The Situational Awareness fund is the hedge fund founded by Leopold Aschenbrenner, who also wrote the essay series of the same name. This guide covers the Leopold Aschenbrenner portfolio as the fund filed it with the SEC: the 13F-HR for the quarter ended June 30, 2026, filed on August 14, 2026. It lists 26 rows worth $20.2 billion, and two stocks are more than half of that.
Read the date before the numbers. A 13F is a snapshot of one day. In late July, according to press reports, the fund sold most of its public stock book. The holdings below are what it reported for June 30, not what it holds today. Nothing here is investment advice, and past performance is not indicative of future results.
What is the Situational Awareness fund?
Aschenbrenner wrote “Situational Awareness: The Decade Ahead”, a series of essays dated June 2024 that runs from GPT-4 to AGI and superintelligence (situational-awareness.ai). In a note at the end of the introduction page, he writes that he “used to work at OpenAI”. Business Insider describes the fund as the AI-focused fund he founded.
It files with the SEC as Situational Awareness LP, in San Francisco. Its first 13F-HR covers the quarter ended December 31, 2024 and was filed on February 12, 2025. The June 2026 filing is the seventh (EDGAR filing list). The reported value went from $5.5 billion at the end of 2025 to $13.7 billion in March and $20.2 billion in June. That is not the fund’s total assets: a 13F lists only certain U.S.-listed securities and options on them. For the basics, see our guides to 13F filings and how to read a Form 13F.
What happened to the Situational Awareness fund in July 2026?
Business Insider reported on July 30, 2026 that margin calls forced the fund to sell most of its public equity book to Citadel. According to Business Insider and CNBC, banks had asked for more collateral on AI-linked positions that had fallen, and the fund had borrowed to amplify its returns. Reuters wrote the same day that it was not clear whether the fund faced margin calls, and neither the fund nor Citadel has said so. The fund kept its private holdings, which Business Insider says include a large holding in Anthropic, and a small part of the public book.
Two later reports add detail. Reuters reported on July 31 that, in a letter to its investors, the fund said its portfolio fell 67% in July and that it had removed all leverage. CNBC reported on August 21 on a letter from Ken Griffin to Citadel’s clients, which says Citadel had unwound more than 80% of the aggregate risk of the original portfolio it purchased. We have not seen the letters ourselves, and the sources differ on how much was sold and on the exact day: CNBC reports that the fund was forced to sell all of its public stock positions, Business Insider that it kept a small part.
The 13F filed on August 14 comes after those events but describes June 30. It cannot show them.
What is in Leopold Aschenbrenner’s portfolio?
These are the ten largest rows of the 13F-HR filed on August 14, 2026, valued at the June 30 close. The percentages are shares of the $20,242 million total reported.
| # | Issuer | Ticker | Value ($ million) | % of reported value |
|---|---|---|---|---|
| 1 | Sandisk | SNDK | 5,674 | 28.03% |
| 2 | Micron Technology | MU | 5,574 | 27.54% |
| 3 | Bloom Energy | BE | 1,899 | 9.38% |
| 4 | Taiwan Semiconductor (ADS) | TSM | 1,265 | 6.25% |
| 5 | Nebius Group | NBIS | 1,233 | 6.09% |
| 6 | CoreWeave | CRWV | 745 | 3.68% |
| 7 | Core Scientific | CORZ | 666 | 3.29% |
| 8 | STMicroelectronics | STM | 584 | 2.89% |
| 9 | Applied Digital | APLD | 469 | 2.32% |
| 10 | Riot Platforms | RIOT | 468 | 2.31% |
Sandisk and Micron alone are 55.6%. The top ten are 91.8%. The filing also has three option rows worth $73 million together: calls on Bloom Energy and TSMC, and a put on Infosys. Values come from the information table.
What changed in the latest Situational Awareness 13F?
The previous 13F-HR covers March 31, 2026 and was filed on May 18, 2026: 42 rows, $13.7 billion. Matching on CUSIP and put/call flag, 21 rows are in both filings, 5 are new and 21 are gone.
The biggest change is the options. In March, 16 of the 42 rows were puts or calls, about 72% of the reported value. About 62% was puts on a VanEck semiconductor ETF (SMH), Nvidia, Oracle, Broadcom, AMD and others. That is not 72% of the money: Form 13F values an option row at the underlying shares, not at the option’s price (Form 13F instructions, special instruction 10). It shows the size of the exposure. In June, three option rows remain, 0.4% of the total.
Micron shows the swap. In March the fund listed a put on 1,727,700 underlying Micron shares, a call on 1,250,000 and 17,362 common shares. In June both option rows are gone and the common stake is 4,828,786 shares.
Five rows were not in the March filing. Nebius ($1,233 million) and STMicroelectronics ($584 million) are the largest. Keel Infrastructure, Vishay Intertechnology and Cerebras Systems add $174 million together. Of the 21 rows no longer listed, 13 are option rows (worth $9.4 billion in March) and 8 are small stock rows ($112 million together).
Among rows in both filings, 11 share counts went up, 5 went down and 5 did not change. The five largest increases and the five largest decreases, ranked by the change in shares times the June price implied by the filing:
| Security | March 31 | June 30 | Change |
|---|---|---|---|
| Micron | 17,362 | 4,828,786 | +4,811,424 |
| Sandisk | 1,140,119 | 2,495,344 | +1,355,225 (+118.9%) |
| Taiwan Semiconductor (ADS) | 22,423 | 2,649,035 | +2,626,612 |
| SharonAI Holdings | 796,108 | 5,396,127 | +4,600,019 (+577.8%) |
| Riot Platforms | 11,502,137 | 17,100,000 | +5,597,863 (+48.7%) |
| Taiwan Semiconductor, call | 1,050,000 | 50,000 | -1,000,000 (-95.2%) |
| IREN | 11,698,835 | 9,474,099 | -2,224,736 (-19.0%) |
| Bloom Energy, call | 408,500 | 145,800 | -262,700 (-64.3%) |
| Bloom Energy | 6,485,408 | 6,272,808 | -212,600 (-3.3%) |
| T1 Energy | 10,000,000 | 4,900,000 | -5,100,000 (-51.0%) |
A 13F gives quarter-end totals. It does not say when the fund traded or why.
What themes do the Situational Awareness holdings point to?
Going by what the companies say about themselves, the top ten fall into four groups:
- Memory and storage: Sandisk (flash memory and SSDs) and Micron (“memory solutions”).
- Chip manufacturing: TSMC (“pure-play foundry”) and STMicroelectronics, a semiconductor company.
- Power: Bloom Energy, onsite power from fuel cells, with data centers among its customers.
- AI cloud and data-center capacity: Nebius (“the AI cloud company”), CoreWeave, Core Scientific (“high-density data centers”), Applied Digital (“digital infrastructure and compute environments for hyperscalers”) and Riot Platforms, which develops data centers and runs bitcoin mining sites.
Together they cover the hardware side of AI: chips, the data centers that house them and the power behind both. Concentration is the other feature: two names are over half of the reported value. The filing says nothing about the fund’s reasons.
How did Leopold Aschenbrenner’s portfolio perform in the simulation?
As of October 9, 2026, TrueWallet’s simulation of the fund’s disclosed positions shows +43.7% over one year, against +19.8% for the S&P 500 over the same window.
| Window | TrueWallet simulation | S&P 500 |
|---|---|---|
| 1 month | -5.3% | +2.4% |
| 3 months | -9.3% | +2.8% |
| 6 months | +23.7% | +14.5% |
| 1 year | +43.7% | +19.8% |
| 3 years (from Feb 2025) | +142.6% | +29.4% |
How to read it:
- The simulation uses virtual money and places no real orders, so the result is hypothetical.
- The delay is built in: each change is entered at the close of the first trading session after the filing is public, not at quarter end.
- The figures are net of an estimated transaction cost.
- It holds only the fund’s largest stock positions, up to 15, and leaves out option rows. With options at 72% of the March value, it is not the fund’s own return.
- It changes only when a new 13F is published, so it still holds the June 30 positions, which the fund has reportedly since largely sold. Its 3-month figure cannot be set against the 67% July drop the fund reportedly gave its investors.
- The 3-year window starts on February 13, 2025, the day after the fund’s first 13F was filed, so it covers about twenty months.
TrueWallet is not a broker and does not execute trades. The simulated positions and their exact weights are in the app. The Leopold Aschenbrenner wallet page shows the performance chart. For why filing dates matter, see what the disclosure delay costs.
When is the next Situational Awareness 13F due?
The 13F for the quarter ending September 30, 2026 is due on Monday, November 16, 2026. The SEC deadline is 45 days after quarter end, moved to the next business day when it falls on a weekend (SEC Form 13F FAQ). It will show the fund’s positions on September 30, and nothing in between.
Frequently asked questions
What is the Situational Awareness fund?
A hedge fund founded by Leopold Aschenbrenner, who wrote the essay series “Situational Awareness: The Decade Ahead” in June 2024. It files with the SEC as Situational Awareness LP. Its latest 13F, for the quarter ended June 30, 2026, lists 26 rows worth $20.2 billion.
What does Leopold Aschenbrenner’s portfolio hold?
On June 30, 2026 the five largest rows were Sandisk (28.03%), Micron (27.54%), Bloom Energy (9.38%), TSMC (6.25%) and Nebius (6.09%) of the $20.2 billion reported. That is a snapshot from before the fund’s July sale, not its holdings today.
Did the Situational Awareness fund sell its portfolio?
Business Insider reported on July 30, 2026 that margin calls forced the fund to sell most of its public equity book to Citadel. The fund kept its private holdings and a small part of the public book. A 13F filed in August cannot show this, because it describes June 30.
How has Leopold Aschenbrenner’s portfolio performed?
TrueWallet’s simulation of the disclosed positions shows +43.7% over one year against +19.8% for the S&P 500, as of October 9, 2026. It is hypothetical, built from 13F filings only, and is not the fund’s own return.
