SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Ursa Fund Management, LLC

CIK 0001693838 · 156 DIABLO RD, STE 250, DANVILLE, CA, 94526 · 415-529-6040

Reported Value
$2.4B
Q4 2025
Positions
44
Filings on Record
31
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Ursa Fund Management, LLC reported $2.4B in U.S.-listed holdings across 44 positions for Q4 2025.

The portfolio is heavily concentrated: MSFT alone accounts for 26.5% of reported value.

Compared with Q3 2025, the fund opened 18 new positions and exited 7.

Portfolio Metrics

Turnover
+6.1%
vs prior filed quarter
Top-10 Concentration
+47.1%
share of reported value
Largest Position
+26.5%
Microsoft
New / Exited
18 / 7
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $2.4BQ4 ’18Q1 ’19: $1.2BQ2 ’19: $1.6BQ3 ’19: $141MQ4 ’19: $2.4BQ4 ’19Q1 ’20: $347MQ2 ’20: $1.7BQ3 ’20: $193MQ4 ’20: $1.6BQ4 ’20Q1 ’21: $92MQ2 ’21: $78MQ3 ’21: $281MQ4 ’21: $4.2BQ4 ’21Q1 ’22: $256MQ2 ’22: $587MQ3 ’22: $148MQ4 ’22: $67MQ4 ’22Q1 ’23: $269MQ2 ’23: $413MQ3 ’23: $20MQ4 ’23: $58MQ4 ’23Q1 ’24: $49MQ2 ’24: $36MQ3 ’24: $76MQ4 ’24: $1.3BQ4 ’24Q1 ’25: $39MQ2 ’25: $80MQ3 ’25: $89MQ4 ’25: $2.4BQ4 ’25Q1 ’26: $108Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 97.8%ETP: 2.0%REIT: 0.1%PUBLIC: 0.0%Other: 0.0%
  • Common Stock · 97.8% · $2.4B
  • ETP · 2.0% · $50M
  • REIT · 0.1% · $3M
  • PUBLIC · 0.0% · $771,192
  • Other · 0.0% · $143,841

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MSFTMICROSOFT CORPNEW+2.72M2.72M+$1.3B$1.3B
AAPLAPPLE INCNEW+1.00M1.00M+$272M$272M
JPMJPMORGAN CHASE & CO.NEW+740.0K740.0K+$238M$238M
NVDANVIDIA CORPORATIONNEW+1.16M1.16M+$217M$217M
AMZNAMAZON COM INCNEW+467.0K467.0K+$108M$108M
GOOGLALPHABET INCNEW+300.0K300.0K+$94M$94M
METAMETA PLATFORMS INCNEW+120.0K120.0K+$79M$79M
TSLATESLA INCNEW+101.8K101.8K+$46M$46M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

20 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMICROSOFT CORPhistory →COM26.52%$647M1.34M
2AAPLAPPLE INChistory →COM5.57%$136M500.0K
3JPMJPMORGAN CHASE & CO.history →COM4.89%$119M370.0K
4NVDANVIDIA CORPORATIONhistory →COM4.44%$108M580.9K
5AMZNAMAZON COM INChistory →COM2.21%$54M233.5K
6GOOGLALPHABET INChistory →CAP STK CL A1.93%$47M150.0K
7TSLATESLA INChistory →COM0.94%$23M50.9K
8NFLXNETFLIX INCCOM0.22%$5M57.0K
9URAGLOBAL X FDSGLOBAL X URANIUM · GLOBAL X SILVER · GLOBAL X COPPER0.21%$5M104.5K
10METAMETA PLATFORMS INCCL A0.14%$3M5.0K
11PPLIIAC INCCOM NEW0.12%$3M75.0K
12IBITISHARES BITCOIN TRUST ETFSHS BEN INT0.12%$3M57.2K
13AIVAPARTMENT INVT & MGMT COCL A0.10%$3M423.6K
14SILJAMPLIFY ETF TRAMPLIFY JUNIOR S0.09%$2M81.5K
15FBTCFIDELITY WISE ORIGIN BITCOINSHS0.06%$2M20.0K
16WHEELER REAL ESTATE INVT TRCV PFD SER B0.03%$771,192148.6K
17SRGSERITAGE GROWTH PPTYSCL A0.02%$552,500170.0K
18LENDINGCLUB CORPCOM NEW0.01%$189,40010.0K
19SLVRSPROTT FDS TRSILVER MINERS0.00%$106,0201.9K
20STRIVE INCCL A COM0.00%$32,84144.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$108M20May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$2.4B44Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$89M18Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$80M31Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$39M21May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.3B19Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$76M17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$36M9Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$49M23May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$58M37Feb 1, 202413F-HRchanges · EDGAR ↗
Q3 2023$20M27Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$413M20Aug 9, 202313F-HRchanges · EDGAR ↗
Q1 2023$269M17May 3, 202313F-HRchanges · EDGAR ↗
Q4 2022$67M19Jan 26, 202313F-HRchanges · EDGAR ↗
Q3 2022$148M31Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$587M23Jul 28, 202213F-HRchanges · EDGAR ↗
Q1 2022$256M69May 18, 2022RESTATEMENTchanges · EDGAR ↗
Q4 2021$4.2B86Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$281M19Nov 5, 202113F-HRchanges · EDGAR ↗
Q2 2021$78M15Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$92M20May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.6B29Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$193M34Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.7B22Aug 4, 202013F-HRchanges · EDGAR ↗
Q1 2020$347M12May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$2.4B15Jan 29, 202013F-HRchanges · EDGAR ↗
Q3 2019$141M14Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.6B16Jul 30, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.2B11May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.4B25Jan 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.