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Michael Gelband ExodusPoint Capital Management
AUM
$15.5B
Turnover
65.25%
1-Year Est. Return
38.81%
Michael Gelband is a co-founder of ExodusPoint Capital Management, a multi-strategy hedge fund launched by veterans of larger alternative platforms. The firm pursues diversified strategies across asset classes with a focus on risk-managed absolute returns. Gelband’s firm is followed as part of the newer generation of multi-strategy complexes.
This Fund
S&P 500
This Quarter Est. Return
+18.5%
1 Year Est. Return
+38.81%
3 Year Est. Return
+110.53%
5 Year Est. Return
+124.16%
10 Year Est. Return
–
AUM
$15.5B
AUM Growth
+$2.94B
(+23%)
Cap. Flow
-$224M
Cap. Flow % of AUM
Cap. Flow %
-1.44%
Top 10 Holdings %
Top 10 Hldgs %
30.63%
Holding
2,230
New
735
Increased
384
Reduced
378
Closed
720
Avg Time Held
Equity + Options
0.3
years
Top 10 Avg Time Held
Equity + Options
0.2
years
Top 20 Avg Time Held
Equity + Options
0.2
years
Avg Time Held Equity only
0.3
years
Top 10 Avg Time Held Equity only
0.2
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$614M |
| 2 |
Apple
AAPL
|
+$443M |
| 3 |
TopBuild
BLD
|
+$391M |
| 4 |
SpaceX
SPCX
|
+$329M |
| 5 |
Penumbra
PEN
|
+$203M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Tesla
TSLA
|
+$1.96B |
| 2 |
NVIDIA
NVDA
|
+$425M |
| 3 |
Sandisk
SNDK
|
+$88M |
| 4 |
Southern Company
SO
|
+$80.6M |
| 5 |
PPL Corp
PPL
|
+$74.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 31.55% |
| 2 | Technology | 16.38% |
| 3 | Industrials | 13.65% |
| 4 | Consumer Discretionary | 9.45% |
| 5 | Healthcare | 7.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Invesco QQQ Trust
QQQ
$475B
| $711M | 4.58% |
964,900
+787,500
| +444% | +$542M |
2020 Q3
23 quarters
|
|
|
2
Amazon
AMZN
$2.7T
| $655M | 4.22% |
2,747,253
+2,447,812
| +817% | +$614M |
2025 Q1
5 quarters
|
|
3
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$49.8B
| $623M | 4.01% |
7,215,000
+7,065,000
| +4,710% | +$607M |
2026 Q1
1 quarter
|
|
|
4
PUT
Amazon
AMZN
$2.7T
| $548M | 3.53% |
2,300,000
+2,282,500
| +13,043% | +$573M |
2025 Q3
3 quarters
|
|
|
5
Apple
AAPL
$5.01T
| $493M | 3.18% |
1,705,273
+1,547,851
| +983% | +$443M |
2025 Q3
3 quarters
|
|
|
6
PUT
Apple
AAPL
$5.01T
| $434M | 2.79% |
+1,500,000
| New | +$429M |
2026 Q2
0 quarters
|
|
|
7
Penumbra
PEN
$12.6B
| $344M | 2.22% |
1,090,430
+625,215
| +134% | +$203M |
2025 Q4
2 quarters
|
|
|
8
DELISTED
TopBuild
BLD
| $342M | 2.2% |
965,007
+948,329
| +5,686% | +$391M |
2026 Q1
1 quarter
|
|
|
9
SpaceX
SPCX
$1.92T
| $331M | 2.13% |
+1,938,935
| New | +$329M |
2026 Q2
0 quarters
|
|
|
10
NVIDIA
NVDA
$5.17T
| $275M | 1.77% |
1,376,535
-2,065,103
| -60% | -$425M |
2025 Q3
3 quarters
|
|
|
11
CALL
Invesco QQQ Trust
QQQ
$475B
| $258M | 1.66% |
+350,000
| New | +$241M |
2026 Q2
0 quarters
|
|
12
CALL
VanEck Semiconductor ETF
SMH
$65.8B
| $223M | 1.44% |
340,000
+338,500
| +22,567% | +$185M |
2026 Q1
1 quarter
|
|
|
13
PUT
NVIDIA
NVDA
$5.17T
| $180M | 1.16% |
900,000
-2,300,000
| -72% | -$473M |
2025 Q4
2 quarters
|
|
|
14
CALL
NVIDIA
NVDA
$5.17T
| $125M | 0.81% |
625,500
+318,500
| +104% | +$65.5M |
2025 Q2
4 quarters
|
|
15
CALL
Advanced Micro Devices
AMD
$863B
| $125M | 0.8% |
215,000
+175,400
| +443% | +$71.9M |
2025 Q2
4 quarters
|
|
16
PUT
Shopify
SHOP
$218B
| $114M | 0.74% |
+1,000,000
| New | +$114M |
2026 Q2
0 quarters
|
|
|
17
Shopify
SHOP
$218B
| $112M | 0.72% |
+976,571
| New | +$111M |
2026 Q2
0 quarters
|
|
18
CALL
iShares MSCI Emerging Markets ETF
EEM
$29.1B
| $103M | 0.66% |
1,500,000
-7,510,000
| -83% | -$491M |
2026 Q1
1 quarter
|
|
19
Ameren
AEE
$29.4B
| $86.4M | 0.56% |
764,637
-66,947
| -8% | -$7.4M |
2025 Q1
5 quarters
|
|
20
Microsoft
MSFT
$3.93T
| $86.3M | 0.56% |
231,231
+158,050
| +216% | +$63.9M |
2025 Q3
3 quarters
|
|
21
O'Reilly Automotive
ORLY
$72.2B
| $78M | 0.5% |
846,758
+797,100
| +1,605% | +$72.7M |
2024 Q4
6 quarters
|
|
22
Norfolk Southern
NSC
$73.4B
| $76.9M | 0.5% |
244,499
+84,542
| +53% | +$26.1M |
2025 Q3
3 quarters
|
|
23
Xcel Energy
XEL
$47.7B
| $76.3M | 0.49% |
949,886
-44,224
| -4% | -$3.53M |
2023 Q4
10 quarters
|
|
24
Otis Worldwide
OTIS
$27.2B
| $75.6M | 0.49% |
1,055,862
+289,183
| +38% | +$21.6M |
2025 Q2
4 quarters
|
|
25
PUT
Intel
INTC
$475B
| $72.6M | 0.47% |
+520,000
| New | +$52.6M |
2026 Q2
0 quarters
|
|
Similar funds
Michael Gelband's Q2 2026 Portfolio in Review
As of Q2 2026, Michael Gelband held 2,230 positions worth $15.5B, up 23% from $12.6B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Michael Gelband's Q2 2026 filing shows 735 new, 384 increased, 378 reduced and 720 closed positions. Its largest new stake was SpaceX: 1,938,935 shares worth $331M. The largest sale was Tesla, an estimated $1.96B.
By sector, the portfolio is most concentrated in Miscellaneous at 32% of assets, up from 21% a quarter earlier, followed by Technology and Industrials.
- Michael Gelband's largest Q2 2026 buy was SpaceX: 1,938,935 shares worth $331M.
- Michael Gelband added most to Amazon in Q2 2026, an estimated $614M increase.
- Michael Gelband's biggest Q2 2026 reduction was Tesla, cutting an estimated $1.96B.
- Michael Gelband fully exited Southern Company in Q2 2026, selling an estimated $80.6M.
- Michael Gelband's ten largest holdings make up 31% of its $15.5B portfolio in Q2 2026.
- Michael Gelband opened 735 new positions and closed 720 in Q2 2026.
- Michael Gelband's portfolio value rose 23% quarter-over-quarter to $15.5B.
Based on ExodusPoint Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.