Two Sigma.
The book · Q1 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | V | VISA INC | 6.39M | $2.2B | 6.3% | +1% |
| 2 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | 3.17M | $1.5B | 4.3% | −29% |
| 3 | APD | AIR PRODUCTS AND CHEMICALS I | 4.74M | $1.4B | 4.0% | +16% |
| 4 | SHW | SHERWIN WILLIAMS CO | 3.88M | $1.3B | 3.8% | +25% |
| 5 | FTV | FORTIVE CORP | 19.93M | $1.2B | 3.5% | −11% |
| 6 | META | META PLATFORMS INC | 1.87M | $1.1B | 3.0% | +76% |
| 7 | SCHW | SCHWAB CHARLES CORP | 10.64M | $982M | 2.8% | −27% |
| 8 | TMO | THERMO FISHER SCIENTIFIC INC | 1.94M | $971M | 2.8% | +16% |
| 9 | JPM | JPMORGAN CHASE & CO | 2.90M | $949M | 2.7% | +7% |
| 10 | LII | LENNOX INTL INC | 1.59M | $912M | 2.6% | +1% |
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.
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