TWO SIGMA INVESTMENTS, LP
"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.
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 +2.1% 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 = -0.05, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 3901 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AMZN | $1.4B | | TRIM −10% |
| NVDA | $1.3B | | TRIM −44% |
| AAPL | $1.2B | | TRIM −30% |
| TSLA | $1.2B | | HOLD |
| BRK/B | $1.1B | | ADD +40% |
| JPM | $968M | | TRIM −11% |
| MA | $946M | | ADD +10% |
| COST | $941M | | ADD +15% |
| 0QNI.L | $918M | | ADD +22% |
| AMD | $880M | | ADD +11% |
| C | $831M | | ADD +38% |
| BSX | $826M | | ADD ×2.1 |
| GOOGL | $803M | | TRIM −49% |
| LMT | $800M | | ADD +16% |
| ISRG | $787M | | ADD +41% |
| SCHW | $777M | | ADD +57% |
| KMB | $774M | | ADD +36% |
| GS | $762M | | ADD ×2.1 |
| TJX | $756M | | TRIM −5% |
| TMUS | $745M | | ADD +14% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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.