INTERCAPITAL, LLC

AUSTIN, TX · CIK 2108411 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2026 · limited liability company

Assets managed$198.7m
Staff2 · 1 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $198.7m gross assets
Websiteintercapital.com
Form ADV · 2026-09-02SEC adviser record

Kindhedge funds
Others nearbyAustin, TX

As an employer

Offices in1 country
Private fundshedge 1

$227.9m reported value +26.2% vs Q1 2026

64positions

57.1%in top 10

25 new 16 added 18 reduced 27 sold out vs Q1 2026

Options: 33 call positions ($121.6m notional), 24 put positions ($51.0m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MICROSOFT CORP COM MSFT	MSFT	53,590	$20.0m8.77%	8.77%	Added +23.7k	+23,688 79.2%
2	REDDIT INC CL A RDDT	RDDT	89,000	$15.4m6.78%	6.78%	Reduced -9.5k	-9,500 -9.6%
3	AMAZON COM INC COM AMZN	AMZN	64,000	$15.3m6.69%	6.69%	Added +5.0k	+5,000 8.5%
4	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	55,500	$15.1m6.62%	6.62%	Added +35.3k	+35,279 174.5%
5	AFFIRM HLDGS INC COM CL A AFRM	AFRM	156,568	$12.8m5.60%	5.60%	Reduced -76.8k	-76,800 -32.9%
6	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	24,200	$11.6m5.07%	5.07%	Added +9.3k	+9,300 62.4%
7	BROADCOM INC COM AVGO	AVGO	27,900	$10.5m4.62%	4.62%	Added +9.4k	+9,400 50.8%
8	COMPASS INC CL A COMP	COMP	825,225	$10.2m4.46%	4.46%	Reduced -43.2k	-43,237 -5.0%
9	DAVE INC CLASS A COM NEW DAVE	DAVE	26,000	$9.7m4.25%	4.25%	Reduced -13.4k	-13,386 -34.0%
10	NVIDIA CORPORATION COM NVDA	NVDA	48,406	$9.7m4.25%	4.25%	Added +35.9k	+35,906 287.2%
11	DELL TECHNOLOGIES INC CL C DELL	DELL	19,500	$8.4m3.69%	3.69%	New
12	SEA LTD SPONSORD ADS SE	SE	70,694	$6.8m2.97%	2.97%	Added +981	+981 1.4%
13	BOEING CO COM BA	BA	29,000	$6.3m2.75%	2.75%	Reduced -8.0k	-8,000 -21.6%
14	MERCADOLIBRE INC COM MELI	MELI	3,080	$5.2m2.29%	2.29%	Reduced -2.7k	-2,670 -46.4%
15	FIGMA INC CLASS A COM STK FIG	FIG	288,739	$5.2m2.29%	2.29%	Added +218.6k	+218,570 311.5%
16	CELSIUS HLDGS INC COM NEW CELH	CELH	150,000	$4.4m1.93%	1.93%	New
17	COREWEAVE INC COM CL A CRWV	CRWV	36,500	$3.6m1.59%	1.59%	New
18	COMSTOCK RES INC COM CRK	CRK	182,000	$2.7m1.19%	1.19%	New
19	ROCKET COS INC COM CL A RKT	RKT	154,840	$2.4m1.07%	1.07%	Added +116.7k	+116,695 305.9%
20	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	20,595	$2.4m1.03%	1.03%	Added +2.0k	+2,000 10.8%
21	WYNN RESORTS LTD COM WYNN	WYNN	24,000	$2.3m1.02%	1.02%	New
22	MICRON TECHNOLOGY INC COM MU	MU	2,000	$2.3m1.01%	1.01%	Reduced -2.5k	-2,500 -55.6%
23	NETFLIX INC COM NFLX	NFLX	32,000	$2.3m1.00%	1.00%	New
24	ON HLDG AG NAMEN AKT A ONON	ONON	64,500	$2.3m1.00%	1.00%	Added +36.0k	+36,000 126.3%
25	TAKE-TWO INTERACTIVE SOFTWAR COM TTWO	TTWO	9,100	$2.3m1.00%	1.00%	New
26	LPL FINL HLDGS INC COM LPLA	LPLA	8,000	$2.3m0.99%	0.99%	Unchanged
27	ADVANCED MICRO DEVICES INC COM AMD	AMD	3,800	$2.2m0.97%	0.97%	New
28	DUOLINGO INC CL A COM DUOL	DUOL	18,000	$2.1m0.91%	0.91%	Reduced -42.0k	-42,000 -70.0%
29	VISTRA CORP COM VST	VST	12,900	$2.0m0.90%	0.90%	New
30	OUSTER INC COM NEW OUST	OUST	32,000	$2.0m0.88%	0.88%	New
31	JPMORGAN CHASE & CO COM JPM	JPM	6,000	$2.0m0.86%	0.86%	Reduced -2.0k	-2,000 -25.0%
32	APPLOVIN CORP COM CL A APP	APP	3,500	$1.8m0.79%	0.79%	Added +500	+500 16.7%
33	DUTCH BROS INC CL A BROS	BROS	25,000	$1.8m0.79%	0.79%	Added +1.1k	+1,055 4.4%
34	RTX CORPORATION COM RTX	RTX	8,050	$1.5m0.67%	0.67%	Added +1.6k	+1,550 23.9%
35	ZILLOW GROUP INC CL C CAP STK Z	Z	48,000	$1.5m0.66%	0.66%	New
36	KRANESHARES TRUST CSI CHI INTERNET KWEB	KWEB	60,000	$1.5m0.64%	0.64%	New
37	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	15,000	$1.4m0.63%	0.63%	Added +4.0k	+4,000 36.4%
38	EXELON CORP COM EXC	EXC	30,000	$1.4m0.61%	0.61%	New
39	CIRCLE INTERNET GROUP INC COM CL A CRCL	CRCL	20,000	$1.3m0.55%	0.55%	Reduced -37.2k	-37,200 -65.0%
40	CONSTELLATION ENERGY CORP COM CEG	CEG	5,000	$1.2m0.54%	0.54%	New
41	HIMS & HERS HEALTH INC COM CL A HIMS	HIMS	32,009	$1.1m0.49%	0.49%	Reduced -126.5k	-126,500 -79.8%
42	WESTERN DIGITAL CORP COM WDC	WDC	1,650	$1.1m0.46%	0.46%	Reduced -2.9k	-2,850 -63.3%
43	HESAI GROUP SPONSORED ADS HSAI	HSAI	54,710	$996.8k0.44%	0.44%	New
44	BLACKSTONE INC COM BX	BX	8,000	$941.4k0.41%	0.41%	New
45	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	10,000	$762.8k0.33%	0.33%	Added +1.2k	+1,200 13.6%
46	VENTURE GLOBAL INC COM CL A VG	VG	67,471	$751.0k0.33%	0.33%	Reduced -55.0k	-55,021 -44.9%
47	PELOTON INTERACTIVE INC CL A COM PTON	PTON	120,000	$709.2k0.31%	0.31%	Unchanged
48	SERVICENOW INC COM NOW	NOW	7,000	$695.0k0.30%	0.30%	New
49	BLOOM ENERGY CORP COM CL A BE	BE	1,902	$575.7k0.25%	0.25%	Unchanged
50	HEXCEL CORP NEW COM HXL	HXL	5,000	$500.3k0.22%	0.22%	Unchanged
51	ISHARES TR CHINA LG-CAP ETF FXI	FXI	15,150	$478.6k0.21%	0.21%	Reduced -12.0k	-12,000 -44.2%
52	HUNTINGTON INGALLS INDS INC COM HII	HII	1,700	$475.8k0.21%	0.21%	New
53	STURM RUGER & CO INC COM RGR	RGR	12,100	$458.0k0.20%	0.20%	Reduced -7.9k	-7,900 -39.5%
54	ROCKET LAB CORP COM RKLB	RKLB	4,000	$406.6k0.18%	0.18%	New
55	ELI LILLY & CO COM LLY	LLY	300	$359.8k0.16%	0.16%	Unchanged
56	KLARNA GROUP PLC SHS KLAR	KLAR	17,618	$356.6k0.16%	0.16%	New
57	CARIS LIFE SCIENCES INC COM CAI	CAI	20,000	$356.4k0.16%	0.16%	New
58	T1 ENERGY INC COM NEW TE	TE	35,000	$331.8k0.15%	0.15%	New
59	SONY GROUP CORP SPONSORED ADR SONY	SONY	15,000	$300.9k0.13%	0.13%	New
60	ISHARES TR MSCI CHINA ETF MCHI	MCHI	5,473	$279.3k0.12%	0.12%	Reduced -15.0k	-15,000 -73.3%
61	PROLOGIS INC. COM PLD	PLD	2,000	$270.9k0.12%	0.12%	Reduced -22.9k	-22,900 -92.0%
62	KRANESHARES TRUST SSE STAR MRKT 50 KSTR	KSTR	8,348	$270.1k0.12%	0.12%	New
63	NEXTNAV INC COMMON STOCK NN	NN	11,000	$196.1k0.09%	0.09%	New
64	RIVIAN AUTOMOTIVE INC COM CL A RIVN	RIVN	10,000	$173.5k0.08%	0.08%	Reduced -215.4k	-215,436 -95.6%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
LULULEMON ATHLETICA INC LULU	LULU	87,000	$13.3m87.0k shares
WIX COM LTD WIX	WIX	46,575	$4.2m46.6k shares
FIDELITY WISE ORIGIN BITCOIN FBTC	FBTC	47,000	$2.8m47.0k shares
APPLE INC AAPL	AAPL	10,700	$2.7m10.7k shares
ROBINHOOD MKTS INC HOOD	HOOD	16,000	$1.1m16.0k shares
BAIDU INC BIDU	BIDU	9,000	$1.0m9.0k shares
XPENG INC XPEV	XPEV	57,700	$987.2k57.7k shares
INTERACTIVE BROKERS GROUP IN IBKR	IBKR	13,000	$871.9k13.0k shares
TRANSDIGM GROUP INC TDG	TDG	700	$811.3k700 shares
FLUTTER ENTMT PLC FLUT	FLUT	7,872	$802.5k7.9k shares
FIRST SOLAR INC FSLR	FSLR	4,000	$789.0k4.0k shares
LIFE TIME GROUP HOLDINGS INC LTH	LTH	25,000	$673.5k25.0k shares
DIREXION SHS ETF TR MSFU	MSFU	28,000	$644.3k28.0k shares
PALANTIR TECHNOLOGIES INC PLTR	PLTR	4,000	$585.1k4.0k shares
TIDAL TRUST II AVGX	AVGX	15,014	$525.3k15.0k shares
VANGUARD WORLD FD EDV	EDV	8,000	$519.6k8.0k shares
SENTINELONE INC S	S	40,000	$515.2k40.0k shares
COHERENT CORP COHR	COHR	1,900	$452.6k1.9k shares
DELTA AIR LINES INC DEL DAL	DAL	6,000	$398.9k6.0k shares
COUPANG INC CPNG	CPNG	20,833	$393.3k20.8k shares
SALESFORCE INC CRM	CRM	2,000	$373.3k2.0k shares
TARGET CORP TGT	TGT	3,000	$363.6k3.0k shares
EVERCORE INC EVR	EVR	1,000	$298.5k1.0k shares
META PLATFORMS INC META	META	500	$286.1k500 shares
PROSHARES TR UWM	UWM	6,000	$280.0k6.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
AMAZON COM INC AMZN · Call	AMZN	Call	194,900	$46.5m194.9k shares	New
NVIDIA CORPORATION NVDA · Call	NVDA	Call	84,500	$16.9m84.5k shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	14,000	$10.5m14.0k shares	Added
ISHARES TR TLT · Call	TLT	Call	110,000	$9.5m110.0k shares	Added
MICROSOFT CORP MSFT · Call	MSFT	Call	21,500	$8.0m21.5k shares	Reduced
COCA COLA CO KO · Put	KO	Put	64,100	$5.2m64.1k shares	New
VANECK ETF TRUST SMH · Put	SMH	Put	7,000	$4.6m7.0k shares	Reduced
SEA LTD SE · Call	SE	Call	43,500	$4.2m43.5k shares	Added
TESLA INC TSLA · Put	TSLA	Put	8,500	$3.6m8.5k shares	Added
ALPHABET INC GOOG · Put	GOOG	Put	10,000	$3.5m10.0k shares	New
BOEING CO BA · Call	BA	Call	16,100	$3.5m16.1k shares	Added
COREWEAVE INC CRWV · Call	CRWV	Call	32,000	$3.2m32.0k shares	New
ALIBABA GROUP HLDG LTD BABA · Call	BABA	Call	33,000	$3.2m33.0k shares	New
INVESCO QQQ TR QQQ · Put	QQQ	Put	4,000	$2.9m4.0k shares	New
NETFLIX INC NFLX · Call	NFLX	Call	41,000	$2.9m41.0k shares	New
FIGMA INC FIG · Call	FIG	Call	142,000	$2.6m142.0k shares	New
TAKE-TWO INTERACTIVE SOFTWAR TTWO · Call	TTWO	Call	10,000	$2.5m10.0k shares	New
ORACLE CORP ORCL · Put	ORCL	Put	15,500	$2.3m15.5k shares	Reduced
LULULEMON ATHLETICA INC LULU · Call	LULU	Call	19,500	$2.2m19.5k shares	Reduced
SPDR SER TR XSD · Put	XSD	Put	3,500	$2.2m3.5k shares	New
NIKE INC NKE · Put	NKE	Put	47,000	$1.9m47.0k shares	Reduced
CROWDSTRIKE HLDGS INC CRWD · Put	CRWD	Put	2,500	$1.9m2.5k shares	New
WALMART INC WMT · Put	WMT	Put	15,500	$1.8m15.5k shares	Added
AFFIRM HLDGS INC AFRM · Call	AFRM	Call	21,000	$1.7m21.0k shares	Reduced
META PLATFORMS INC META · Put	META	Put	3,000	$1.7m3.0k shares	New