ZEGA Investments, LLC

Q4 2025 13F-HR Holdings

Location
Palm Beach Gardens, FL
Holdings as of
12/31/2025
Date filed
1/27/2026
Form type
13F-HR
Num holdings
173
Total value ($000)
$848,330
Net value change ($000)
+101,122 (13.5%)
New positions
32
Sold out positions
18
Turnover %
4.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/27/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
AAPL 25,950 37.9%
HYBL 11,264 30.7%
SPY 9,540 23.8%
META 5,484 169.5%
NVDL 4,935 758.1%
TSLA 3,904 37.4%
ZHDG 3,610 20.4%
LLY 3,185 63.2%
AMZN 2,724 15.9%
GOOGL 2,328 79.5%
Top Reduces (Value $000, Stocks/ETFs)
SJNK -4,496 -29.3%
SRLN -4,235 -28.5%
JEPI -2,373 -89.4%
MSTR -2,114 -74.8%
BIL -2,007 -47.8%
GARMIN LTD -1,121 -100.0%
WTW -985 -100.0%
YMAX -915 -34.8%
LYV -889 -100.0%
SPYT -877 -28.6%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 332,842 (39.2% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type