TWO SIGMA ADVISERS, LP

CIK

1478735

Location

NEW YORK, NY

Portfolio Value

Mid $2,437,840,460

Diversification

Diversified

Filing Date

Global Rank

#140 / 8,652 ▲ 4

Top Industry

Semiconductors 8.9%

3Y Alpha vs SPY

-1.5%

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

+70.4%

SPY

+76.8%

Annualised alpha

-1.5%

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

2,281 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%	$6,275,468,859	424
Industrials	11.1%	$5,701,984,008	277
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%	$1,459,587,857	98
Real Estate	2.4%	$1,258,041,247	136
Utilities	1.1%	$545,439,557	41
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

104 positions · $2,437,840,460 total · Consumer Defensive only · 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 104 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	333,400	-307,100	$287,504,156	−51.5%	11.79%
KMB	Kimberly Clark Corp Consumer Defensive	NEW	2,442,100	NEW	$246,383,469	NEW	10.11%
CAG	Conagra Brands Inc. Consumer Defensive	Reduced	9,044,000	-598,900	$156,551,640	−11.3%	6.42%
CPB	CAMPBELL'S Co Consumer Defensive	Added	5,403,400	+1,136,000	$150,592,758	+11.7%	6.18%
HRL	Hormel Foods Corp /De/ Consumer Defensive	Added	6,321,200	+2,159,100	$149,812,440	+45.5%	6.15%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	1,036,000	-981,000	$148,469,160	−52.1%	6.09%
CLX	Clorox Co /De/ Consumer Defensive	Reduced	1,256,500	-778,100	$126,692,895	−49.5%	5.20%
GIS	General Mills Inc Consumer Defensive	Added	2,232,361	+1,086,661	$103,804,786	+79.7%	4.26%
DG	Dollar General Corp Consumer Defensive	Added	773,799	+26,100	$102,737,293	+33.0%	4.21%
TSN	Tyson Foods, Inc. Consumer Defensive	Added	1,546,400	+353,700	$90,649,968	+40.0%	3.72%
SJM	J M SMUCKER Co Consumer Defensive	Reduced	895,292	-601,300	$87,568,510	−46.1%	3.59%
POST	Post Holdings, Inc. Consumer Defensive	Added	785,615	+595,900	$77,815,165	+281.6%	3.19%
BTI	British American Tobacco p.l.c. Consumer Defensive	Added	1,282,400	+259,000	$72,609,488	+33.7%	2.98%
CHD	Church & Dwight Co Inc /De/ Consumer Defensive	Added	728,700	+644,200	$61,101,495	+725.2%	2.51%
CL	Colgate Palmolive Co Consumer Defensive	Reduced	604,400	-809,100	$47,759,688	−57.7%	1.96%
TAP	Molson Coors Beverage Co Consumer Defensive	Added	983,041	+922,641	$45,888,353	+1579.0%	1.88%
SFD	Smithfield Foods Inc Consumer Defensive	Added	2,031,000	+303,056	$45,352,230	+11.8%	1.86%
WMT	Walmart Inc. Consumer Defensive	Reduced	234,200	-5,150,600	$26,092,222	−95.3%	1.07%
LRN	Stride, Inc. Consumer Defensive	NEW	369,688	NEW	$24,003,841	NEW	0.98%
CVSA	Covista Inc. Consumer Defensive	Added	192,100	+82,704	$19,876,587	+17.6%	0.82%
SPB	Spectrum Brands Holdings, Inc. Consumer Defensive	Reduced	291,000	-181,000	$17,192,280	−30.7%	0.71%
VITL	Vital Farms, Inc. Consumer Defensive	Added	482,500	+105,700	$15,411,050	−0.6%	0.63%
DOLE	Dole plc Consumer Defensive	Added	997,400	+971,000	$14,951,026	+4113.7%	0.61%
INGR	Ingredion Inc Consumer Defensive	Added	130,100	+16,100	$14,344,826	+3.0%	0.59%
SFM	Sprouts Farmers Market, Inc. Consumer Defensive	Reduced	171,603	-232,097	$13,671,611	−68.9%	0.56%
KO	Coca Cola Co Consumer Defensive	Added	186,200	+173,800	$13,017,242	+1482.9%	0.53%
TPB	Turning Point Brands, Inc. Consumer Defensive	Reduced	115,000	-12,900	$12,466,000	−1.4%	0.51%
PPC	Pilgrims Pride Corp Consumer Defensive	Reduced	318,600	-198,500	$12,422,214	−41.0%	0.51%
HLF	Herbalife Ltd. Consumer Defensive	Added	932,500	+4,700	$12,019,925	+53.5%	0.49%
BRBR	Bellring Brands, Inc. Consumer Defensive	Added	428,200	+417,700	$11,445,786	+2898.8%	0.47%
JBSS	Sanfilippo John B & Son Inc Consumer Defensive	Reduced	155,100	-6,300	$10,950,060	+5.5%	0.45%
TAL	TAL Education Group Consumer Defensive	Reduced	931,300	-145,100	$10,160,483	−15.7%	0.42%
COCO	Vita Coco Company, Inc. Consumer Defensive	Reduced	182,000	-63,600	$9,647,820	−7.5%	0.40%
FIZZ	National Beverage Corp Consumer Defensive	Added	296,800	+10,400	$9,464,952	−10.5%	0.39%
UVV	Universal Corp /Va/ Consumer Defensive	Added	176,400	+5,100	$9,305,100	−2.8%	0.38%
NOMD	Nomad Foods Ltd Consumer Defensive	Reduced	733,400	-644,900	$9,174,834	−49.4%	0.38%
EPC	EDGEWELL PERSONAL CARE Co Consumer Defensive	Added	535,800	+183,700	$9,135,390	+27.4%	0.37%
MZTI	Marzetti Co Consumer Defensive	Reduced	50,800	-31,200	$8,352,536	−41.0%	0.34%
SMPL	Simply Good Foods Co Consumer Defensive	Added	411,000	+234,500	$8,252,880	+88.4%	0.34%
MNST	Monster Beverage Corp Consumer Defensive	Added	101,009	+35,700	$7,744,360	+76.2%	0.32%
USFD	US Foods Holding Corp. Consumer Defensive	Added	98,500	+39,200	$7,419,020	+63.3%	0.30%
NUS	Nu Skin Enterprises, Inc. Consumer Defensive	Reduced	760,300	-105,900	$7,314,086	−30.7%	0.30%
BGS	B&G Foods, Inc. Consumer Defensive	Added	1,653,700	+1,900	$7,110,910	−2.8%	0.29%
WMK	Weis Markets Inc Consumer Defensive	Reduced	105,200	-400	$6,742,268	−11.2%	0.28%
HSY	Hershey Co Consumer Defensive	NEW	33,600	NEW	$6,114,528	NEW	0.25%
STRA	Strategic Education, Inc. Consumer Defensive	Added	66,525	+22,300	$5,335,305	+40.3%	0.22%
IMKTA	Ingles Markets Inc Consumer Defensive	Held	76,200	0	$5,223,510	−1.5%	0.21%
PRDO	PERDOCEO EDUCATION Corp Consumer Defensive	Added	166,200	+54,800	$4,874,646	+16.2%	0.20%
UL	Unilever PLC Consumer Defensive	NEW	69,277	NEW	$4,530,715	NEW	0.19%
COTY	Coty Inc. Consumer Defensive	Reduced	1,428,699	-938,900	$4,400,392	−54.0%	0.18%