TWO SIGMA INVESTMENTS, LP Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$70.9B

Holdings

3,534

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (3,534 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	BRK/BBERKSHIRE HATHAWAY INC DEL	884,154	$444.0M	0.63%	Put
2	XLYSELECT SECTOR SPDR TR	3,383,220	$403.0M	0.57%
3	XLKSELECT SECTOR SPDR TR	2,801,547	$403.0M	0.57%
4	VUGVANGUARD INDEX FDS	816,840	$398.0M	0.56%
5	IWFISHARES TR	813,789	$385.0M	0.54%
6	RIVNRIVIAN AUTOMOTIVE INC	19,159,484	$376.0M	0.53%	Put
7	SPYSPDR S&P 500 ETF TR	552,897	$376.0M	0.53%	Put
8	AAPLAPPLE INC	1,383,843	$375.0M	0.53%	Put
9	NVDANVIDIA CORPORATION	1,945,491	$361.0M	0.51%	Put
10	PLTRPALANTIR TECHNOLOGIES INC	1,979,360	$350.0M	0.49%	Put
11	SATS 3.875 11/30/30ECHOSTAR CORP	102,516,000	$342.0M	0.48%
12	NDQINVESCO QQQ TR	541,577	$332.0M	0.47%	Put
13	TSLATESLA INC	735,158	$329.0M	0.46%	Put
14	VNQVANGUARD INDEX FDS	3,573,400	$316.0M	0.45%
15	AMZNAMAZON COM INC	1,362,437	$314.0M	0.44%	Put
16	AMDADVANCED MICRO DEVICES INC	1,460,691	$311.0M	0.44%	Put
17	SOFISOFI TECHNOLOGIES INC	11,928,703	$311.0M	0.44%	Put
18	MUMICRON TECHNOLOGY INC	1,077,889	$306.0M	0.43%	Put
19	WDC 3 11/15/28WESTERN DIGITAL CORP	62,584,000	$286.0M	0.40%
20	MSFTMICROSOFT CORP	570,234	$274.0M	0.39%	Put
21	TSMTAIWAN SEMICONDUCTOR MFG LTD	888,449	$269.0M	0.38%	Put
22	IVVISHARES TR	392,760	$269.0M	0.38%
23	GMGENERAL MTRS CO	3,314,035	$268.0M	0.38%	Put
24	TJXTJX COS INC NEW	1,734,630	$265.0M	0.37%	Put
25	SCHWSCHWAB CHARLES CORP	2,624,155	$260.0M	0.37%	Put
26	ISRGINTUITIVE SURGICAL INC	459,879	$260.0M	0.37%
27	ADBEADOBE INC	741,976	$259.0M	0.37%
28	ABNBAIRBNB INC	1,913,495	$259.0M	0.37%
29	MAMASTERCARD INCORPORATED	441,496	$252.0M	0.36%
30	BMYBRISTOL-MYERS SQUIBB CO	4,662,042	$251.0M	0.35%
31	IBBISHARES TR	1,475,007	$248.0M	0.35%
32	NETCLOUDFLARE INC	1,262,598	$247.0M	0.35%	Put
33	NOWSERVICENOW INC	1,615,364	$247.0M	0.35%	Put
34	ALNYALNYLAM PHARMACEUTICALS INC	616,120	$245.0M	0.35%
35	SCHHSCHWAB STRATEGIC TR	11,681,437	$244.0M	0.34%
36	RBLXROBLOX CORP	3,007,272	$243.0M	0.34%
37	BABOEING CO	1,126,531	$243.0M	0.34%	Put
38	TMUST-MOBILE US INC	1,183,865	$240.0M	0.34%
39	TTDTHE TRADE DESK INC	6,263,335	$237.0M	0.33%	Put
40	AMGNAMGEN INC	723,988	$236.0M	0.33%	Put
41	BSXBOSTON SCIENTIFIC CORP	2,475,144	$235.0M	0.33%	Call
42	USMVISHARES TR	2,492,600	$234.0M	0.33%
43	LMTLOCKHEED MARTIN CORP	486,515	$234.0M	0.33%	Put
44	MRSHMARSH & MCLENNAN COS INC	1,249,912	$231.0M	0.33%
45	XLRESELECT SECTOR SPDR TR	5,735,700	$231.0M	0.33%
46	SMHVANECK ETF TRUST	636,751	$229.0M	0.32%
47	IBKRINTERACTIVE BROKERS GROUP IN	3,565,721	$228.0M	0.32%	Put
48	CITCINTAS CORP	1,217,532	$228.0M	0.32%
49	MSIMOTOROLA SOLUTIONS INC	590,873	$226.0M	0.32%	Call
50	COSTCOSTCO WHSL CORP NEW	259,124	$223.0M	0.31%
51	ANETARISTA NETWORKS INC	1,702,192	$221.0M	0.31%	Put
52	GHGUARDANT HEALTH INC	2,175,903	$221.0M	0.31%	Put
53	AERAERCAP HOLDINGS NV	1,538,896	$221.0M	0.31%
54	RSGREPUBLIC SVCS INC	1,043,844	$221.0M	0.31%
55	SESEA LTD	1,727,586	$220.0M	0.31%	Put
56	REGNREGENERON PHARMACEUTICALS	281,151	$217.0M	0.31%
57	ARGXARGENX SE	258,556	$217.0M	0.31%
58	TRVCCITIGROUP INC	1,869,333	$217.0M	0.31%	Put
59	MRNAMODERNA INC	7,362,796	$216.0M	0.30%	Put
60	ONON SEMICONDUCTOR CORP	4,026,066	$216.0M	0.30%	Put
61	LRCXLAM RESEARCH CORP	1,266,457	$216.0M	0.30%	Put
62	PGRPROGRESSIVE CORP	946,277	$215.0M	0.30%
63	XBISPDR SERIES TRUST	1,762,600	$214.0M	0.30%
64	MSCIMSCI INC	372,616	$213.0M	0.30%
65	AMTAMERICAN TOWER CORP NEW	1,216,424	$213.0M	0.30%
66	KMBKIMBERLY-CLARK CORP	2,116,203	$213.0M	0.30%
67	UNPUNION PAC CORP	913,198	$211.0M	0.30%	Call
68	VVISA INC	603,759	$211.0M	0.30%	Put
69	LITELUMENTUM HLDGS INC	578,611	$211.0M	0.30%	Put
70	ISIIONIS PHARMACEUTICALS INC	2,658,646	$210.0M	0.30%
71	EQIXEQUINIX INC	272,870	$209.0M	0.29%
72	NUNU HLDGS LTD	12,599,324	$209.0M	0.29%	Put
73	PGPROCTER AND GAMBLE CO	1,463,914	$209.0M	0.29%
74	AMEAMETEK INC	1,010,471	$207.0M	0.29%
75	IYWISHARES TR	1,038,224	$207.0M	0.29%
76	VRSKVERISK ANALYTICS INC	924,687	$206.0M	0.29%
77	GDDYGODADDY INC	1,663,619	$206.0M	0.29%
78	WWAYFAIR INC	2,041,019	$204.0M	0.29%	Put
79	MCDMCDONALDS CORP	664,254	$202.0M	0.28%	Put
80	AZNASTRAZENECA PLC	2,183,476	$200.0M	0.28%	Call
81	ROKUROKU INC	1,862,357	$200.0M	0.28%	Put
82	VLOVALERO ENERGY CORP	1,235,710	$199.0M	0.28%	Put
83	RLRALPH LAUREN CORP	564,947	$199.0M	0.28%	Call
84	DWDMORGAN STANLEY	1,127,813	$199.0M	0.28%	Put
85	WMWASTE MGMT INC DEL	907,222	$199.0M	0.28%	Put
86	TXNTEXAS INSTRS INC	1,132,405	$195.0M	0.28%	Put
87	FFORD MTR CO	14,888,265	$195.0M	0.28%
88	CVNACARVANA CO	459,932	$193.0M	0.27%	Put
89	FCXFREEPORT-MCMORAN INC	3,828,107	$193.0M	0.27%	Put
90	AALAMERICAN AIRLS GROUP INC	12,688,098	$192.0M	0.27%	Put
91	HPEHEWLETT PACKARD ENTERPRISE C	8,048,311	$192.0M	0.27%	Put
92	ETNEATON CORP PLC	603,126	$190.0M	0.27%	Put
93	DELLDELL TECHNOLOGIES INC	1,518,192	$190.0M	0.27%	Put
94	WCNWASTE CONNECTIONS INC	1,079,135	$189.0M	0.27%
95	SPLVINVESCO EXCH TRADED FD TR II	2,634,200	$188.0M	0.27%
96	DGDOLLAR GEN CORP NEW	1,389,179	$184.0M	0.26%
97	BKNGBOOKING HOLDINGS INC	34,181	$182.0M	0.26%	Put
98	TAT&T INC	7,334,980	$182.0M	0.26%
99	ALBALBEMARLE CORP	1,298,358	$182.0M	0.26%	Put
100	CBCHUBB LIMITED	586,031	$182.0M	0.26%

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