Leopold Aschenbrenner's hedge fund, Situational Awareness, lost roughly $35 billion in assets after margin calls from its prime brokers forced a distressed sale of its publicly traded holdings to Ken Griffin's Citadel. The fund, which peaked at $45 billion at the start of July, saw its holdings drop to roughly $10 billion by Thursday after Citadel acquired its leveraged stock positions at below-market prices. Prime brokers Bank of America, Goldman Sachs, and JPMorgan Chase had been working with the fund to meet margin requirements ahead of the sale. The fund took losses on bullish bets in AI infrastructure names while bearish wagers on software companies like Adobe went the wrong way, and its top disclosed positions as of the first quarter, including Nebius Group, Sandisk, Micron, and CoreWeave, have each shed more than 35% of their value this month. Before this month's decline, the fund had posted gains of more than 1,000% since its inception in July 2024.
Adobe Systems Incorporated
CoreWeave, Inc. Class A Common Stock
Nebius Group N.V.
Bank of America Corp
Goldman Sachs Group Inc
JPMorgan Chase & Co
