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 49 option positions for the 2025Q2 quarter — 3 long-calls and 46 long-puts — totaling $958.9M of underlying-share notional value. The largest exposures are a put on CCL, a put on MSTR, a put on RIVN. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
49 positions · $958.9M notional3 CALL · $65.3M46 PUT · $893.5M| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | CCLCARNIVAL CORP | 4.0M | $113.1M | 0.2% |
| PUT | MSTRMICROSTRATEGY INC | 190K | $77.0M | 0.1% |
| PUT | RIVNRIVIAN AUTOMOTIVE INC | 4.5M | $62.4M | 0.1% |
| PUT | G7997R103SEAGATE TECHNOLOGY HLDNGS PL | 384K | $55.5M | 0.1% |
| PUT | LITELUMENTUM HLDGS INC | 507K | $48.2M | 0.1% |
| PUT | MARAMARATHON DIGITAL HOLDINGS IN | 2.8M | $43.3M | 0.1% |
| PUT | S9QSPIRIT AEROSYSTEMS HLDGS INC | 1.1M | $43.0M | 0.1% |
| PUT | MPMP MATERIALS CORP | 1.2M | $39.1M | 0.1% |
| CALL | UBERUBER TECHNOLOGIES INC | 413K | $38.5M | 0.1% |
| PUT | AXONAXON ENTERPRISE INC | 43K | $35.4M | 0.1% |
| PUT | BURLBURLINGTON STORES INC | 149K | $34.6M | 0.1% |
| PUT | STWDSTARWOOD PPTY TR INC | 1.7M | $34.1M | 0.1% |
| PUT | SMTCSEMTECH CORP | 730K | $33.0M | 0.1% |
| PUT | DJTDIGITAL WORLD ACQUISITION CO | 1.6M | $29.2M | 0.1% |
| CALL | NEENEXTERA ENERGY INC | 364K | $25.2M | 0.0% |
| PUT | G66721104NORWEGIAN CRUISE LINE HLDG L | 1.2M | $25.1M | 0.0% |
| PUT | CHTRCHARTER COMMUNICATIONS INC N | 54K | $22.1M | 0.0% |
| PUT | UGIUGI CORP NEW | 546K | $19.9M | 0.0% |
| PUT | LYVLIVE NATION ENTERTAINMENT IN | 113K | $17.1M | 0.0% |
| PUT | GMEGAMESTOP CORP NEW | 661K | $16.1M | 0.0% |
| PUT | SBSWSIBANYE STILLWATER LTD | 1.8M | $13.1M | 0.0% |
| PUT | BXMTBLACKSTONE MTG TR INC | 626K | $12.1M | 0.0% |
| PUT | FRPTFRESHPET INC | 172K | $11.7M | 0.0% |
| PUT | PPLPPL CORP | 335K | $11.4M | 0.0% |
| PUT | CENXCENTURY ALUM CO | 542K | $9.8M | 0.0% |
| PUT | EQXEQUINOX GOLD CORP | 1.7M | $9.5M | 0.0% |
| PUT | BYNDBEYOND MEAT INC | 2.7M | $9.4M | 0.0% |
| PUT | CALYCALLAWAY GOLF CO | 1.2M | $9.3M | 0.0% |
| PUT | SPBSPECTRUM BRANDS HLDGS INC NE | 163K | $8.6M | 0.0% |
| PUT | ORAORMAT TECHNOLOGIES INC | 94K | $7.8M | 0.0% |
| PUT | G11448100BITDEER TECHNOLOGIES GROUP | 608K | $7.0M | 0.0% |
| PUT | NOGNORTHERN OIL AND GAS INC MN | 165K | $4.7M | 0.0% |
| PUT | PCGPG&E CORP | 311K | $4.3M | 0.0% |
| PUT | SHAKSHAKE SHACK INC | 24K | $3.4M | 0.0% |
| PUT | PMTPENNYMAC MTG INVT TR | 217K | $2.8M | 0.0% |
| PUT | HTGCHERCULES CAPITAL INC | 147K | $2.7M | 0.0% |
| PUT | RUNSUNRUN INC | 312K | $2.5M | 0.0% |
| PUT | G4124C109GRAB HOLDINGS LIMITED | 500K | $2.5M | 0.0% |
| PUT | JBLUJETBLUE AWYS CORP | 576K | $2.4M | 0.0% |
| PUT | GU9GUESS INC | 192K | $2.3M | 0.0% |
| PUT | PENNPENN NATL GAMING INC | 102K | $1.8M | 0.0% |
| PUT | ABRARBOR REALTY TRUST INC | 164K | $1.8M | 0.0% |
| CALL | ALBALBEMARLE CORP | 25K | $1.6M | 0.0% |
| PUT | EOSEEOS ENERGY ENTERPRISES INC | 300K | $1.5M | 0.0% |
| PUT | ETSYETSY INC | 28K | $1.4M | 0.0% |
| PUT | HASIHANNON ARMSTRONG SUST INFR C | 25K | $672K | 0.0% |
| PUT | CORZCORE SCIENTIFIC INC NEW | 36K | $606K | 0.0% |
| PUT | G4412G101HERBALIFE NUTRITION LTD | 25K | $217K | 0.0% |
| PUT | 91325V108UNITI GROUP INC | 10K | $43K | 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.