Joel Greenblatt Gotham Asset Management
Joel Greenblatt is a co-founder of Gotham Asset Management and a well-known value investor, professor, and author. He gained wide recognition for The Little Book That Beats the Market and for popularizing a systematic value approach often called the “magic formula.” Greenblatt’s career spans special-situation investing, quantitative value strategies, and investor education.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$809M |
| 2 |
Apple
AAPL
|
+$122M |
| 3 |
NVIDIA
NVDA
|
+$103M |
| 4 |
Snowflake
SNOW
|
+$83.4M |
| 5 |
iShares 0-3 Month Treasury Bond ETF
SGOV
|
+$80.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AMED
Amedisys
AMED
|
+$33.7M |
| 2 |
ANSS
Ansys
ANSS
|
+$29.2M |
| 3 |
PPG Industries
PPG
|
+$19.8M |
| 4 |
Lockheed Martin
LMT
|
+$17.5M |
| 5 |
SFBS
ServisFirst Bancshares
SFBS
|
+$17M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.53% |
| 2 | Industrials | 12.02% |
| 3 | Consumer Discretionary | 9.89% |
| 4 | Healthcare | 7.59% |
| 5 | Financials | 5.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
501
LyondellBasell Industries
LYB
$21.8B
| $12.6M | 0.06% |
257,896
-249,801
| -49% | -$14.1M |
|
502
Wynn Resorts
WYNN
$10.3B
| $12.6M | 0.05% |
98,056
+3,856
| +4% | +$445K |
|
503
Globe Life
GL
$13.1B
| $12.4M | 0.05% |
86,871
+34,592
| +66% | +$4.69M |
|
504
iShares Core S&P Small-Cap ETF
IJR
$111B
| $12.3M | 0.05% |
103,676
+6,173
| +6% | +$710K |
|
505
Vanguard Russell 3000 ETF
VTHR
$4.81B
| $12.3M | 0.05% |
41,848
+640
| +2% | +$181K |
|
506
Harley-Davidson
HOG
$2.93B
| $12.3M | 0.05% |
440,002
+195,304
| +80% | +$5.24M |
|
507
Guidewire Software
GWRE
$15.8B
| $12.3M | 0.05% |
53,298
+7,651
| +17% | +$1.74M |
|
508
Southern Company
SO
$102B
| $12.2M | 0.05% |
129,043
+86,816
| +206% | +$8.1M |
|
509
Qiagen
QGEN
$9.1B
| $12.2M | 0.05% |
273,673
+206,621
| +308% | +$9.89M |
|
510
Procter & Gamble
PG
$336B
| $12.2M | 0.05% |
79,456
+3,921
| +5% | +$612K |
|
511
Schwab Fundamental US Large Company Index ETF
FNDX
$27.6B
| $12.2M | 0.05% |
464,107
+8,319
| +2% | +$211K |
|
512
ADT
ADT
$5.39B
| $12.2M | 0.05% |
1,400,368
+366,533
| +35% | +$3.14M |
|
513
Gaming and Leisure Properties
GLPI
$12.7B
| $12.2M | 0.05% |
260,817
+151,521
| +139% | +$7.14M |
|
514
Valero Energy
VLO
$100B
| $12.2M | 0.05% |
71,382
+32,122
| +82% | +$4.79M |
|
515
Universal Health Services
UHS
$10.4B
| $12.1M | 0.05% |
59,423
-6,522
| -10% | -$1.17M |
|
516
Cincinnati Financial
CINF
$25.8B
| $12.1M | 0.05% |
76,779
-24,624
| -24% | -$3.74M |
|
517
Vanguard Information Technology ETF
VGT
$145B
| $12.1M | 0.05% |
129,720
+39,832
| +44% | +$3.48M |
|
518
American Airlines Group
AAL
$9.15B
| $12.1M | 0.05% |
1,074,978
+874,631
| +437% | +$10.8M |
|
|
RAL
519
Ralliant Corp
RAL
$7.04B
| $12M | 0.05% |
274,373
+248,474
| +959% | +$11M |
|
520
Norwegian Cruise Line
NCLH
$7.92B
| $11.9M | 0.05% |
484,303
-1,728
| -0.4% | -$42K |
|
521
Extra Space Storage
EXR
$31B
| $11.9M | 0.05% |
84,424
-24,611
| -23% | -$3.53M |
|
522
TKO Group
TKO
$14.1B
| $11.8M | 0.05% |
58,538
+9,925
| +20% | +$1.81M |
|
523
AvePoint
AVPT
$2.83B
| $11.8M | 0.05% |
787,128
-10,952
| -1% | -$184K |
|
524
Vanguard Total World Stock ETF
VT
$81.1B
| $11.8M | 0.05% |
85,675
+10,127
| +13% | +$1.35M |
|
525
Markel Group
MKL
$22.2B
| $11.7M | 0.05% |
6,121
+4,625
| +309% | +$9.07M |
|
Similar funds
Joel Greenblatt's Q3 2025 Portfolio in Review
As of Q3 2025, Joel Greenblatt held 1,842 positions worth $23B, up 37% from $16.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Joel Greenblatt deployed $5.02B of net new capital in Q3 2025, opening 187 new positions and adding to 950 existing holdings. Its largest new stake was James Hardie Industries: 1,564,473 shares worth $30.1M.
By sector, the portfolio is most concentrated in Technology at 19% of assets, up from 18% a quarter earlier, followed by Industrials and Consumer Discretionary.
On the sell side, the largest reduction was PPG Industries, an estimated $19.8M trimmed.
- Joel Greenblatt's largest Q3 2025 buy was James Hardie Industries: 1,564,473 shares worth $30.1M.
- Joel Greenblatt added most to State Street SPDR S&P 500 ETF Trust in Q3 2025, an estimated $809M increase.
- Joel Greenblatt's biggest Q3 2025 reduction was PPG Industries, cutting an estimated $19.8M.
- Joel Greenblatt fully exited Amedisys in Q3 2025, selling an estimated $33.7M.
- Joel Greenblatt's ten largest holdings make up 28% of its $23B portfolio in Q3 2025.
- Joel Greenblatt opened 187 new positions and closed 166 in Q3 2025.
- Joel Greenblatt's portfolio value rose 37% quarter-over-quarter to $23B.
Based on Gotham Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.