13F filer · CIK 1179392 ↗
Two Sigma
You are looking at Q1 2025. See the latest, Q2 2026 →
Reported value
$46.79B
+2.0% on the quarter before
Positions
3,162
486 new · 485 sold out
Top 10
8.1%
of the value
Est. gain
−$1.35B
on stocks held all quarter
Est. return
−4.6%
on those stocks since Q4 2024
Positions as of Mar 31, 2025, from Two Sigma'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, 15% of the reported value, each sized by its share, colored by what the fund did with it since Q4 2024. Striped tiles are options.
Largest buys
Since Q4 2024, 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.
- SPDR S&P 500 ETF Tr~$485.2MAdded · 0.8% → 1.8%+867,462 shares
- Broadcom~$251.4MAdded · 0.0% → 0.6%+1,501,252 shares
- Palantir~$233.1MAdded · 0.0% → 0.5%+2,761,640 shares
- AMD~$230.9MNew · 0.0% → 0.5%+2,246,952 shares
- Salesforce~$226.8MAdded · 0.1% → 0.6%+845,109 shares
- Regeneron Pharmaceuticals~$214.1MAdded · 0.1% → 0.5%+337,528 shares
- MercadoLibre~$201.5MAdded · 0.0% → 0.5%+103,276 shares
- ServiceNow~$186.3MAdded · 0.0% → 0.4%+234,030 shares
- Marvell Technology Inc~$183.9MAdded · 0.2% → 0.5%+2,987,053 shares
- Gartner~$182.1MAdded · 0.1% → 0.5%+433,733 shares
Largest sells
Since Q4 2024, 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.
- SPDR S&P 500 ETF TrCALL~$279.9MCut · 0.6% → 0.0%−500,300 underlying
- SPDR S&P 500 ETF TrPUT~$279.9MCut · 0.6% → 0.0%−500,300 underlying
- Progressive Corp~$263.7MCut · 0.5% → 0.0%−931,705 shares
- Eli Lilly~$253.5MCut · 0.5% → 0.0%−306,957 shares
- Visa Inc.~$246.1MCut · 0.5% → 0.0%−702,095 shares
- Elevance Health Inc~$206.1MCut · 0.4% → 0.0%−473,931 shares
- Intel~$186.5MCut · 0.5% → 0.2%−8,212,751 shares
- Lam Research~$185.6MCut · 0.4% → 0.0%−2,552,367 shares
- Vaneck ETF Trust~$176.6MCut · 0.3% → 0.0%−3,842,461 shares
- Amgen Inc~$169.1MCut · 0.5% → 0.2%−542,770 shares
Holdings
As of Mar 31, 2025. Changes are in shares against Dec 31, 2024, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPDR S&P 500 ETF TrTR UNIT · shares +138% · price −4.6% | 1.8% | $836.1M | −$16.7M | ||||||||
| Select Sector SPDR TrTECHNOLOGY · shares +65% · price −11.2% | 0.92% | $431.3M | −$33.0M | ||||||||
| Invesco Qqq TrUNIT SER 1 · shares +22% · price −8.3% | 0.91% | $425.6M | −$31.4M | ||||||||
| Vanguard Index FdsGROWTH ETF · shares +18% · price −9.7% | 0.81% | $378.6M | −$34.2M | ||||||||
| Ishares TrRUS 1000 GRW ETF · shares +8.6% · price −10.1% | 0.80% | $375.8M | −$38.8M | ||||||||
| Ishares TrCORE S&P500 ETF · shares −0.2% · price −4.5% | 0.67% | $314.1M | −$15.0M | ||||||||
| Cme Group IncCOM · shares −1.8% · price +14.2% | 0.58% | $270.2M | +$33.7M | ||||||||
| BroadcomCOM · shares +2,570% · price −27.8% | 0.56% | $261.1M | −$3.8M | ||||||||
| SalesforceCOM · shares +701% · price −19.7% | 0.55% | $259.2M | −$8.0M | ||||||||
| Lockheed Martin CorpCOM · shares +17% · price −8.1% | 0.54% | $253.7M | −$19.0M | ||||||||
| NvidiaCOM · shares +28% · price −19.3% | 0.54% | $252.9M | −$47.2M | ||||||||
| Cheniere Energy IncCOM NEW · shares −0.9% · price +7.7% | 0.53% | $247.8M | +$17.7M | ||||||||
| Boston Scientific CorpCOM · shares +229% · price +12.9% | 0.53% | $246.2M | +$8.6M | ||||||||
| AlphabetCAP STK CL A · shares +16% · price −18.3% | 0.53% | $245.8M | −$47.3M | ||||||||
| Marvell Technology IncCOM · shares +316% · price −44.3% | 0.52% | $242.1M | −$46.2M | ||||||||
| SnowflakeCL A · shares +16% · price −5.3% | 0.51% | $240.9M | −$11.7M | ||||||||
| Cencora IncCOM · shares +14% · price +23.8% | 0.51% | $238.8M | +$40.1M | ||||||||
| Msci IncCOM · shares +64% · price −5.8% | 0.51% | $238.4M | −$8.9M | ||||||||
| PalantirCL A · shares +5,014% · price +11.6% | 0.51% | $237.7M | +$483,078 | ||||||||
| AdobeCOM · shares +37% · price −13.8% | 0.51% | $237.6M | −$27.7M | ||||||||
| Regeneron PharmaceuticalsCOM · shares +977% · price −11.0% | 0.50% | $236.0M | −$2.7M | ||||||||
| RobloxCL A · shares −11% · price +0.7% | 0.50% | $233.2M | +$1.7M | ||||||||
| TeslaCOM · shares +50% · price −35.8% | 0.50% | $232.6M | −$86.7M | ||||||||
| AppleCOM · shares −7.4% · price −11.3% | 0.50% | $232.5M | −$29.6M | ||||||||
| AMDCOM · shares New | 0.49% | $230.9M | — | ||||||||
| Total · 3,162 positions | 100% | $46.79B | −$1.35B |
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 Q4 2024 to Q1 2025: 2,581 stocks held throughout, down $1.35B (−4.6%).
- Cencora Inc+$40.1M+24%
- Cme Group Inc+$33.7M+14%
- Dollar Gen Corp New+$28.5M+16%
- Franco Nev Corp+$26.5M+34%
- Spotify Technology S A+$24.7M+23%
- Bill Holdings Inc−$42.8M−46%
- Marvell Technology Inc−$46.2M−44%
- Nvidia−$47.2M−19%
- Alphabet−$47.3M−18%
- Tesla−$86.7M−36%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 18 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 | $138.12B+11% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $123.93B+75% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $70.90B+6% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $67.17B+19% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $56.47B+21% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $46.79B+2% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $45.85B+0% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $45.63B+4% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $43.90B+3% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $42.61B−2% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $43.54B+17% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $37.17B−7% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $39.87B+14% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $34.99B+10% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $31.85B+8% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $29.43B−3% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $30.30B−11% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $33.88B−28% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $46.81B+5% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 | $44.75B+1% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $44.08B+15% | SEC ↗ |
| Q1 2021 | May 17, 2021 | $38.44B+10% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $34.85B+24% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $28.17B+40% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $20.19B+64% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $12.28B−63% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $33.24B+12% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $29.72B−1% | SEC ↗ |
| Q2 2019 | Aug 14, 2019 | $29.90B−3% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $30.85B+21% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $25.54B−30% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $36.69B+9% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $33.54B+12% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $30.04B−2% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $30.72B+9% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $28.21B+2% | SEC ↗ |
| Q2 2017 | Aug 14, 2017 | $27.64B−7% | SEC ↗ |
| Q1 2017 | May 15, 2017 | $29.70B+14% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $26.08B−5% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $27.59B+18% | SEC ↗ |
| Q2 2016 | Aug 15, 2016 | $23.29B+11% | SEC ↗ |
| Q1 2016 | May 16, 2016 | $20.99B | SEC ↗ |