.1M | 301,478 | 0.32% | — |
| AA | ALCOA CORP | $102.5M | 1,619,065 | 0.32% | — |
| PNC | PNC FINL SVCS GROUP INC | $100.9M | 485,738 | 0.31% | — |
| MA | MASTERCARD INCORPORATED | $99.4M | 199,618 | 0.31% | — |
| ADI | ANALOG DEVICES INC | $92.5M | 290,599 | 0.29% | — |
| CB | CHUBB LTD SWITZ | $91.1M | 279,581 | 0.28% | — |
| PKG | PACKAGING CORP AMER | $91.0M | 428,577 | 0.28% | — |
| BKLC | BNY MELLON ETF TRUST | $90.6M | 728,287 | 0.28% | — |
| GLDM | WORLD GOLD TR | $89.5M | 965,713 | 0.28% | — |
| TFPM | TRIPLE FLAG PRECIOUS METAL | $88.4M | 2,546,791 | 0.28% | — |
| PPG | PPG INDS INC | $88.3M | 825,897 | 0.28% | — |
| LITE | LUMENTUM HLDGS INC | $84.4M | 120,248 | 0.26% | — |
| XLE | SELECT SECTOR SPDR TR | $80.5M | 1,314,429 | 0.25% | — |
| VRT | VERTIV HOLDINGS CO | $80.1M | 319,843 | 0.25% | — |
| RGLD | ROYAL GOLD INC | $77.9M | 306,217 | 0.24% | — |
| MCK | MCKESSON CORP | $75.2M | 86,875 | 0.23% | — |
| VTI | VANGUARD INDEX FDS | $73.5M | 228,958 | 0.23% | — |
| TTE | TOTALENERGIES SE | $72.8M | 809,738 | 0.23% | — |
| DBA | INVESCO DB MULTI-SECTOR COMM | $70.7M | 2,587,175 | 0.22% | — |
| GILD | GILEAD SCIENCES INC | $69.2M | 501,840 | 0.22% | — |
| GOOG | ALPHABET INC | $67.0M | 234,677 | 0.21% | — |
| ORCL | ORACLE CORP | $66.6M | 452,878 | 0.21% | — |
| VZLA | VIZSLA SILVER CORP | $66.2M | 20,049,924 | 0.21% | — |
| FSM | FORTUNA MNG CORP | $66.0M | 6,648,627 | 0.21% | — |
| TMO | THERMO FISHER SCIENTIFIC INC | $65.7M | 133,717 | 0.20% | — |
| KO | COCA COLA CO | $63.0M | 828,721 | 0.20% | — |
| HUM | HUMANA INC | $62.9M | 378,091 | 0.20% | — |
| BAC | BANK AMERICA CORP | $62.5M | 1,288,184 | 0.19% | — |
| EL | LAUDER ESTEE COS INC | $62.1M | 910,870 | 0.19% | — |
| UBER | UBER TECHNOLOGIES INC | $59.9M | 832,877 | 0.19% | — |
| AMZY | TIDAL TRUST II | $59.3M | 5,381,483 | 0.18% | — |
| IREN | IREN LIMITED | $59.3M | 1,729,678 | 0.18% | — |
| ELV | ELEVANCE HEALTH INC FORMERLY | $58.8M | 205,611 | 0.18% | — |
| CSCO | CISCO SYS INC | $58.5M | 754,825 | 0.18% | — |
| CNBS | AMPLIFY ETF TR | $56.8M | 2,575,407 | 0.18% | — |
| LIN | LINDE PLC | $56.5M | 113,975 | 0.18% | — |
| ARM | ARM HOLDINGS PLC | $56.1M | 371,037 | 0.18% | — |
| GLXY | GALAXY DIGITAL INC. | $55.4M | 3,004,996 | 0.17% | — |
| CIEN | CIENA CORP | $55.2M | 142,146 | 0.17% | — |
| NOW | SERVICENOW INC | $53.8M | 514,420 | 0.17% | — |
| PFE | PFIZER INC | $53.7M | 1,925,435 | 0.17% | — |
| MSFO | TIDAL TRUST II | $53.4M | 4,627,476 | 0.17% | — |
| SILJ | AMPLIFY ETF TR | $52.9M | 1,778,615 | 0.16% | — |
| HUT | HUT 8 CORP | $52.2M | 1,113,235 | 0.16% | — |
| NEE | NEXTERA ENERGY INC | $51.7M | 556,578 | 0.16% | — |
| WELL | WELLTOWER INC | $51.2M | 259,104 | 0.16% | — |
| FIX | COMFORT SYS USA INC | $51.2M | 37,200 | 0.16% | — |
| CIFR | CIPHER DIGITAL INC | $50.1M | 3,895,810 | 0.16% | — |
| COHR | COHERENT CORP | $48.9M | 205,298 | 0.15% | — |
| PLD | PROLOGIS INC. | $48.9M | 370,093 | 0.15% | — |
| JBL | JABIL INC | $48.9M | 183,908 | 0.15% | — |
| SPGI | S&P GLOBAL INC | $48.8M | 116,403 | 0.15% | — |
| NU | NU HLDGS LTD | $48.7M | 3,364,891 | 0.15% | — |
| MRVL | MARVELL TECHNOLOGY INC | $48.7M | 491,380 | 0.15% | — |
| BABA | ALIBABA GROUP HLDG LTD | $48.6M | 389,686 | 0.15% | — |
| FTNT | FORTINET INC | $47.9M | 586,189 | 0.15% | — |
| IBM | INTERNATIONAL BUSINESS MACHS | $47.9M | 197,475 | 0.15% | — |
| QCOM | QUALCOMM INC | $47.8M | 371,355 | 0.15% | — |
| POWL | POWELL INDS INC | $47.4M | 87,643 | 0.15% | — |
| ZTS | ZOETIS INC | $47.4M | 402,015 | 0.15% | — |
| ADBE | ADOBE INC | $47.3M | 194,594 | 0.15% | — |
| CME | CME GROUP INC | $47.3M | 160,106 | 0.15% | — |
| HODL | VANECK BITCOIN ETF | $47.0M | 2,451,058 | 0.15% | — |
| COIN | COINBASE GLOBAL INC | $46.7M | 267,509 | 0.15% | — |
| EOG | EOG RES INC | $46.5M | 313,857 | 0.15% | — |
| VWO | VANGUARD INTL EQUITY INDEX F | $46.3M | 856,463 | 0.14% | — |
| BKNG | BOOKING HOLDINGS INC | $45.8M | 10,880 | 0.14% | — |
| PG | PROCTER & GAMBLE CO | $45.2M | 312,886 | 0.14% | — |
| GDX | VANECK ETF TRUST | $44.9M | 489,699 | 0.14% | — |
This table is the 150 largest positions by value, out of 2,017 reported. The search box only searches what is on this page — a name absent from it may still be in the filing further down the book. The full info table is here.
This manager also disclosed 318 options positions with a combined notional of $15.4B. Notional is not ownership, so it is excluded from the book value above rather than folded in to make the fund look bigger.
Rows are aggregated by CUSIP — a manager files the same security multiple times when different internal desks hold it. Tickers link to our own backtest of that asset where we cover it.
Read the original
This page was built from one document: the 2026-03-31 Form 13F info table filed by Tidal Investments LLC (CIK 1600064, accession 0002000324-26-001933). Every other 13F site is reading the same file.
If anything here disagrees with it, the filing wins — and we would want to know. All 13F filings by this manager
What a 13F cannot show you
A 13F is a long-only equity snapshot, and the holes in it are structural. Anyone selling you this data as "what the smart money is doing" is selling you one leg of a position:
- No short positions. None, ever. A fund shown here as bullish may be net short the same name through a book you cannot see.
- No cash, bonds, FX, commodities or non-US listings. A macro fund's entire thesis can be invisible.
- No intra-quarter round trips. Bought and sold inside the same quarter means it never appears at all.
- Options are notional, not ownership. We keep puts and calls in a separate bucket rather than adding their notional into a fund's book size, which is how a $2B fund gets reported as a $20B one.
- Confidential treatment. Managers can ask the SEC to withhold a position while they build it. Those holdings are legally absent from the filing, so a "new" position may be months old.
Tested and published by IndicatorEdge · backtest grid generated 2026-06-25 · base rates recomputed 2026-07-31 · how we test
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