13F filer · CIK 1179392 ↗
Two Sigma
You are looking at Q2 2025. See the latest, Q2 2026 →
Reported value
$56.47B
+21% on the quarter before
Positions
3,150
551 new · 563 sold out
Top 10
7.7%
of the value
Est. gain
+$3.37B
on stocks held all quarter
Est. return
+11.0%
on those stocks since Q1 2025
Positions as of Jun 30, 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, 14% of the reported value, each sized by its share, colored by what the fund did with it since Q1 2025. Striped tiles are options.
Largest buys
Since Q1 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~$345.4MNew · 0.0% → 0.6%+3,154,300 shares
- Invesco Qqq Tr~$238.4MAdded · 0.9% → 1.3%+432,088 shares
- Duolingo Inc~$230.7MAdded · 0.0% → 0.4%+562,685 shares
- GE Vernova~$230.6MAdded · 0.0% → 0.4%+435,816 shares
- Aon Plc~$222.7MAdded · 0.0% → 0.4%+624,321 shares
- Chubb Limited~$222.4MAdded · 0.0% → 0.4%+767,626 shares
- Union Pac Corp~$217.4MAdded · 0.0% → 0.4%+944,994 shares
- Visa Inc.~$201.0MAdded · 0.0% → 0.4%+566,193 shares
- T-Mobile Us Inc~$190.7MAdded · 0.1% → 0.4%+800,200 shares
- Nike Inc~$188.9MAdded · 0.0% → 0.3%+2,658,998 shares
Largest sells
Since Q1 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.
- Broadcom~$429.0MCut · 0.6% → 0.0%−1,556,289 shares
- AMD~$312.5MCut · 0.5% → 0.0%−2,202,024 shares
- Marvell Technology Inc~$299.4MCut · 0.5% → 0.0%−3,868,803 shares
- ServiceNow~$221.1MCut · 0.4% → 0.0%−215,075 shares
- Dollar Gen Corp New~$217.1MCut · 0.5% → 0.1%−1,898,399 shares
- SPDR S&P 500 ETF Tr~$208.3MCut · 1.8% → 1.3%−337,135 shares
- L3harris Technologies Inc~$192.8MCut · 0.4% → 0.0%−768,588 shares
- Fortinet~$179.3MCut · 0.4% → 0.1%−1,696,188 shares
- Applied Materials~$162.3MCut · 0.3% → 0.0%−886,580 shares
- Select Sector SPDR Tr~$162.2MCut · 0.9% → 0.6%−640,370 shares
Holdings
As of Jun 30, 2025. Changes are in shares against Mar 31, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco Qqq TrUNIT SER 1 · shares +48% · price +17.6% | 1.3% | $739.1M | +$75.1M | ||||||||
| SPDR S&P 500 ETF TrTR UNIT · shares −23% · price +10.5% | 1.3% | $715.2M | +$67.7M | ||||||||
| Ishares TrRUS 1000 GRW ETF · shares +7.1% · price +17.6% | 0.84% | $473.0M | +$66.1M | ||||||||
| Vanguard Index FdsGROWTH ETF · shares +2.2% · price +18.2% | 0.81% | $457.2M | +$69.0M | ||||||||
| Select Sector SPDR TrTECHNOLOGY · shares −31% · price +22.6% | 0.65% | $366.8M | +$67.7M | ||||||||
| Ishares TrCORE S&P500 ETF · shares +1.0% · price +10.5% | 0.62% | $350.6M | +$33.0M | ||||||||
| Ishares TrEXPANDED TECH · shares New | 0.61% | $345.4M | — | ||||||||
| NvidiaCOM · shares −19% · price +45.8% | 0.53% | $299.2M | +$93.9M | ||||||||
| AmazonCOM · shares +82% · price +15.3% | 0.51% | $290.7M | +$21.2M | ||||||||
| NetflixCOM · shares +1.9% · price +43.6% | 0.51% | $288.2M | +$85.9M | ||||||||
| AppleCOM · shares +34% · price −7.6% | 0.51% | $288.2M | −$17.8M | ||||||||
| Carvana CoCL A · shares +40% · price +61.2% | 0.49% | $277.7M | +$75.2M | ||||||||
| PalantirCL A · shares −29% · price +61.5% | 0.48% | $272.8M | +$103.9M | ||||||||
| SnowflakeCL A · shares −26% · price +53.1% | 0.48% | $272.3M | +$94.5M | ||||||||
| SalesforceCOM · shares +2.9% · price +1.6% | 0.48% | $270.9M | +$4.2M | ||||||||
| CloudflareCL A COM · shares −1.5% · price +73.8% | 0.47% | $267.0M | +$113.3M | ||||||||
| Boston Scientific CorpCOM · shares +1.1% · price +6.5% | 0.47% | $264.9M | +$15.9M | ||||||||
| MicrosoftCOM · shares −11% · price +32.5% | 0.47% | $263.4M | +$64.6M | ||||||||
| MastercardCL A · shares +15% · price +2.5% | 0.47% | $262.6M | +$5.6M | ||||||||
| SeaSPONSORD ADS · shares +58% · price +22.6% | 0.46% | $262.5M | +$30.6M | ||||||||
| Regeneron PharmaceuticalsCOM · shares +34% · price −17.2% | 0.46% | $262.4M | −$40.6M | ||||||||
| RobloxCL A · shares −38% · price +80.5% | 0.46% | $261.1M | +$116.4M | ||||||||
| Schwab Charles CorpCOM · shares +46% · price +16.6% | 0.46% | $259.5M | +$25.2M | ||||||||
| Sofi Technologies IncCOM · shares +50% · price +56.6% | 0.46% | $259.3M | +$62.5M | ||||||||
| AdobeCOM · shares +7.9% · price +0.9% | 0.46% | $258.7M | +$2.1M | ||||||||
| Total · 3,150 positions | 100% | $56.47B | +$3.37B |
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 Q1 2025 to Q2 2025: 2,505 stocks held throughout, up $3.37B (+11.0%).
- Unitedhealth Group Inc93:1 split+$230.8M+5,440%
- Robinhood+$120.4M+125%
- Roblox+$116.4M+80%
- Cloudflare+$113.3M+74%
- Palantir+$103.9M+62%
- Merck & Co Inc−$23.3M−12%
- Thermo Fisher Scientific Inc−$30.5M−19%
- Enphase Energy Inc−$35.5M−36%
- Regeneron Pharmaceuticals−$40.6M−17%
- Comfort Systems USA1:10 split−$48.2M−83%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 19 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 ↗ |