Two Sigma.
The book · Q1 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | V | VISA INC | 6.33M | $1.9B | 5.4% | +59% |
| 2 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | 4.47M | $1.5B | 4.2% | −9% |
| 3 | SCHW | SCHWAB CHARLES CORP | 14.66M | $1.4B | 3.9% | +6% |
| 4 | DIS | DISNEY WALT CO | 13.30M | $1.3B | 3.6% | +19% |
| 5 | FTV | FORTIVE CORP | 22.48M | $1.2B | 3.5% | +17% |
| 6 | APD | AIR PRODUCTS AND CHEMICALS I | 4.10M | $1.2B | 3.3% | −14% |
| 7 | MCD | MCDONALDS CORP | 3.63M | $1.1B | 3.2% | ±0% |
| 8 | SHW | SHERWIN WILLIAMS CO | 3.11M | $998M | 2.8% | −2% |
| 9 | TSLA | TESLA INC | 2.49M | $927M | 2.6% | +47% |
| 10 | AAPL | APPLE INC | 3.59M | $912M | 2.6% | NEW |
Where the money is
AC read
Two Sigma's latest 13F filing reveals a portfolio consistent with its reputation as a systematic, quantitatively-driven fund, though the filing's inherent 45-to-90-day lag means these snapshots reflect positioning as of the prior quarter's end rather than the fund's current book. Across 78 disclosed positions, the fund posted an 88% quarterly turnover rate, a figure that stands out even among tactical strategies and suggests the models were recalibrating exposures with unusual frequency during the period. Twenty-one new positions entered the portfolio with zero exits, a pattern that points to incremental position-building or overlapping cost-basis lots rather than wholesale rotation out of prior holdings. This is reinforced by the presence of duplicate-looking entries such as two separate PNC lines (4.2% and 4.0%) and two Visa lines (5.4% and 3.7%), which likely reflect different share classes, option-adjusted positions, or lots acquired at different points in the quarter rather than genuine double-counting.
Read the full dossier →