SEC 13F Intelligence

Managers / Q1 2025 · view latest →

TWO SIGMA ADVISERS, LP

CIK 0001478735 · Part of the Two Sigma family · 100 AVENUE OF THE AMERICAS, 16TH FLOOR, NEW YORK, NY, 10013 · 212-625-5700

Reported Value
$44.4B
Q1 2025
Positions
2,360
Filings on Record
31
2019–present window
Filed
May 15, 2025
original filing

Summary

Two Sigma Advisers, LP reported $44.4B in U.S.-listed holdings across 2,360 positions for Q1 2025.

Its largest position, AAPL, represents 3.0% of the portfolio.

Compared with Q4 2024, the fund opened 315 new positions and exited 284.

Portfolio Metrics

Turnover
+28.2%
vs prior filed quarter
Top-10 Concentration
+17.6%
share of reported value
Largest Position
+3.0%
Apple
New / Exited
315 / 284
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $36.6BQ4 ’18Q1 ’19: $39.7BQ2 ’19: $40.2BQ3 ’19: $40.9BQ4 ’19: $43.1BQ4 ’19Q1 ’20: $26.1BQ2 ’20: $34.6BQ3 ’20: $35.0BQ4 ’20: $37.4BQ4 ’20Q1 ’21: $36.4BQ2 ’21: $37.9BQ3 ’21: $38.6BQ4 ’21: $39.9BQ4 ’21Q1 ’22: $37.6BQ2 ’22: $35.3BQ3 ’22: $34.5BQ4 ’22: $35.8BQ4 ’22Q1 ’23: $38.8BQ2 ’23: $39.3BQ3 ’23: $39.0BQ4 ’23: $42.7BQ4 ’23Q1 ’24: $43.2BQ2 ’24: $44.8BQ3 ’24: $42.7BQ4 ’24: $43.2BQ4 ’24Q1 ’25: $44.4BQ2 ’25: $48.8BQ3 ’25: $50.0BQ4 ’25: $51.4BQ4 ’25Q1 ’26: $0filingsflow.com

Portfolio Composition

By security type
Common Stock: 89.3%Other: 5.8%ADR: 3.0%REIT: 1.5%ETP: 0.2%Other: 0.2%
  • Common Stock · 89.3% · $39.7B
  • Other · 5.8% · $2.6B
  • ADR · 3.0% · $1.3B
  • REIT · 1.5% · $682M
  • ETP · 0.2% · $87M
  • Other · 0.2% · $88M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
REGNREGENERON PHARMACEUTICALSNEW+553.8K553.8K+$351M$351M
AMDADVANCED MICRO DEVICES INCNEW+1.50M1.50M+$155M$155M
EXEEXPAND ENERGY CORPORATIONNEW+812.3K812.3K+$90M$90M
SPDR S&P 500 ETF TRNEW+136.4K136.4K+$76M$76M
GMGENERAL MTRS CONEW+1.60M1.60M+$75M$75M
APOAPOLLO GLOBAL MGMT INCNEW+531.3K531.3K+$73M$73M
YUMYUM BRANDS INCNEW+428.6K428.6K+$67M$67M
HDBHDFC BANK LTDNEW+958.2K958.2K+$64M$64M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM2.96%$1.3B5.91M
2NVDANVIDIA CORPORATIONhistory →COM2.62%$1.2B10.75M
3MSFTMICROSOFT CORPhistory →COM2.14%$951M2.53M
4AMZNAMAZON COM INChistory →COM1.92%$853M4.48M
5GOOGLALPHABET INChistory →CAP STK CL A1.58%$704M4.55M
6AVGOBROADCOM INChistory →COM1.46%$651M3.89M
7MAMASTERCARD INCORPORATEDhistory →CL A1.40%$622M1.13M
8ADBEADOBE INChistory →COM1.19%$530M1.38M
9CMECME GROUP INChistory →COM1.19%$530M2.00M
10LMTLOCKHEED MARTIN CORPhistory →COM1.17%$519M1.16M
11DASHDOORDASH INChistory →CL A1.11%$492M2.69M
12SNOWSNOWFLAKE INChistory →CL A1.05%$468M3.20M
13ABGCENCORA INChistory →COM1.04%$460M1.65M
14BACBANK AMERICA CORPhistory →COM1.02%$451M10.81M
15CRMSALESFORCE INChistory →COM0.98%$437M1.63M
16NOCNORTHROP GRUMMAN CORPhistory →COM0.98%$434M846.9K
17FTNTFORTINET INChistory →COM0.97%$432M4.49M
18MSCIMSCI INChistory →COM0.97%$431M762.7K
19RBLXROBLOX CORPhistory →CL A0.96%$427M7.33M
20BSXBOSTON SCIENTIFIC CORPhistory →COM0.96%$424M4.21M
21LNGCHENIERE ENERGY INChistory →COM NEW0.91%$405M1.75M
22DHRDANAHER CORPORATIONhistory →COM0.90%$398M1.94M
23QCOMQUALCOMM INChistory →COM0.89%$394M2.57M
24SCHWSCHWAB CHARLES CORPhistory →COM0.86%$381M4.87M
25CSCOCISCO SYS INChistory →COM0.84%$373M6.05M
26TSLATESLA INChistory →COM0.84%$372M1.43M
27REGNREGENERON PHARMACEUTICALShistory →COM0.79%$351M553.8K
28ISRGINTUITIVE SURGICAL INChistory →COM NEW0.78%$347M699.9K
29NVONOVO-NORDISK A Shistory →ADR0.76%$337M4.86M
30METAMETA PLATFORMS INChistory →CL A0.74%$328M569.5K
31ICEINTERCONTINENTAL EXCHANGE INhistory →COM0.71%$316M1.83M
32AMGNAMGEN INChistory →COM0.70%$312M1.00M
33MRKMERCK & CO INChistory →COM0.66%$295M3.29M
34HUMHUMANA INChistory →COM0.63%$278M1.05M
35ABNBAIRBNB INChistory →COM CL A0.62%$274M2.29M
36TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.59%$263M529.2K
37SPOTIFY TECHNOLOGY S ASHS0.56%$247M449.7K
38HOODROBINHOOD MKTS INChistory →COM CL A0.54%$240M5.77M
39CVNACARVANA COhistory →CL A0.51%$227M1.08M
40CMCSACOMCAST CORP NEWhistory →CL A0.50%$224M6.06M
41ITGARTNER INChistory →COM0.50%$220M524.9K
42COSTCOSTCO WHSL CORP NEWhistory →COM0.49%$220M232.4K
43COPCONOCOPHILLIPShistory →COM0.49%$219M2.09M
44WCNWASTE CONNECTIONS INChistory →COM0.48%$215M1.10M
45JNPJUNIPER NETWORKS INChistory →COM0.48%$213M5.89M
46GDGENERAL DYNAMICS CORPhistory →COM0.47%$208M762.4K
47CNCCENTENE CORP DELhistory →COM0.45%$201M3.31M
48MCKMCKESSON CORPhistory →COM0.45%$199M295.2K
49DGDOLLAR GEN CORP NEWhistory →COM0.45%$198M2.25M
50NFLXNETFLIX INChistory →COM0.43%$192M205.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$01May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$51.4B2,329Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$50.0B2,311Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$48.8B2,300Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$44.4B2,360May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$43.2B2,329Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$42.7B2,260Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$44.8B2,414Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$43.2B2,431May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$42.7B2,480Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$39.0B2,362Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$39.3B2,357Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$38.8B2,568May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$35.8B2,493Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$34.5B2,518Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$35.3B2,619Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$37.6B2,714May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$39.9B2,591Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$38.6B2,418Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$37.9B2,418Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$36.4B2,526May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$37.4B2,357Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$35.0B2,374Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$34.6B2,475Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$26.1B2,439May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$43.1B2,336Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$40.9B2,198Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$40.2B2,294Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$39.7B2,275May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$36.6B2,334Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 5 additional managers.

  • TWO SIGMA ABSOLUTE RETURN PORTFOLIO, LLC028-15367
  • TWO SIGMA ACTIVE EXTENSION U.S. ALL CAP EQUITY PORTFOLIO, LLC028-15404
  • Two Sigma Active Extension U.S. Small Cap Equity Fund, LP028-15364
  • Two Sigma Equity Risk Premia Portfolio, LLC028-17346
  • Two Sigma World Core Fund, LP028-17350

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.