MILLENNIUM MANAGEMENT LLC

13F equity value

$148.1B

Positions

3,841

Top 10 concentration

18.8%

Quarters / total new picks

51 / 9,242

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 51 quarters, returned +1.6% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 43.1% of quarters (excess t = -1.61, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess

-0.6%

t-stat

-1.61

Quarterly win rate

43%

Annualized excess

-1.9%

$1 → follow vs universe

$1.90 vs $2.39

Cumulative return: $1 invested in new picks vs universe

Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer

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

Top 20 holdings of 3841 · 2026 Q2

Ticker	Value	Weight	QoQ
IVV	$10.9B	7.3%	ADD +12%
SPY	$3.6B	2.5%	ADD ×7.8
SPCX	$3.0B	2.0%	NEW
NVDA	$2.4B	1.6%	ADD +15%
NSC	$1.6B	1.1%	ADD +14%
MSFT	$1.6B	1.1%	ADD +52%
WBD	$1.5B	1.0%	ADD +31%
VOO	$1.3B	0.9%	ADD +80%
AMZN	$981M	0.7%	ADD +47%
EA	$889M	0.6%	HOLD
SNDK	$832M	0.6%	TRIM −68%
BE	$764M	0.5%	ADD ×6.5
TSM	$761M	0.5%	TRIM −29%
META	$732M	0.5%	TRIM −35%
FCX	$720M	0.5%	TRIM −10%
KVUE	$706M	0.5%	ADD +16%
QQQ	$688M	0.5%	ADD +51%
UNH	$672M	0.4%	ADD +19%
NRG	$622M	0.4%	ADD ×2.1
AEP	$614M	0.4%	ADD +8%

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 Q2

0MDS.L AAON ABR ABX ACNT ACTU ACWV ADV AEYE AGG AGL AGO AIRO AIRS ALKS AM ANGX ANIK ANVS AOUT API APPN ARAY AREN ARIS ARWR ASO ATLC ATLO ATOM

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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.