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Twin Tree Management

Twin Tree Management Portfolio holdings

AUM $4.75B
1-Year Est. Return 58.16%
This Fund
S&P 500
This Quarter Est. Return
+17.18%
1 Year Est. Return
+58.16%
3 Year Est. Return
+159.37%
5 Year Est. Return
+138.93%
10 Year Est. Return
+547.41%
AUM
$24B
AUM Growth
-$29.6B
Cap. Flow
-$32.8B
Cap. Flow %
-136.44%
Top 10 Hldgs %
23.31%
Holding
1,913
New
364
Increased
291
Reduced
710
Closed
500

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$56.5M
2
STX icon
Seagate
STX
+$29.2M
3
XBI icon
State Street SPDR S&P Biotech ETF
XBI
+$26.9M
4
COIN icon
Coinbase
COIN
+$24.8M
5
KLAC icon
KLA
KLAC
+$22M

Top Sells

Rank Stock Value
1
VOO icon
Vanguard S&P 500 ETF
VOO
+$72.1M
2
PWR icon
Quanta Services
PWR
+$69.9M
3
IGV icon
iShares Expanded Tech-Software Sector ETF
IGV
+$59.6M
4
SMH icon
VanEck Semiconductor ETF
SMH
+$58M
5
XLK icon
State Street Technology Select Sector SPDR ETF
XLK
+$56.5M

Sector Composition

Rank Sector Weight
1 Technology 1.97%
2 Consumer Discretionary 1.04%
3 Financials 0.94%
4 Industrials 0.8%
5 Materials 0.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
PUT
SPDR Gold Trust
GLD
$132B
$1.47B 6.12%
4,141,800
-980,600
-19% -$312M
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$781B
$1.41B 5.87%
2,120,300
-9,768,400
-82% -$6.26B
SPY icon
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$781B
$848M 3.53%
1,273,400
-3,991,200
-76% -$2.56B
IAU icon
4
PUT
iShares Gold Trust
IAU
$63.4B
$596M 2.48%
8,189,600
+1,747,900
+27% +$114M
AAPL icon
5
CALL
Apple
AAPL
$4.95T
$318M 1.32%
1,247,900
-1,261,200
-50% -$285M
MU icon
6
PUT
Micron Technology
MU
$1.02T
$225M 0.94%
1,344,500
-1,089,500
-45% -$139M
TSLA icon
7
PUT
Tesla
TSLA
$1.22T
$211M 0.88%
475,400
-426,100
-47% -$148M
AMD icon
8
PUT
Advanced Micro Devices
AMD
$807B
$201M 0.84%
1,241,600
-630,800
-34% -$102M
SLV icon
9
PUT
iShares Silver Trust
SLV
$28.3B
$162M 0.67%
3,812,000
-4,089,700
-52% -$147M
GDX icon
10
CALL
VanEck Gold Miners ETF
GDX
$23.2B
$159M 0.66%
2,084,300
+532,300
+34% +$32.1M
XLV icon
11
CALL
State Street Health Care Select Sector SPDR ETF
XLV
$42.2B
$158M 0.66%
1,132,200
-1,211,400
-52% -$164M
AMAT icon
12
PUT
Applied Materials
AMAT
$410B
$134M 0.56%
652,100
+540,200
+483% +$98M
GLD icon
13
CALL
SPDR Gold Trust
GLD
$132B
$133M 0.55%
373,000
-110,000
-23% -$35.1M
ANET icon
14
PUT
Arista Networks
ANET
$215B
$131M 0.55%
901,100
-185,700
-17% -$23.9M
ASML icon
15
PUT
ASML
ASML
$636B
$131M 0.54%
135,100
-30,500
-18% -$24M
SOXX icon
16
CALL
iShares Semiconductor ETF
SOXX
$42.7B
$129M 0.54%
476,700
-391,900
-45% -$97.7M
AMGN icon
17
CALL
Amgen
AMGN
$203B
$129M 0.53%
455,500
+376,400
+476% +$109M
DELL icon
18
CALL
Dell
DELL
$276B
$123M 0.51%
870,400
+104,900
+14% +$13.6M
ORCL icon
19
PUT
Oracle
ORCL
$345B
$121M 0.51%
431,800
-1,433,500
-77% -$365M
ARM icon
20
PUT
Arm
ARM
$284B
$113M 0.47%
802,100
-253,800
-24% -$37M
ORCL icon
21
CALL
Oracle
ORCL
$345B
$113M 0.47%
403,300
-725,100
-64% -$185M
META icon
22
PUT
Meta Platforms (Facebook)
META
$1.51T
$112M 0.47%
152,600
-181,700
-54% -$135M
PANW icon
23
PUT
Palo Alto Networks
PANW
$259B
$108M 0.45%
531,700
+5,800
+1% +$1.11M
DIA icon
24
PUT
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45.5B
$108M 0.45%
232,900
-137,100
-37% -$61.8M
MSFT icon
25
CALL
Microsoft
MSFT
$2.89T
$102M 0.43%
197,300
-886,400
-82% -$452M
1
2 3 4 5

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SAMU
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RC
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VDI
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SCB
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WAM
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Twin Tree Management's Q3 2025 Portfolio in Review

As of Q3 2025, Twin Tree Management held 1,913 positions worth $24B, down 55% from $53.7B the previous quarter. Its ten largest holdings account for 23% of the portfolio.

Twin Tree Management withdrew a net $32.8B in Q3 2025, closing 500 positions and reducing 710 holdings. Its most notable exit was Hewlett Packard, an estimated $46.5M position sold in full.

By sector, the portfolio is most concentrated in Technology at 2% of assets, up from 1.7% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Twin Tree Management opened a new position in State Street SPDR S&P 500 ETF Trust worth $58.7M.

  • Twin Tree Management's largest Q3 2025 buy was State Street SPDR S&P 500 ETF Trust: 88,100 shares worth $58.7M.
  • Twin Tree Management added most to State Street SPDR S&P Biotech ETF in Q3 2025, an estimated $26.9M increase.
  • Twin Tree Management's biggest Q3 2025 reduction was Vanguard S&P 500 ETF, cutting an estimated $72.1M.
  • Twin Tree Management fully exited Hewlett Packard in Q3 2025, selling an estimated $46.5M.
  • Twin Tree Management's ten largest holdings make up 23% of its $24B portfolio in Q3 2025.
  • Twin Tree Management opened 364 new positions and closed 500 in Q3 2025.
  • Twin Tree Management's portfolio value fell 55% quarter-over-quarter to $24B.

Based on Twin Tree Management's 13F filing for Q3 2025, filed 13 Nov 2025.