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 78 option positions for the 2023Q3 quarter — 8 long-calls and 70 long-puts — totaling $1.43B of underlying-share notional value. The largest exposures are a put on AAL, a put on V7780T103, a put on G66721104. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
78 positions · $1.43B notional8 CALL · $56.8M70 PUT · $1.38B| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | AALAMERICAN AIRLS GROUP INC | 11M | $139.1M | 0.4% |
| PUT | V7780T103ROYAL CARIBBEAN GROUP | 1.3M | $117.5M | 0.3% |
| PUT | G66721104NORWEGIAN CRUISE LINE HLDG L | 4.7M | $78.1M | 0.2% |
| PUT | ABNBAIRBNB INC | 567K | $77.8M | 0.2% |
| PUT | CCLCARNIVAL CORP | 5.3M | $72.1M | 0.2% |
| PUT | RIVNRIVIAN AUTOMOTIVE INC | 2.9M | $70.5M | 0.2% |
| PUT | COINCOINBASE GLOBAL INC | 782K | $58.7M | 0.2% |
| PUT | Y7542C130SCORPIO TANKERS INC | 994K | $53.8M | 0.1% |
| PUT | 848637104SPLUNK INC | 289K | $42.2M | 0.1% |
| PUT | NOVAQSUNNOVA ENERGY INTL INC. | 3.8M | $39.9M | 0.1% |
| PUT | DBXDROPBOX INC | 1.3M | $34.3M | 0.1% |
| PUT | NINISOURCE INC | 1.3M | $31.9M | 0.1% |
| PUT | FRPTFRESHPET INC | 481K | $31.7M | 0.1% |
| PUT | 25470M109DISH NETWORK CORPORATION | 5.2M | $30.6M | 0.1% |
| PUT | STWDSTARWOOD PPTY TR INC | 1.6M | $30.0M | 0.1% |
| PUT | SHAKSHAKE SHACK INC | 489K | $28.4M | 0.1% |
| PUT | LYVLIVE NATION ENTERTAINMENT IN | 339K | $28.1M | 0.1% |
| PUT | SOFISOFI TECHNOLOGIES INC | 3.1M | $24.7M | 0.1% |
| PUT | BXMTBLACKSTONE MTG TR INC | 1.0M | $22.5M | 0.1% |
| PUT | LITELUMENTUM HLDGS INC | 497K | $22.5M | 0.1% |
| PUT | G7997R103SEAGATE TECHNOLOGY HLDNGS PL | 309K | $20.4M | 0.1% |
| PUT | WWAYFAIR INC | 336K | $20.3M | 0.1% |
| CALL | AESAES CORP | 1.2M | $18.8M | 0.1% |
| PUT | AMATAKAMAI TECHNOLOGIES INC | 164K | $17.4M | 0.0% |
| PUT | NOGNORTHERN OIL AND GAS INC MN | 407K | $16.4M | 0.0% |
| CALL | BMRNBIOMARIN PHARMACEUTICAL INC | 185K | $16.3M | 0.0% |
| PUT | BYNDBEYOND MEAT INC | 1.7M | $16.0M | 0.0% |
| PUT | G6359F137NABORS INDUSTRIES LTD | 130K | $16.0M | 0.0% |
| PUT | UBERUBER TECHNOLOGIES INC | 314K | $14.4M | 0.0% |
| PUT | DUKDUKE ENERGY CORP NEW | 148K | $13.0M | 0.0% |
| PUT | CAKECHEESECAKE FACTORY INC | 423K | $12.8M | 0.0% |
| PUT | BEBLOOM ENERGY CORP | 866K | $11.5M | 0.0% |
| PUT | PPLPPL CORP | 487K | $11.5M | 0.0% |
| PUT | G4412G101HERBALIFE NUTRITION LTD | 797K | $11.2M | 0.0% |
| PUT | TMUST-MOBILE US INC | 76K | $10.6M | 0.0% |
| PUT | 33813J106FISKER INC | 1.7M | $10.6M | 0.0% |
| PUT | FLRFLUOR CORP NEW | 241K | $8.8M | 0.0% |
| PUT | WKCWORLD FUEL SVCS CORP | 377K | $8.5M | 0.0% |
| PUT | RPDRAPID7 INC | 178K | $8.1M | 0.0% |
| CALL | LUVSOUTHWEST AIRLS CO | 282K | $7.6M | 0.0% |
| PUT | JBLUJETBLUE AWYS CORP | 1.6M | $7.2M | 0.0% |
| PUT | GPREGREEN PLAINS INC | 236K | $7.1M | 0.0% |
| PUT | BURLBURLINGTON STORES INC | 53K | $7.1M | 0.0% |
| PUT | KKRKKR & CO INC | 112K | $6.9M | 0.0% |
| PUT | CALYCALLAWAY GOLF CO | 449K | $6.2M | 0.0% |
| PUT | H8817H100TRANSOCEAN LTD | 750K | $6.2M | 0.0% |
| CALL | TYLTYLER TECHNOLOGIES INC | 16K | $6.1M | 0.0% |
| PUT | SMTCSEMTECH CORP | 225K | $5.8M | 0.0% |
| PUT | ABRARBOR REALTY TRUST INC | 380K | $5.8M | 0.0% |
| PUT | LUVSOUTHWEST AIRLS CO | 200K | $5.4M | 0.0% |
| PUT | WOLF*WOLFSPEED INC | 141K | $5.4M | 0.0% |
| CALL | G21810109CLARIVATE PLC | 768K | $5.2M | 0.0% |
| PUT | USX1UNITED STATES STL CORP NEW | 150K | $4.9M | 0.0% |
| PUT | MSTRMICROSTRATEGY INC | 15K | $4.8M | 0.0% |
| PUT | RWTREDWOOD TR INC | 646K | $4.6M | 0.0% |
| PUT | AGFIRST MAJESTIC SILVER CORP | 882K | $4.5M | 0.0% |
| PUT | 550424105LUMINAR TECHNOLOGIES INC | 922K | $4.2M | 0.0% |
| PUT | EQXEQUINOX GOLD CORP | 926K | $3.9M | 0.0% |
| PUT | SAVEEURSPIRIT AIRLS INC | 229K | $3.8M | 0.0% |
| PUT | IPOAGBPVIRGIN GALACTIC HOLDINGS INC | 1.8M | $3.2M | 0.0% |
| PUT | PCTPURECYCLE TECHNOLOGIES INC | 563K | $3.2M | 0.0% |
| PUT | DDD3-D SYS CORP DEL | 610K | $3.0M | 0.0% |
| PUT | 91325V108UNITI GROUP INC | 488K | $2.3M | 0.0% |
| PUT | DXCMDEXCOM INC | 24K | $2.3M | 0.0% |
| PUT | AXONAXON ENTERPRISE INC | 10K | $2.0M | 0.0% |
| PUT | MARAMARATHON DIGITAL HOLDINGS IN | 165K | $1.4M | 0.0% |
| PUT | NSCNRG ENERGY INC | 33K | $1.3M | 0.0% |
| CALL | NINISOURCE INC | 47K | $1.2M | 0.0% |
| CALL | SRPTSAREPTA THERAPEUTICS INC | 8.0K | $970K | 0.0% |
| PUT | CDPCORPORATE OFFICE PPTYS TR | 33K | $774K | 0.0% |
| PUT | GEOGEO GROUP INC NEW | 77K | $631K | 0.0% |
| CALL | DTEDTE ENERGY CO | 6.0K | $596K | 0.0% |
| PUT | SAICSCIENCE APPLICATIONS INTL CO | 3.9K | $412K | 0.0% |
| PUT | FSKFS KKR CAP CORP | 20K | $384K | 0.0% |
| PUT | CMSCMS ENERGY CORP | 4.0K | $212K | 0.0% |
| PUT | VGREURVECTOR GROUP LTD | 15K | $160K | 0.0% |
| PUT | BCSFBAIN CAP SPECIALTY FIN INC | 10K | $153K | 0.0% |
| PUT | TPCTUTOR PERINI CORP | 18K | $142K | 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.