Millennium Management Portfolio holdings
Millennium Management, founded in 1989 by Israel (Izzy) Englander and Ronald Shear and headquartered in New York City, is a global multi-strategy hedge fund managing over $71 billion in assets as of late 2024, employing a decentralized model with over 300 independent trading teams. Operating across equities, fixed income, commodities, currencies, and derivatives, the firm uses a mix of quantitative and fundamental strategies, providing its portfolio managers with capital, infrastructure, and autonomy to pursue diverse investment approaches while enforcing strict risk management. With more than 5,400 employees across offices in London, Hong Kong, Singapore, and beyond, Millennium has evolved from its initial $35 million seed capital—partly from the Belzberg family—into a titan of the hedge fund world, known for its ability to attract top talent and deliver consistent returns. Under Englander’s leadership as chairman and CEO, the firm remains a low-profile yet highly influential force in global finance.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core S&P 500 ETF
IVV
|
+$4.75B |
| 2 |
Walmart Inc
WMT
|
+$3.98B |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.42B |
| 4 |
Broadcom
AVGO
|
+$943M |
| 5 |
iShares Bitcoin Trust
IBIT
|
+$785M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$572M |
| 2 |
NVIDIA
NVDA
|
+$566M |
| 3 |
Apple
AAPL
|
+$554M |
| 4 |
AbbVie
ABBV
|
+$455M |
| 5 |
Bank of America
BAC
|
+$411M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 9.52% |
| 2 | Healthcare | 7.46% |
| 3 | Financials | 6.74% |
| 4 | Industrials | 6.14% |
| 5 | Consumer Discretionary | 4.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
3026
SES AI
SES
$227M
| $4.53M | ﹤0.01% |
2,516,589
-1,909,695
| -43% | -$4.28M |
|
3027
Valmont Industries
VMI
$9.38B
| $4.53M | ﹤0.01% |
11,258
-11,178
| -50% | -$4.55M |
|
3028
Frequency Electronics
FEIM
$668M
| $4.53M | ﹤0.01% |
84,062
-52,914
| -39% | -$1.95M |
|
3029
Royalty Pharma
RPRX
$25.4B
| $4.51M | ﹤0.01% |
116,839
-2,118,294
| -95% | -$80.8M |
|
3030
Arrow Electronics
ARW
$11.1B
| $4.5M | ﹤0.01% |
40,870
-137,585
| -77% | -$15.6M |
|
3031
PUT
Yum! Brands
YUM
$40.8B
| $4.49M | ﹤0.01% |
29,700
+11,500
| +63% | +$1.7M |
|
|
LPCVU
3032
Launchpad Cadenza Acquisition Corp I Unit
LPCVU
| $4.49M | ﹤0.01% |
+450,000
| New | +$4.5M |
|
|
ADACU
3033
American Drive Acquisition Co Units
ADACU
| $4.49M | ﹤0.01% |
+450,000
| New | +$4.49M |
|
3034
CALL
Bitdeer Technologies
BTDR
$2.75B
| $4.48M | ﹤0.01% |
400,000
-400,000
| -50% | -$6.44M |
|
|
3035
PUT
Bitdeer Technologies
BTDR
$2.75B
| $4.48M | ﹤0.01% |
400,000
-600,000
| -60% | -$9.67M |
|
3036
Keros Therapeutics
KROS
$198M
| $4.48M | ﹤0.01% |
220,209
+166,863
| +313% | +$2.93M |
|
3037
Thryv Holdings
THRY
$184M
| $4.48M | ﹤0.01% |
740,909
+707,250
| +2,101% | +$5.6M |
|
3038
PUT
McCormick & Company Non-Voting
MKC
$13.8B
| $4.48M | ﹤0.01% |
65,800
+61,400
| +1,395% | +$4.08M |
|
3039
PUT
Norfolk Southern
NSC
$75.1B
| $4.48M | ﹤0.01% |
15,500
-2,400
| -13% | -$694K |
|
3040
CALL
Tencent Music
TME
$15.6B
| $4.47M | ﹤0.01% |
255,000
| – | – |
|
3041
Kaiser Aluminum
KALU
$2.63B
| $4.46M | ﹤0.01% |
38,869
+17,758
| +84% | +$1.69M |
|
3042
Southside Bancshares
SBSI
$973M
| $4.46M | ﹤0.01% |
146,796
-104,633
| -42% | -$3.07M |
|
3043
PUT
Agnico Eagle Mines
AEM
$74.5B
| $4.46M | ﹤0.01% |
26,300
+23,100
| +722% | +$3.88M |
|
3044
Materion
MTRN
$4.47B
| $4.45M | ﹤0.01% |
35,814
+24,173
| +208% | +$2.98M |
|
3045
PUT
Mobileye
MBLY
$2.05B
| $4.45M | ﹤0.01% |
425,900
+329,300
| +341% | +$4.11M |
|
3046
GoodRx Holdings
GDRX
$1.07B
| $4.43M | ﹤0.01% |
+1,636,270
| New | +$5.37M |
|
3047
Morgan Stanley Direct Lending Fund
MSDL
$1.27B
| $4.43M | ﹤0.01% |
268,646
-82,825
| -24% | -$1.4M |
|
3048
Sprinklr
CXM
$1.54B
| $4.43M | ﹤0.01% |
568,943
+50,381
| +10% | +$383K |
|
|
XRPN
3049
Armada Acquisition Corp II
XRPN
$331M
| $4.43M | ﹤0.01% |
432,250
+133,746
| +45% | +$1.37M |
|
|
HCMA
3050
HCM III Acquisition Corp
HCMA
$346M
| $4.43M | ﹤0.01% |
440,750
+420,750
| +2,104% | +$4.28M |
|
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Millennium Management's Q4 2025 Portfolio in Review
As of Q4 2025, Millennium Management held 6,645 positions worth $238B, up 1.5% from $234B the previous quarter. Its ten largest holdings account for 19% of the portfolio.
Millennium Management's Q4 2025 filing shows 668 new, 2,203 increased, 2,701 reduced and 696 closed positions. Its largest new stake was iShares Russell 1000 ETF: 455,129 shares worth $170M. The largest sale was Microsoft, an estimated $572M.
By sector, the portfolio is most concentrated in Technology at 9.5% of assets, up from 9.3% a quarter earlier, followed by Healthcare and Financials.
- Millennium Management's largest Q4 2025 buy was iShares Russell 1000 ETF: 455,129 shares worth $170M.
- Millennium Management added most to iShares Core S&P 500 ETF in Q4 2025, an estimated $4.75B increase.
- Millennium Management's biggest Q4 2025 reduction was Microsoft, cutting an estimated $572M.
- Millennium Management fully exited Mr. Cooper in Q4 2025, selling an estimated $277M.
- Millennium Management's ten largest holdings make up 19% of its $238B portfolio in Q4 2025.
- Millennium Management opened 668 new positions and closed 696 in Q4 2025.
- Millennium Management's portfolio value rose 1.5% quarter-over-quarter to $238B.
Based on Millennium Management's 13F filing for Q4 2025, filed 17 Feb 2026.