What We Can Learn From Leopold Aschenbrenner’s $20 Billion Portfolio

Leopold Aschenbrenner is the manager for Situational Awareness, a hedge fund focused on AI-related companies who, prior to the fund’s collapse, generated extraordinary returns for his limited partners. By June 2026, the portfolio surpassed $20 billion in assets under management, with growth fueled in part by leverage and options trading. However, during a temporary technology selloff in July 2026, the fund suffered significant losses, triggering margin calls across multiple positions. To meet those obligations, the fund was forced to liquidate its entire public-equity portfolio, reportedly selling the positions to Ken Griffin’s Citadel at a discount.

Source: Situational Awareness 6/30/2026 13F

This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice.