AI Analysis · Q1 2026

Optimus Prime Fund Management's Q1 2026 13F is a $1.04B, 27-position portfolio that is one of the most thematically pure cloud-and-SaaS (software-as-a-service) books in institutional data -- 23 of 27 positions (85.2%) are technology or communication-services names, and every major holding is tied to the cloud-infrastructure, data-analytics, cybersecurity, or enterprise-workflow themes. Total AUM fell from $1.24B in Q4 2025 to $1.04B in Q1 2026 (-$203.0M or -16.4%), with the primary driver being the complete liquidation of Taiwan Semiconductor Manufacturing ($0, previously $72.9M, SOLD) -- a $72.9M reduction partially offset by mark-to-market appreciation in the portfolio's cloud-and-SaaS core. The portfolio's four anchor positions -- JFrog ($220.6M, 21.3%, 4.70M shares, flat, -$73.0M from $293.6M, -24.9% mark-to-market erosion), Snowflake ($140.6M, 13.5%, +28.1% shares, +$18.8M or +11.8% mark-to-market appreciation despite the share increase), Alphabet ($144.5M, 13.9%, -22.0% shares, -$57.2M from $201.7M, a significant reduction), and Amazon ($87.5M, 8.4%, +61.5% shares, +$27.5M into strength) -- account for 57.1% of AUM. JFrog (devOps-platform-and-artifact-management) and Snowflake (cloud-data-warehousing) anchor the cloud-infrastructure sleeve; Alphabet (search-and-advertising-with-Google-Cloud) and Amazon (e-commerce-and-AWS) anchor the mega-cap-tech sleeve. Okta ($71.6M, 6.9%, flat shares) -- identity-and-access-management -- is the portfolio's cybersecurity anchor; Elastic ($61.2M, 5.9%, flat shares) -- search-and-observability -- is the data-analytics anchor; Braze ($44.6M, 4.3%, +6.2% shares) -- customer-engagement-platform -- is the marketing-technology anchor. Netflix ($38.5M, 3.7%, flat) is the portfolio's only non-technology large position. 28 total changes occurred in Q1 (3 new, 1 sold, 8 increased, 1 decreased, 15 unchanged), reflecting a manager running a highly concentrated cloud-thesis book with moderate turnover. Three new opens are all technology names: ServiceNow ($18.9M) -- enterprise-workflow-and-ITSM, a natural adjacent to the portfolio's Okta/Workday exposure; Zscaler ($14.6M) -- cloud-security-and-SASE; Datadog ($4.7M) -- cloud-monitoring-and-observability. All three fit the portfolio's established identity exactly. Oracle ($37.5M, 3.6%, +1,175.5% shares, +23.5M from $3.9M, the portfolio's largest percentage increase and one of the largest absolute increases -- a $33.6M add into strength on cloud-and-database conviction) is the quarter's standout conviction trade. Taiwan Semi ($0, SOLD, was $72.9M at 240K shares, 5.9% of AUM in Q4) -- the only non-US semicon position and the largest sold name -- was completely liquidated. Amazon was increased 61.5% (260K to 420K shares, +$27.5M) and is now the portfolio's fourth-largest position. Monday.com ($24.8M, 2.4%, +413.6% shares, +$14.5M from $10.3M), Atlassian ($25.8M, 2.5%, +371.9% shares, +$12.8M from $13.0M) -- a 4.4x increase on a small base -- is the second and third largest percentage increases after Oracle. The sector breakdown -- Technology $439.4M (42.3%), Unknown $307.1M (29.5%, primarily JFrog, Elastic, Monday.com which the taxonomy cannot classify into GICS), Communication Services $183.0M (17.6%), Consumer Cyclical $108.5M (10.4%, Amazon/Yelp) -- reflects the cloud-and-SaaS identity. The 77.25 whaleScore on $1.04B reflects AUM. The quarter's defining narrative is a concentrated cloud-and-SaaS hedge fund rebalancing its cloud thesis: liquidating Taiwan Semi (the out-of-thesis semiconductor name), doubling-down on the core cloud-and-SaaS core (Oracle +33.6M, Amazon +27.5M, Monday.com +14.5M, Atlassian +12.8M, Snowflake +18.8M-valued add despite the share increase), adding three adjacent cloud-toeholds (ServiceNow, Zscaler, Datadog), maintaining the cybersecurity core (Okta, Zscaler), and trimming Alphabet to fund the reallocation. AUM's 16.4% decline is structural -- a Taiwan Semi liquidation plus JFrog mark-to-market -- not a signal of thesis deterioration.

The portfolio's defining structure: JFrog ($220.6M, 21.3%, 4.70M shares, flat, -$73.0M or -24.9% from Q4's $293.6M) -- a devOps-and-artifact-management platform providing software-supply-chain security and artifact-repository services to development teams -- is the portfolio's largest position and its cloud-infrastructure anchor. Despite the significant mark-to-market decline, the manager held the position flat (4.70M shares unchanged), signaling continued conviction in the devOps-and-software-supply-chain thesis. Snowflake ($140.6M, 13.5%, 932K shares, +28.1% shares, +18.8%-valued add despite the share increase) -- a cloud-data-warehousing company providing a multi-cloud data platform -- is the portfolio's second-largest position and data-analytics anchor. The manager increased the share count 28.1%, adding to Snowflake into what was likely mark-to-market strength during Q1 2026 (the position appreciated from ~$159.6M to ~$140.6M despite the share increase, consistent with a strong Q1 for Snowflake on AI-and-data-warehousing demand); the +28.1% share increase is a conviction add on top of the appreciation signal. Alphabet ($144.5M, 13.9%, 502K shares, -22.0% shares, -$57.2M from $201.7M) -- Google-parent with search, advertising, YouTube, and Google-Cloud -- is the portfolio's third-largest position and the quarter's largest absolute reduction. The -22.0% share reduction (644K to 502K shares) trimmed Alphabet from 16.3% of AUM (Q4) to 13.9% (Q1). Amazon ($87.5M, 8.4%, 420K shares, +61.5% shares, +$27.5M, now the fourth-largest position, up from 4.8% in Q4) -- e-commerce-and-AWS-cloud -- is the quarter's second conviction add, more than doubling the share count in the quarter's strongest cloud-mega-cap. Okta ($71.6M, 6.9%, 910K shares, flat) -- identity-and-access-management (IAM) for enterprise -- is the portfolio's cybersecurity-and-identity anchor. The flat share count signals continued strong conviction in the IAM secular theme.

The broader cloud-and-SaaS sleeve: Elastic ($61.2M, 5.9%, 1.22M shares, flat) -- Elasticsearch-and-observability platform (Elastic Cloud, security analytics) -- is the data-analytics anchor; held steady at 1.22M shares. Netflix ($38.5M, 3.7%, 400K shares, flat) -- streaming-and-content -- is the portfolio's only non-technology large position and is held absolutely flat. Braze ($44.6M, 4.3%, 1.89M shares, +6.2%) -- a customer-engagement-and-marketing-automation platform -- is the portfolio's marketing-technology anchor; the +6.2% add is modest conviction. Oracle ($37.5M, 3.6%, 255K shares, +1,175.5% shares, +$33.6M from $3.9M) -- enterprise-database-and-cloud-infrastructure (Oracle Cloud Infrastructure, OCI) -- is the quarter's breakout conviction trade: from a de-minimis 20K shares in Q4 to 255K shares in Q1, a 12.8x position-size increase on what the manager clearly views as the most compelling cloud-and-database narrative among legacy enterprise software names. The +$33.6M absolute add is the largest of the quarter. Workday ($13.6M, 1.3%, 105K shares, flat) -- cloud-HCM-and-financial-management -- held steady. UiPath ($13.1M, 1.3%, 1.18M shares, flat) -- RPA-and-automation -- held steady.

Quarter at a glance — Q1 2026

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