Two Sigma Investments
Two Sigma Investments, a quant hedge fund overseeing $67.06B in disclosed equity holdings (SEC CIK 0001179392). The latest portfolio (2025Q4) discloses 3467 positions across 11 sectors, with the largest positions in XLY, XLK and VUG. On a mark-to-market basis the tracked portfolio has returned 27.5% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.
What Two is holding in options
Two Sigma Investments disclosed 80 option positions for the 2023Q2 quarter — 12 long-calls and 68 long-puts — totaling $2.44B of underlying-share notional value. The largest exposures are a call on QQQ, a put on QQQ, a put on AAL. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
80 positions · $2.44B notional12 CALL · $532.4M68 PUT · $1.91B| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| CALL | QQQINVESCO QQQ TR | 676K | $249.9M | 0.6% |
| PUT | QQQINVESCO QQQ TR | 676K | $249.9M | 0.6% |
| PUT | AALAMERICAN AIRLS GROUP INC | 11M | $194.8M | 0.5% |
| PUT | V7780T103ROYAL CARIBBEAN GROUP | 1.3M | $132.3M | 0.3% |
| PUT | IWMISHARES TR | 592K | $110.9M | 0.3% |
| CALL | IWMISHARES TR | 586K | $109.7M | 0.3% |
| PUT | NEENEXTERA ENERGY INC | 1.4M | $103.9M | 0.3% |
| PUT | G66721104NORWEGIAN CRUISE LINE HLDG L | 4.3M | $94.7M | 0.2% |
| PUT | CCLCARNIVAL CORP | 4.3M | $81.0M | 0.2% |
| PUT | ABNBAIRBNB INC | 552K | $70.7M | 0.2% |
| PUT | SPYSPDR S&P 500 ETF TR | 154K | $68.3M | 0.2% |
| CALL | SPYSPDR S&P 500 ETF TR | 154K | $68.3M | 0.2% |
| PUT | AEPAMERICAN ELEC PWR CO INC | 695K | $58.5M | 0.1% |
| PUT | COINCOINBASE GLOBAL INC | 782K | $55.9M | 0.1% |
| PUT | NOVAQSUNNOVA ENERGY INTL INC. | 2.9M | $53.1M | 0.1% |
| PUT | Y7542C130SCORPIO TANKERS INC | 994K | $46.9M | 0.1% |
| PUT | SHAKSHAKE SHACK INC | 488K | $37.9M | 0.1% |
| PUT | DBXDROPBOX INC | 1.3M | $33.6M | 0.1% |
| CALL | COHRCOHERENT CORP | 651K | $33.2M | 0.1% |
| PUT | 25470M109DISH NETWORK CORPORATION | 4.9M | $32.3M | 0.1% |
| PUT | RIVNRIVIAN AUTOMOTIVE INC | 1.8M | $29.8M | 0.1% |
| PUT | LYVLIVE NATION ENTERTAINMENT IN | 314K | $28.6M | 0.1% |
| PUT | LITELUMENTUM HLDGS INC | 471K | $26.7M | 0.1% |
| PUT | SOFISOFI TECHNOLOGIES INC | 3.1M | $25.8M | 0.1% |
| PUT | FRPTFRESHPET INC | 370K | $24.3M | 0.1% |
| CALL | AESAES CORP | 1.1M | $23.5M | 0.1% |
| CALL | BMRNBIOMARIN PHARMACEUTICAL INC | 267K | $23.1M | 0.1% |
| PUT | WWAYFAIR INC | 355K | $23.1M | 0.1% |
| PUT | BXMTBLACKSTONE MTG TR INC | 1.0M | $21.5M | 0.1% |
| PUT | BYNDBEYOND MEAT INC | 1.6M | $20.3M | 0.1% |
| PUT | 848637104SPLUNK INC | 173K | $18.3M | 0.0% |
| PUT | G6095L109APTIV PLC | 147K | $15.0M | 0.0% |
| PUT | NOGNORTHERN OIL AND GAS INC MN | 406K | $13.9M | 0.0% |
| PUT | JBLUJETBLUE AWYS CORP | 1.6M | $13.8M | 0.0% |
| PUT | UBERUBER TECHNOLOGIES INC | 314K | $13.5M | 0.0% |
| PUT | DUKDUKE ENERGY CORP NEW | 148K | $13.3M | 0.0% |
| PUT | AMATAKAMAI TECHNOLOGIES INC | 140K | $12.6M | 0.0% |
| PUT | G6359F137NABORS INDUSTRIES LTD | 130K | $12.1M | 0.0% |
| PUT | STWDSTARWOOD PPTY TR INC | 577K | $11.2M | 0.0% |
| PUT | G4412G101HERBALIFE NUTRITION LTD | 797K | $10.6M | 0.0% |
| PUT | TMUST-MOBILE US INC | 76K | $10.5M | 0.0% |
| CALL | LUVSOUTHWEST AIRLS CO | 282K | $10.2M | 0.0% |
| PUT | 550424105LUMINAR TECHNOLOGIES INC | 1.4M | $9.9M | 0.0% |
| PUT | MARAMARATHON DIGITAL HOLDINGS IN | 707K | $9.8M | 0.0% |
| PUT | 33813J106FISKER INC | 1.7M | $9.3M | 0.0% |
| PUT | PPLPPL CORP | 337K | $8.9M | 0.0% |
| PUT | CAKECHEESECAKE FACTORY INC | 225K | $7.8M | 0.0% |
| PUT | DDD3-D SYS CORP DEL | 783K | $7.8M | 0.0% |
| CALL | G21810109CLARIVATE PLC | 768K | $7.3M | 0.0% |
| PUT | LUVSOUTHWEST AIRLS CO | 200K | $7.2M | 0.0% |
| PUT | FLRFLUOR CORP NEW | 241K | $7.1M | 0.0% |
| PUT | IPOAGBPVIRGIN GALACTIC HOLDINGS INC | 1.8M | $6.9M | 0.0% |
| PUT | MSTRMICROSTRATEGY INC | 20K | $6.8M | 0.0% |
| PUT | KKRKKR & CO INC | 112K | $6.2M | 0.0% |
| PUT | GPREGREEN PLAINS INC | 171K | $5.5M | 0.0% |
| PUT | H8817H100TRANSOCEAN LTD | 750K | $5.3M | 0.0% |
| PUT | COHRCOHERENT CORP | 102K | $5.2M | 0.0% |
| PUT | CALYCALLAWAY GOLF CO | 261K | $5.2M | 0.0% |
| PUT | RWTREDWOOD TR INC | 646K | $4.1M | 0.0% |
| CALL | TYLTYLER TECHNOLOGIES INC | 9.7K | $4.0M | 0.0% |
| PUT | SAVEEURSPIRIT AIRLS INC | 229K | $3.9M | 0.0% |
| PUT | BEBLOOM ENERGY CORP | 236K | $3.9M | 0.0% |
| PUT | USX1UNITED STATES STL CORP NEW | 150K | $3.8M | 0.0% |
| PUT | WKCWORLD FUEL SVCS CORP | 131K | $2.7M | 0.0% |
| CALL | SABRSABRE CORP | 794K | $2.5M | 0.0% |
| PUT | NINISOURCE INC | 89K | $2.4M | 0.0% |
| PUT | 91325V108UNITI GROUP INC | 488K | $2.3M | 0.0% |
| PUT | AXONAXON ENTERPRISE INC | 10K | $2.0M | 0.0% |
| PUT | NSCNRG ENERGY INC | 33K | $1.2M | 0.0% |
| PUT | CCIVGBPLUCID GROUP INC | 126K | $867K | 0.0% |
| PUT | SMTCSEMTECH CORP | 34K | $866K | 0.0% |
| PUT | SABRSABRE CORP | 230K | $733K | 0.0% |
| PUT | GEOGEO GROUP INC NEW | 77K | $552K | 0.0% |
| PUT | SAICSCIENCE APPLICATIONS INTL CO | 3.9K | $439K | 0.0% |
| CALL | SLVISHARES SILVER TR | 15K | $307K | 0.0% |
| PUT | SLVISHARES SILVER TR | 15K | $303K | 0.0% |
| PUT | SMHVANECK ETF TRUST | 1.6K | $244K | 0.0% |
| CALL | SMHVANECK ETF TRUST | 1.6K | $244K | 0.0% |
| PUT | CMSCMS ENERGY CORP | 4.0K | $235K | 0.0% |
| PUT | BCSFBAIN CAP SPECIALTY FIN INC | 10K | $135K | 0.0% |
Notional = value of the underlying shares at the quarter-end snapshot, not the option premium paid. A long PUT is a bearish bet on the underlying; a long CALL is a bullish bet. The reported value is included in the portfolio total but does not reflect actual capital at risk.