TWO SIGMA ADVISERS, LP

CIK

1478735

Location

NEW YORK, NY

Portfolio Value

Large $51,370,875,604

Diversification

Diversified

Filing Date

Global Rank

#83 / 8,420 ▲ 59

Top Industry

Semiconductors 8.9%

3Y Alpha vs SPY

-1.2%

Period ended 6 months ago

Filed Feb 17, 2026 · 4mo

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+71.1%

SPY

+76.3%

Annualised alpha

-1.2%

Max drawdown

−19.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

2,277 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

3.2%

+0.1 pts

Top 5

12.5%

−0.2 pts

Top 10

18.9%

−0.3 pts

HHI

Diversified−2

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Technology	27.4%	$14,096,719,243	336
Consumer Cyclical	14.6%	$7,483,962,483	244
Financial Services	14.4%	$7,390,822,903	383
Healthcare	12.2%	$6,274,846,169	423
Industrials	11.1%	$5,700,766,258	276
Communication Services	6.2%	$3,192,286,978	100
Consumer Defensive	4.7%	$2,437,840,460	104
Basic Materials	2.9%	$1,482,618,986	134
Energy	2.8%	$1,456,554,272	97
Real Estate	2.4%	$1,258,041,247	136
Utilities	1.1%	$541,112,557	40
Unclassified	0.1%	$55,304,048	4

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
F	Ford Motor Co	+20,015,100	21,873,800	$286,984,256
PLUG	Plug Power Inc	+8,395,800	11,018,584	$21,706,610
T	At&T Inc.	+6,543,700	6,634,200	$164,793,528
RIVN	Rivian Automotive, Inc. / DE	+6,379,420	20,659,520	$407,199,139
TTD	Trade Desk, Inc.	+5,781,600	6,860,400	$260,420,784
JBLU	Jetblue Airways Corp	+4,618,300	6,796,300	$30,923,165
RBLX	Roblox Corp	+3,612,341	6,507,141	$527,273,635
RIG	Transocean Ltd.	+3,563,600	22,213,154	$91,740,326
BMY	Bristol Myers Squibb Co	+3,548,900	8,270,200	$446,094,588
NU	Nu Holdings Ltd.	+3,523,800	16,269,800	$272,356,452
BTG	B2gold Corp	+3,438,500	20,243,680	$91,298,996
OPEN	Opendoor Technologies Inc.	+3,216,178	3,271,478	$19,072,716
PINS	Pinterest, Inc.	+3,079,100	3,257,400	$84,334,086
NOW	ServiceNow, Inc.	+2,999,480	3,003,780	$460,149,058
WU	Western Union CO	+2,972,000	3,070,400	$28,585,424
DX	Dynex Capital Inc	+2,808,500	2,884,753	$40,415,389
CMG	Chipotle Mexican Grill Inc	+2,801,900	2,887,400	$106,833,800
ORC	Orchid Island Capital, Inc.	+2,782,900	2,803,200	$20,183,040
SES	SES AI Corp	+2,768,400	3,152,700	$5,674,860
NIO	NIO Inc.	+2,519,600	5,499,400	$28,046,940
KEY	Keycorp /New/	+2,498,100	4,673,000	$96,450,720
DOW	Dow Inc.	+2,269,300	3,611,200	$84,429,856
AL	SUMISHO AIR LEASE CORP	+2,247,800	2,343,400	$150,516,582
SGMO	Sangamo Therapeutics, Inc	+2,234,900	4,343,255	$1,824,167
KMX	Carmax Inc	+2,185,300	2,908,400	$112,380,576
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
BBD	Bank Bradesco	−15,910,500	22,115,920	$73,646,013
BAC	Bank Of America Corp /De/	−10,766,900	1,540,300	$84,716,500
DNN	Denison Mines Corp.	−8,001,900	5,713,100	$15,196,846
MARA	MARA Holdings, Inc.	−7,393,707	26,047	$233,902
WULF	Terawulf Inc.	−5,769,800	2,137,800	$24,563,322
WMT	Walmart Inc.	−5,150,600	234,200	$26,092,222
CPNG	Coupang, Inc.	−4,801,500	5,725,100	$135,055,109
PTON	Peloton Interactive, Inc.	−3,748,200	2,245,600	$13,832,896
RIOT	Riot Platforms, Inc.	−3,701,700	204,700	$2,593,549
CAN	Canaan Inc.	−3,588,600	3,312,100	$2,285,349
LUMN	Lumen Technologies, Inc.	−3,574,200	544,028	$4,227,097
MOS	Mosaic Co	−3,185,100	112,400	$2,707,716
ABEV	Ambev S.A.	−2,927,143	1,101,000	$2,719,470
GGB	Gerdau S.A.	−2,693,780	525,580	$1,939,390
CIFR	Cipher Digital Inc.	−2,370,600	393,600	$5,809,536
CNC	Centene Corp	−2,246,000	2,196,692	$90,393,875
TFC	Truist Financial Corp	−2,169,060	83,200	$4,094,272
QCOM	Qualcomm Inc/De	−2,159,300	43,100	$7,372,255
JNJ	Johnson & Johnson	−1,995,734	350,509	$72,537,837
JBS	Jbs N.V.	−1,915,700	83,500	$1,204,070
APA	APA Corp	−1,797,115	224,878	$5,500,515
NCLH	Norwegian Cruise Line Holdings Ltd.	−1,616,500	1,008,709	$22,514,384
NAT	NORDIC AMERICAN TANKERS Ltd	−1,460,900	254,200	$874,448
EQX	Equinox Gold Corp.	−1,421,100	725,024	$10,179,336
CRDO	Credo Technology Group Holding Ltd	−1,380,700	11,600	$1,669,124
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
KMB	Kimberly Clark Corp	2,442,100	$246,383,469
ROST	Ross Stores, Inc.	1,022,400	$184,175,136
MCD	Mcdonalds Corp	411,240	$125,687,281
HPE	Hewlett Packard Enterprise Co	4,958,800	$119,110,376
UAL	United Airlines Holdings, Inc.	748,600	$83,708,452
HPQ	Hp Inc	2,599,200	$57,910,176
GE	General Electric Co	177,073	$54,543,796
DHI	Horton D R Inc /De/	320,900	$46,219,227
BA	Boeing Co	209,117	$45,403,483
AZO	Autozone Inc	12,774	$43,323,021
CRCL	Circle Internet Group, Inc.	544,100	$43,147,130
PTC	Ptc Inc.	246,100	$42,873,081
CPRT	Copart Inc	943,300	$36,930,195
EOSE	Eos Energy Enterprises, Inc.	3,211,785	$36,807,056
OSCR	Oscar Health, Inc.	2,472,800	$35,534,136
AXSM	Axsome Therapeutics, Inc.	188,500	$34,427,640
TER	Teradyne, Inc	170,169	$32,937,911
VALE	Vale S.A.	2,461,400	$32,072,042
CARR	CARRIER GLOBAL Corp	596,800	$31,534,912
HOG	Harley-Davidson, Inc.	1,532,780	$31,406,662
MNDY	monday.com Ltd.	208,200	$30,721,992
AMRZ	Amrize Ltd	562,268	$30,407,453
PAYX	Paychex Inc	244,200	$27,394,356
MCHP	Microchip Technology Inc	424,800	$27,068,256
LRN	Stride, Inc.	369,688	$24,003,841
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
NBIS	Nebius Group N.V.	2,286,600	$256,716,582
MRK	Merck & Co., Inc.	2,320,900	$194,793,137
RDDT	Reddit, Inc.	560,600	$128,932,394
SNOW	Snowflake Inc.	482,100	$108,737,655
NKE	NIKE, Inc.	1,458,500	$101,701,205
HUM	Humana Inc	380,280	$98,937,447
SYK	Stryker Corp	234,900	$86,835,483
DE	Deere & Co	168,700	$77,139,762
CELH	Celsius Holdings, Inc.	1,266,000	$72,782,340
MRVL	Marvell Technology, Inc.	782,072	$65,748,793
JBHT	Hunt J B Transport Services Inc	438,800	$58,873,796
DHR	Danaher Corp /De/	288,300	$57,158,358
IREN	IREN Ltd	1,074,200	$50,412,206
AEP	American Electric Power Co Inc	388,200	$43,672,500
TLN	Talen Energy Corp	93,400	$39,730,492
ONTO	Onto Innovation Inc.	275,500	$35,600,110
CBOE	Cboe Global Markets, Inc.	143,620	$35,222,805
ICE	Intercontinental Exchange, Inc.	198,700	$33,476,976
WAY	Waystar Holding Corp.	764,121	$28,975,468
CM	Canadian Imperial Bank Of Commerce /Can/	299,800	$23,951,022
COF	Capital One Financial Corp	104,977	$22,316,010
PM	Philip Morris International Inc.	128,999	$20,923,637
LOW	Lowes Companies Inc	64,152	$16,122,039
BBY	Best Buy Co Inc	211,188	$15,970,036
ED	Consolidated Edison Inc	151,900	$15,268,988
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

2,277 positions · $51,370,875,604 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 2,277 positions by value · page 1 of 46

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Added	8,951,900	+734,500	$1,669,529,350	+8.9%	3.25%
AAPL	Apple Inc. Technology	Added	5,896,700	+424,100	$1,603,076,862	+15.0%	3.12%
MSFT	Microsoft Corp Technology	Reduced	2,673,180	-254,320	$1,292,803,311	−14.7%	2.52%
AMZN	Amazon Com Inc Consumer Cyclical	Added	4,979,120	+110,600	$1,149,280,478	+7.5%	2.24%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	2,204,020	-235,080	$710,179,324	−7.7%	1.38%
MA	Mastercard Inc Financial Services	Added	1,227,980	+125,780	$701,029,222	+11.8%	1.36%
MU	Micron Technology Inc Technology	Reduced	2,331,800	-90,200	$665,519,038	+64.2%	1.30%
PLTR	Palantir Technologies Inc. Technology	Reduced	3,674,200	-32,100	$653,089,050	−3.4%	1.27%
SCHW	Schwab Charles Corp Financial Services	Added	6,283,895	+325,000	$627,823,949	+10.4%	1.22%
TSLA	Tesla, Inc. Consumer Cyclical	Added	1,389,973	+571,580	$625,098,657	+71.8%	1.22%
AMD	Advanced Micro Devices Inc Technology	Added	2,900,140	+1,787,200	$621,093,982	+244.9%	1.21%
ISRG	Intuitive Surgical Inc Healthcare	Reduced	1,066,560	-211,840	$604,056,921	+5.7%	1.18%
BSX	Boston Scientific Corp Healthcare	Added	6,298,460	+958,700	$600,558,161	+15.2%	1.17%
LMT	Lockheed Martin Corp Industrials	Added	1,223,160	+41,760	$591,605,797	+0.3%	1.15%
ADBE	Adobe Inc. Technology	Added	1,668,528	+55,728	$583,968,114	+2.6%	1.14%
TMUS	T-Mobile US, Inc. Communication Services	Added	2,827,787	+658,400	$574,153,872	+10.6%	1.12%
PGR	Progressive Corp/Oh/ Financial Services	Added	2,457,800	+938,200	$559,690,216	+49.1%	1.09%
RBLX	Roblox Corp Communication Services	Added	6,507,141	+3,612,341	$527,273,635	+31.5%	1.03%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	1,662,600	+1,266,000	$505,247,514	+356.1%	0.98%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Added	3,282,598	+1,835,500	$504,239,878	+141.1%	0.98%
ABNB	Airbnb, Inc. Consumer Cyclical	Reduced	3,706,100	-14,800	$502,991,892	+11.3%	0.98%
REGN	Regeneron Pharmaceuticals, Inc. Healthcare	Reduced	604,540	-321,660	$466,626,289	−10.4%	0.91%
NET	Cloudflare, Inc. Technology	Added	2,340,000	+805,700	$461,331,000	+40.1%	0.90%
NOW	ServiceNow, Inc. Technology	Added	3,003,780	+2,999,480	$460,149,058	+58040.7%	0.90%
ALNY	Alnylam Pharmaceuticals, Inc. Healthcare	Added	1,132,560	+240,060	$450,362,484	+10.7%	0.88%
BMY	Bristol Myers Squibb Co Healthcare	Added	8,270,200	+3,548,900	$446,094,588	+109.5%	0.87%
RIVN	Rivian Automotive, Inc. / DE Consumer Cyclical	Added	20,659,520	+6,379,420	$407,199,139	+94.2%	0.79%
GM	General Motors Co Consumer Cyclical	Added	4,906,915	+600,515	$399,030,327	+52.0%	0.78%
UNP	Union Pacific Corp Industrials	Reduced	1,446,501	-136,200	$334,604,611	−10.6%	0.65%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,041,896	-543,904	$326,113,448	−15.4%	0.63%
GDDY	GoDaddy Inc. Technology	Added	2,604,900	+459,900	$323,215,992	+10.1%	0.63%
IBKR	Interactive Brokers Group, Inc. Financial Services	Added	4,597,600	+404,800	$295,671,656	+2.5%	0.58%
LRCX	Lam Research Corp Technology	Added	1,682,400	+366,200	$287,993,232	+63.4%	0.56%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	333,400	-307,100	$287,504,156	−51.5%	0.56%
F	Ford Motor Co Consumer Cyclical	Added	21,873,800	+20,015,100	$286,984,256	+1191.0%	0.56%
NU	Nu Holdings Ltd. Financial Services	Added	16,269,800	+3,523,800	$272,356,452	+33.5%	0.53%
SOFI	SoFi Technologies, Inc. Financial Services	Added	10,310,600	+1,916,400	$269,931,508	+21.7%	0.53%
WCN	Waste Connections, Inc. Industrials	Reduced	1,522,150	-5,600	$266,924,224	−0.6%	0.52%
V	Visa Inc. Financial Services	Added	749,460	+533,660	$262,843,116	+256.8%	0.51%
TTD	Trade Desk, Inc. Communication Services	Added	6,860,400	+5,781,600	$260,420,784	+392.5%	0.51%
AER	AerCap Holdings N.V. Industrials	Reduced	1,802,200	-61,700	$259,084,272	+14.9%	0.50%
RSG	Republic Services, Inc. Industrials	Added	1,176,300	+485,700	$249,293,259	+57.3%	0.49%
KMB	Kimberly Clark Corp Consumer Defensive	NEW	2,442,100	NEW	$246,383,469	NEW	0.48%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	Added	1,312,200	+2,500	$243,439,344	−7.8%	0.47%
GH	Guardant Health, Inc. Healthcare	Added	2,382,300	+269,500	$243,328,122	+84.3%	0.47%
CTAS	Cintas Corp Industrials	Added	1,284,000	+932,400	$241,481,880	+234.6%	0.47%
IONS	Ionis Pharmaceuticals Inc Healthcare	Added	3,052,111	+979,000	$241,452,501	+78.0%	0.47%
AMGN	Amgen Inc Healthcare	Added	735,880	+674,680	$240,860,882	+1294.6%	0.47%
GEV	GE Vernova Inc. Industrials	Reduced	353,780	-507,620	$231,219,994	−56.3%	0.45%
CB	Chubb Ltd Financial Services	Reduced	733,693	-530,320	$229,000,259	−35.8%	0.45%