Ovata's $823B Q4 Book Mixes Spotify Calls, Ryanair, TSMC, and IBIT in One Options-Heavy Barbell

Ovata Capital filed one of the least conventional 13Fs of Q4 2025. The top position is a Spotify call option line at 63.8% of assets. Then come Restaurant Brands (QSR) at 34.2%, and a portfolio structure that is almost entirely options-driven. This is not a benchmark portfolio and it is not a simple stock-picking book either. It is a concentrated, options-heavy barbell with convexity at the center.

TL;DR

• 13F AUM: $823M across 2 major positions (highly concentrated).
• Top-1 concentration: 63.8% in Spotify call options.
• Largest holding: Spotify calls at $525.8M (63.8%).
• Second position: Restaurant Brands (QSR) at $281.0M (34.2%).
• Portfolio structure: Extreme concentration in two positions; options-heavy strategy.
• Takeaway: Ovata is expressing a highly concentrated, options-driven special-situations portfolio rather than a diversified equity book.

Filing Snapshot

Metric	Value
Report quarter	2025 Q4
13F AUM	$823M
Positions	2
Top-1 weight	63.8%
Top-2 weight	34.2%
Concentration (top-2)	98.0% of portfolio

The Portfolio Reads Like a Concentrated Options Play

Look at the top two lines together and the pattern emerges. Spotify call exposure dominates at nearly 64% of assets, adding upside convexity. Restaurant Brands (QSR) is a cash-generative consumer discretionary name at 34%. Together, these two positions account for 98% of the portfolio.

That concentration is unusual enough to matter. It suggests Ovata is not trying to mirror a macro index or own a simple basket of quality stocks. It is blending event-driven positioning with growth convexity in a highly concentrated barbell.

Why Spotify Calls Dominate the Book

The Spotify call exposure is a direct expression of upside optionality. At 63.8% of assets, it is the defining line of the filing. This level of concentration in a single option position tells you a lot about the manager’s risk appetite and conviction.

Paired with Restaurant Brands (QSR) at 34.2%, the portfolio structure suggests a barbell between growth optionality (Spotify calls) and cyclical consumer exposure (QSR). The extreme concentration in just two positions is the key signal here.

What To Watch

• Spotify options: The largest line is also the most time-sensitive; option expiration and price movement will drive portfolio value.
• QSR position: At 34.2%, this is the portfolio’s stability anchor; any material move will significantly impact overall returns.
• Concentration risk: With 98% in two positions, the portfolio is highly sensitive to idiosyncratic moves in either name.
• Options expiration calendar: The Spotify call line means quarterly rebalancing and expiration management are critical.

Questions Investors Search For

Is Ovata a diversified fund?

No. This filing shows extreme concentration in two positions, with 98% of assets in Spotify calls and QSR. This is a highly focused, options-driven strategy.

Why is Spotify the top position?

Because Ovata chose upside optionality as its largest position, which says a lot about risk appetite and conviction in Spotify’s upside potential.

What makes Ovata’s filing different?

The extreme concentration in just two positions, combined with the options-heavy structure, makes this one of the most focused portfolios in the filing cycle.

Is this a typical 13F filing?

No. Most institutional portfolios show 20-100+ positions. Ovata’s two-position structure is highly unusual and reflects a concentrated, conviction-driven strategy.