Style
CoreTurnover
Orientation
Concentrated traderMillennium Management employs a high-turnover, active growth style, with a top holdings list heavily skewed toward mega-cap technology: IVV (3.5%), NVDA (0.8%), AAPL (0.5%), META (0.5%), and MSFT (0.4%) account for nearly 6% of the portfolio, while corporate bonds for Western Digital and Lumentum indicate tactical fixed-income exposures. Technology leads sector allocation at 15.0%, but 23.8% of the portfolio remains unclassified, suggesting substantial use of derivatives or structured products to express directional views. Despite a concentrated top 15 comprising just 9.1% of assets—the largest holding is only 3.5%—the portfolio runs over 5,600 positions across roughly $240 billion in AUM, reflecting a conviction in breadth rather than outsized single-name bets, consistent with a multi-strategy, risk-parity approach.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Ishares TR(IVV) | 14,503,932 | $10.9B | 3.93% |
| 2 | State STR Spdr S&P 500 ETF T(SPY) | 4,857,109 | $3.6B | 1.31% |
| 3 | Space Exploration Techn Corp(SPCX) | 17,604,863 | $3.0B | 1.08% |
| 4 | Nvidia Corporation(NVDA) | 12,157,614 | $2.4B | 0.88% |
Latest filing, equity positions only
| 5 |
| Norfolk Southn Corp(NSC) |
| 5,201,728 |
| $1.6B |
| 0.59% |
| 6 | Microsoft Corp(MSFT) | 4,240,904 | $1.6B | 0.57% |
| 7 | Warner Bros Discovery Inc(WBD) | 57,657,575 | $1.5B | 0.56% |
| 8 | Vanguard Index FDS(VOO) | 1,825,001 | $1.3B | 0.45% |
| 9 | Amazon COM Inc(AMZN) | 4,116,745 | $981.2M | 0.36% |
| 10 | Western Digital Corp | 58,044,000 | $980.0M | 0.35% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Unclassified | 21.87% | 24.38% | +2.51% |
| Financial Services | 11.47% | 9.46% | -2.01% |
| Industrials | 10.04% | 11.37% | +1.33% |
| Energy | 4.64% | 3.35% | -1.29% |
| Technology | 15.21% | 16.26% | +1.05% |
| Communication Services | 5.26% | 4.58% | -0.68% |
| Basic Materials | 4.4% | 3.76% | -0.64% |
| Consumer Cyclical | 7.35% | 6.73% | -0.62% |
| Real Estate | 3.16% | 3.62% | +0.46% |
| Healthcare | 10.03% | 9.89% | -0.14% |
| Consumer Defensive | 3.15% | 3.29% | +0.14% |
| Utilities | 3.42% | 3.3% | -0.12% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Large Cap | 42.04% | 42.98% | +0.94% |
| Unclassified | 21.9% | 24.39% | +2.49% |
| Mid Cap | 17.04% | 16.67% | -0.37% |
| Mega Cap | 13.95% | 11.31% | -2.64% |
| Small Cap | 4.57% | 4.24% | -0.33% |
| Micro Cap | 0.5% | 0.42% | -0.08% |
Quarter-over-quarter position changes