§ 13F · FUND PROFILE
Twin Tree Management, LP.
Options market maker, volatility trading
AUM · $5.3B (13F)Positions · 1357Turnover · 97% · Q4Filed · Aug 12, 2026
CONCENTRATION
20%
Top 10 holdings
NEW BUYS
+123
+$469M deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → OTHER
-2pp · +6pp
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED AUG 12, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T | 384K | $287M | 5.4% | −19% |
| 2 | SPY | STATE STR SPDR S&P 500 ETF T | 304K | $227M | 4.3% | — |
| 3 | QQQ | INVESCO QQQ TR | 146K | $107M | 2.0% | −70% |
| 4 | ASML | ASML HLDG NV | 27K | $53M | 1.0% | +56% |
| 5 | IWM | ISHARES TR | 170K | $51M | 1.0% | −20% |
| 6 | TD | TORONTO DOMINION BK ONT | 370K | $45M | 0.8% | +37% |
| 7 | MSFT | MICROSOFT CORP | 118K | $44M | 0.8% | +41% |
| 8 | ARM | ARM HOLDINGS PLC | 114K | $40M | 0.8% | −46% |
| 9 | XLE | SELECT SECTOR SPDR TR | 732K | $39M | 0.7% | +584% |
| 10 | AMZN | AMAZON COM INC | 163K | $39M | 0.7% | −7% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other45.4% (+6pp)
Technology11.1% (−2pp)
Semiconductors9.0% (±0)
Financial Services5.8% (+1pp)
Health Care3.5%
Metals & Mining3.5%
§ 03 · THE TWIN SIGNAL
AC read
Twin Tree Management, LP is a Systematic / Quant fund managing $5.3 billion in assets. The fund runs a massive portfolio of 1,357 positions, broad diversification across holdings. Trading activity is aggressive at 97% quarterly turnover, with 123 new positions and 0 exits last quarter. Top sector allocations: Other (45%), Technology (11%), Semiconductors (9%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 OF 2 FILINGS MEASURED
Q4 2025
Busy quarter
+123 buys · −0 exits · 1193 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed