SEC 13F Intelligence

Managers / Q4 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
$51.4B
Q4 2025
Positions
2,329
Filings on Record
31
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Two Sigma Advisers, LP reported $51.4B in U.S.-listed holdings across 2,329 positions for Q4 2025.

Its largest position, NVDA, represents 3.2% of the portfolio.

Compared with Q3 2025, the fund opened 382 new positions and exited 364.

Portfolio Metrics

Turnover
+28.1%
vs prior filed quarter
Top-10 Concentration
+18.9%
share of reported value
Largest Position
+3.2%
Nvidia Corporation
New / Exited
382 / 364
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: 89.9%Other: 4.2%ADR: 3.5%REIT: 2.3%ETP: 0.0%Other: 0.0%
  • Common Stock · 89.9% · $46.3B
  • Other · 4.2% · $2.2B
  • ADR · 3.5% · $1.8B
  • REIT · 2.3% · $1.2B
  • ETP · 0.0% · $21M
  • Other · 0.0% · $17M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
KMBKIMBERLY-CLARK CORPNEW+2.44M2.44M+$246M$246M
ROSTROSS STORES INCNEW+1.02M1.02M+$184M$184M
MCDMCDONALDS CORPNEW+411.2K411.2K+$126M$126M
HPEHEWLETT PACKARD ENTERPRISE CNEW+4.96M4.96M+$119M$119M
AZNNASTRAZENECA PLCNEW+1.27M1.27M+$117M$117M
UALUNITED AIRLS HLDGS INCNEW+748.6K748.6K+$84M$84M
7HPHP INCNEW+2.60M2.60M+$58M$58M
GE AEROSPACENEW+177.1K177.1K+$55M$55M

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

Holdings — Q4 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM3.25%$1.7B8.95M
2AAPLAPPLE INChistory →COM3.12%$1.6B5.90M
3MSFTMICROSOFT CORPhistory →COM2.51%$1.3B2.67M
4AMZNAMAZON COM INChistory →COM2.23%$1.1B4.98M
5JPMJPMORGAN CHASE & CO.history →COM1.38%$710M2.20M
6MAMASTERCARD INCORPORATEDhistory →CL A1.36%$701M1.23M
7MUMICRON TECHNOLOGY INChistory →COM1.29%$666M2.33M
8PLTRPALANTIR TECHNOLOGIES INChistory →CL A1.27%$653M3.67M
9SCHWSCHWAB CHARLES CORPhistory →COM1.22%$628M6.28M
10TSLATESLA INChistory →COM1.22%$625M1.39M
11AMDADVANCED MICRO DEVICES INChistory →COM1.21%$621M2.90M
12ISRGINTUITIVE SURGICAL INChistory →COM NEW1.17%$604M1.07M
13BSXBOSTON SCIENTIFIC CORPhistory →COM1.17%$601M6.30M
14LMTLOCKHEED MARTIN CORPhistory →COM1.15%$592M1.22M
15ADBEADOBE INChistory →COM1.14%$584M1.67M
16TMUST-MOBILE US INChistory →COM1.12%$574M2.83M
17PGRPROGRESSIVE CORPhistory →COM1.09%$560M2.46M
18RBLXROBLOX CORPhistory →CL A1.03%$527M6.51M
19TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS0.98%$505M1.66M
20TJXTJX COS INC NEWhistory →COM0.98%$504M3.28M
21ABNBAIRBNB INChistory →COM CL A0.98%$503M3.71M
22REGNREGENERON PHARMACEUTICALShistory →COM0.91%$467M604.5K
23NETCLOUDFLARE INChistory →CL A COM0.90%$461M2.34M
24NOWSERVICENOW INChistory →COM0.89%$460M3.00M
25ALNYALNYLAM PHARMACEUTICALS INChistory →COM0.88%$450M1.13M
26BMYBRISTOL-MYERS SQUIBB COhistory →COM0.87%$446M8.27M
27RIVNRIVIAN AUTOMOTIVE INChistory →COM CL A0.79%$407M20.66M
28GMGENERAL MTRS COhistory →COM0.78%$399M4.91M
29UNPUNION PAC CORPhistory →COM0.65%$335M1.45M
30GOOGLALPHABET INChistory →CAP STK CL A0.63%$326M1.04M
31GDDYGODADDY INChistory →CL A0.63%$323M2.60M
32IBKRINTERACTIVE BROKERS GROUP INhistory →COM CL A0.57%$296M4.60M
33LRCXLAM RESEARCH CORPhistory →COM NEW0.56%$288M1.68M
34COSTCOSTCO WHSL CORP NEWhistory →COM0.56%$288M333.4K
35FFORD MTR COhistory →COM0.56%$287M21.87M
36NU HLDGS LTDORD SHS CL A0.53%$272M16.27M
37SOFISOFI TECHNOLOGIES INChistory →COM0.52%$270M10.31M
38WCNWASTE CONNECTIONS INChistory →COM0.52%$267M1.52M
39VVISA INChistory →COM CL A0.51%$263M749.5K
40TTDTHE TRADE DESK INChistory →COM CL A0.51%$260M6.86M
41AERCAP HOLDINGS NVSHS0.50%$259M1.80M
42RSGREPUBLIC SVCS INChistory →COM0.48%$249M1.18M
43KMBKIMBERLY-CLARK CORPhistory →COM0.48%$246M2.44M
44MRSHMARSH & MCLENNAN COS INChistory →COM0.47%$243M1.31M
45GHGUARDANT HEALTH INChistory →COM0.47%$243M2.38M
46CITCINTAS CORPhistory →COM0.47%$241M1.28M
47ISIIONIS PHARMACEUTICALS INChistory →COM0.47%$241M3.05M
48AMGNAMGEN INChistory →COM0.47%$241M735.9K
49GEVGE VERNOVA INChistory →COM0.45%$231M353.8K
50CHUBB LIMITEDCOM0.45%$229M733.7K

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 ↗.