§ 13F · FUND PROFILE
Twin Tree Management, LP.
Options market maker, volatility trading
AUM · $24.0B (13F)Positions · 1413Turnover · 97% · Q4Filed · May 14, 2026
CONCENTRATION
20%
Top 10 holdings
NEW BUYS
+123
+$278M 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 MAY 14, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | SPY | SPDR S&P 500 ETF TRUST | 522K | $339M | 7.1% | −30% |
| 2 | QQQ | INVESCO QQQ TRUST SERIES 1 | 428K | $247M | 5.2% | +811% |
| 3 | SPY | SPDR S&P 500 ETF TRUST | 328K | $213M | 4.5% | — |
| 4 | GLD | SPDR GOLD TRUST | 180K | $77M | 1.6% | −87% |
| 5 | CSCO | CISCO SYSTEMS, INC. | 819K | $64M | 1.3% | −3% |
| 6 | IWM | ISHARES TRUST | 248K | $61M | 1.3% | −17% |
| 7 | AMZN | AMAZON.COM INC. | 214K | $45M | 0.9% | +14% |
| 8 | SLV | ISHARES SILVER TRUST | 640K | $44M | 0.9% | +78% |
| 9 | IAU | ISHARES GOLD TRUST | 479K | $42M | 0.9% | −75% |
| 10 | NVDA | NVIDIA CORP | 237K | $41M | 0.9% | +112% |
§ 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 $24.0 billion in assets. The fund runs a massive portfolio of 1,413 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
Q1 2026
Steady book
+0 buys · −0 exits · 0 changed
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