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 81 option positions for the 2024Q2 quarter — 10 long-calls and 71 long-puts — totaling $1.75B of underlying-share notional value. The largest exposures are a put on COIN, a put on CCL, 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
81 positions · $1.75B notional10 CALL · $133.0M71 PUT · $1.62B| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | COINCOINBASE GLOBAL INC | 652K | $144.9M | 0.3% |
| PUT | CCLCARNIVAL CORP | 6.3M | $117.8M | 0.3% |
| PUT | ABNBAIRBNB INC | 721K | $109.3M | 0.2% |
| PUT | AALAMERICAN AIRLS GROUP INC | 7.8M | $88.7M | 0.2% |
| PUT | TLTISHARES TR | 961K | $88.2M | 0.2% |
| CALL | TLTISHARES TR | 824K | $75.6M | 0.2% |
| PUT | G66721104NORWEGIAN CRUISE LINE HLDG L | 3.8M | $71.6M | 0.2% |
| PUT | G7997R103SEAGATE TECHNOLOGY HLDNGS PL | 677K | $69.9M | 0.2% |
| PUT | FRPTFRESHPET INC | 536K | $69.4M | 0.2% |
| PUT | RIVNRIVIAN AUTOMOTIVE INC | 3.8M | $50.9M | 0.1% |
| PUT | BURLBURLINGTON STORES INC | 194K | $46.6M | 0.1% |
| PUT | SHAKSHAKE SHACK INC | 454K | $40.8M | 0.1% |
| PUT | LYVLIVE NATION ENTERTAINMENT IN | 427K | $40.0M | 0.1% |
| PUT | LITELUMENTUM HLDGS INC | 778K | $39.6M | 0.1% |
| PUT | STWDSTARWOOD PPTY TR INC | 1.9M | $36.2M | 0.1% |
| PUT | SMTCSEMTECH CORP | 1.2M | $35.0M | 0.1% |
| PUT | WWAYFAIR INC | 636K | $33.5M | 0.1% |
| PUT | DBXDROPBOX INC | 1.3M | $28.3M | 0.1% |
| PUT | NOGNORTHERN OIL AND GAS INC MN | 706K | $26.2M | 0.1% |
| PUT | PPLPPL CORP | 926K | $25.6M | 0.1% |
| PUT | V7780T103ROYAL CARIBBEAN GROUP | 150K | $23.9M | 0.1% |
| PUT | S9QSPIRIT AEROSYSTEMS HLDGS INC | 717K | $23.6M | 0.1% |
| PUT | UBERUBER TECHNOLOGIES INC | 314K | $22.8M | 0.1% |
| CALL | SPYSPDR S&P 500 ETF TR | 38K | $20.5M | 0.0% |
| PUT | SPYSPDR S&P 500 ETF TR | 38K | $20.5M | 0.0% |
| PUT | SOFISOFI TECHNOLOGIES INC | 3.1M | $20.4M | 0.0% |
| PUT | MSTRMICROSTRATEGY INC | 15K | $20.1M | 0.0% |
| PUT | BXMTBLACKSTONE MTG TR INC | 1.1M | $19.5M | 0.0% |
| PUT | AMATAKAMAI TECHNOLOGIES INC | 196K | $17.6M | 0.0% |
| PUT | CALYCALLAWAY GOLF CO | 1.1M | $16.4M | 0.0% |
| PUT | WKCWORLD FUEL SVCS CORP | 603K | $15.6M | 0.0% |
| PUT | AXONAXON ENTERPRISE INC | 53K | $15.5M | 0.0% |
| PUT | SPBSPECTRUM BRANDS HLDGS INC NE | 178K | $15.3M | 0.0% |
| PUT | DUKDUKE ENERGY CORP NEW | 148K | $14.8M | 0.0% |
| PUT | CAKECHEESECAKE FACTORY INC | 339K | $13.3M | 0.0% |
| PUT | NOVAQSUNNOVA ENERGY INTL INC. | 2.3M | $13.1M | 0.0% |
| PUT | RPDRAPID7 INC | 296K | $12.8M | 0.0% |
| PUT | G4412G101HERBALIFE NUTRITION LTD | 1.2M | $12.4M | 0.0% |
| PUT | BYNDBEYOND MEAT INC | 1.8M | $12.4M | 0.0% |
| PUT | GPREGREEN PLAINS INC | 763K | $12.1M | 0.0% |
| PUT | MPMP MATERIALS CORP | 949K | $12.1M | 0.0% |
| PUT | IWMISHARES TR | 59K | $12.0M | 0.0% |
| CALL | IWMISHARES TR | 56K | $11.4M | 0.0% |
| PUT | WOLF*WOLFSPEED INC | 497K | $11.3M | 0.0% |
| PUT | SPHRMADISON SQUARE GRDN ENTERTNM | 266K | $9.3M | 0.0% |
| PUT | CENXCENTURY ALUM CO | 542K | $9.1M | 0.0% |
| CALL | MSFTMICROSOFT CORP | 20K | $8.9M | 0.0% |
| PUT | EQXEQUINOX GOLD CORP | 1.6M | $8.5M | 0.0% |
| PUT | G6359F137NABORS INDUSTRIES LTD | 114K | $8.1M | 0.0% |
| PUT | UGIUGI CORP NEW | 304K | $7.0M | 0.0% |
| PUT | BMRNBIOMARIN PHARMACEUTICAL INC | 84K | $6.9M | 0.0% |
| PUT | DXCMDEXCOM INC | 55K | $6.2M | 0.0% |
| CALL | ZZILLOW GROUP INC | 130K | $6.0M | 0.0% |
| PUT | USX1UNITED STATES STL CORP NEW | 150K | $5.7M | 0.0% |
| PUT | PCGPG&E CORP | 261K | $4.6M | 0.0% |
| CALL | AAPLAPPLE INC | 20K | $4.2M | 0.0% |
| PUT | H8817H100TRANSOCEAN LTD | 750K | $4.0M | 0.0% |
| PUT | FLRFLUOR CORP NEW | 75K | $3.3M | 0.0% |
| PUT | GU9GUESS INC | 147K | $3.0M | 0.0% |
| PUT | IDCCINTERDIGITAL INC | 24K | $2.8M | 0.0% |
| PUT | SBSWSIBANYE STILLWATER LTD | 600K | $2.6M | 0.0% |
| CALL | XLESELECT SECTOR SPDR TR | 28K | $2.5M | 0.0% |
| PUT | XLESELECT SECTOR SPDR TR | 27K | $2.5M | 0.0% |
| PUT | ENOVENOVIS CORPORATION | 51K | $2.3M | 0.0% |
| PUT | PDPAGERDUTY INC | 90K | $2.1M | 0.0% |
| PUT | PENNPENN NATL GAMING INC | 102K | $2.0M | 0.0% |
| PUT | GLDSPDR GOLD TR | 8.7K | $1.9M | 0.0% |
| CALL | GLDSPDR GOLD TR | 8.7K | $1.9M | 0.0% |
| PUT | QQQINVESCO QQQ TR | 3.3K | $1.6M | 0.0% |
| CALL | QQQINVESCO QQQ TR | 3.3K | $1.6M | 0.0% |
| PUT | BFHALLIANCE DATA SYSTEMS CORP | 20K | $869K | 0.0% |
| PUT | ABRARBOR REALTY TRUST INC | 55K | $789K | 0.0% |
| PUT | BEBLOOM ENERGY CORP | 51K | $619K | 0.0% |
| PUT | JBLUJETBLUE AWYS CORP | 81K | $495K | 0.0% |
| PUT | PMTPENNYMAC MTG INVT TR | 28K | $391K | 0.0% |
| PUT | RBCRBC BEARINGS INC | 1.4K | $378K | 0.0% |
| PUT | TPCTUTOR PERINI CORP | 16K | $351K | 0.0% |
| CALL | SRPTSAREPTA THERAPEUTICS INC | 2.1K | $332K | 0.0% |
| PUT | PRGPROG HOLDINGS INC | 6.4K | $222K | 0.0% |
| PUT | DVADAVITA INC | 1.6K | $222K | 0.0% |
| PUT | 91325V108UNITI GROUP INC | 10K | $29K | 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.