Asset manager

Martingale Asset Management L P

13F for the quarter to June 30, 2026, filed August 13, 2026 · SEC CIK 936944

Reported value: $4.2bn
Positions we cover: 808
Copy, a year: +12.6%
Copy Sharpe ratio: 0.76

How copying its 13F would have done

CopyS&P 500 $10,000 copying Martingale Asset Management L P's filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −32.8% (S&P 500 −31.8%); beta 0.85; alpha +0.5% a year (t = 0.36); last 12 months +18.0% against +12.1%.

Reported value by quarter

Martingale Asset Management L P: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2013-06-30	$2.7B
2013-09-30	$2.8B
2013-12-31	$2.9B
2014-03-31	$2.9B
2014-06-30	$6.3B
2014-09-30	$3.2B
2014-12-31	$3.6B
2015-03-31	$4.2B
2015-06-30	$4.3B
2015-09-30	$4.1B
2015-12-31	$4.5B
2016-03-31	$5.1B
2016-06-30	$6B
2016-09-30	$6.7B
2016-12-31	$7.1B
2017-03-31	$6.9B
2017-06-30	$7.1B
2017-09-30	$7.5B
2017-12-31	$7.5B
2018-03-31	$7.8B
2018-06-30	$8.1B
2018-09-30	$8.6B
2018-12-31	$7.6B
2019-03-31	$9.2B
2019-06-30	$9.6B
2019-09-30	$9.8B
2019-12-31	$9.8B
2020-03-31	$7.5B
2020-06-30	$8.5B
2020-09-30	$8.3B
2020-12-31	$8.8B
2021-03-31	$8.7B
2021-06-30	$8.8B
2021-09-30	$7.7B
2021-12-31	$7.8B
2022-03-31	$6.7B
2022-06-30	$5.5B
2022-09-30	$5B
2022-12-31	$5.1T
2023-03-31	$5.2B
2023-06-30	$5.1B
2023-09-30	$4.8B
2023-12-31	$4.9B
2024-03-31	$5B
2024-06-30	$4.6B
2024-09-30	$4.4B
2024-12-31	$4.1B
2025-03-31	$3.9B
2025-06-30	$4.1B
2025-09-30	$4B
2025-12-31	$3.9B
2026-03-31	$4B
2026-06-30	$4.2B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	1.44%	$60.7m	209.8K	−4.0% Reduced
GOOGLAlphabet Inc. (Class A)	1.32%	$55.9m	156.3K	−3.3% Reduced
AMZNAmazon	1.21%	$51.0m	214.0K	+0.7% Added
LLYLilly (Eli)	1.16%	$48.9m	40.8K	+1.2% Added
NVDANVIDIA Corporation	1.14%	$48.3m	241.1K	+35.1% Added
MSFTMicrosoft Corporation	1.11%	$46.8m	125.5K	+4.6% Added
JNJJohnson & Johnson	1.11%	$46.8m	184.1K	−4.1% Reduced
JPMJPMorgan Chase	1.01%	$42.7m	130.5K	+3.6% Added
METAMeta Platforms	0.97%	$41.1m	72.9K	+24.0% Added
ABBVAbbVie	0.96%	$40.4m	160.7K	−1.6% Reduced
XOMExxonMobil	0.88%	$37.3m	273.1K	New
CSCOCisco	0.88%	$37.2m	317.1K	−36.9% Reduced
VVisa Inc.	0.83%	$35.3m	102.8K	−0.4%
MRKMerck & Co.	0.83%	$35.3m	274.5K	−6.9% Reduced
WMTWalmart	0.82%	$34.5m	304.3K	−3.0% Reduced
GEGE Aerospace	0.81%	$34.2m	91.5K	−2.1% Reduced
MOAltria	0.79%	$33.2m	462.0K	−4.5% Reduced
COSTCostco	0.78%	$32.9m	35.2K	−2.7% Reduced
MAMastercard	0.76%	$32.3m	62.8K	+1.1% Added
VLOValero Energy	0.74%	$31.1m	119.4K	−3.7% Reduced
TRVThe Travelers Companies	0.73%	$30.8m	93.4K	−2.3% Reduced
BMYBristol Myers Squibb	0.71%	$30.0m	520.9K	−2.6% Reduced
PMPhilip Morris International	0.69%	$28.9m	159.9K	−3.7% Reduced
AXPAmerican Express	0.68%	$28.8m	85.2K	−3.9% Reduced
PGProcter & Gamble	0.68%	$28.8m	196.3K	−10.6% Reduced
MPCMarathon Petroleum	0.68%	$28.7m	112.1K	−4.1% Reduced
ALLAllstate	0.68%	$28.6m	120.1K	−3.7% Reduced
HDThe Home Depot	0.68%	$28.5m	80.9K	−2.4% Reduced
RTXRTX Corporation	0.67%	$28.2m	148.8K	−0.3%
GDGeneral Dynamics	0.67%	$28.1m	79.3K	−0.2%
VZVerizon	0.66%	$28.0m	660.6K	−1.2% Reduced
KOThe Coca-Cola Company	0.65%	$27.5m	338.5K	+15.1% Added
CVXChevron Corporation	0.65%	$27.2m	164.2K	−2.4% Reduced
TMUST-Mobile US	0.62%	$26.3m	156.6K	+35.0% Added
TAT&T	0.60%	$25.4m	1.23M	−5.9% Reduced
JBHTJ.B. Hunt	0.60%	$25.2m	87.0K	−8.8% Reduced
EDConsolidated Edison	0.59%	$24.7m	223.6K	−1.3% Reduced
CAHCardinal Health	0.58%	$24.5m	102.9K	−1.5% Reduced
AVGOBroadcom	0.58%	$24.4m	64.6K	+17.6% Added
LMTLockheed Martin	0.57%	$24.3m	47.7K	+0.1%
HIGThe Hartford	0.57%	$24.0m	181.3K	−7.2% Reduced
PEPPepsiCo	0.56%	$23.9m	176.3K	−1.3% Reduced
DTEDTE Energy	0.56%	$23.6m	154.9K	−6.8% Reduced
SNXTD Synnex Corp	0.55%	$23.2m	86.7K	+145.3% Added
GILDGilead Sciences	0.54%	$23.0m	181.9K	+1.3% Added
NEMNewmont	0.54%	$22.9m	244.8K	−4.0% Reduced
PGRProgressive Corporation	0.54%	$22.9m	104.6K	+4.7% Added
AEEAmeren	0.54%	$22.8m	201.8K	−0.1%
AMGNAmgen	0.54%	$22.7m	62.7K	−1.7% Reduced
PSXPhillips 66	0.53%	$22.5m	133.3K	+67.2% Added
FFIVF5, Inc.	0.53%	$22.2m	53.5K	+6.6% Added
FDXFedEx	0.53%	$22.2m	70.9K	−2.2% Reduced
KRKroger	0.52%	$22.1m	398.3K	+0.2%
MCDMcDonald's	0.52%	$21.9m	81.0K	−0.4%
EXCExelon	0.51%	$21.7m	465.5K	−9.2% Reduced
AMPAmeriprise Financial	0.51%	$21.6m	47.0K	+2.5% Added
COFCapital One	0.51%	$21.4m	106.8K	+3.1% Added
AEPAmerican Electric Power	0.50%	$21.3m	155.5K	−2.0% Reduced
TJXTJX Companies	0.50%	$21.3m	140.4K	−3.2% Reduced
VRTXVertex Pharmaceuticals	0.50%	$21.2m	42.7K	−4.5% Reduced
MSIMotorola Solutions	0.50%	$21.1m	50.9K	+7.9% Added
NOCNorthrop Grumman	0.50%	$21.1m	41.3K	+1.0% Added
AMATApplied Materials	0.49%	$20.9m	28.9K	+602.4% Added
QCOMQualcomm	0.49%	$20.8m	112.7K	−31.8% Reduced
MCKMcKesson	0.48%	$20.1m	26.6K	−9.7% Reduced
CASYCasey's	0.46%	$19.3m	24.3K	−21.1% Reduced
CBChubb Limited	0.45%	$19.2m	56.3K	−14.9% Reduced
INCYIncyte	0.45%	$19.1m	168.8K	+2.5% Added
CLColgate-Palmolive	0.45%	$19.1m	208.2K	−2.1% Reduced
WMWaste Management	0.45%	$19.0m	85.5K	−2.4% Reduced
ADBEAdobe Inc.	0.45%	$19.0m	92.8K	+0.4%
MLIMueller Industries Inc	0.45%	$18.9m	153.8K	−2.4% Reduced
LNGCheniere Energy, Inc.	0.44%	$18.5m	77.4K	−28.2% Reduced
BPOPPopular, Inc.	0.43%	$18.4m	112.0K	−6.7% Reduced
ANETArista Networks	0.43%	$18.2m	107.1K	+56.8% Added
DISThe Walt Disney Company	0.43%	$18.2m	189.0K	−2.4% Reduced
EIXEdison International	0.43%	$18.1m	243.0K	+71.4% Added
THGHanover Insurance Group, Inc.	0.42%	$17.9m	83.8K	+6.5% Added
EGEverest Group	0.42%	$17.9m	50.1K	0.0%
LRCXLam Research	0.42%	$17.8m	41.1K	−2.8% Reduced
TMOThermo Fisher Scientific	0.42%	$17.6m	35.2K	+798.1% Added
SCHWCharles Schwab Corporation	0.41%	$17.5m	189.9K	−0.9% Reduced
OGEOGE Energy Corp.	0.41%	$17.3m	355.3K	+0.9% Added
TXNTexas Instruments	0.41%	$17.3m	58.0K	+930.3% Added
ETREntergy	0.40%	$16.9m	147.0K	−21.3% Reduced
TSNTyson Foods	0.39%	$16.6m	290.1K	−0.1%
RNRRenaissancere Holdings LTD	0.39%	$16.5m	52.0K	+0.7% Added
TXTTextron	0.39%	$16.4m	179.1K	−1.8% Reduced
PEGPublic Service Enterprise Group	0.39%	$16.4m	202.1K	0.0%
RSGRepublic Services	0.38%	$16.0m	75.0K	−1.3% Reduced
PHParker Hannifin	0.37%	$15.5m	15.8K	−1.5% Reduced
ABTAbbott Laboratories	0.36%	$15.1m	166.8K	−13.9% Reduced
LHXL3Harris	0.35%	$15.0m	51.5K	−0.6% Reduced
GMGeneral Motors	0.35%	$14.7m	191.3K	+0.1%
MUMicron Technology	0.35%	$14.7m	12.8K	+31.7% Added
ZMZoom Communications, Inc.	0.34%	$14.5m	168.3K	−33.4% Reduced
AUAnglogold Ashanti PLC	0.34%	$14.5m	178.7K	−30.3% Reduced
JAZZJazz Pharmaceuticals plc	0.34%	$14.3m	59.5K	+27.3% Added
ADSKAutodesk, Inc.	0.33%	$14.1m	72.6K	+0.4%
MUSAMurphy USA Inc.	0.33%	$14.0m	26.0K	−10.1% Reduced
TSLATesla, Inc.	0.33%	$14.0m	33.3K	+415.0% Added
DUKDuke Energy	0.33%	$13.8m	109.2K	−1.0% Reduced
CRUSCirrus Logic, Inc.	0.32%	$13.4m	90.2K	−20.3% Reduced
APHAmphenol	0.31%	$13.2m	74.6K	−0.4%
TGTTarget Corporation	0.30%	$12.8m	97.8K	+47.4% Added
LLoews Corporation	0.30%	$12.6m	110.9K	−31.8% Reduced
HIIHuntington Ingalls Industries	0.29%	$12.4m	44.2K	+4.4% Added
DINOHF Sinclair Corp	0.28%	$12.0m	171.9K	+30.7% Added
REGNRegeneron Pharmaceuticals	0.28%	$11.8m	19.0K	+12.4% Added
NBIXNeurocrine Biosciences Inc	0.28%	$11.8m	69.8K	+70.1% Added
CCKCrown Holdings, Inc.	0.27%	$11.5m	102.8K	−1.2% Reduced
PFEPfizer	0.27%	$11.5m	477.2K	−0.7% Reduced
LEALear Corp	0.27%	$11.2m	83.8K	−2.4% Reduced
HWMHowmet Aerospace	0.26%	$11.0m	40.8K	+10.0% Added
BIIBBiogen	0.26%	$10.8m	49.9K	+35.9% Added
CRMSalesforce	0.26%	$10.8m	68.7K	−19.9% Reduced
BNYBNY Mellon	0.25%	$10.7m	73.9K	−38.6% Reduced
LOWLowe's	0.24%	$10.2m	46.3K	−3.6% Reduced
AYIAcuity Inc. (de)	0.24%	$10.2m	27.1K	−0.6% Reduced
DDSDillard's, Inc.	0.24%	$10.1m	19.1K	+37.9% Added
COKECoca-cola Consolidated, Inc.	0.23%	$9.6m	50.1K	−27.7% Reduced
CICigna	0.22%	$9.4m	34.0K	+24.0% Added
ROSTRoss Stores	0.22%	$9.2m	43.1K	+12.6% Added
ADMArcher Daniels Midland	0.22%	$9.2m	120.0K	+61.9% Added
ALKSAlkermes plc.	0.21%	$8.9m	170.0K	−12.7% Reduced
HSTHost Hotels & Resorts	0.21%	$8.9m	373.9K	+1.1% Added
ACGLArch Capital Group	0.21%	$8.8m	91.1K	−0.5%
SFDSmithfield Foods Inc	0.21%	$8.8m	363.4K	−4.9% Reduced
SYFSynchrony Financial	0.21%	$8.8m	115.6K	0.0%
CBOECboe Global Markets	0.21%	$8.7m	35.9K	−2.4% Reduced
MNSTMonster Beverage	0.20%	$8.4m	87.9K	−12.8% Reduced
ENSEnersys	0.19%	$8.0m	34.2K	−9.7% Reduced
VMIValmont Industries Inc	0.18%	$7.8m	13.5K	−54.1% Reduced
KMBKimberly-Clark	0.18%	$7.7m	69.9K	−56.6% Reduced
PORPortland General Electric Co	0.17%	$7.4m	142.7K	+9.1% Added
ZIONZions Bancorporation, National Association	0.17%	$7.3m	106.1K	−6.9% Reduced
BHEBenchmark Electronics Inc	0.17%	$7.3m	73.7K	−11.3% Reduced
NJRNEW Jersey Resources Corp	0.17%	$7.0m	125.0K	+70.0% Added
AIRAAR Corp	0.17%	$7.0m	49.0K	+18.6% Added
PLXSPlexus Corp	0.16%	$6.9m	23.0K	−26.6% Reduced
SANMSanmina Corp	0.16%	$6.8m	26.7K	−29.2% Reduced
PPCPilgrims Pride Corp	0.16%	$6.7m	237.7K	−12.4% Reduced
MTRNMaterion Corp	0.15%	$6.5m	21.8K	−29.2% Reduced
EMEEmcor	0.15%	$6.5m	7.8K	−35.9% Reduced
OGSONE Gas, Inc.	0.15%	$6.3m	81.8K	+12.3% Added
ESNTEssent Group Ltd.	0.15%	$6.3m	97.7K	−4.1% Reduced
JXNJackson Financial Inc.	0.15%	$6.3m	61.2K	−1.4% Reduced
SSRMSSR Mining Inc.	0.15%	$6.3m	221.4K	+7.1% Added
DRHDiamondrock Hospitality Co	0.15%	$6.2m	512.8K	+3.7% Added
AVAAvista Corp	0.15%	$6.2m	152.5K	+10.7% Added

Company	Bought (value)	Shares
XOMExxonMobil	$37.3m	273.1K
AMATApplied Materials	$17.9m	24.8K
TMOThermo Fisher Scientific	$15.7m	31.2K
TXNTexas Instruments	$15.6m	52.4K
SNXTD Synnex Corp	$13.7m	51.3K
NVDANVIDIA Corporation	$12.5m	62.6K
TSLATesla, Inc.	$11.3m	26.8K
PSXPhillips 66	$9.1m	53.6K
METAMeta Platforms	$7.9m	14.1K
EIXEdison International	$7.5m	101.2K
TMUST-Mobile US	$6.8m	40.6K
ANETArista Networks	$6.6m	38.8K
EXEExpand Energy	$6.0m	65.8K
VICIVici Properties	$5.7m	216.5K
NBIXNeurocrine Biosciences Inc	$4.8m	28.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
CSCOCisco	−$21.8m	−185.3K
MKLMarkel Group Inc.	−$12.0m	−6.1K
KMBKimberly-Clark	−$10.0m	−91.2K
INGRIngredion Inc	−$9.8m	−103.0K
QCOMQualcomm	−$9.7m	−52.5K
VMIValmont Industries Inc	−$9.2m	−15.9K
DLBDolby Laboratories, Inc.	−$8.0m	−152.6K
LNGCheniere Energy, Inc.	−$7.3m	−30.5K
ZMZoom Communications, Inc.	−$7.3m	−84.3K
NRGNRG Energy	−$7.3m	−49.6K
BWABorgwarner Inc	−$7.0m	−105.5K
AITApplied Industrial Technologies Inc	−$6.8m	−20.0K
BNYBNY Mellon	−$6.7m	−46.4K
AUAnglogold Ashanti PLC	−$6.3m	−77.9K
ZTSZoetis	−$5.9m	−49.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
ZTSZoetis	$5.9m	49.7K
ADPAutomatic Data Processing	$5.7m	28.0K
FLSFlowserve Corp	$4.4m	60.2K
ALSNAllison Transmission Holdings Inc	$3.6m	30.7K
MSMMSC Industrial Direct Co Inc	$2.9m	31.8K
NOWServiceNow	$2.6m	24.5K
NXTNextpower Inc.	$1.7m	14.2K
APAMArtisan Partners Asset Management Inc.	$1.5m	41.2K
HBTHBT Financial, Inc.	$1.5m	54.9K
ISTRInvestar Holding Corp	$1.4m	52.7K
CMCCommercial Metals Co	$1.4m	22.9K
PRIMPrimoris Services Corp	$1.4m	9.7K
WDAYWorkday, Inc.	$1.2m	9.5K
AVTAvnet Inc	$1.2m	18.8K
GIIIG III Apparel Group LTD	$1.1m	38.7K
CRCCalifornia Resources Corp	$991,715	14.3K
DHCDiversified Healthcare Trust	$982,362	147.9K
DNOWDnow Inc.	$971,833	81.6K
PAXPatria Investments Ltd	$954,715	75.8K
HNIHNI Corp	$918,960	27.5K
TPBTurning Point Brands, Inc.	$913,031	10.5K
HYHyster-yale, Inc.	$813,336	25.0K
VICRVicor Corp	$809,347	5.0K
ITRIItron, Inc.	$703,506	7.8K
MRPMillrose Properties, Inc.	$686,000	24.5K
SYKStryker Corporation	$656,852	2.0K
UNFUnifirst Corp	$642,310	2.6K
SAROStandardaero, Inc.	$559,685	21.7K
PRAXPraxis Precision Medicines, Inc.	$520,337	1.6K
MITKMitek Systems Inc	$517,995	38.4K

Financials16.7%
Technology15.1%
Health Care14.9%
Industrials12.7%
Consumer Staples9.7%
Consumer Discretionary7.1%
Utilities7.0%
Energy6.0%
Communication Services5.6%
Real Estate2.9%
Materials2.5%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 9, 2013 to November 2, 2026	+12.6%	+13.9%	0.76	0.77	−32.8%	0.85
2018 onwardsJanuary 5, 2018 to November 2, 2026	+11.3%	+13.9%	0.57	0.66	−32.8%	0.84
Last three yearsNovember 3, 2023 to November 2, 2026	+17.0%	+21.8%	1.13	1.16	−11.0%	0.58
Last yearNovember 7, 2025 to November 2, 2026	+18.2%	+14.2%	1.57	0.84	−5.9%	0.35

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.