Millennium Management
Millennium Management, led by Israel Englander since its founding in 1989, is a global investment management firm known for its diversified trading strategies. Englander, with a reputation for detailed market analysis and risk management, has guided the firm to focus on a multi-manager platform, employing a variety of strategies to achieve consistent returns. The firm's investment philosophy emphasizes rigorous research and a disciplined approach to capital allocation.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| AAPL | $1.53B | 5.90% | $253.56 | $312.01 | +23.1% | 5.9% | |
| NVDA | $1.31B | 5.05% | $174.40 | $196.41 | +12.6% | 5.0% | |
| MSFT | $1.02B | 3.93% | $369.37 | $391.05 | +5.9% | 3.9% | |
| AMZN | $633.0M | 2.44% | $208.27 | $245.82 | +18.0% | 2.4% | |
| GOOG | $600.3M | 2.31% | $286.69 | $365.40 | +27.4% | 2.3% | |
| GOOGL | $576.8M | 2.22% | $287.39 | $368.62 | +28.3% | 2.2% | |
| MU | $523.3M | 2.02% | $337.79 | $916.68 | +171.4% | 2.0% | |
| AVGO | $439.5M | 1.69% | $309.02 | $368.05 | +19.1% | 1.7% | |
| META | $435.6M | 1.68% | $571.60 | $619.76 | +8.4% | 1.7% | |
| TSLA | $322.4M | 1.24% | $371.75 | $403.77 | +8.6% | 1.2% | |
| LLY | $305.2M | 1.18% | $918.19 | $1233.99 | +34.4% | 1.2% | |
| APH | $294.1M | 1.13% | $126.16 | $158.49 | +25.6% | 1.1% | |
| MA | $288.1M | 1.11% | $498.80 | $532.83 | +6.8% | 1.1% | |
| XOM | $253.0M | 0.98% | $168.52 | $140.74 | -16.5% | 1.0% | |
| COST | $250.6M | 0.97% | $994.99 | $949.44 | -4.6% | 1.0% | |
| JPM | $243.7M | 0.94% | $291.35 | $339.20 | +16.4% | 0.9% | |
| T | $236.9M | 0.91% | $28.69 | $21.13 | -26.4% | 0.9% | |
| LRCX | $234.3M | 0.90% | $213.51 | $322.61 | +51.1% | 0.9% | |
| MMM | $227.7M | 0.88% | $144.48 | $157.24 | +8.8% | 0.9% | |
| CVX | $226.0M | 0.87% | $205.02 | $173.29 | -15.5% | 0.9% | |
| ZTS | $215.0M | 0.83% | $117.70 | $76.01 | -35.4% | 0.8% | |
| ADP | $210.3M | 0.81% | $201.65 | $246.71 | +22.4% | 0.8% | |
| BMY | $205.7M | 0.79% | $59.36 | $57.92 | -2.4% | 0.8% | |
| PEP | $198.4M | 0.76% | $153.67 | $144.99 | -5.7% | 0.8% | |
| DOW | $172.0M | 0.66% | $41.23 | $27.92 | -32.3% | 0.7% | |
| WELL | $170.7M | 0.66% | $197.04 | $237.51 | +20.5% | 0.7% | |
| GM | $170.1M | 0.66% | $74.34 | $76.22 | +2.5% | 0.7% | |
| HWM | $169.7M | 0.65% | $230.36 | $273.51 | +18.7% | 0.7% | |
| CMI | $164.2M | 0.63% | $536.34 | $652.95 | +21.7% | 0.6% | |
| RTX | $161.9M | 0.62% | $192.10 | $201.05 | +4.7% | 0.6% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| VZ | $91.7M | |
| TER | $90.8M | |
| ACN | $88.4M | |
| ADM | $61.0M | |
| KLAC | $60.9M | |
| CTVA | $58.3M | |
| IDXX | $55.3M | |
| P | $49.3M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| PYPL | $261.5M | |
| AMD | $163.6M | |
| INTC | $115.1M | |
| CB | $93.7M | |
| HPE | $87.3M | |
| MRVL | $80.1M | |
| CTAS | $78.5M | |
| PSA | $67.3M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ |
|---|---|---|---|
| EXPE | $81.5M | +49344.6% | |
| BKR | $138.8M | +17312.8% | |
| DD | $62.3M | +6323.7% | |
| OXY | $78.8M | +5761.3% | |
| PNR | $13.2M | +5577.4% | |
| QCOM | $20.7M | +4395.3% | |
| WFC | $50.2M | +4273.4% | |
| WMB | $118.5M | +4152.0% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ |
|---|---|---|---|
| FTNT | $-125.4M | -99.8% | |
| NRG | $-79.8M | -99.7% | |
| TGT | $-135.7M | -99.6% | |
| VST | $-77.0M | -99.3% | |
| TPR | $-119.0M | -99.2% | |
| EL | $-92.1M | -99.1% | |
| AMAT | $-69.7M | -98.5% | |
| TTE | $-10.9M | -97.0% |
Quarter Activity
During the quarter, Millennium Management initiated notable new positions in Verizon Communications (VZ), Teradyne (TER), and Accenture (ACN), reflecting a diversification in their portfolio. The fund also exited significant stakes in PayPal Holdings (PYPL), Advanced Micro Devices (AMD), and Intel Corporation (INTC), marking a substantial shift away from these holdings. Additionally, there were major increases in positions such as Expedia Group (EXPE) and Baker Hughes (BKR), indicating a strategic reallocation of assets within the fund.
AI Commentary
<p>Millennium Management's portfolio showcases a strong concentration in the technology sector, with its top positions heavily skewed towards major tech giants. As of the latest reporting period, the fund's largest holdings include Apple Inc (AAPL) at $1,529M (5.9% of the portfolio), NVIDIA Corporation (NVDA) at $1,308M (5.0%), and Microsoft Corp (MSFT) at $1,020M (3.9%). Other significant tech investments include Amazon.com Inc (AMZN), Alphabet Inc (GOOG and GOOGL), Micron Technology Inc (MU), Broadcom Inc (AVGO), Meta Platforms Inc (META), and Tesla Inc (TSLA). This sector focus underscores Millennium's conviction in the growth and resilience of the technology industry, despite varying market conditions.</p> <p>The recent adjustments in Millennium Management's portfolio indicate a strategic shift in its investment thesis. The closure of positions in PayPal (PYPL), Advanced Micro Devices (AMD), and Intel Corp (INTC) suggests a recalibration away from certain tech sub-sectors or a response to specific company or industry challenges. Conversely, the establishment of new positions in Verizon (VZ), Teradyne (TER), Accenture (ACN), Archer-Daniels-Midland (ADM), and KLA Corporation (KLAC) points towards a diversification strategy and possibly an optimistic outlook on these sectors. Notably, the dramatic increases in holdings of Expedia (EXPE), Baker Hughes (BKR), and DuPont (DD) reflect a targeted bullish stance on these companies, while the complete divestments from Fortinet (FTNT) and NRG Energy (NRG) highlight a definitive bearish perspective or a strategic exit from these stocks.</p>