Leopold’s Situational Awareness to Disclose Q3 Holdings on Nov 16

The disclosure matters less as a snapshot of what the fund owns than as the first public accounting of a portfolio that reportedly swung from a 439% first-half return to a roughly 67% drawdown during the July AI selloff. That sequence — concentrated leveraged AI bets, a forced exit, and Citadel reportedly absorbing much of the position — is a case study in how crowded thematic trades unwind, and it lands on a fund whose profile rests on that same concentration. The AMD, Bloom Energy, CoreWeave and SanDisk purchases suggest the strategy did not abandon AI exposure after the drawdown. Whether the filing shows a genuinely reshaped book or a similar concentration rebuilt is the open question.