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Delta Accumulation, LLC
Delta Accumulation, LLC is a hedge fund firm headquartered in Sausalito, California, founded in 2020. The firm focuses on implementing a long-volatility strategy using large-cap, single-name US equity options. As of May 2025, the firm manages approximately $210 million in assets with a small team of 3 employees, all of whom are investors. Delta Accumulation primarily serves high net worth individuals and pooled investment vehicles.
Investment Strategy
Delta Accumulation, LLC employs a long-volatility investment strategy with an emphasis on positive expected returns. The firm uses quantitative techniques and focuses on large-cap, single-name U.S. equity options, seeking to benefit from volatility events where traditional portfolios may suffer. This strategy is designed to provide diversification and positive convexity to its investors’ portfolios, especially during market dislocations.
Latest 13F Filing Activity
Delta Accumulation, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 22 equity positions and 173 options positions with a total 13F market value of $1B. The fund increased holdings in Costco WHSL Corp. New, JPMorgan Chase & Co., Nvidia Corporation among other positions. Delta Accumulation, LLC reduced exposure to Us Bancorp Del, Ishares TR, Truist Finl Corp. among others.
Top Holdings
Equity Positions (22)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
C COST | COSTCO WHSL CORP NEW | 2.45% | $32.5M | 36,700 | $989.94 | $989.94 | +$32.5M |
J JPM | JPMORGAN CHASE & CO | 0.36% | $4.9M | 23,004 | $289.90 | $289.91 | +$4.8M |
P PNC | PNC FINL SVCS GROUP INC | 0.11% | $1.5M | 8,208 | $150.87 | $186.42 | +$370 |
M META | META PLATFORMS INC | 0.11% | $1.5M | 2,647 | $504.68 | $738.09 | $0 |
P PANW | PALO ALTO NETWORKS INC | 0.10% | $1.3M | 7,770 | $144.30 | $204.64 | $0 |
Options Positions (173)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
J JPM | JPMORGAN CHASE & CO | Bought | Put | $181.5M | 8,609 | $289.91 | $288.50 | +8,421 | +$52.2M |
C COST | COSTCO WHSL CORP NEW | Sold | Put | $103.9M | 1,172 | $989.94 | $798.27 | -1,595 | -$141.4M |
J JPM | JPMORGAN CHASE & CO | Bought | Call | $91.8M | 4,354 | $289.91 | $287.03 | +4,166 | -$6.3M |
W WMT | WALMART INC | Bought | Put | $52.9M | 2,618 | $97.78 | $96.23 | +2,486 | -$3.7M |
C COST | COSTCO WHSL CORP NEW | Sold | Call | $50.0M | 564 | $989.94 | $801.91 | -910 | -$80.7M |
Industry Allocation
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