13F
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Valiant Capital Management, L.P.

13F equity value
$1.3B
Positions
28
Top 10 concentration
72.6%
Quarters / total new picks
23 / 55
13F equity value over time
$0M$694M$1B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 23 quarters, returned +9.6% per quarter — versus +4.0% per quarter from simply owning every 13F stock. It beat that baseline in only 60.9% of quarters (excess t = 1.51, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+13.7%
t-stat
1.51
Quarterly win rate
61%
Annualized excess
+17.8%
$1 → follow vs universe
$5.04 vs $2.20
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320190630: universe 1.03620190930: universe 1.11420191231: universe 0.89820200331: universe 1.08320200630: universe 1.19620200930: universe 1.46720210630: universe 1.58520210930: universe 1.42220220331: universe 1.52720220630: universe 1.41520230331: universe 1.49120230630: universe 1.43720230930: universe 1.63120240331: universe 1.66820240630: universe 1.82020240930: universe 1.80420241231: universe 1.68420250331: universe 1.83520250630: universe 1.89320250930: universe 2.12920251231: universe 2.202 20180630: follow 0.88920180930: follow 0.60620190630: follow 0.58320190930: follow 0.70320191231: follow 0.64020200331: follow 0.68020200630: follow 1.05020200930: follow 1.07520210630: follow 1.34320210930: follow 1.34620220331: follow 1.44220220630: follow 1.43120230331: follow 1.58120230630: follow 1.54320230930: follow 1.61820240331: follow 1.83720240630: follow 2.94820240930: follow 2.81320241231: follow 2.99420250331: follow 4.15420250630: follow 3.00420250930: follow 3.50420251231: follow 5.041 0.54 2.99 5.44 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 28 · 2026 Q1

Ticker Value Weight QoQ
SPY $225M
17.7%
ADD
IWM $225M
17.7%
ADD
CORZ $102M
8.1%
ADD
GEV $83M
6.5%
TRIM
SEI $63M
5.0%
ADD
PUMP $58M
4.6%
ADD
GRDN $45M
3.5%
TRIM
RH $42M
3.3%
ADD
AVGO $39M
3.1%
TRIM
GDX $39M
3.1%
TRIM
TKO $36M
2.9%
TRIM
PWR $36M
2.8%
TRIM
AMZN $32M
2.5%
HOLD
AGX $32M
2.5%
TRIM
HDB $26M
2.0%
TRIM
MSFT $25M
1.9%
TRIM
TTWO $24M
1.9%
TRIM
NVDA $23M
1.8%
TRIM
LLY $22M
1.8%
TRIM
Z $20M
1.5%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

None.

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.