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 76 option positions for the 2023Q1 quarter — 16 long-calls and 60 long-puts — totaling $1.23B of underlying-share notional value. The largest exposures are a put on AAL, a put on NEE, a put on V7780T103. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
76 positions · $1.23B notional16 CALL · $127.0M60 PUT · $1.10B| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | AALAMERICAN AIRLS GROUP INC | 8.4M | $123.9M | 0.4% |
| PUT | NEENEXTERA ENERGY INC | 1.5M | $114.2M | 0.3% |
| PUT | V7780T103ROYAL CARIBBEAN GROUP | 1.5M | $97.3M | 0.3% |
| PUT | TMUST-MOBILE US INC | 414K | $59.9M | 0.2% |
| PUT | Y7542C130SCORPIO TANKERS INC | 994K | $56.0M | 0.2% |
| PUT | G66721104NORWEGIAN CRUISE LINE HLDG L | 4.1M | $55.2M | 0.2% |
| PUT | COINCOINBASE GLOBAL INC | 782K | $52.8M | 0.2% |
| PUT | 25470M109DISH NETWORK CORPORATION | 4.1M | $38.6M | 0.1% |
| PUT | NOVAQSUNNOVA ENERGY INTL INC. | 2.1M | $33.3M | 0.1% |
| PUT | CHWYCHEWY INC | 747K | $27.9M | 0.1% |
| PUT | CCLCARNIVAL CORP | 2.7M | $27.8M | 0.1% |
| PUT | SHAKSHAKE SHACK INC | 488K | $27.1M | 0.1% |
| PUT | DBXDROPBOX INC | 1.2M | $25.0M | 0.1% |
| PUT | JBLUJETBLUE AWYS CORP | 3.4M | $24.6M | 0.1% |
| PUT | LYVLIVE NATION ENTERTAINMENT IN | 314K | $21.9M | 0.1% |
| PUT | LITELUMENTUM HLDGS INC | 406K | $21.9M | 0.1% |
| PUT | BYNDBEYOND MEAT INC | 1.3M | $21.7M | 0.1% |
| CALL | BDXBECTON DICKINSON & CO | 71K | $17.6M | 0.1% |
| PUT | TLTISHARES TR | 156K | $16.6M | 0.0% |
| CALL | TLTISHARES TR | 156K | $16.6M | 0.0% |
| PUT | ABRARBOR REALTY TRUST INC | 1.4M | $16.3M | 0.0% |
| PUT | SOFISOFI TECHNOLOGIES INC | 2.7M | $16.3M | 0.0% |
| PUT | FRPTFRESHPET INC | 244K | $16.1M | 0.0% |
| PUT | RIVNRIVIAN AUTOMOTIVE INC | 976K | $15.1M | 0.0% |
| PUT | BXMTBLACKSTONE MTG TR INC | 824K | $14.7M | 0.0% |
| CALL | COHRCOHERENT CORP | 368K | $14.0M | 0.0% |
| CALL | LUVSOUTHWEST AIRLS CO | 401K | $13.0M | 0.0% |
| PUT | NOGNORTHERN OIL AND GAS INC MN | 406K | $12.3M | 0.0% |
| PUT | DHRDANAHER CORPORATION | 45K | $11.4M | 0.0% |
| PUT | 33813J106FISKER INC | 1.7M | $10.2M | 0.0% |
| PUT | G4412G101HERBALIFE NUTRITION LTD | 581K | $9.4M | 0.0% |
| CALL | BMRNBIOMARIN PHARMACEUTICAL INC | 93K | $9.1M | 0.0% |
| PUT | 550424105LUMINAR TECHNOLOGIES INC | 1.3M | $8.8M | 0.0% |
| PUT | PPLPPL CORP | 302K | $8.4M | 0.0% |
| PUT | MSTRMICROSTRATEGY INC | 28K | $8.3M | 0.0% |
| PUT | IWMISHARES TR | 45K | $8.0M | 0.0% |
| CALL | IWMISHARES TR | 45K | $8.0M | 0.0% |
| PUT | CAKECHEESECAKE FACTORY INC | 225K | $7.9M | 0.0% |
| CALL | CHWYCHEWY INC | 200K | $7.5M | 0.0% |
| PUT | FLRFLUOR CORP NEW | 241K | $7.4M | 0.0% |
| PUT | SPYSPDR S&P 500 ETF TR | 18K | $7.2M | 0.0% |
| CALL | SPYSPDR S&P 500 ETF TR | 18K | $7.2M | 0.0% |
| CALL | G21810109CLARIVATE PLC | 768K | $7.2M | 0.0% |
| CALL | XLFSELECT SECTOR SPDR TR | 214K | $6.9M | 0.0% |
| PUT | XLFSELECT SECTOR SPDR TR | 214K | $6.9M | 0.0% |
| CALL | AESAES CORP | 285K | $6.9M | 0.0% |
| PUT | LUVSOUTHWEST AIRLS CO | 200K | $6.5M | 0.0% |
| PUT | IPOAGBPVIRGIN GALACTIC HOLDINGS INC | 1.6M | $6.4M | 0.0% |
| PUT | MARAMARATHON DIGITAL HOLDINGS IN | 707K | $6.2M | 0.0% |
| PUT | KKRKKR & CO INC | 112K | $5.9M | 0.0% |
| PUT | XLESELECT SECTOR SPDR TR | 60K | $5.0M | 0.0% |
| CALL | XLESELECT SECTOR SPDR TR | 59K | $4.9M | 0.0% |
| PUT | H8817H100TRANSOCEAN LTD | 750K | $4.8M | 0.0% |
| PUT | RWTREDWOOD TR INC | 646K | $4.4M | 0.0% |
| PUT | SABRSABRE CORP | 927K | $4.0M | 0.0% |
| PUT | SAVEEURSPIRIT AIRLS INC | 229K | $3.9M | 0.0% |
| PUT | USX1UNITED STATES STL CORP NEW | 150K | $3.9M | 0.0% |
| CALL | KRESPDR SER TR | 79K | $3.5M | 0.0% |
| CALL | SABRSABRE CORP | 794K | $3.4M | 0.0% |
| PUT | G6095L109APTIV PLC | 29K | $3.2M | 0.0% |
| PUT | COHRCOHERENT CORP | 73K | $2.8M | 0.0% |
| PUT | KRESPDR SER TR | 57K | $2.5M | 0.0% |
| PUT | G6359F137NABORS INDUSTRIES LTD | 20K | $2.4M | 0.0% |
| PUT | AMATAKAMAI TECHNOLOGIES INC | 27K | $2.1M | 0.0% |
| PUT | DDD3-D SYS CORP DEL | 174K | $1.9M | 0.0% |
| PUT | 91325V108UNITI GROUP INC | 488K | $1.7M | 0.0% |
| PUT | GPREGREEN PLAINS INC | 50K | $1.5M | 0.0% |
| PUT | GEOGEO GROUP INC NEW | 152K | $1.2M | 0.0% |
| PUT | NSCNRG ENERGY INC | 33K | $1.1M | 0.0% |
| CALL | AQNALGONQUIN PWR UTILS CORP | 115K | $963K | 0.0% |
| PUT | CCIVGBPLUCID GROUP INC | 119K | $957K | 0.0% |
| PUT | IQIQIYI INC | 54K | $396K | 0.0% |
| PUT | NVAXNOVAVAX INC | 54K | $371K | 0.0% |
| PUT | GFLGFL ENVIRONMENTAL INC | 8.3K | $286K | 0.0% |
| CALL | XOPSPDR SER TR | 2.2K | $281K | 0.0% |
| PUT | XOPSPDR SER TR | 2.2K | $281K | 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.