§ 13F · FUND PROFILE
Balyasny Asset Management.
Balyasny Asset Management is a multi-strategy hedge fund known for operating a diversified pod structure across various investment approaches including tactical macro strategies. The firm maintains a broad portfolio of over 2,800 positions with significant exposure to ETFs like QQQ and IWM, reflecting its flexible, multi-manager platform approach to generating returns across different market conditions.
AUM · $78911.3T (13F)Positions · 2843Turnover · 99% · Q4Filed · Feb 17, 2026
CONCENTRATION
15%
Top 10 holdings
NEW BUYS
+748
+$5285.8T deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → OTHER
-2pp · +2pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | QQQ | INVESCO QQQ TR | 3.71M | $2277.1T | 2.9% | +6% |
| 2 | IWM | ISHARES TR | 5.73M | $1410.2T | 1.8% | −26% |
| 3 | AMZN | AMAZON COM INC | 5.38M | $1242.7T | 1.6% | +190% |
| 4 | IVV | ISHARES TR | 1.65M | $1132.8T | 1.4% | ±0% |
| 5 | NVDA | NVIDIA CORPORATION | 5.93M | $1106.5T | 1.4% | +391% |
| 6 | XLF | SELECT SECTOR SPDR TR | 18.43M | $1009.5T | 1.3% | +373% |
| 7 | SPY | SPDR S&P 500 ETF TR | 1.33M | $909.8T | 1.2% | +4% |
| 8 | AAPL | APPLE INC | 3.25M | $882.8T | 1.1% | +49% |
| 9 | MSFT | MICROSOFT CORP | 1.71M | $827.4T | 1.1% | +199% |
| 10 | MSFT | MICROSOFT CORP | 1.52M | $734.0T | 0.9% | +165% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other45.4% (+2pp)
Technology8.4% (−2pp)
Retail7.1% (+1pp)
Media6.9% (+2pp)
Semiconductors6.2% (−1pp)
Financial Services5.4% (−1pp)
§ 03 · THE BALYASNY SIGNAL
AC read
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.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+748 buys · −0 exits · 2562 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed