Hedge Vision

Personal Portfolio As of April 30, 2026 1. $MELI 13.3% 2. $CRWD 12.5% 3. $NVDA 10.7% 4. $BABA 10.6% 5. $AMZN 7.3% 6. $DDOG 6.5% 7. $CROX 5.6% 8. $MSFT 5.4% 9. $UBER 3.1% 10. $ZS 3.0% -Top 10 Positions: 80.9% -Cash Position: <0.01% -Rest of Portfolio: 19.1%

@ramen_capital One sector is overbought and the other is oversold, although AI disruption to software won't be as severe as implied by the price drop

@HedgeVision bro wut are your thoughts behind this argument? just curious.

Hot take: Software outperforms semis from here until year end 🤔

Leopold Aschenbrenner's 13F doesn't tell you much. Similar to Druckenmiller, Aschenbrenner has a very short average 13F holding period. He took on short options positions in several top AI companies including NVDA, CRWV, AVGO, ASML, and MU. It’s worth pointing out here that the market value of options as reported in 13F filings assumes the value of the underlying shares and not the value of the options themselves. At the same time, he maintained, increased, or initiated long positions in a variety of AI-related names as well, including SNDK, CRWV, IREN, AMD, TSM, and INTC. As a result, his short options positions could possibly be acting as hedges instead of an outright bearish stance. Based on Aschenbrenner’s 13F, which doesn’t offer a complete picture of his positioning due to the presence of options, I would say he’s running a fairly aggressive, high-turnover strategy that leans on options to express shorter-term views and manage risk, rather than taking clean directional bets. It’s difficult to assess his strategy given how recently Situational Awareness was launched, making his 13F less informative to investors compared to more established funds with longer track records and more consistent positioning. From what is visible, his approach is opportunistic but hard to sustain over longer periods of time. I expect him to eventually pivot back toward more straightforward equity positions, with options playing a supporting role rather than driving the core of the portfolio, similar to how Saudi Arabia’s Public Investment Fund (PIF) divested its options positions in recent quarters.

0% chance of a rate cut this year, down from 37.6% a month ago

@alexkoh Thanks Alex 🙏

@HedgeVision That’s a very nice analysis there! This is such great value adding

Druckenmiller's Q1 13F Portfolio Moves: Druckenmiller’s tech exposure nearly doubled in Q1 to 18.4% after falling to a multi-year low of 9.43% in the previous quarter. He added new positions in $AVGO $SNDK $TWLO $NET $INTC and many more. Furthermore, he's still betting heavily on Latin America, with calls on $EWZ as his fourth-largest position on a notional basis. He followed that up with a new position in $YPF, a state-owned Argentine oil and gas company, and $TBBB, a grocery chain in Mexico. At the same time, he sold off 94% of his stake in $MELI. Druckenmiller has his eyes on other e-commerce leaders across the globe. He doubled his position in $AMZN calls and boosted his $SE position by 16.5%, making it his 11th largest position. On the other hand, he slashed his stake in $CPNG by 60%, although it remains his 18th largest position. During Q4, Druckenmiller disclosed new stakes in $RSP and $XLF. He completely sold out of both positions during Q1, although RSP calls were his top buy. $NTRA, a genetic testing company focused on diagnostics for cancer, organ health, and prenatal screening, has been Druckenmiller’s largest position for seven consecutive quarters. NTRA has returned 354% since he first bought shares in Q3 2022.

@Viilevicious1 x.com/HedgeVision/st…

@HedgeVision twlo? where

Druckenmiller files his Q1 13F with new positions in $SNDK $TWLO $HUM, exits $GOOGL $DASH Top 5 Positions: 1. $NTRA, 18.14% 2. $INSM, 5.59% 3. $TSM, 4.96% 4. $EWZ calls, 4.81% 5. $RSP calls, 4.67% -Top Buys: $RSP calls $YPF $NTRA $STM $AVGO -Top Sales: $XLF $RSP $AMZN $WWD $TEVA -Top New Positions: $RSP calls $AVGO $ARGT $CAI $RVMD -Top Exited Positions: $FLUT $Z $WOLF $XLF $RH Top 25 positions ⬇️

Bill Ackman's Pershing Square files its Q1 13F with a new position in $MSFT, boosts $AMZN stake Top 5 Positions, 12 total: 1. $BN, 16.53% 2. $AMZN, 16.31% 3. $UBER, 14.74% 4. $QSR, 14.33% 5. $MSFT, 14.32% -Top Buys: $MSFT $AMZN -Top Sales: $GOOL $HLT $GOOGL $BN $UBER -Top New Positions: $MSFT Entire Portfolio 🔽

Kora Management remains concentrated with a 42% allocation to $SE, boosts $NBIS $U stakes Top 5 Positions, 9 total: 1. $SE, 42.06% 2. $NBIS, 15.62% 3. $NU, 14.88% 4. $PDD, 7.15% 5. $MELI, 5.24% -Top Buys: $NBIS $U $RBLX $KSPI $GGAL -Top Sales: None -Top New Positions: None Entire Portfolio 🔽

@WhiteHouse *Insider trading again

Under President Trump, America is winning again.

$NVDA Nvidia files its Q1 13F with new positions in $COHR $GENB, boosts $CRWV stake 7 Total Positions: 1. $INTC, 51.58% 2. $CRWV, 19.91% 3. $SNPS, 10.40% 4. $COHR, 10.10% 5. $NOK, 7.28% 6. $NBIS, 0.67% 7. $GENB, 0.06% -Top Buys: $COHR $CRWV $GENB -Top Sales: None -New Positions: $COHR $GENB Entire Portfolio 🔽

Dan Loeb's Third Point files its Q1 13F with new stakes in $META $GOOGL $ASML $AVGO, exits $MSFT $BABA $SPOT Top 5 Positions: 1. $AMZN, 19.40% 2. $TDS, 13.34% 3. $CRH, 9.59% 4. $SGI, 8.06% 5. $SRS, 5.87% -Top Buys: $META $GOOGL $GLD $HUT $TDG -Top Sales: $NVDA $UNP $NSC $MTZ $LYV -Top New Positions: $META $GOOGL $GLD $HUT $TDG Top 25 Positions 🔽

Lone Pine, one of the top hedge funds of 2025, files its Q1 13F. Exits $AMZN $AVGO $MSFT with new positions in $TER $GLW $GOOGL Top 5 Positions 1. $VST, 7.35% 2. $ASML, 6.84% 3. $CRS, 5.66% 4. $LPLA, 4.88% 5. $APP, 4.61% -Top Buys: $TER $GLW $MTZ $USFD $PFGC -Top Sales: $TSM $AVGO $MSFT $DASH $AMZN -New Positions: $TER $GLW $MTZ $USFD $PFGC Top 25 Positions 🔽

Berkshire Hathaway discloses new positions in $GOOG $DAL $M, exits $AMZN $V $MA $UNH Top 5 Positions: 1. $AAPL, 21.99% 2. $AXP, 17.43% 3. $KO, 11.56% 4. $BAC, 9.52% 5. $CVX, 6.64% -Top Buys: $GOOGL $DAL $GOOG $NYT $LEN -Top Sales: $CVX $V $MA $STZ $UNH -New Positions: $DAL $GOOG $M Top 25 Positions 🔽

Brad Gerstner’s Altimeter files its Q1 13F with a new position in $AXON, big buys in $NVDA $CRWV $UBER, exits $MELI $GOOGL $CPNG Top 5 Positions, 13 total: 1. $NVDA, 28.57% 2. $META, 19.61% 3. $UBER, 10.06% 4. $TSM, 8.10% 5. $MSFT, 7.69% -Top Buys: $ARM $NVDA $UBER $CRWV $AXON -Top Sales: $CPNG $CFLT $GOOGL $Z $MELI -Top New Positions: $ARM $AXON Entire Portfolio 🔽

David Tepper’s Appaloosa files its Q1 13F with big buys in $AMZN $UBER $TSM, new position in $SNDK, exits $FXI Top 5 Positions: 1. $AMZN, 15.16% 2. $MU, 9.48% 3. $GOOG, 8.38% 4. $UBER, 7.68% 5. $TSM, 7.56% -Top Buys: $AMZN $UBER $SNDK $VST $TSM -Top Sales: $BABA $AAL $MSFT $WHR $KWEB -Top New Positions: $SNDK Top 25 Positions ⬇️

@Hkalabdu Not in the top 25 positions, here are his new positions

@HedgeVision Where is $ARM and $TWLO?

Druckenmiller’s exposure to tech rose in Q1 after falling to the lowest level since at least 2021 in Q4. Notable tech buys included $AVGO $NET $GOOGL $AMZN $SNDK $TWLO $ARM