Valiant Capital Management's Q3 2022 vs. Q4 2022 13F Holdings: A Close Look at the Changes

Valiant Capital Management, L.P. recently filed its 13F form with the SEC, revealing its latest holdings as of Q4 2022. The 13F form is a quarterly report filed by institutional investment managers in the US, summarizing their investment holdings, including the option, equity and bond holdings. Valiant Capital Management's Q4 2022 holdings revealed a number of changes from the Q3 2022 filings. In this article, we take a closer look at some of the notable changes and their potential implications.

One of the most significant changes was the sharp decrease in Valiant's option holding of iShares TR (IWM), moving from 1.22 million shares in Q3 2022 to 850,000 shares in Q4 2022, representing a decrease of 26.3%. While it is difficult to know the exact reason behind this move, it could be that the firm is taking profits on the options' gains and reallocating some of its assets elsewhere.

Valiant maintained its position in Endeavor Group Holdings Inc (EDR), with 2.77 million shares in both Q3 and Q4 2022. However, the value of the shares increased from $56,263,000 in Q3 2022 to $62,595,000 in Q4 2022 - an 11.3% increase. This could be a bullish sign that Valiant has confidence in the company's future prospects and is seeking to increase its position.

One of the more notable decreases was in Palo Alto Networks Inc (PANW). Valiant sold 62.8% of its shares in Q4, holding 144,500 shares as compared to 207,100 shares in Q3. The value of the shares also decreased from $33,921,000 in Q3 to $20,163,000 in Q4, representing a 40.6% decrease. This could indicate that Valiant is less confident in PANW's future prospects and is trimming its position accordingly.

Another interesting change was the addition of Meta Platforms Inc (META) call options, with 300,000 shares in Q4 2022, as compared to zero in Q3 2022. The value of the options held by Valiant was $36,102,000, which is a significant allocation for options. This could be an indication that the firm is bullish on Meta Platforms' future outlook and sees potential for significant upside.

Valiant also increased its put options holding of Medical Properties Trust Inc (MPW) from two million shares in Q3 2022 to 2.75 million shares in Q4 2022, representing an increase of 29.2%. This could be a sign that the firm is taking a bearish stance on the company's future outlook and is seeking to profit from any potential downside.

In conclusion, Valiant Capital Management's Q4 2022 holdings give an indication of their stance on the future prospects of different companies. While it is difficult to know the exact reasoning behind each investment decision, the 13F report provides a useful insight into the firm's asset allocation and investment strategy. In any case, monitoring institutional investors' 13F forms can be a valuable tool for retail investors to help make informed investment decisions.