13F filer · CIK 1273087 ↗
Millennium Management
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$237.79B
+1.5% on the quarter before
Positions
5,950
726 new · 754 sold out
Top 10
19.2%
of the value
Est. gain
+$1.64B
on stocks held all quarter
Est. return
+1.9%
on those stocks since Q3 2025
Positions as of Dec 31, 2025, from Millennium Management's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
The 24 largest positions, 28% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2025. Striped tiles are options.
Largest buys
Since Q3 2025, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Ishares Tr~$4.79BAdded · 2.1% → 4.2%+6,995,145 shares
- Walmart Inc~$4.13BAdded · 0.2% → 1.9%+37,075,626 shares
- SPDR S&P 500 ETF Tr~$1.43BAdded · 0.4% → 1.0%+2,097,639 shares
- Invesco Qqq TrPUT~$1.15BAdded · 1.8% → 2.3%+1,872,400 underlying
- Broadcom~$912.4MAdded · 0.3% → 0.6%+2,636,202 shares
- SPDR S&P 500 ETF TrPUT~$791.6MAdded · 0.4% → 0.8%+1,160,800 underlying
- Intuitive Surgical~$694.3MAdded · 0.0% → 0.4%+1,225,985 shares
- Ishares Bitcoin Trust ETF~$685.9MAdded · 0.6% → 0.7%+13,814,418 shares
- Electronic Arts Inc~$684.9MAdded · 0.1% → 0.4%+3,352,049 shares
- Merck & Co Inc~$635.5MAdded · 0.0% → 0.3%+6,036,983 shares
Largest sells
Since Q3 2025, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Invesco Qqq TrCALL~$2.17BCut · 1.8% → 0.9%−3,528,200 underlying
- NvidiaPUT~$1.45BCut · 2.5% → 1.8%−7,784,500 underlying
- MicrosoftPUT~$912.0MCut · 1.4% → 0.9%−1,885,800 underlying
- MicrosoftCALL~$634.3MCut · 0.6% → 0.3%−1,311,500 underlying
- Nvidia~$566.8MCut · 1.5% → 1.2%−3,038,895 shares
- Apple~$561.4MCut · 0.8% → 0.6%−2,064,985 shares
- Ishares TrPUT~$558.3MCut · 0.6% → 0.4%−6,924,400 underlying
- Ishares TrPUT~$554.7MCut · 0.6% → 0.4%−10,138,900 underlying
- Microsoft~$552.1MCut · 0.8% → 0.5%−1,141,618 shares
- SPDR Dow Jones Indl AveragePUT~$543.0MCut · 0.5% → 0.2%−1,130,000 underlying
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ishares TrCORE S&P500 ETF · shares +93% · price +2.3% | 4.2% | $9.93B | +$117.3M | ||||||||
| Ishares TrPUTRUSSELL 2000 ETF · shares +1.1% | 3.2% | $7.55B | — | ||||||||
| Invesco Qqq TrPUTUNIT SER 1 · shares +27% | 2.3% | $5.36B | — | ||||||||
| Walmart IncCOM · shares +1,002% · price +8.1% | 1.9% | $4.54B | +$30.9M | ||||||||
| NvidiaPUTCOM · shares −25% | 1.8% | $4.39B | — | ||||||||
| Ishares TrCALLRUSSELL 2000 ETF · shares +6.5% | 1.6% | $3.86B | — | ||||||||
| NvidiaCOM · shares −17% · price −0.0% | 1.2% | $2.84B | −$1.2M | ||||||||
| SPDR S&P 500 ETF TrTR UNIT · shares +135% · price +2.4% | 1.0% | $2.49B | +$24.4M | ||||||||
| ApplePUTCOM · shares +1.3% | 1.0% | $2.45B | — | ||||||||
| Invesco Qqq TrCALLUNIT SER 1 · shares −49% | 0.94% | $2.24B | — | ||||||||
| AmazonPUTCOM · shares −13% | 0.92% | $2.18B | — | ||||||||
| MetaPUTCL A · shares +27% | 0.88% | $2.09B | — | ||||||||
| MicrosoftPUTCOM · shares −31% | 0.87% | $2.06B | — | ||||||||
| SPDR S&P 500 ETF TrPUTTR UNIT · shares +74% | 0.78% | $1.86B | — | ||||||||
| Ishares Bitcoin Trust ETFSHS BEN INT · shares +67% · price −23.6% | 0.72% | $1.70B | −$315.0M | ||||||||
| AlphabetPUTCAP STK CL A · shares +1.5% | 0.72% | $1.70B | — | ||||||||
| BroadcomCOM · shares +146% · price +4.9% | 0.65% | $1.54B | +$29.3M | ||||||||
| Select Sector SPDR TrPUTSTATE STREET FIN · shares −6.2% | 0.62% | $1.48B | — | ||||||||
| AppleCOM · shares −29% · price +6.8% | 0.57% | $1.35B | +$85.3M | ||||||||
| TeslaPUTCOM · shares −17% | 0.55% | $1.31B | — | ||||||||
| AppleCALLCOM · shares −13% | 0.53% | $1.25B | — | ||||||||
| NvidiaCALLCOM · shares −20% | 0.51% | $1.22B | — | ||||||||
| Norfolk Southn CorpCOM · shares +57% · price −3.9% | 0.50% | $1.20B | −$30.9M | ||||||||
| MicrosoftCOM · shares −33% · price −6.6% | 0.47% | $1.11B | −$78.7M | ||||||||
| BroadcomPUTCOM · shares −4.9% | 0.44% | $1.05B | — | ||||||||
| Total · 5,950 positions | 100% | $237.79B | +$1.64B |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q3 2025 to Q4 2025: 3,475 stocks held throughout, up $1.64B (+1.9%).
- Alphabet+$187.6M+29%
- Alphabet+$175.9M+29%
- Freeport-McMoRan+$143.2M+30%
- Sandisk+$142.9M+112%
- Ishares Tr+$117.3M+2%
- Microsoft−$78.7M−7%
- Meta−$82.4M−10%
- Fidelity Wise Origin Bitcoin−$172.0M−24%
- Ishares Ethereum Tr−$227.8M−29%
- Ishares Bitcoin Trust ETF−$315.0M−24%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 34 splits read into the share counts.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | $276.29B+15% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $240.29B+1% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $237.79B+1% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $234.29B+13% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $207.08B+10% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $187.88B−8% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $204.64B−3% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $210.88B−2% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $215.93B−8% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $234.10B+1% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $231.13B+17% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $198.14B−2% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $202.79B+16% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $174.39B−4% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $180.74B+7% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $169.10B+5% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $161.19B−15% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $188.64B−4% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $196.76B+18% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 | $166.71B+2% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $163.01B+17% | SEC ↗ |
| Q1 2021 | May 17, 2021 | $139.75B+1% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $138.49B+71% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $81.22B+11% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $72.98B+64% | SEC ↗ |
| Q1 2020 | May 14, 2020 | $44.50B−44% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $79.93B+26% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $63.26B−5% | SEC ↗ |
| Q2 2019 | Aug 15, 2019 (amended) | $66.52B−0% | SEC ↗ |
| Q1 2019 | May 14, 2019 | $66.82B+4% | SEC ↗ |
| Q4 2018 | Feb 15, 2019 (amended) | $64.13B−21% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $81.59B+6% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $76.66B+2% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $74.94B+3% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $72.45B+10% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $65.63B+17% | SEC ↗ |
| Q2 2017 | Aug 14, 2017 | $56.06B+3% | SEC ↗ |
| Q1 2017 | May 15, 2017 | $54.58B+14% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $47.75B−20% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $59.64B+37% | SEC ↗ |
| Q2 2016 | Aug 15, 2016 | $43.69B+9% | SEC ↗ |
| Q1 2016 | May 16, 2016 | $40.01B | SEC ↗ |