Oriental Harbor Investment Master Fund

Oriental Harbor Investment Master Fund's Q1 2026 13F is a $1.13B, 12-position portfolio that is one of the most concentrated leveraged-technology books in institutional data -- the portfolio uses ProShares 3x leveraged ETFs (TQQQ, FNGU) and Direxion 2x leveraged ETFs (GGLL) to amplify US large-cap technology exposure, with 10 of 12 positions (83.3%) in Technology or Communication Services. Total AUM fell from $1.32B in Q4 2025 to $1.13B in Q1 2026 (-$181M or -13.7%), driven by both mark-to-market weakness and deliberate de-leveraging. The defining structural move is the dual-class Alphabet position: Alphabet Class C (GOOG, $346M, 30.5%, the portfolio's largest position) was reduced -6.8% (-$60.3M) while Alphabet Class A (GOOGL, $80M, 7.0%, NEW) was purchased simultaneously -- effectively a $80M rotation within the same name from the non-voting Class C to the voting Class A, possibly for governance or voting-rights reasons. NVIDIA ($224M, 19.8%, +1.1% shares) is the portfolio's second-largest position and AI-semiconductor anchor, held steady. The Q1 2026 de-leveraging was the quarter's dominant theme: FNGU (3x Nasdaq-100, $106M in Q4) was SOLD entirely; TQQQ (3x Nasdaq-100, $127M in Q4) was reduced -18.3% to $82M; GGLL (2x Nasdaq, $32M in Q4) was held near-flat but still represents significant leverage exposure. Microsoft ($94M in Q4) was SOLD entirely -- a complete exit of the portfolio's third-largest Q4 position. The new opens: Taiwan Semi ($71M, 6.3%) -- semiconductor foundry, the portfolio's first direct semiconductor supply-chain position; Micron ($25M, 2.2%) -- memory semiconductors; Circle Internet ($3M, 0.3%) -- Bitcoin-and-digital-asset infrastructure. The portfolio's core identity is best read as a high-conviction, high-leverage US technology-and-communications long book with specific exposure to AI (NVIDIA, Taiwan Semi, Micron), cloud/AI-infrastructure (Microsoft SOLD, but Amazon held, Alphabet held), social-media (Meta held), consumer-tech (Apple, Tesla), and leveraged Nasdaq exposure via TQQQ/GGLL. The 76.50 whaleScore on $1.13B reflects AUM just above threshold. The -13.7% AUM decline combined with the de-leveraging (FNGU SOLD, TQQQ reduced 18%, MSFT SOLD) signals the manager is reducing risk exposure and derisking the portfolio -- possibly in response to Q1 2026 market volatility or a reassessment of the leveraged-ETF strategy.