§ 13F · FUND PROFILE
Twin Tree Management, LP.
Options market maker, volatility trading
AUM · $53684.5T (13F)Positions · 1549Turnover · 97% · Q4Filed · Feb 11, 2026
CONCENTRATION
20%
Top 10 holdings
NEW BUYS
+123
+$305.6T deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → OTHER
-2pp · +6pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 11, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | GLD | SPDR GOLD TR | 1.72M | $680.9T | 5.9% | −59% |
| 2 | SPY | SPDR S&P 500 ETF TR | 742K | $506.1T | 4.4% | −65% |
| 3 | SPY | SPDR S&P 500 ETF TR | 453K | $308.9T | 2.7% | −79% |
| 4 | IAU | ISHARES GOLD TR | 2.39M | $193.6T | 1.7% | +174% |
| 5 | MU | MICRON TECHNOLOGY INC | 453K | $129.3T | 1.1% | −12% |
| 6 | AMGN | AMGEN INC | 306K | $100.1T | 0.9% | −33% |
| 7 | GOOGL | ALPHABET INC | 273K | $85.4T | 0.7% | −5% |
| 8 | UPS | UNITED PARCEL SERVICE INC | 816K | $80.9T | 0.7% | +178% |
| 9 | GDX | VANECK ETF TRUST | 925K | $79.4T | 0.7% | −56% |
| 10 | AMAT | APPLIED MATLS INC | 304K | $78.0T | 0.7% | +369% |
§ 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 $53684493.8 trillion in assets. The fund runs a massive portfolio of 1,549 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 FILINGS
Q4 2025
Busy quarter
+123 buys · −0 exits · 1193 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed