13F filer · CIK 923093 ↗
Tudor Investment
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$54.03B
−6.8% on the quarter before
Positions
3,422
916 new · 778 sold out
Top 10
31.2%
of the value
Est. gain
−$64.1M
on stocks held all quarter
Est. return
−0.8%
on those stocks since Q3 2025
Positions as of Dec 31, 2025, from Tudor Investment'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, 40% 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 Core S&P 500 ETF - Us Etp~$943.4MAdded · 0.0% → 1.8%+1,377,365 shares
- State Street SPDR S&P 500 ETF Trust - Us EtpPUT~$605.3MAdded · 0.0% → 1.1%+887,600 underlying
- NvidiaPUT~$487.1MAdded · 0.3% → 1.2%+2,612,000 underlying
- MicrosoftPUT~$383.8MAdded · 0.1% → 0.8%+793,700 underlying
- ApplePUT~$374.0MAdded · 0.1% → 0.8%+1,375,600 underlying
- AmazonPUT~$319.2MAdded · 0.0% → 0.6%+1,383,000 underlying
- State Street Energy Select Sector SPDR ETF - Us EtPUT~$275.8MAdded · 1.0% → 1.0%+6,167,600 underlying
- AlphabetPUT~$269.5MAdded · 0.1% → 0.7%+861,100 underlying
- State Street Utilities Select Sector SPDR ETF - UsPUT~$257.8MAdded · 0.8% → 0.9%+6,038,300 underlying
- MetaCALL~$255.3MAdded · 0.1% → 0.6%+386,800 underlying
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.
- State Street SPDR S&P 500 ETF Trust - Us EtpCALL~$1.97BCut · 4.2% → 1.0%−2,890,000 underlying
- Ishares Russell 2000 ETF - Us EtpPUT~$1.55BCut · 14.3% → 12.8%−6,279,800 underlying
- Ishares Russell 2000 ETF - Us EtpCALL~$1.04BCut · 5.6% → 4.2%−4,238,800 underlying
- State Street SPDR S&P 500 ETF Trust - Us Etp~$688.2MCut · 1.7% → 0.6%−1,009,250 shares
- Invesco Qqq Trust Series 1 - Us EtpCALL~$314.6MCut · 3.6% → 3.4%−512,100 underlying
- MicronCALL~$252.7MCut · 0.4% → 0.2%−885,500 underlying
- Goldman SachsCALL~$245.9MCut · 0.5% → 0.1%−279,800 underlying
- Lululemon Athletica Inc - UsCALL~$205.9MCut · 0.4% → 0.1%−990,900 underlying
- Invesco Qqq Trust Series 1 - Us EtpPUT~$189.6MCut · 3.9% → 3.9%−308,700 underlying
- RobinhoodCALL~$164.8MCut · 0.4% → 0.1%−1,457,300 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 Russell 2000 ETF - Us EtpPUTETF Option · shares −18% | 12.8% | $6.91B | — | ||||||||
| Ishares Russell 2000 ETF - Us EtpCALLETF Option · shares −32% | 4.2% | $2.26B | — | ||||||||
| Invesco Qqq Trust Series 1 - Us EtpPUTETF Option · shares −8.3% | 3.9% | $2.10B | — | ||||||||
| Invesco Qqq Trust Series 1 - Us EtpCALLETF Option · shares −15% | 3.4% | $1.83B | — | ||||||||
| Ishares Core S&P 500 ETF - Us EtpExchange-Traded Fund · shares +7,090% · price +2.3% | 1.8% | $956.7M | +$303,838 | ||||||||
| NvidiaPUTEquity Option · shares +316% | 1.2% | $641.3M | — | ||||||||
| State Street SPDR S&P 500 ETF Trust - Us EtpPUTETF Option · shares +7,158% | 1.1% | $613.7M | — | ||||||||
| State Street Energy Select Sector SPDR ETF - Us EtPUTETF Option · shares +99% | 1.0% | $553.2M | — | ||||||||
| State Street SPDR S&P 500 ETF Trust - Us EtpCALLETF Option · shares −79% | 0.96% | $518.3M | — | ||||||||
| State Street Utilities Select Sector SPDR ETF - UsPUTETF Option · shares +121% | 0.87% | $470.7M | — | ||||||||
| ApplePUTEquity Option · shares +656% | 0.80% | $431.0M | — | ||||||||
| Ishares Msci Emerging Markets ETF - Us EtpPUTETF Option · shares +56% | 0.79% | $427.2M | — | ||||||||
| MicrosoftPUTEquity Option · shares +1,321% | 0.76% | $412.9M | — | ||||||||
| NvidiaEquity · shares +81% · price −0.0% | 0.74% | $397.9M | −$94,109 | ||||||||
| Invesco Qqq Trust Series 1 - Us EtpExchange-Traded Fund · shares +5.3% · price +2.3% | 0.69% | $370.8M | +$8.0M | ||||||||
| AlphabetPUTEquity Option · shares +273% | 0.68% | $368.1M | — | ||||||||
| AmazonEquity · shares +94% · price +5.1% | 0.67% | $360.6M | +$9.0M | ||||||||
| MicrosoftEquity · shares +96% · price −6.6% | 0.64% | $347.6M | −$12.6M | ||||||||
| AmazonPUTEquity Option · shares +1,516% | 0.63% | $340.3M | — | ||||||||
| MetaPUTEquity Option · shares +367% | 0.59% | $317.4M | — | ||||||||
| State Street Financial Select Sector SPDR ETF - UsPUTETF Option · shares −3.9% | 0.57% | $306.7M | — | ||||||||
| State Street SPDR S&P Regional Banking ETF - Us EtPUTETF Option · shares +25% | 0.56% | $304.7M | — | ||||||||
| State Street SPDR S&P 500 ETF Trust - Us EtpExchange-Traded Fund · shares −69% · price +2.4% | 0.56% | $303.1M | +$7.0M | ||||||||
| MetaCALLEquity Option · shares +576% | 0.55% | $299.7M | — | ||||||||
| State Street Energy Select Sector SPDR ETF - Us EtCALLETF Option · shares +68% | 0.52% | $282.4M | — | ||||||||
| Total · 3,422 positions | 100% | $54.03B | −$64.1M |
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: 980 stocks held throughout, down $64.1M (−0.8%).
- Netflix25:1 split+$72.1M+96%
- State Street Materials Select Sector SPDR ETF - Us5:1 split+$21.1M+153%
- Ishares Silver Trust - Us Etp+$14.5M+52%
- SPDR Gold Shares - Us Etp+$13.1M+11%
- Apple+$10.0M+7%
- State Street Energy Select Sector SPDR ETF - Us Et−$12.6M−50%
- Microsoft−$12.6M−7%
- Fiserv Inc - Us−$14.3M−48%
- T-Mobile Us Inc - Us−$14.4M−15%
- Liberty Broadband C−$30.2M−24%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 3 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 | $71.91B+33% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $53.87B−0% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $54.03B−7% | SEC ↗ |
| Q3 2025 | Dec 9, 2025 (amended) | $57.98B+26% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $45.92B+53% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $30.10B+15% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $26.28B−4% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $27.48B+41% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $19.52B+24% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $15.72B+27% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $12.42B+25% | SEC ↗ |
| Q3 2023 | Nov 15, 2023 | $9.97B+19% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $8.38B+30% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $6.46B+28% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $5.06B+9% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $4.63B+22% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $3.81B−11% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $4.27B−29% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $5.98B−3% | SEC ↗ |
| Q3 2021 | Nov 17, 2021 (amended) | $6.16B+16% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $5.29B+6% | SEC ↗ |
| Q1 2021 | May 17, 2021 | $4.99B+41% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $3.54B+54% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $2.30B+14% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $2.02B+81% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $1.12B−50% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $2.23B−23% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $2.91B−17% | SEC ↗ |
| Q2 2019 | Aug 14, 2019 | $3.51B+45% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $2.42B−52% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $5.06B+27% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $3.98B+38% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $2.87B−7% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $3.09B−22% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $3.94B+0% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $3.92B+19% | SEC ↗ |
| Q2 2017 | Aug 14, 2017 | $3.28B+1% | SEC ↗ |
| Q1 2017 | May 15, 2017 | $3.25B−16% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $3.88B−9% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $4.27B−10% | SEC ↗ |
| Q2 2016 | Aug 15, 2016 | $4.72B+21% | SEC ↗ |
| Q1 2016 | May 16, 2016 | $3.91B | SEC ↗ |