Situational Awareness LP (Leopold)
famous-pm, ai-thesis, tech, concentrated, active
Quarter Analysis
13F change notes for Situational Awareness LP (Leopold) in 2025-12-31.
Situational Awareness in its concentrated phase: 25 positions, $5.5B book, top-3 weight at 52%. CoreWeave +116% scaled to 22% top position, Bloom Energy new at 16.5% (instant #2), Lumentum new at 8.7%. NVDA was fully exited (only to return at 11.5% in Q1-2026 — a one-quarter round trip). Vistra, Broadcom, TSMC all also exited then re-entered. This is the textbook 'high-conviction concentrated AI-compute' phase of the fund before it pivoted to a broader hardware basket the next quarter.
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▲ ADDED
COREWEAVE INC CRWV
Shares +116% to 22% top weight — the signature first-year CoreWeave conviction, dollar-cost averaging into a -23% unrealized position.
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+ NEW
BLOOM ENERGY CORP BE
New at 16.5% — datacenter-power play, jumped straight to #2 weight.
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+ NEW
LUMENTUM HLDGS INC LITE
New at 8.7% — optical networking AI-datacenter bet; exited again next quarter.
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× EXIT
NVIDIA CORPORATION NVDA
Closed after only 1 quarter held — re-entered at 11.5% in Q1-2026, suggesting tactical timing rather than thesis change.
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× EXIT
VISTRA CORP VST
Closed after 4 quarters — power exposure swap to Bloom Energy.
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▲ ADDED
SANDISK CORP SNDK
Shares +817% from a tiny base to 4.5% weight — memory thesis early move.
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◐ CONCENTRATION
Top-3 weight ~52% with 25 names — the high-conviction phase; Q1-2026 broadens dramatically.