SEC 13F Intelligence

Managers / Q2 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
$48.8B
Q2 2025
Positions
2,300
Filings on Record
31
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Two Sigma Advisers, LP reported $48.8B in U.S.-listed holdings across 2,300 positions for Q2 2025.

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

Compared with Q1 2025, the fund opened 259 new positions and exited 319.

Portfolio Metrics

Turnover
+23.6%
vs prior filed quarter
Top-10 Concentration
+19.0%
share of reported value
Largest Position
+3.0%
Nvidia Corporation
New / Exited
259 / 319
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: 90.1%Other: 5.4%ADR: 3.1%REIT: 1.3%NY Reg Shrs: 0.0%Other: 0.0%
  • Common Stock · 90.1% · $44.0B
  • Other · 5.4% · $2.7B
  • ADR · 3.1% · $1.5B
  • REIT · 1.3% · $632M
  • NY Reg Shrs · 0.0% · $14M
  • Other · 0.0% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AON PLCNEW+724.4K724.4K+$258M$258M
UNHUNITEDHEALTH GROUP INCNEW+759.5K759.5K+$237M$237M
BABAALIBABA GROUP HLDG LTDNEW+1.22M1.22M+$138M$138M
CATCATERPILLAR INCNEW+312.7K312.7K+$121M$121M
APHAMPHENOL CORP NEWNEW+909.8K909.8K+$90M$90M
SAIASAIA INCNEW+290.3K290.3K+$80M$80M
GSGOLDMAN SACHS GROUP INCNEW+84.1K84.1K+$60M$60M
ONTOONTO INNOVATION INCNEW+490.8K490.8K+$50M$50M

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

Holdings — Q2 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM3.03%$1.5B9.36M
2MSFTMICROSOFT CORPhistory →COM3.01%$1.5B2.95M
3AAPLAPPLE INChistory →COM2.68%$1.3B6.38M
4AMZNAMAZON COM INChistory →COM2.18%$1.1B4.86M
5GOOGLALPHABET INChistory →CAP STK CL A1.64%$801M4.55M
6NFLXNETFLIX INChistory →COM1.43%$696M519.9K
7MAMASTERCARD INCORPORATEDhistory →CL A1.35%$661M1.18M
8COSTCOSTCO WHSL CORP NEWhistory →COM1.29%$631M637.3K
9CRMSALESFORCE INChistory →COM1.20%$587M2.15M
10BACBANK AMERICA CORPhistory →COM1.20%$585M12.36M
11SNOWSNOWFLAKE INChistory →CL A1.18%$577M2.58M
12ADBEADOBE INChistory →COM1.17%$569M1.47M
13CVNACARVANA COhistory →CL A1.16%$567M1.68M
14PLTRPALANTIR TECHNOLOGIES INChistory →CL A1.16%$566M4.15M
15BSXBOSTON SCIENTIFIC CORPhistory →COM1.14%$555M5.17M
16RBLXROBLOX CORPhistory →CL A1.09%$530M5.04M
17SCHWSCHWAB CHARLES CORPhistory →COM1.06%$515M5.64M
18CMECME GROUP INChistory →COM1.04%$508M1.84M
19REGNREGENERON PHARMACEUTICALShistory →COM1.01%$493M938.5K
20TMUST-MOBILE US INChistory →COM1.00%$487M2.04M
21LMTLOCKHEED MARTIN CORPhistory →COM0.97%$476M1.03M
22MSCIMSCI INChistory →COM0.96%$467M810.3K
23MRKMERCK & CO INChistory →COM0.92%$450M5.68M
24ABGCENCORA INChistory →COM0.89%$433M1.45M
25TEAM1EURATLASSIAN CORPORATIONhistory →CL A0.84%$410M2.02M
26QCOMQUALCOMM INChistory →COM0.79%$386M2.42M
27NKENIKE INChistory →CL B0.79%$384M5.41M
28ABNBAIRBNB INChistory →COM CL A0.76%$370M2.80M
29GEVGE VERNOVA INChistory →COM0.75%$366M691.2K
30ZSZSCALER INChistory →COM0.74%$361M1.15M
31DASHDOORDASH INChistory →CL A0.73%$356M1.44M
32CPNGCOUPANG INChistory →CL A0.72%$352M11.76M
33DHRDANAHER CORPORATIONhistory →COM0.70%$341M1.73M
34INTUINTUIThistory →COM0.69%$336M426.7K
35ISRGINTUITIVE SURGICAL INChistory →COM NEW0.65%$315M579.3K
36DUOLDUOLINGO INChistory →CL A COM0.63%$307M747.6K
37SESEA LTDhistory →SPONSORD ADS0.62%$305M1.91M
38TSLATESLA INChistory →COM0.60%$292M919.2K
39HOODROBINHOOD MKTS INChistory →COM CL A0.57%$280M2.99M
40LNGCHENIERE ENERGY INChistory →COM NEW0.56%$274M1.13M
41AON PLCSHS CL A0.53%$258M724.4K
42JNPJUNIPER NETWORKS INChistory →COM0.50%$245M6.14M
43HUBSHUBSPOT INChistory →COM0.49%$241M432.9K
44UNHUNITEDHEALTH GROUP INChistory →COM0.49%$237M759.5K
45VEEVVEEVA SYS INChistory →CL A COM0.47%$231M801.0K
46EXEEXPAND ENERGY CORPORATIONhistory →COM0.46%$226M1.93M
47NOCNORTHROP GRUMMAN CORPhistory →COM0.45%$221M442.5K
48MCKMCKESSON CORPhistory →COM0.45%$219M299.3K
49MRNAMODERNA INChistory →COM0.44%$216M7.82M
50ITGARTNER INChistory →COM0.43%$208M515.6K

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 ↗.