MILLENNIUM MANAGEMENT LLC

13F equity value

$133.7B

Positions

3,858

Top 10 concentration

15.1%

Quarters / total new picks

32 / 5,789

13F equity value over time

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +1.8% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 28.1% of quarters (excess t = -1.63, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess

-1.1%

t-stat

-1.63

Quarterly win rate

28%

Annualized excess

-4.4%

$1 → follow vs universe

$1.50 vs $2.09

Cumulative return: $1 invested in new picks vs universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 3858 · 2026 Q1

Ticker	Value	Weight	QoQ
IVV	$8.5B	6.3%	TRIM
NVDA	$1.8B	1.4%	TRIM
SPYM	$1.7B	1.2%	NEW
WDC	$1.5B	1.1%	ADD
NSC	$1.3B	1.0%	ADD
WBD	$1.2B	0.9%	ADD
AAPL	$1.2B	0.9%	TRIM
META	$1.1B	0.9%	ADD
MSFT	$1.0B	0.8%	ADD
EA	$872M	0.7%	HOLD
LITE	$842M	0.6%	ADD
TSM	$755M	0.6%	ADD
FCX	$745M	0.6%	TRIM
IBIT	$741M	0.5%	TRIM
SNDK	$726M	0.5%	TRIM
BAC	$696M	0.5%	ADD
AVGO	$666M	0.5%	TRIM
MS	$658M	0.5%	ADD
BLK	$617M	0.5%	ADD
VOO	$608M	0.4%	ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

ABUS ACNB ACP ACTG ADEA ADX AEF AFCG AGM AIRJ AKAM ALB ALG AMCR AOMR ARCB ARQQ ATYR AUTL AVB AVK BALY BAND BCAL BCAR BCAT BDJ BHP BIRK BLZR

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.