§ 13F · FUND PROFILE
Two Sigma.
Two Sigma is a quantitative hedge fund managing $38.5 trillion that employs systematic, data-driven strategies across long/short equity positions with a focus on large-cap financial and technology stocks. The fund is known for its rapid execution and tactical macro approach, utilizing advanced algorithms and machine learning to identify trading opportunities.
AUM · $38504.9T (13F)Positions · 78Turnover · 88% · Q4Filed · Feb 17, 2026
CONCENTRATION
35%
Top 10 holdings
NEW BUYS
+21
+$7592.7T deployed
EXITS
0
No exits
SECTOR SHIFT
BANKING → OTHER
-3pp · +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 | MSFT | MICROSOFT CORP | 3.22M | $1556.1T | 4.1% | +32% |
| 2 | PNC | PNC FINL SVCS GROUP INC | 7.29M | $1521.0T | 4.0% | −8% |
| 3 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | 4.91M | $1493.6T | 4.0% | +25% |
| 4 | V | VISA INC | 3.98M | $1397.3T | 3.7% | +38% |
| 5 | SCHW | SCHWAB CHARLES CORP | 13.87M | $1386.0T | 3.7% | −16% |
| 6 | DIS | DISNEY WALT CO | 11.19M | $1273.5T | 3.4% | +7% |
| 7 | APD | AIR PRODS & CHEMS INC | 4.78M | $1181.4T | 3.1% | +30% |
| 8 | MCD | MCDONALDS CORP | 3.62M | $1106.1T | 2.9% | +7% |
| 9 | BBIO | BRIDGEBIO PHARMA INC | 14.39M | $1101.0T | 2.9% | −10% |
| 10 | FTV | FORTIVE CORP | 19.23M | $1061.6T | 2.8% | −6% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other58.9% (+2pp)
Financial Services13.3% (−2pp)
Retail9.0%
Banking6.9% (−3pp)
Semiconductors6.1%
Chemicals5.9% (+1pp)
§ 03 · THE TWO SIGNAL
AC read
Two Sigma's latest 13F filing reveals a fund operating at peak tactical velocity, with an extraordinary 88% quarterly turnover rate that underscores its algorithmic, high-frequency approach to portfolio management. Despite managing a massive $38.5 trillion in assets across 78 positions, the fund maintained remarkable trading discipline by exiting zero positions while simultaneously establishing 21 new stakes. This behavior suggests Two Sigma's quantitative models identified compelling entry points across multiple sectors, with the fund's diversified Herfindahl-Hirschman Index of 0.021 indicating risk is spread broadly rather than concentrated in a handful of bets.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+21 buys · −0 exits · 46 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed