Balyasny Asset Management

Balyasny Asset Management's latest 13F filing reveals an extraordinarily active trading operation that exemplifies the firm's multi-strategy hedge fund approach. With a quarterly turnover rate of 99% and 2,843 total positions generating just a 0.004 Herfindahl-Hirschman Index, the fund demonstrates both remarkable diversification and tactical agility in its portfolio management. The firm established 748 new positions during the quarter while notably exiting zero holdings entirely, suggesting a strategy focused on position sizing adjustments rather than complete portfolio overhauls. This pattern aligns with their pod structure model, where different teams can rapidly adjust exposures while maintaining broad market participation.

The fund's heavy weighting toward exchange-traded funds tells a compelling story about their tactical positioning approach. QQQ appears multiple times among their top holdings with positions totaling over $5.9 trillion across different entries, while IWM (Russell 2000 ETF) represents another $4.6 trillion in combined exposure. This ETF-heavy approach, comprising roughly 11.3% of their top ten holdings, allows Balyasny to efficiently gain broad market exposure while maintaining the flexibility to quickly adjust sector and size allocations. Individual equity positions like Amazon ($1.2 trillion) and Nvidia ($1.1 trillion) round out their largest holdings, reflecting targeted bets on specific growth themes within their diversified framework.

The sector allocation reveals a technology-forward bias at 8.4%, followed by retail (7.1%) and media (6.9%), with semiconductors contributing another 6.2% - collectively representing over 28% of their identifiable sector exposure. Financial services rounds out the top five at 5.4%. With only 14.6% of assets concentrated in their top ten positions and an assets under management figure of $78.9 trillion, Balyasny maintains the operational scale to pursue multiple strategies simultaneously while avoiding concentration risk that might constrain their tactical flexibility.

Analysis generated Apr 5, 2026