JD Vance — disclosed holdings (crypto, index ETFs, VC funds)
VP JD Vance (R-OH); ex-VC (Revolution's Rise of the Rest, then Narya Capital, Thiel-backed). Disclosed via OGE/Senate financial disclosures.
A passive-plus-crypto book rather than a stock-picking one: broad tech-beta via QQQ/SPY index ETFs, a meaningful early bitcoin position, plus illiquid VC fund stakes that carry the most direct frontier-tech (space/aero/defense) exposure. The AI/compute angle is mostly indirect — QQQ gives mega-cap AI-semi beta — with the venture sleeve reaching deeptech names like Hermeus and Slingshot Aerospace via the Revolution seed fund.
- Disclosure record — A public official's statutory filings, not a fund. No NAV, no manager, no terms.
- No public record — No published return series — performance cannot be verified in either direction.
Top holdings
long (OGE range) — Primary AI/semi exposure — passive Nasdaq-100 beta (NVDA, MSFT, AVGO, etc.), not single-name conviction.
Early adopter; first disclosed $100K-$250K in 2022, grown to $250K-$500K range by 2024 VP disclosure. Energy/compute-adjacent crypto bet, not equity.
long (OGE range) — Broad-market index; diluted AI exposure.
up to $250K — VC fund stake; invested in Hermeus (hypersonic aero) and Slingshot Aerospace (space SDA) — the most direct space/deeptech exposure, but private and illiquid.
long (OGE range) — Alt-tech video/cloud platform; a politically-aligned single-name, modest AI/infra relevance.
long (OGE range) — Volatility hedge — included to show the book is diversified/defensive, not an AI-concentrated bet.
Recent moves
2024-2025 VP disclosures show bitcoin grown into the $250K-$500K range (from $100K-$250K in 2022), continued QQQ/SPY index exposure, up to $250K in Revolution's seed fund, and the Hermeus/Slingshot stakes reported from his pre-politics VC career (Sludge, Jul 10 2025; Quiver 2026).
Our take
Why it matters: Vance's relevance to this page is less his equity book (mostly passive QQQ/SPY beta) and more the venture and crypto edges — a sizeable early bitcoin stake plus VC exposure to space/hypersonics (Slingshot, Hermeus) via the Revolution fund, mapping to the space/infra cluster. Edge/limits: the VC stakes are private, illiquid, and pre-date his office, so they reflect a former-VC's portfolio, not active conviction; index ETFs wash out single-name AI signal. Honest caveat: figures are wide OGE ranges with potential defense-contract conflict-of-interest scrutiny (Sludge) — transparency tracking, not a recommendation.
Our insight: the tech exposure here is beta, not selection.
QQQ and SPY carry mega-cap semis and hyperscalers, but they arrive through the index — the filing contains not one individual company ticker, so it yields no company-level read. The idiosyncratic lines sit elsewhere, all in Part 2. Two carried-interest entitlements are disclosed as 'value not readily ascertainable': 15 basis points of the 20% carry at Rise of the Rest AIV GP, and 56.4%/55.2% of Narya Fund I's carry below and above a $7M threshold (that line paid $5,001–$15,000 in the period). Alongside them sit two fee entitlements — a Management Fee Set Off Contribution receivable bracketed at $500,001–$1,000,000 (a $525,000 entitlement per Part 3) and a Net Fee Proceeds receivable, 60% of net fee proceeds, unvalued. The largest income lines are not equity at all: $100,001–$1,000,000 of interest on a Narya Capital Management promissory note ($1M–$5M principal), and $50,001–$100,000 of Hillbilly Elegy royalties. The filing describes an index-plus-lender profile with a venture tail.
- 2026-06In CY2025 the income ranking reversed: HarperCollins royalties of $1,000,001-$5,000,000 are the largest line, with ~25 foreign-publisher entries beside them, while the Narya note principal halved to $500,001-$1,000,000.
Thesis
A disclosure record, not a managed fund. The 2024 Annual OGE Form 278e (certified 13 Jun 2025) shows a book with no individual company stock anywhere in it: broad-market ETFs are the entire liquid equity sleeve, bitcoin sits alongside them, and the rest is illiquid legacy venture stakes, carried-interest and fee entitlements from a prior VC career, a large promissory note receivable, Hillbilly Elegy royalties, cash across five institutions, three 529 accounts, and three properties. Spousal assets are filed separately and are modest.
As disclosed: index ETFs only. Schwab Brokerage #1 holds QQQ $1M–$5M, SPY $1M–$5M, DIA $500K–$1M, GLD $250K–$500K, TLT $100K–$250K; a Schwab SEP IRA holds a further SPY $100K–$250K. Bitcoin $250K–$500K via Coinbase. Legacy venture: Narya Fund I $500K–$1M, Fund II $1K–$15K, Rise of the Rest $100K–$250K. Cadence is near-zero — Part 7 lists one transaction for the year, a VFIFX sale, 29 Aug 2024, $100K–$250K.
Assessment
- Internally consistent: a passive core with one annual transaction means the disclosed book contains no single-name equity decisions to attribute.
- Spread across asset classes as filed — equity index, long Treasuries (TLT), gold (GLD), bitcoin, private funds, cash at five institutions, 529s, and three properties.
- Provenance is legible: the venture stakes, carry and fee entitlements sit in Part 2, with the underlying agreements dated in Part 3 (Narya 02/2020 amended 08/2023; RotR 11/2017).
- Secondary reporting on the following year's filing (Jul 2026) describes the bitcoin range as unchanged; Part 7 here shows no bitcoin transaction during 2024.
- Values are statutory brackets, never amounts. QQQ at '$1M–$5M' is a 5x span; summing midpoints, as most trackers do, manufactures precision the form does not contain.
- There is no denominator. OGE filings omit some asset classes and report no total, so portfolio weights cannot be computed — any percentage allocation you see is a reconstruction.
- Filing lag is a mechanic of the regime, not a signal: this report covers calendar 2024 and was certified June 2025, with a 30-day extension noted by the reviewing official.
- Spousal assets (Part 5: a Munger, Tolles & Olson salary, Fidelity IRAs, SPY $15,001–$50,000) are the spouse's and filed as such. Do not merge them into a single household position.
- 'Value not readily ascertainable' means unsized, not zero. It applies to the two carry entitlements and the Net Fee Proceeds receivable — but not to the Management Fee Set Off receivable, which is bracketed at $500,001–$1,000,000.
- 2026-06The CY2025 filing lists ten Part 7 transactions — nine purchases and one sale — including QQQ, DIA and SPY bought on 27 Jun 2025, three later DIA adds and three 529 purchases. No longer a one-trade year.
- 2026-06Spousal disclosure narrowed in CY2025: the Munger, Tolles & Olson salary line is absent, leaving two Fidelity IRAs (money market $100k-$250k, sweep $1k-$15k) and SPY $15,001-$50,000.
Record
No return is published and none can be derived — OGE forms report holdings and income brackets, not marks, NAV, or time-weighted returns. What the filing does give is income: $2,501–$5,000 from QQQ, $5,001–$15,000 each from DIA and TLT, $201–$1,000 from GLD, $15,001–$50,000 of Marcus savings interest, $15,001–$50,000 from Narya Fund I, $15,001–$50,000 of DC rental income, $50,001–$100,000 of book royalties, and $100,001–$1,000,000 of note interest. Because the liquid sleeve is entirely index products, its gross return would by construction track a blend of the Nasdaq-100, S&P 500, Dow, gold and long Treasuries over the period. Third-party reconstructions differ from one another mainly because they choose different points inside each bracket; treat them as estimates of a range, not measurements. None of this is attributable to skill, and the private fund stakes have no observable mark at all.
- 2026-06The venture income has faded: Narya Fund I income fell below $201 in CY2025, as did the carry line, and Rise of the Rest was sold on 16 Jan 2025 for $100,001-$250,000, now carrying no value.
Risks & fit
- Concentration in US large-cap index beta: QQQ, SPY and DIA overlap heavily, so a mega-cap drawdown hits several lines at once rather than being diversified across them.
- A Schwab line of credit ($1M–$5M, 6.580%, on demand) is disclosed in Part 8 alongside the Schwab ETF accounts; the filing discloses no pledge or collateral link between them.
- The venture sleeve, carry and fee entitlements are illiquid and long-dated; realisation depends on fund exits and firm economics not visible in the filing.
- Bitcoin at $250,001–$500,000 is a single volatile asset with no offsetting disclosed hedge.
- Several assets and a Part 1 position are noted as 'inadvertently omitted' from the earlier Candidate report, so the year-over-year series is not a clean like-for-like.
This reading changes if a later filing shows individual company tickers, a derivatives line, or a materially higher Part 7 transaction count — any of which would mean the book had moved from index beta to active selection and would support a company-level read it currently cannot bear. It also changes if the private funds are wound down or the carry entitlements acquire a reportable value, converting the unsized venture tail into a measurable position. A disclosed blind trust or divestiture agreement would sever the link between the filing and current holdings entirely.
Useful as market-structure context: a worked example of how a large disclosed book can hold heavy tech exposure while containing zero stock-level information, and of how carried interest and fee entitlements appear in the public record — some bracketed, some unvalued. It is not a signal, not a book to mirror or avoid, and not investment advice — the data is lagged, bracketed, partly the spouse's, and carries no return series.
No fees apply — this is a personal disclosure, not a pooled vehicle open to outside capital. The only costs visible are borrowing: a Charles Schwab line of credit at 6.580% on demand, and a 3.875% 30-year Navy Federal mortgage.