Calculate the position-by-position delta between a fund's last two 13Fs
Resolves a manager by name, pulls their two most recent 13F filings, and reconciles every position: new, exited, increased, decreased and unchanged, split by security type, with the reported-value delta.
Prompt
Get Leopold Aschenbrenner's last two 13F holdings, and calculate the delta between all positions + AUM
Output
Read that as Leopold Aschenbrenner / Situational Awareness LP (CIK 2045724). His last two 13Fs are Q4 2025 (filed Feb 11, 2026) and Q1 2026 (filed May 15, 2026). Q2 2026 is not due until Aug 14, so nothing newer exists yet.
Headline: reported value went $5.517B to $13.677B, +$8.160B (+147.9%), positions 29 to 42. But essentially none of that is new long exposure.
| Security type | Q4 2025 | Q1 2026 | Delta |
|---|---|---|---|
| Common stock | $3.914B | $3.856B | −$57.9M (−1.5%) |
| Calls | $1.594B | $1.362B | −$232.4M (−14.6%) |
| Puts | $8.9M | $8.459B | +$8.450B |
| Total | $5.517B | $13.677B | +$8.160B (+147.9%) |
The long book is flat quarter over quarter. The entire AUM jump is a newly disclosed put book across the semiconductor complex, and 13F reports options at the underlying market value rather than premium, so that $8.46B is notional, not capital deployed.
New puts (all opened from zero): SMH $2.04B · NVDA $1.57B · ORCL $1.07B · AVGO $1.01B · AMD $969M · MU $584M · TSM $535M · ASML $494M · INTC $159M · GLW $21M.
Meanwhile he stayed long the AI datacenter and miner complex: CORZ, IREN, APLD, RIOT, CLSK, BITF (now ticker KEEL), BTDR, CRWV, BE. Structurally this reads as a long-infrastructure, short-semis pair trade rather than a doubling of the fund.
Largest position moves:
| Position | Action | Δ shares | Δ value |
|---|---|---|---|
| INTC calls | Exit | −20,237,400 | −$746.8M |
| CRWV calls | Cut ~83% | −9,000,000 | −$633.9M |
| LITE | Exit | −1,298,400 | −$478.6M |
| SNDK common | Add | +85,919 | +$474.1M (mostly price) |
| MU / SNDK / TSM calls | New | — | +$1.166B combined |
| CIFR | Exit | −10,469,093 | −$154.5M |
| EQT (common + calls) | Exit | −3,182,225 | −$170.6M |
| CLSK | Add 6.5× | +10,635,739 | +$87.9M |
| RIOT | Add ~86% | +5,334,437 | +$64.0M |
| BE common | Trim 36% | −3,590,614 | +$3.2M (price offset) |
By action: 23 new · 10 exits · 9 increases · 4 decreases · 6 unchanged.
Two things worth flagging:
- A duplicate Q1 2026 filing exists. "Situational Awareness Partners LP" (CIK 2038540) filed an identical 42-position, $13,676,657,577 report the same day, same CRD 333011, same 801- number. It is a mirror filing under a second 13F file number. Do not add the two together.
- 13F "AUM" is not AUM. It covers only long US 13(f) securities plus options at underlying value. It excludes cash, actual short stock, non-US holdings and privates. Given the put overlay, gross reported value now overstates the economic book substantially.
Sources: Q1 2026 13F-HR·Q4 2025 13F-HR
Files produced
- SituationalAwareness_13F_delta_Q4-25_vs_Q1-26.xlsxPosition-level reconciliation of both quarters, with share and value deltas per holding.
When to use this prompt
- Working out what a manager actually did last quarter, rather than what they hold.
- Separating price moves from position changes, which a holdings snapshot cannot show.
- Checking whether a jump in reported value reflects new capital or an options overlay.
What you get back
- A reconciliation by security type, so a change in common stock is not conflated with a change in calls or puts.
- Every position classified as new, exited, increased, decreased or unchanged, with share and value deltas.
- A spreadsheet of the full position-level reconciliation, not only the largest moves.
- Warnings the raw data does not carry. Here: a duplicate mirror filing under a second file number that would double the total if added, and the fact that 13F reported value is not AUM.
Variations
- Change the manager. Any 13F filer works, resolved by name or CIK.
- Compare across four quarters instead of two to show a trend rather than a single move.
- Restrict the comparison to common stock, excluding options, for a cleaner read on the long book.
- Rank by percentage change rather than dollar change to surface conviction rather than size.
Filings used
- Situational Awareness LP (CIK 2045724) Form 13F-HR for Q4 2025, filed February 11, 2026.
- Situational Awareness LP Form 13F-HR for Q1 2026, filed May 15, 2026.
- Situational Awareness Partners LP (CIK 2038540) Form 13F-HR for Q1 2026, identified as a duplicate mirror filing.
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