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Michael Gelband ExodusPoint Capital Management

AUM $15.5B
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
Cap. Flow
+$1.45B
Cap. Flow %
9.35%
Top 10 Hldgs %
30.63%
Holding
2,230
New
735
Increased
384
Reduced
378
Closed
720

Top Buys

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$614M
2
AAPL icon
Apple
AAPL
+$443M
3
BLD
TopBuild
BLD
+$391M
4
SPCX
SpaceX
SPCX
+$329M
5
PEN icon
Penumbra
PEN
+$203M

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$1.96B
2
NVDA icon
NVIDIA
NVDA
+$425M
3
SNDK
Sandisk
SNDK
+$88M
4
SO icon
Southern Company
SO
+$80.6M
5
PPL
PPL Corp
PPL
+$74.1M

Sector Composition

Rank Sector Weight
1 Technology 16.4%
2 Industrials 13.64%
3 Consumer Discretionary 9.5%
4 Healthcare 7.9%
5 Financials 5.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$486B
$711M 4.58%
964,900
+787,500
+444% +$542M
AMZN icon
2
Amazon
AMZN
$2.79T
$655M 4.22%
2,747,253
+2,447,812
+817% +$614M
TLT icon
3
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$45.5B
$623M 4.01%
7,215,000
+7,065,000
+4,710% +$607M
AMZN icon
4
PUT
Amazon
AMZN
$2.79T
$548M 3.53%
2,300,000
+2,282,500
+13,043% +$573M
AAPL icon
5
Apple
AAPL
$4.51T
$493M 3.18%
1,705,273
+1,547,851
+983% +$443M
AAPL icon
6
PUT
Apple
AAPL
$4.51T
$434M 2.79%
+1,500,000
New +$429M
PEN icon
7
Penumbra
PEN
$12.8B
$344M 2.22%
1,090,430
+625,215
+134% +$203M
BLD
8
DELISTED
TopBuild
BLD
$342M 2.2%
965,007
+948,329
+5,686% +$391M
SPCX
9
SpaceX
SPCX
$1.81T
$331M 2.13%
+1,938,935
New +$329M
NVDA icon
10
NVIDIA
NVDA
$5.2T
$275M 1.77%
1,376,535
-2,065,103
-60% -$425M
QQQ icon
11
CALL
Invesco QQQ Trust
QQQ
$486B
$258M 1.66%
+350,000
New +$241M
SMH icon
12
CALL
VanEck Semiconductor ETF
SMH
$68.6B
$223M 1.44%
340,000
+338,500
+22,567% +$185M
NVDA icon
13
PUT
NVIDIA
NVDA
$5.2T
$180M 1.16%
900,000
-2,300,000
-72% -$473M
NVDA icon
14
CALL
NVIDIA
NVDA
$5.2T
$125M 0.81%
625,500
+318,500
+104% +$65.5M
AMD icon
15
CALL
Advanced Micro Devices
AMD
$773B
$125M 0.8%
215,000
+175,400
+443% +$71.9M
SHOP icon
16
PUT
Shopify
SHOP
$192B
$114M 0.74%
+1,000,000
New +$114M
SHOP icon
17
Shopify
SHOP
$192B
$112M 0.72%
+976,571
New +$111M
EEM icon
18
CALL
iShares MSCI Emerging Markets ETF
EEM
$30.7B
$103M 0.66%
1,500,000
-7,510,000
-83% -$491M
AEE icon
19
Ameren
AEE
$29.4B
$86.4M 0.56%
764,637
-66,947
-8% -$7.4M
MSFT icon
20
Microsoft
MSFT
$3.59T
$86.3M 0.56%
231,231
+158,050
+216% +$63.9M
ORLY icon
21
O'Reilly Automotive
ORLY
$72.1B
$78M 0.5%
846,758
+797,100
+1,605% +$72.7M
NSC icon
22
Norfolk Southern
NSC
$78.8B
$76.9M 0.5%
244,499
+84,542
+53% +$26.1M
XEL icon
23
Xcel Energy
XEL
$47.7B
$76.3M 0.49%
949,886
-44,224
-4% -$3.53M
OTIS icon
24
Otis Worldwide
OTIS
$27.2B
$75.6M 0.49%
1,055,862
+289,183
+38% +$21.6M
INTC icon
25
PUT
Intel
INTC
$476B
$72.6M 0.47%
+520,000
New +$52.6M
1
2 3 4 5

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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 deployed $1.45B of net new capital in Q2 2026, opening 735 new positions and adding to 384 existing holdings. Its largest new stake was SpaceX: 1,938,935 shares worth $331M.

By sector, the portfolio is most concentrated in Technology at 16% of assets, up from 14% a quarter earlier, followed by Industrials and Consumer Discretionary.

On the sell side, the largest reduction was Tesla, an estimated $1.96B trimmed.

  • 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.