13F filer · CIK 1179392 ↗
Two Sigma
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$70.90B
+5.5% on the quarter before
Positions
4,041
945 new · 532 sold out
Top 10
4.9%
of the value
Est. gain
+$970.5M
on stocks held all quarter
Est. return
+2.3%
on those stocks since Q3 2025
Positions as of Dec 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, 10% 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.
- Select Sector SPDR Tr~$361.9MAdded · 0.1% → 0.6%+3,030,980 shares
- Vanguard Index Fds~$316.2MNew · 0.0% → 0.4%+3,573,400 shares
- ServiceNow~$246.3MAdded · 0.0% → 0.3%+1,607,882 shares
- Schwab Strategic Tr~$244.0MNew · 0.0% → 0.3%+11,681,437 shares
- Ishares Tr~$237.8MAdded · 0.0% → 0.4%+1,409,300 shares
- Select Sector SPDR Tr~$231.4MNew · 0.0% → 0.3%+5,735,700 shares
- Vaneck ETF Trust~$229.3MNew · 0.0% → 0.3%+636,751 shares
- SPDR Series Trust~$213.9MAdded · 0.0% → 0.3%+1,754,300 shares
- Kimberly-Clark Corp~$206.9MAdded · 0.0% → 0.3%+2,050,786 shares
- Amgen Inc~$204.2MAdded · 0.0% → 0.3%+623,963 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.
- Select Sector SPDR Tr~$562.1MCut · 0.9% → 0.0%−10,262,770 shares
- Select Sector SPDR Tr~$444.9MCut · 0.7% → 0.1%−5,727,704 shares
- SPDR S&P 500 ETF Tr~$379.9MCut · 1.0% → 0.4%−557,176 shares
- Ishares Tr~$302.5MCut · 0.6% → 0.1%−1,523,000 shares
- Alphabet~$294.8MCut · 0.4% → 0.0%−941,728 shares
- Walmart Inc~$261.1MCut · 0.4% → 0.0%−2,343,331 shares
- Salesforce~$256.3MCut · 0.3% → 0.0%−967,525 shares
- SPDR Series Trust~$252.2MCut · 0.4% → 0.0%−3,891,753 shares
- Bank America Corp~$250.3MCut · 0.4% → 0.0%−4,550,896 shares
- Accenture Plc Ireland~$247.1MCut · 0.3% → 0.0%−921,156 shares
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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Select Sector SPDR TrSTATE STREET CON · shares +860% · price −50.2% | 0.57% | $404.0M | −$42.3M | ||||||||
| Select Sector SPDR TrSTATE STREET TEC · shares −0.1% · price +4,139.5% | 0.57% | $403.3M | +$393.8M | ||||||||
| Vanguard Index FdsGROWTH ETF · shares −5.7% · price +1.7% | 0.56% | $398.5M | +$6.7M | ||||||||
| Ishares TrRUS 1000 GRW ETF · shares +39% · price +1.0% | 0.54% | $385.2M | +$2.9M | ||||||||
| Echostar CorpNOTE 3.875%11/3 · shares +18% · price +35.8% | 0.48% | $342.4M | — | ||||||||
| Invesco Qqq TrUNIT SER 1 · shares −22% · price +2.3% | 0.45% | $321.3M | +$7.3M | ||||||||
| SPDR S&P 500 ETF TrTR UNIT · shares −55% · price +2.4% | 0.45% | $316.5M | +$7.3M | ||||||||
| Vanguard Index FdsREAL ESTATE ETF · shares New | 0.45% | $316.2M | — | ||||||||
| MicronCOM · shares −39% · price +70.6% | 0.42% | $296.8M | +$122.8M | ||||||||
| AMDCOM · shares −11% · price +32.4% | 0.41% | $287.5M | +$70.3M | ||||||||
| Western DigitalNOTE 3.000%11/1 · shares −8.1% · price +42.9% | 0.40% | $286.9M | — | ||||||||
| PalantirCL A · shares −1.6% · price −2.6% | 0.39% | $278.1M | −$7.3M | ||||||||
| Ishares TrCORE S&P500 ETF · shares −22% · price +2.3% | 0.38% | $269.0M | +$6.1M | ||||||||
| General Mtrs CoCOM · shares −7.0% · price +33.4% | 0.38% | $268.5M | +$67.2M | ||||||||
| AmazonCOM · shares −5.3% · price +5.1% | 0.37% | $265.0M | +$12.9M | ||||||||
| TSMCSPONSORED ADS · shares +0.5% · price +8.8% | 0.37% | $263.9M | +$21.3M | ||||||||
| Intuitive SurgicalCOM NEW · shares −17% · price +26.6% | 0.37% | $260.5M | +$54.8M | ||||||||
| MicrosoftCOM · shares +4.5% · price −6.6% | 0.37% | $260.3M | −$17.7M | ||||||||
| Rivian Automotive IncCOM CL A · shares −21% · price +34.3% | 0.37% | $260.2M | +$66.4M | ||||||||
| AirbnbCOM CL A · shares +0.7% · price +11.8% | 0.37% | $259.7M | +$27.2M | ||||||||
| AdobeCOM · shares +5.6% · price −0.8% | 0.37% | $259.7M | −$1.9M | ||||||||
| Tjx Cos Inc NewCOM · shares +1.2% · price +6.3% | 0.36% | $258.2M | +$15.1M | ||||||||
| Schwab Charles CorpCOM · shares +0.9% · price +4.7% | 0.36% | $257.7M | +$11.3M | ||||||||
| TeslaCOM · shares +1.3% · price +1.1% | 0.36% | $255.6M | +$2.8M | ||||||||
| MastercardCL A · shares +11% · price +0.4% | 0.36% | $252.0M | +$819,910 | ||||||||
| Total · 4,041 positions | 100% | $70.90B | +$970.5M |
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: 2,818 stocks held throughout, up $970.5M (+2.3%).
- Select Sector SPDR Tr83:1 split+$393.8M+4,140%
- Micron+$122.8M+71%
- Circle51:1 split+$96.5M+2,950%
- Albemarle Corp+$76.1M+74%
- Guardant Health Inc+$71.5M+63%
- Select Sector SPDR Tr−$42.3M−50%
- Sea−$63.0M−29%
- Fiserv Inc−$87.6M−48%
- Netflix8:1 split−$90.8M−37%
- Roblox−$97.4M−42%
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 ↗ |