13F filer · CIK 1179392 ↗
Two Sigma
You are looking at Q3 2025. See the latest, Q2 2026 →
Reported value
$67.17B
+19% on the quarter before
Positions
3,628
913 new · 435 sold out
Top 10
6.2%
of the value
Est. gain
+$2.34B
on stocks held all quarter
Est. return
+6.4%
on those stocks since Q2 2025
Positions as of Sep 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, 12% of the reported value, each sized by its share, colored by what the fund did with it since Q2 2025. Striped tiles are options.
Largest buys
Since Q2 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.
- Select Sector SPDR Tr~$481.9MAdded · 0.2% → 0.9%+8,945,030 shares
- Select Sector SPDR Tr~$346.6MAdded · 0.3% → 0.7%+4,423,172 shares
- Nebius Group N.V.~$262.3MAdded · 0.0% → 0.4%+2,336,669 shares
- SPDR Dow Jones Indl Average~$237.2MAdded · 0.0% → 0.4%+511,430 shares
- Tjx Cos Inc New~$236.2MAdded · 0.0% → 0.4%+1,634,417 shares
- AMD~$235.6MAdded · 0.0% → 0.4%+1,456,403 shares
- Accenture Plc Ireland~$232.9MAdded · 0.0% → 0.3%+944,639 shares
- Walmart Inc~$232.5MAdded · 0.0% → 0.4%+2,255,971 shares
- TSMC~$230.0MAdded · 0.0% → 0.4%+823,371 shares
- Echostar Corp~$213.0MNew · 0.0% → 0.3%+86,600,000 shares
Largest sells
Since Q2 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 Tr~$399.8MCut · 1.3% → 0.6%−665,875 shares
- Select Sector SPDR Tr~$398.7MCut · 0.6% → 0.0%−1,414,531 shares
- Ishares Tr~$361.8MCut · 0.6% → 0.0%−3,145,400 shares
- Thermo Fisher Scientific Inc~$304.4MCut · 0.5% → 0.0%−627,589 shares
- Robinhood~$297.4MCut · 0.4% → 0.1%−2,077,306 shares
- Snowflake~$270.9MCut · 0.5% → 0.0%−1,200,989 shares
- Unitedhealth Group Inc~$254.7MCut · 0.4% → 0.0%−737,479 shares
- Ishares Tr~$247.0MCut · 0.8% → 0.4%−527,243 shares
- D R Horton Inc~$239.7MCut · 0.3% → 0.0%−1,414,406 shares
- Bloom Energy~$238.9MCut · 0.2% → 0.2%−2,824,558 shares
Holdings
As of Sep 30, 2025. Changes are in shares against Jun 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPDR S&P 500 ETF TrTR UNIT · shares −12% · price +7.8% | 1.0% | $680.4M | +$49.4M | ||||||||
| Select Sector SPDR TrFINANCIAL · shares +479% · price +2.9% | 0.87% | $582.6M | +$2.8M | ||||||||
| Select Sector SPDR TrSBI CONS STPLS · shares +242% · price −3.2% | 0.73% | $489.6M | −$4.7M | ||||||||
| Vanguard Index FdsGROWTH ETF · shares −17% · price +9.4% | 0.62% | $415.4M | +$35.7M | ||||||||
| Invesco Qqq TrUNIT SER 1 · shares −50% · price +8.8% | 0.60% | $404.6M | +$32.8M | ||||||||
| Ishares TrMSCI USA QLT FCT · shares +100% · price +6.4% | 0.56% | $375.7M | +$11.3M | ||||||||
| Ishares TrCORE S&P500 ETF · shares −11% · price +7.8% | 0.50% | $335.1M | +$24.2M | ||||||||
| PalantirCL A · shares −21% · price +33.8% | 0.43% | $290.1M | +$73.3M | ||||||||
| MicronCOM · shares +225% · price +35.8% | 0.42% | $285.3M | +$23.1M | ||||||||
| Ishares TrRUS 1000 GRW ETF · shares −47% · price +10.3% | 0.41% | $274.9M | +$25.7M | ||||||||
| Lockheed Martin CorpCOM · shares +26% · price +7.8% | 0.41% | $274.3M | +$15.7M | ||||||||
| Alnylam Pharmaceuticals IncCOM · shares +74% · price +39.8% | 0.40% | $271.7M | +$44.6M | ||||||||
| Nebius Group N.V.SHS CLASS A · shares +3,201% · price +102.9% | 0.40% | $270.5M | +$4.2M | ||||||||
| NvidiaCOM · shares −24% · price +18.1% | 0.40% | $270.2M | +$41.4M | ||||||||
| MicrosoftCOM · shares −2.7% · price +4.1% | 0.40% | $266.9M | +$10.6M | ||||||||
| AmazonCOM · shares −8.4% · price +0.1% | 0.40% | $266.4M | +$218,359 | ||||||||
| CloudflareCL A COM · shares −9.3% · price +9.6% | 0.40% | $265.4M | +$23.2M | ||||||||
| Regeneron PharmaceuticalsCOM · shares −6.0% · price +7.1% | 0.39% | $264.2M | +$17.5M | ||||||||
| Ishares TrMSCI USA MIN VOL · shares +26% · price +1.4% | 0.39% | $260.1M | +$2.8M | ||||||||
| Bank America CorpCOM · shares −1.4% · price +9.0% | 0.38% | $255.8M | +$21.2M | ||||||||
| MetaCL A · shares +24% · price −0.5% | 0.38% | $253.6M | −$1.0M | ||||||||
| Jpmorgan Chase & Co.COM · shares +311% · price +8.8% | 0.38% | $252.6M | +$5.0M | ||||||||
| GE VernovaCOM · shares −11% · price +16.2% | 0.38% | $252.4M | +$35.2M | ||||||||
| TeslaCOM · shares +24% · price +40.0% | 0.37% | $249.5M | +$57.6M | ||||||||
| SPDR Series TrustS&P REGL BKG · shares +19% · price +6.6% | 0.37% | $248.1M | +$12.9M | ||||||||
| Total · 3,628 positions | 100% | $67.17B | +$2.34B |
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 Q2 2025 to Q3 2025: 2,614 stocks held throughout, up $2.34B (+6.4%).
- Bloom Energy+$103.9M+254%
- Astera Labs+$84.2M+117%
- Palantir+$73.3M+34%
- Sofi Technologies Inc+$72.2M+45%
- Credo Technology Group Holdi+$70.7M+57%
- Salesforce−$35.4M−13%
- Gartner−$37.5M−35%
- Intuitive Surgical−$38.6M−18%
- Atlassian Corporation−$53.8M−21%
- Centene Corp Del−$58.6M−34%
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 ↗ |