Teilinger Capital Ltd.

Teilinger Capital's $1.93B Q4 2025 13F is not a rebalanced book — it is a rebuilt one. The filer exited its entire utility-forward structure (Entergy, NextEra, PG&E) and deployed the proceeds into three concentrated growth names: Tesla at 70.2% of the portfolio, Micron at 12.9%, and an Alibaba position that was tripled to 11.9%. The Q/Q data is real and unambiguous: only one of twelve holdings — PPL Corp — survived the quarter unchanged. The whaleScore of 75 does not reflect diversification here; it reflects how large a single-stock bet is when the manager puts $1.35B behind it. The risk is symmetrical: a negative Tesla earnings surprise, a regulatory setback, or a macro-driven growth rotation reprices the entire book in a single session.