Cavalier Investments, LLC
CIK 1655543 · View on SEC EDGAR ↗
- Portfolio value
- $2.4B
- Positions
- 70
- As of
- June 30, 2026
#1,352 of 9,443 by 13F value · top 14.3%
Portfolio value QoQ: -34.9% 13F does not disclose cash
- Top 10 holdings weight
- 81.66%
- Top 25 holdings weight
- 92.38%
- Positions above 1%
- 12
- Effective number of positions
- 7.8
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 20.15% Est. buys $615,345,514 · sells $2,470,874,410
Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 34.1% still held
- New positions
- 14
- Increased
- 22
- Decreased
- 28
- Closed
- 31
Put-notional exposure: 22.6% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Consumer Discretionary
20.5%
Technology
4.0%
Industrials
1.2%
Materials
0.0%
Other/Unmapped
74.3%
Full portfolio 70 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| SPY SPY | $567,545,200 | 23.57% | 760,000 | Call option | $177,341,200 | Up ×2 | |
| QQQ Invesco QQQ Trust, Series 1 | $446,111,120 | 18.53% | 605,800 | Call option | $-304,222,880 | Down ×1 | |
| SMH SMH | $373,857,300 | 15.53% | 570,000 | Call option | $275,055,120 | Up ×1 | |
| QQQ Invesco QQQ Trust, Series 1 | $229,977,720 | 9.55% | 312,300 | Put option | $-491,497,280 | Down ×1 | |
| SMH SMH | $93,464,325 | 3.88% | 142,500 | Put option | $2,330,145 | Down ×1 | |
| SPY SPY | $74,901,031 | 3.11% | 100,300 | Put option | $-464,881,169 | Down ×1 | |
| XLK XLK | $61,919,000 | 2.57% | 325,000 | Put option | Up ×1 | ||
| XLK XLK | $44,043,652 | 1.83% | 231,176 | ||||
| XLK XLK | $38,104,000 | 1.58% | 200,000 | Call option | Up ×1 | ||
| NVDA NVIDIA Corporation - Common Stock | $36,016,200 | 1.50% | 180,000 | Put option | $-21,535,800 | Down ×1 | |
| XLI XLI | $27,784,500 | 1.15% | 150,000 | Call option | $11,611,500 | Up ×1 | |
| TSLA Tesla, Inc. - Common Stock | $25,236,000 | 1.05% | 60,000 | Call option | $6,648,500 | Up ×3 | |
| WDC Western Digital Corporation - Common Stock | $20,311,296 | 0.84% | 31,800 | Call option | $-10,010,633 | Down ×1 | |
| NVDA NVIDIA Corporation - Common Stock | $18,516,529 | 0.77% | 92,541 | $10,945,651 | Up ×1 | ||
| SPY SPY | $18,174,888 | 0.75% | 24,338 | $-77,866,673 | Down ×1 | ||
| VWO | $17,702,920 | 0.74% | 296,581 | Up ×1 | |||
| XLP XLP | $17,444,700 | 0.72% | 210,000 | Call option | $228,900 | ||
| XLV XLV | $17,128,458 | 0.71% | 107,957 | $16,443,349 | Up ×1 | ||
| XLB XLB | $15,249,000 | 0.63% | 300,000 | Call option | $258,000 | ||
| QQQ Invesco QQQ Trust, Series 1 | $15,044,652 | 0.62% | 20,430 | $-44,488,002 | Down ×1 | ||
| NVDA NVIDIA Corporation - Common Stock | $14,426,489 | 0.60% | 72,100 | Call option | $5,706,489 | Up ×1 | |
| TLT iShares 20+ Year Treasury Bond ETF | $14,385,214 | 0.60% | 166,457 | $3,120,629 | Up ×4 | ||
| HWM Howmet Aerospace Inc. Common Stock | $13,443,000 | 0.56% | 50,000 | Put option | $8,833,800 | Up ×1 | |
| EWY | $12,114,000 | 0.50% | 60,000 | Call option | $-3,262,250 | Down ×1 | |
| IGF iShares Global Infrastructure ETF | $11,186,869 | 0.46% | 167,971 | $9,860,537 | Up ×1 | ||
| XLE XLE | $10,622,000 | 0.44% | 200,000 | Call option | $-20,008,000 | Down ×1 | |
| VTV | $10,277,579 | 0.43% | 47,160 | $2,382,687 | Up ×1 | ||
| MTUM | $10,169,023 | 0.42% | 29,662 | Up ×1 | |||
| GLD | $9,209,500 | 0.38% | 25,000 | Call option | $-17,038,190 | Down ×1 | |
| GLD | $9,209,500 | 0.38% | 25,000 | Put option | $-51,031,100 | Down ×1 | |
| HWM Howmet Aerospace Inc. Common Stock | $8,993,636 | 0.37% | 33,451 | $927,997 | Down ×1 | ||
| XLV XLV | $7,933,000 | 0.33% | 50,000 | Put option | $-3,062,750 | Down ×1 | |
| XLI XLI | $7,870,237 | 0.33% | 42,489 | Up ×1 | |||
| EFV | $7,688,759 | 0.32% | 100,441 | Up ×1 | |||
| IGLD | $6,816,174 | 0.28% | 323,655 | $-1,446,738 | |||
| SOXX SOXX | $6,594,702 | 0.27% | 10,292 | $3,098,746 | Down ×1 | ||
| SOXX SOXX | $6,535,752 | 0.27% | 10,200 | Put option | Up ×1 | ||
| GLD | $6,440,019 | 0.27% | 17,482 | $-4,371,017 | Down ×1 | ||
| VGK | $5,714,726 | 0.24% | 64,544 | $352,077 | Down ×2 | ||
| RTX RTX Corporation Common Stock | $5,691,900 | 0.24% | 30,000 | Call option | Up ×1 | ||
| VNQ | $5,423,223 | 0.23% | 56,240 | Up ×1 | |||
| XLB XLB | $5,319,055 | 0.22% | 104,644 | $-459,076 | Down ×1 | ||
| EWY | $5,047,500 | 0.21% | 25,000 | Put option | Up ×1 | ||
| VLUE | $4,944,898 | 0.21% | 24,748 | Up ×1 | |||
| XAR | $3,917,437 | 0.16% | 13,804 | $411,497 | |||
| IBIT iShares Bitcoin Trust ETF | $3,902,653 | 0.16% | 117,232 | $3,280,633 | Up ×1 | ||
| IBIT iShares Bitcoin Trust ETF | $3,894,930 | 0.16% | 117,000 | Put option | $-15,315,070 | Down ×1 | |
| GDX GDX | $2,859,630 | 0.12% | 37,901 | $261,438 | Up ×1 | ||
| MSTR Strategy Inc - Class A Common Stock | $2,842,350 | 0.12% | 32,697 | $-423,292 | Up ×3 | ||
| MSTR Strategy Inc - Class A Common Stock | $2,790,453 | 0.12% | 32,100 | Put option | $-366,987 | Up ×3 | |
| USO | $2,682,288 | 0.11% | 25,200 | Call option | $-9,597,337 | Down ×1 | |
| XLP XLP | $2,255,351 | 0.09% | 27,150 | $11,886 | Down ×1 | ||
| URA | $2,185,000 | 0.09% | 50,000 | Call option | $-236,500 | ||
| USOI ETRACS Crude Oil Shares Covered Call ETNs due April 24, 2037 | $1,992,734 | 0.08% | 46,000 | $-658,706 | |||
| IGV | $1,819,701 | 0.08% | 20,085 | Up ×1 | |||
| SPMD | $1,775,747 | 0.07% | 26,284 | $26,447 | Down ×6 | ||
| XLF XLF | $1,350,704 | 0.06% | 25,195 | $1,080,897 | Up ×1 | ||
| XLU XLU | $1,121,122 | 0.05% | 24,727 | $-2,533,833 | Down ×1 | ||
| USAR USA Rare Earth, Inc. - Common Stock | $1,079,000 | 0.04% | 50,000 | Call option | $-1,191,250 | Down ×1 | |
| RGTI Rigetti Computing, Inc. - Common stock | $966,000 | 0.04% | 50,000 | Call option | $-4,650,000 | Down ×1 | |
| GOOY | $822,727 | 0.03% | 61,999 | $236,419 | Up ×4 | ||
| IWM | $642,663 | 0.03% | 2,139 | $-196,817 | Down ×3 | ||
| APLY | $638,340 | 0.03% | 55,172 | $154,734 | Up ×4 | ||
| SLV | $633,406 | 0.03% | 11,846 | $-4,700,048 | Down ×1 | ||
| SMH SMH | $605,386 | 0.03% | 923 | $-11,124,737 | Down ×5 | ||
| NVDY | $546,974 | 0.02% | 43,969 | $120,983 | Up ×4 | ||
| AMZY | $503,551 | 0.02% | 47,149 | $116,672 | Up ×4 | ||
| MSFO | $445,854 | 0.02% | 42,584 | $80,216 | Up ×4 | ||
| FBY | $400,180 | 0.02% | 44,638 | $64,536 | Up ×4 | ||
| RKLB Rocket Lab Corporation - Common Stock | $202,080 | 0.01% | 1,988 | ||||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| TSLA | $25,236,000 | 1.05% | up ×3 |
| TLT | $14,385,214 | 0.60% | up ×4 |
| MSTR | $2,842,350 | 0.12% | up ×3 |
| MSTR | $2,790,453 | 0.12% | up ×3 |
| GOOY | $822,727 | 0.03% | up ×4 |
| APLY | $638,340 | 0.03% | up ×4 |
| NVDY | $546,974 | 0.02% | up ×4 |
| AMZY | $503,551 | 0.02% | up ×4 |
| MSFO | $445,854 | 0.02% | up ×4 |
| FBY | $400,180 | 0.02% | up ×4 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| XLK | $61,919,000 | 325,000 | 2.57% |
| XLK | $44,043,652 | 231,176 | 1.83% |
| XLK | $38,104,000 | 200,000 | 1.58% |
| VWO | $17,702,920 | 296,581 | 0.74% |
| MTUM | $10,169,023 | 29,662 | 0.42% |
| XLI | $7,870,237 | 42,489 | 0.33% |
| EFV | $7,688,759 | 100,441 | 0.32% |
| SOXX | $6,535,752 | 10,200 | 0.27% |
| RTX | $5,691,900 | 30,000 | 0.24% |
| VNQ | $5,423,223 | 56,240 | 0.23% |
| EWY | $5,047,500 | 25,000 | 0.21% |
| VLUE | $4,944,898 | 24,748 | 0.21% |
| IGV | $1,819,701 | 20,085 | 0.08% |
| RKLB | $202,080 | 1,988 | 0.01% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| QQQ | Trimmed | -938K | -$491.5M |
| QQQ | Trimmed | -694K | -$304.2M |
| SMH | Bought more | +312K | +$275.1M |
| SPY | Bought more | +160K | +$177.3M |
| QQQ | Trimmed | -83K | -$44.5M |
| NVDA | Trimmed | -150K | -$21.5M |
| XLE | Trimmed | -300K | -$20.0M |
| GLD | Trimmed | -36K | -$17.0M |
| IBIT | Trimmed | -383K | -$15.3M |
| XLI | Bought more | +50K | +$11.6M |
4 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| JPM | June 30, 2026 | 258,249 | $75,966,526 | 8.6% |
| GE | March 31, 2026 | 235,674 | $72,594,662 | 22.8% |
| XLC | June 30, 2026 | 295,558 | $32,765,560 | No longer tracked |
| KLAC | June 30, 2026 | 19,704 | $29,012,367 | -38.6% |
| LRCX | June 30, 2026 | 132,878 | $28,390,713 | -27.5% |
| RDDT | March 31, 2026 | 101,230 | $23,269,740 | 13.9% |
| MSFT | March 31, 2026 | 44,160 | $21,356,659 | 30.2% |
| AVGO | Dec. 31, 2025 | 500 | $16,495,500 | 7.7% |
| PLTR | June 30, 2026 | 103,310 | $15,112,187 | 48.3% |
| VST | March 31, 2026 | 83,257 | $13,431,852 | -7.4% |
| BSX | March 31, 2026 | 107,628 | $10,262,330 | -21.2% |
| AVAV | June 30, 2026 | 55,000 | $10,067,750 | -2.5% |
| VFH | March 31, 2026 | 73,154 | $9,765,327 | No longer tracked |
| CRS | June 30, 2025 | 51,200 | $9,276,416 | 77.5% |
| BMY | June 30, 2026 | 150,000 | $9,097,500 | 14.6% |
| IONQ | June 30, 2026 | 300,000 | $8,649,000 | -20.2% |
| XNTK | March 31, 2026 | 30,754 | $8,545,922 | No longer tracked |
| XME | June 30, 2026 | 62,334 | $6,732,695 | No longer tracked |
| IAK | June 30, 2026 | 45,960 | $5,896,208 | No longer tracked |
| DECK | June 30, 2025 | 51,403 | $5,747,369 | -12.8% |
| RKLB | Sept. 30, 2025 | 150,354 | $5,378,163 | 53.5% |
| PAVE | June 30, 2026 | 100,000 | $5,081,000 | No longer tracked |
| PGR | June 30, 2025 | 17,254 | $4,883,055 | -17.5% |
| PJP | June 30, 2026 | 45,960 | $4,768,810 | No longer tracked |
| NVO | June 30, 2026 | 125,000 | $4,593,750 | -2.5% |
| CRM | June 30, 2025 | 16,991 | $4,559,705 | -24.6% |
| EWO | June 30, 2026 | 125,000 | $4,431,250 | No longer tracked |
| SVOL | June 30, 2026 | 260,455 | $3,995,380 | No longer tracked |
| KCE | March 31, 2026 | 26,328 | $3,947,336 | No longer tracked |
| SPYG | March 31, 2026 | 35,780 | $3,817,726 | No longer tracked |
| EPU | June 30, 2026 | 46,080 | $3,719,117 | No longer tracked |
| SPYV | June 30, 2025 | 69,200 | $3,534,044 | No longer tracked |
| T | June 30, 2026 | 121,470 | $3,521,415 | 22.6% |
| ALB | June 30, 2026 | 18,160 | $3,260,265 | 5.3% |
| NRG | Sept. 30, 2025 | 19,507 | $3,132,434 | -29.2% |
| AAPL | June 30, 2026 | 12,245 | $3,107,659 | 6.5% |
| SPYG | March 31, 2025 | 34,421 | $3,025,606 | No longer tracked |
| FICO | June 30, 2025 | 1,628 | $3,002,292 | -36.2% |
| XLK | March 31, 2026 | 20,492 | $2,950,233 | No longer tracked |
| VRSK | Dec. 31, 2025 | 13,497 | $2,912,844 | -16.8% |
| FCX | June 30, 2026 | 48,440 | $2,847,303 | 22.6% |
| VRTX | Dec. 31, 2025 | 7,807 | $2,790,178 | 20.6% |
| CBOE | June 30, 2026 | 9,444 | $2,654,425 | No longer tracked |
| IESC | June 30, 2026 | 5,560 | $2,649,173 | -8.2% |
| GLDI | June 30, 2025 | 16,312 | $2,639,282 | |
| XLY | March 31, 2025 | 11,675 | $2,619,286 | No longer tracked |
| ETN | March 31, 2025 | 7,858 | $2,607,834 | 54.8% |
| MSTR | June 30, 2025 | 8,780 | $2,531,011 | -70.2% |
| SMCI | Sept. 30, 2025 | 50,100 | $2,455,401 | -22.4% |
| SMCI | June 30, 2026 | 100,000 | $2,277,000 | 26.9% |
| XLY | March 31, 2026 | 18,613 | $2,222,578 | No longer tracked |
| CPRT | Dec. 31, 2025 | 53,545 | $2,203,493 | -12.4% |
| XLU | June 30, 2025 | 27,840 | $2,195,184 | No longer tracked |
| ARGT | June 30, 2026 | 22,761 | $2,124,057 | No longer tracked |
| ZETA | Dec. 31, 2025 | 104,856 | $2,079,164 | 34.7% |
| NVDA | June 30, 2025 | 17,679 | $1,916,050 | 37.3% |
| ECH | June 30, 2026 | 45,960 | $1,827,370 | No longer tracked |
| EPOL | June 30, 2026 | 50,044 | $1,822,102 | No longer tracked |
| FTDR | Dec. 31, 2025 | 31,706 | $1,754,952 | 42.0% |
| VISN | Sept. 30, 2025 | 195,012 | $1,614,699 | -28.1% |
| NEM | June 30, 2026 | 14,915 | $1,614,549 | 40.1% |
| IBIT | June 30, 2025 | 33,000 | $1,544,730 | |
| ANET | Sept. 30, 2025 | 14,652 | $1,499,046 | 29.3% |
| TDG | Dec. 31, 2025 | 2,015 | $1,491,645 | -10.0% |
| GWW | June 30, 2025 | 1,260 | $1,244,666 | 25.6% |
| PTGX | March 31, 2025 | 31,252 | $1,206,327 | 214.0% |
| BMI | March 31, 2026 | 6,837 | $1,192,441 | -15.6% |
| AMD | Sept. 30, 2025 | 8,395 | $1,191,251 | 191.0% |
| RJF | June 30, 2025 | 8,137 | $1,130,311 | 14.3% |
| FSS | Sept. 30, 2025 | 10,585 | $1,126,456 | 2.3% |
| MDGL | Sept. 30, 2025 | 3,710 | $1,122,794 | 13.2% |
| AROC | June 30, 2026 | 31,932 | $1,111,234 | -20.7% |
| MOGA | June 30, 2025 | 6,170 | $1,069,570 | No longer tracked |
| TRGP | Sept. 30, 2025 | 6,074 | $1,057,362 | 82.7% |
| AMP | Dec. 31, 2025 | 2,787 | $955,669 | 14.1% |
| USO | March 31, 2025 | 12,022 | $908,262 | No longer tracked |
| LLY | June 30, 2026 | 966 | $888,498 | 4.2% |
| AMZN | March 31, 2026 | 3,798 | $876,654 | 23.8% |
| TYL | Dec. 31, 2025 | 1,617 | $847,295 | -24.3% |
| ANF | June 30, 2025 | 10,837 | $827,622 | 30.1% |
| HUBB | March 31, 2025 | 1,896 | $794,215 | 43.6% |
| TPH | March 31, 2025 | 21,208 | $769,002 | No longer tracked |
| META | June 30, 2026 | 1,342 | $767,798 | -2.6% |
| BKNG | Dec. 31, 2025 | 296 | $753,811 | -96.1% |
| ECL | Dec. 31, 2025 | 3,835 | $753,135 | 7.0% |
| CEG | March 31, 2026 | 2,017 | $712,546 | -2.4% |
| GRBK | March 31, 2025 | 12,085 | $682,682 | 23.3% |
| WINA | Dec. 31, 2025 | 1,779 | $644,646 | -14.7% |
| MANH | March 31, 2025 | 2,367 | $639,658 | 19.9% |
| COLO | June 30, 2026 | 15,962 | $631,457 | No longer tracked |
| SWKS | June 30, 2025 | 7,232 | $467,404 | -8.9% |
| PWR | March 31, 2025 | 1,348 | $426,035 | 159.2% |
| UVIX | Dec. 31, 2025 | 39,622 | $393,446 | No longer tracked |
| TSLY | March 31, 2025 | 22,072 | $314,967 | No longer tracked |
| NRG | March 31, 2026 | 1,767 | $281,377 | -21.6% |
| VRT | March 31, 2025 | 2,422 | $275,163 | 266.0% |
| TSLA | March 31, 2025 | 631 | $254,823 | 34.6% |
| VRT | Dec. 31, 2025 | 2,496 | $220,828 | 63.1% |