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 77 option positions for the 2024Q1 quarter — 6 long-calls and 71 long-puts — totaling $1.81B of underlying-share notional value. The largest exposures are a put on COIN, a put on AAL, a put on ABNB. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
77 positions · $1.81B notional6 CALL · $64.2M71 PUT · $1.74B| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | COINCOINBASE GLOBAL INC | 652K | $172.8M | 0.4% |
| PUT | AALAMERICAN AIRLS GROUP INC | 11M | $163.5M | 0.4% |
| PUT | ABNBAIRBNB INC | 711K | $117.3M | 0.3% |
| PUT | CCLCARNIVAL CORP | 6.1M | $100.4M | 0.2% |
| PUT | G66721104NORWEGIAN CRUISE LINE HLDG L | 3.8M | $79.5M | 0.2% |
| PUT | V7780T103ROYAL CARIBBEAN GROUP | 550K | $76.5M | 0.2% |
| PUT | G7997R103SEAGATE TECHNOLOGY HLDNGS PL | 677K | $63.0M | 0.1% |
| PUT | FRPTFRESHPET INC | 532K | $61.6M | 0.1% |
| PUT | IWMISHARES TR | 246K | $51.8M | 0.1% |
| CALL | IWMISHARES TR | 246K | $51.8M | 0.1% |
| PUT | RIVNRIVIAN AUTOMOTIVE INC | 4.5M | $49.7M | 0.1% |
| PUT | SHAKSHAKE SHACK INC | 454K | $47.2M | 0.1% |
| PUT | LYVLIVE NATION ENTERTAINMENT IN | 427K | $45.1M | 0.1% |
| PUT | BURLBURLINGTON STORES INC | 194K | $45.0M | 0.1% |
| PUT | WWAYFAIR INC | 635K | $43.1M | 0.1% |
| PUT | LITELUMENTUM HLDGS INC | 893K | $42.3M | 0.1% |
| PUT | STWDSTARWOOD PPTY TR INC | 1.9M | $37.9M | 0.1% |
| PUT | SMTCSEMTECH CORP | 1.1M | $31.3M | 0.1% |
| PUT | DBXDROPBOX INC | 1.3M | $30.6M | 0.1% |
| PUT | S9QSPIRIT AEROSYSTEMS HLDGS INC | 717K | $25.9M | 0.1% |
| PUT | AMATAKAMAI TECHNOLOGIES INC | 236K | $25.6M | 0.1% |
| PUT | PPLPPL CORP | 919K | $25.3M | 0.1% |
| PUT | MSTRMICROSTRATEGY INC | 15K | $24.9M | 0.1% |
| PUT | UBERUBER TECHNOLOGIES INC | 314K | $24.1M | 0.1% |
| PUT | NOVAQSUNNOVA ENERGY INTL INC. | 3.8M | $23.6M | 0.1% |
| PUT | NOGNORTHERN OIL AND GAS INC MN | 572K | $22.7M | 0.1% |
| PUT | SOFISOFI TECHNOLOGIES INC | 3.1M | $22.6M | 0.1% |
| PUT | BXMTBLACKSTONE MTG TR INC | 1.0M | $20.8M | 0.0% |
| PUT | RPDRAPID7 INC | 361K | $17.7M | 0.0% |
| PUT | AXONAXON ENTERPRISE INC | 53K | $16.5M | 0.0% |
| PUT | WKCWORLD FUEL SVCS CORP | 603K | $15.9M | 0.0% |
| PUT | BMRNBIOMARIN PHARMACEUTICAL INC | 180K | $15.7M | 0.0% |
| PUT | GPREGREEN PLAINS INC | 676K | $15.6M | 0.0% |
| PUT | CALYCALLAWAY GOLF CO | 964K | $15.6M | 0.0% |
| PUT | BYNDBEYOND MEAT INC | 1.8M | $15.3M | 0.0% |
| PUT | G4412G101HERBALIFE NUTRITION LTD | 1.4M | $14.3M | 0.0% |
| PUT | DUKDUKE ENERGY CORP NEW | 148K | $14.3M | 0.0% |
| PUT | WOLF*WOLFSPEED INC | 476K | $14.0M | 0.0% |
| PUT | CAKECHEESECAKE FACTORY INC | 339K | $12.3M | 0.0% |
| PUT | SPHRMADISON SQUARE GRDN ENTERTNM | 230K | $11.3M | 0.0% |
| PUT | G6359F137NABORS INDUSTRIES LTD | 114K | $9.8M | 0.0% |
| PUT | EQXEQUINOX GOLD CORP | 1.6M | $9.5M | 0.0% |
| PUT | CENXCENTURY ALUM CO | 516K | $7.9M | 0.0% |
| PUT | DXCMDEXCOM INC | 55K | $7.6M | 0.0% |
| CALL | NSCNRG ENERGY INC | 100K | $6.8M | 0.0% |
| PUT | USX1UNITED STATES STL CORP NEW | 150K | $6.1M | 0.0% |
| PUT | MPMP MATERIALS CORP | 354K | $5.1M | 0.0% |
| PUT | JBLUJETBLUE AWYS CORP | 669K | $5.0M | 0.0% |
| PUT | H8817H100TRANSOCEAN LTD | 750K | $4.7M | 0.0% |
| PUT | PENNPENN NATL GAMING INC | 202K | $3.7M | 0.0% |
| PUT | PCTPURECYCLE TECHNOLOGIES INC | 588K | $3.7M | 0.0% |
| PUT | SMHVANECK ETF TRUST | 14K | $3.2M | 0.0% |
| CALL | SMHVANECK ETF TRUST | 14K | $3.2M | 0.0% |
| PUT | ENOVENOVIS CORPORATION | 51K | $3.2M | 0.0% |
| PUT | FLRFLUOR CORP NEW | 75K | $3.2M | 0.0% |
| PUT | SBSWSIBANYE STILLWATER LTD | 600K | $2.8M | 0.0% |
| PUT | IPOAGBPVIRGIN GALACTIC HOLDINGS INC | 1.8M | $2.7M | 0.0% |
| PUT | PCGPG&E CORP | 156K | $2.6M | 0.0% |
| PUT | IDCCINTERDIGITAL INC | 24K | $2.5M | 0.0% |
| PUT | PDPAGERDUTY INC | 90K | $2.1M | 0.0% |
| CALL | BMRNBIOMARIN PHARMACEUTICAL INC | 18K | $1.5M | 0.0% |
| PUT | ABRARBOR REALTY TRUST INC | 55K | $729K | 0.0% |
| PUT | BFHALLIANCE DATA SYSTEMS CORP | 20K | $726K | 0.0% |
| PUT | BEBLOOM ENERGY CORP | 50K | $562K | 0.0% |
| CALL | ACADACADIA PHARMACEUTICALS INC | 30K | $555K | 0.0% |
| PUT | RBCRBC BEARINGS INC | 1.4K | $378K | 0.0% |
| CALL | ITCIEURINTRA-CELLULAR THERAPIES INC | 5.0K | $346K | 0.0% |
| PUT | SAICSCIENCE APPLICATIONS INTL CO | 2.6K | $339K | 0.0% |
| PUT | GFFGRIFFON CORP | 3.4K | $249K | 0.0% |
| PUT | VSCOVICTORIAS SECRET AND CO | 12K | $234K | 0.0% |
| PUT | 07WAMR COOPER GROUP INC | 3.0K | $234K | 0.0% |
| PUT | TPCTUTOR PERINI CORP | 16K | $233K | 0.0% |
| PUT | DVADAVITA INC | 1.6K | $221K | 0.0% |
| PUT | VVVVALVOLINE INC | 4.9K | $218K | 0.0% |
| PUT | BCSFBAIN CAP SPECIALTY FIN INC | 13K | $209K | 0.0% |
| PUT | BKDBROOKDALE SR LIVING INC | 28K | $183K | 0.0% |
| PUT | 91325V108UNITI GROUP INC | 10K | $59K | 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.