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Hedge fund

Twin Tree Management, LP

13F for the quarter to June 30, 2026, filed August 12, 2026 · SEC CIK 1535588

Reported value
$642.1m
82% in companies we cover
Positions we cover
376
Largest MSFT 2.4%
Copy, a year
+17.3%
S&P 500 +15.1%
Copy Sharpe ratio
0.73
S&P 500 0.76

How copying its 13F would have done

$10.0k$20.0k$40.0k 201620182020202220242026 $50.1k$41.5k
CopyS&P 500 $10,000 copying Twin Tree Management, LP's filed holdings in companies we cover from September 16, 2016, 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 −36.4% (S&P 500 −31.8%); beta 1.18; alpha +0.3% a year (t = 0.16); last 12 months +24.0% against +12.1%.

Reported value by quarter

Twin Tree Management, LP: 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).
$0 $1T $2T $3T $4T Reported value, 2013-03-31: $99M Reported value, 2013-06-30: $110.2M Reported value, 2013-09-30: $124.3M Reported value, 2013-12-31: $224.4M Reported value, 2014-03-31: $231.5M Reported value, 2014-06-30: $288.4M Reported value, 2014-09-30: $309.9M Reported value, 2014-12-31: $316M Reported value, 2015-03-31: $270.3M Reported value, 2015-06-30: $351.5M Reported value, 2015-09-30: $309.1M Reported value, 2015-12-31: $413.4M Reported value, 2016-03-31: $398.9M Reported value, 2016-06-30: $489.5M Reported value, 2016-09-30: $672.9M Reported value, 2016-12-31: $954M Reported value, 2017-03-31: $943.7M Reported value, 2017-06-30: $1B Reported value, 2017-09-30: $820.2M Reported value, 2017-12-31: $1.2B Reported value, 2018-03-31: $1.1B Reported value, 2018-06-30: $1.6B Reported value, 2018-09-30: $1.1B Reported value, 2018-12-31: $1.7B Reported value, 2019-03-31: $1.3B Reported value, 2019-06-30: $1.4B Reported value, 2019-09-30: $1.4B Reported value, 2019-12-31: $1.6B Reported value, 2020-03-31: $2.1B Reported value, 2020-06-30: $2B Reported value, 2020-09-30: $1.8B Reported value, 2020-12-31: $2.5B Reported value, 2021-03-31: $2.6B Reported value, 2021-06-30: $3.3B Reported value, 2021-09-30: $3.4B Reported value, 2021-12-31: $4.1B Reported value, 2022-03-31: $5.1B Reported value, 2022-06-30: $5.4B Reported value, 2022-09-30: $3.7B Reported value, 2022-12-31: $3.3T Reported value, 2023-03-31: $3.5B Reported value, 2023-06-30: $4.9B Reported value, 2023-09-30: $3B Reported value, 2023-12-31: $5.5B Reported value, 2024-03-31: $4.4B Reported value, 2024-06-30: $3.4B Reported value, 2024-09-30: $4.3B Reported value, 2024-12-31: $4.1B Reported value, 2025-03-31: $4.5B Reported value, 2025-06-30: $4B Reported value, 2025-09-30: $2.1B Reported value, 2025-12-31: $976.2M Reported value, 2026-03-31: $476.2M Reported value, 2026-06-30: $642.1M 2013-03-31 2015-12-31 2018-09-30 2021-06-30 2024-03-31 2026-06-30 $642.1M
View chart data
Period Reported value
2013-03-31 $99M
2013-06-30 $110.2M
2013-09-30 $124.3M
2013-12-31 $224.4M
2014-03-31 $231.5M
2014-06-30 $288.4M
2014-09-30 $309.9M
2014-12-31 $316M
2015-03-31 $270.3M
2015-06-30 $351.5M
2015-09-30 $309.1M
2015-12-31 $413.4M
2016-03-31 $398.9M
2016-06-30 $489.5M
2016-09-30 $672.9M
2016-12-31 $954M
2017-03-31 $943.7M
2017-06-30 $1B
2017-09-30 $820.2M
2017-12-31 $1.2B
2018-03-31 $1.1B
2018-06-30 $1.6B
2018-09-30 $1.1B
2018-12-31 $1.7B
2019-03-31 $1.3B
2019-06-30 $1.4B
2019-09-30 $1.4B
2019-12-31 $1.6B
2020-03-31 $2.1B
2020-06-30 $2B
2020-09-30 $1.8B
2020-12-31 $2.5B
2021-03-31 $2.6B
2021-06-30 $3.3B
2021-09-30 $3.4B
2021-12-31 $4.1B
2022-03-31 $5.1B
2022-06-30 $5.4B
2022-09-30 $3.7B
2022-12-31 $3.3T
2023-03-31 $3.5B
2023-06-30 $4.9B
2023-09-30 $3B
2023-12-31 $5.5B
2024-03-31 $4.4B
2024-06-30 $3.4B
2024-09-30 $4.3B
2024-12-31 $4.1B
2025-03-31 $4.5B
2025-06-30 $4B
2025-09-30 $2.1B
2025-12-31 $976.2M
2026-03-31 $476.2M
2026-06-30 $642.1M

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
MSFTMicrosoft Corporation2.45%$15.7m42.1K+82.3% Added
NFLXNetflix2.25%$14.4m202.1K+2846.6% Added
ORCLOracle Corporation1.76%$11.3m76.9K+1139.7% Added
ASMLAsml Holding NV1.35%$8.7m4.4K+32.7% Added
CEGConstellation Energy1.34%$8.6m34.6KNew
AMATApplied Materials1.27%$8.1m11.2KNew
AMZNAmazon1.16%$7.5m31.3KNew
CRMSalesforce1.15%$7.4m47.2KNew
GLWCorning Inc.1.13%$7.2m28.4K−34.6% Reduced
TMToyota Motor Corp/1.11%$7.1m42.4K+201.9% Added
KRKroger1.09%$7.0m126.0K+30.4% Added
RYRoyal Bank Of Canada1.03%$6.6m31.8K+4134.3% Added
PLTRPalantir Technologies Inc.1.00%$6.4m54.8K+410.0% Added
GOOGLAlphabet Inc. (Class A)0.94%$6.0m16.9K+592.6% Added
ECLEcolab0.93%$6.0m21.5K+415.2% Added
AVGOBroadcom0.93%$6.0m15.8K+71.2% Added
NVDANVIDIA Corporation0.91%$5.9m29.3K+551.2% Added
APHAmphenol0.89%$5.7m32.6KNew
ZMZoom Communications, Inc.0.88%$5.7m65.6K+792.0% Added
NEMNewmont0.85%$5.4m58.3KNew
MUMicron Technology0.83%$5.3m4.6K−77.8% Reduced
FFIVF5, Inc.0.82%$5.3m12.6K+61.2% Added
STXSeagate Technology0.76%$4.9m5.1K+31.7% Added
METAMeta Platforms0.71%$4.6m8.1K+40.2% Added
OXYOccidental Petroleum0.68%$4.4m89.7K+156.4% Added
GFSGlobalfoundries Inc.0.67%$4.3m52.4K+97.1% Added
COHRCoherent Corp.0.64%$4.1m10.4K+90.8% Added
ADBEAdobe Inc.0.63%$4.1m19.9K+507.6% Added
AUAnglogold Ashanti PLC0.62%$4.0m49.5K+2295.2% Added
CMGChipotle Mexican Grill0.59%$3.8m110.6K+23.1% Added
AXPAmerican Express0.58%$3.7m11.0K+556.5% Added
BNSBank Of Nova Scotia0.57%$3.7m42.3K+4514.4% Added
TSMTaiwan Semiconductor Manufacturing Co LTD0.57%$3.7m7.7K+16.3% Added
WDCWestern Digital0.56%$3.6m5.6K+1017.2% Added
BNYBNY Mellon0.56%$3.6m24.9KNew
PWRQuanta Services0.54%$3.5m4.8KNew
LOWLowe's0.54%$3.5m15.7KNew
STZConstellation Brands0.53%$3.4m24.4K+988.7% Added
NKENike, Inc.0.51%$3.3m79.8K+87.1% Added
UNPUnion Pacific Corporation0.48%$3.1m11.2K+2659.0% Added
INTUIntuit0.47%$3.0m11.7K+4487.0% Added
PAYXPaychex0.47%$3.0m30.7K+14.0% Added
TROWT. Rowe Price0.47%$3.0m26.3KNew
SMTCSemtech Corp0.46%$2.9m18.2K+688.2% Added
CIENCiena0.46%$2.9m6.0K+31.1% Added
LRCXLam Research0.45%$2.9m6.7KNew
HOODRobinhood Markets0.45%$2.9m28.7K−39.9% Reduced
CSCOCisco0.43%$2.8m23.7K+46.2% Added
ERICEricsson LM Telephone Co0.41%$2.6m237.6KNew
GFIGold Fields LTD0.40%$2.6m77.3KNew
ROKRockwell Automation0.40%$2.6m5.2K+140.0% Added
ADIAnalog Devices0.40%$2.6m6.4K+133.2% Added
MKCMcCormick & Company0.39%$2.5m50.1KNew
EIXEdison International0.39%$2.5m33.5KNew
ELThe Estée Lauder Companies0.38%$2.5m31.2K−44.5% Reduced
RIVNRivian Automotive, Inc. / DE0.38%$2.4m141.1K+63.4% Added
AAgilent Technologies0.38%$2.4m18.4KNew
AMCRAmcor0.36%$2.3m53.9KNew
TSLATesla, Inc.0.36%$2.3m5.5K−32.9% Reduced
AZOAutoZone0.36%$2.3m725New
SJMThe J.M. Smucker Company0.36%$2.3m20.4KNew
EGOEldorado Gold Corp0.35%$2.2m71.4K+42.1% Added
KDPKeurig Dr Pepper0.34%$2.2m67.5K+868.2% Added
APDAir Products0.34%$2.2m7.5KNew
FWONKLiberty Media Corp0.34%$2.2m23.0K+9816.8% Added
LINLinde plc0.34%$2.2m4.2K+171.2% Added
BURLBurlington Stores, Inc.0.34%$2.2m6.8KNew
KIMKimco Realty0.33%$2.1m84.6KNew
AEMAgnico Eagle Mines LTD0.33%$2.1m13.7K+663.4% Added
MOAltria0.33%$2.1m29.3KNew
DTDynatrace, Inc.0.32%$2.1m47.3K+75.6% Added
DEDeere & Company0.32%$2.1m3.3K+423.7% Added
FERGFerguson Enterprises0.32%$2.1m8.7K+304.6% Added
SNOWSnowflake Inc.0.32%$2.1m8.1K−36.5% Reduced
GTXGarrett Motion Inc.0.32%$2.1m56.7KNew
SMCISupermicro0.32%$2.0m69.3K+11.1% Added
BABoeing0.32%$2.0m9.3KNew
RKTRocket Companies, Inc.0.31%$2.0m127.2K−1.9% Reduced
LITELumentum0.30%$1.9m2.2KNew
MTSIMacom Technology Solutions Holdings, Inc.0.29%$1.9m5.0K+25.4% Added
COPConocoPhillips0.29%$1.9m18.2KNew
PGProcter & Gamble0.29%$1.9m12.8KNew
COINCoinbase0.29%$1.9m12.7K−15.6% Reduced
MSIMotorola Solutions0.29%$1.9m4.5KNew
SLFSUN Life Financial Inc0.28%$1.8m23.2KNew
ARMARM Holdings PLC0.28%$1.8m5.1K−78.5% Reduced
SHOPShopify Inc.0.28%$1.8m15.6K+38.6% Added
AMEAmetek0.28%$1.8m7.4KNew
TTMITTM Technologies Inc0.27%$1.8m9.4K+238.4% Added
RKLBRocket Lab Corp0.27%$1.7m17.2K−44.1% Reduced
AAPLApple Inc.0.27%$1.7m6.0KNew
VLOValero Energy0.27%$1.7m6.6K+24.7% Added
VSHVishay Intertechnology Inc0.26%$1.7m31.5KNew
DKSDick's Sporting Goods, Inc.0.26%$1.7m7.4K+195.1% Added
AGXArgan Inc0.26%$1.7m2.1K+106.5% Added
AALAmerican Airlines Group Inc.0.26%$1.6m90.9K+2879.0% Added
PFEPfizer0.25%$1.6m67.3KNew
VEEVVeeva Systems Inc0.25%$1.6m9.1K+1103.6% Added
CPBCampbell's Co0.25%$1.6m72.3K+246.5% Added
VVisa Inc.0.25%$1.6m4.7K+48.4% Added
ATIATI Inc0.25%$1.6m8.1K−45.9% Reduced
DELLDell Technologies0.25%$1.6m3.7K−85.6% Reduced
GMGeneral Motors0.25%$1.6m20.7KNew
PYPLPayPal0.25%$1.6m36.8K−13.8% Reduced
CCJCameco Corp0.24%$1.6m15.4KNew
FORMFormfactor Inc0.24%$1.6m9.7KNew
MGMMGM Resorts0.24%$1.5m32.4KNew
FSLRFirst Solar, Inc.0.24%$1.5m6.4KNew
IVZInvesco0.23%$1.5m56.6K+1655.9% Added
LULULululemon Athletica0.23%$1.5m13.1K−74.7% Reduced
VOYAVoya Financial, Inc.0.23%$1.5m16.4KNew
NXPINXP Semiconductors0.23%$1.5m5.3KNew
BXBlackstone Inc.0.23%$1.5m12.5KNew
AGFirst Majestic Silver Corp0.23%$1.4m85.4K+321.8% Added
EQIXEquinix0.22%$1.4m1.4K−67.0% Reduced
ARAntero Resources Corp0.22%$1.4m40.8K+16503.7% Added
RSGRepublic Services0.22%$1.4m6.6K+2896.4% Added
WEXWEX Inc.0.21%$1.4m9.8KNew
VIAVViavi Solutions Inc.0.21%$1.4m28.8K+35.0% Added
ZSZscaler, Inc.0.21%$1.4m9.6KNew
OKLOOklo Inc.0.21%$1.4m26.0K−4.3% Reduced
BHPBHP Group Ltd0.21%$1.3m16.1K−29.1% Reduced
CLSCelestica Inc0.21%$1.3m3.6K+55.6% Added
LNGCheniere Energy, Inc.0.21%$1.3m5.5KNew
LLoews Corporation0.20%$1.3m11.6KNew
SLBSchlumberger0.20%$1.3m28.0K−30.7% Reduced
EXEExpand Energy0.20%$1.3m14.1K+995.7% Added
CRWVCoreweave, Inc.0.20%$1.3m12.8KNew
MSGSMadison Square Garden Sports Corp.0.20%$1.2m3.1KNew
AAAlcoa Corp0.19%$1.2m23.8K+6.7% Added
BKNGBooking Holdings0.19%$1.2m7.0KNew
TKOTKO Group Holdings0.19%$1.2m6.1KNew
TTWOTake TWO Interactive Software Inc0.19%$1.2m4.8K−35.4% Reduced
TPRTapestry, Inc.0.19%$1.2m8.2K+177.5% Added
EQXEquinox Gold Corp.0.19%$1.2m123.4KNew
BIIBBiogen0.18%$1.2m5.5K+625.6% Added
EQTEQT Corporation0.18%$1.2m22.4K+166.8% Added
HLHecla Mining Co0.18%$1.2m76.8K+606.5% Added
HPQHP Inc.0.18%$1.2m52.9KNew
ENPHEnphase Energy, Inc.0.18%$1.1m23.3K+13.1% Added
AMKRAmkor Technology, Inc.0.18%$1.1m13.2K−26.3% Reduced
BALLBall Corporation0.18%$1.1m18.1KNew
ABNBAirbnb0.17%$1.1m7.8K+50.2% Added
SPOTSpotify Technology S.a.0.17%$1.1m2.4K−35.5% Reduced
PHMPulteGroup0.17%$1.1m8.1K+57778.6% Added
DYDycom Industries Inc0.17%$1.1m2.2K+278.3% Added
WMBWilliams Companies0.17%$1.1m14.9KNew
PIImpinj Inc0.17%$1.1m7.7K+1.0% Added
WMTWalmart0.17%$1.1m9.8KNew
EOGEOG Resources0.17%$1.1m8.3K−44.9% Reduced
CompanyBought (value)Shares
NFLXNetflix$13.9m195.2K
ORCLOracle Corporation$10.4m70.7K
CEGConstellation Energy$8.6m34.6K
AMATApplied Materials$8.1m11.2K
AMZNAmazon$7.5m31.3K
CRMSalesforce$7.4m47.2K
MSFTMicrosoft Corporation$7.1m19.0K
RYRoyal Bank Of Canada$6.4m31.1K
APHAmphenol$5.7m32.6K
NEMNewmont$5.4m58.3K
GOOGLAlphabet Inc. (Class A)$5.2m14.5K
PLTRPalantir Technologies Inc.$5.1m44.1K
ZMZoom Communications, Inc.$5.0m58.3K
NVDANVIDIA Corporation$5.0m24.8K
ECLEcolab$4.8m17.3K

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

CompanySold (value)Shares
MUMicron Technology−$18.7m−16.2K
MRVLMarvell Technology−$12.3m−41.2K
NOWServiceNow−$10.4m−99.2K
DELLDell Technologies−$9.5m−21.9K
ARMARM Holdings PLC−$6.6m−18.6K
RACEFerrari N.V.−$6.4m−17.2K
MRNAModerna−$6.4m−125.2K
MCKMcKesson−$6.1m−7.0K
LYBLyondellBasell−$5.4m−102.7K
CRWDCrowdStrike−$5.3m−13.7K
NXTNextpower Inc.−$5.0m−41.3K
LULULululemon Athletica−$4.4m−38.6K
WLKWestlake Corp−$4.2m−36.0K
ANETArista Networks−$4.2m−34.0K
RBRKRubrik, Inc.−$4.2m−85.0K

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

CompanyValue last quarterShares
NOWServiceNow$10.4m99.2K
MRNAModerna$6.4m125.2K
MCKMcKesson$6.1m7.0K
CRWDCrowdStrike$5.3m13.7K
NXTNextpower Inc.$5.0m41.3K
WLKWestlake Corp$4.2m36.0K
ANETArista Networks$4.2m34.0K
RBRKRubrik, Inc.$4.2m85.0K
VRTXVertex Pharmaceuticals$3.5m7.8K
JNJJohnson & Johnson$3.3m13.3K
DLTRDollar Tree$3.2m29.4K
ALABAstera Labs, Inc.$3.2m29.2K
TJXTJX Companies$3.0m18.7K
CHWYChewy, Inc.$2.6m97.1K
SUSuncor Energy Inc$2.6m39.1K
CICigna$2.6m9.6K
HEIHeico Corp$2.4m8.6K
AZNAstrazeneca PLC$2.3m11.4K
TEAMAtlassian Corp$2.1m31.2K
IOTSamsara Inc.$2.1m65.2K
LVSLas Vegas Sands$1.9m35.4K
AOSA. O. Smith$1.9m28.3K
AVAVAerovironment Inc$1.8m9.8K
SBUXStarbucks$1.8m20.0K
IRIngersoll Rand$1.8m22.2K
ILMNIllumina, Inc.$1.8m14.3K
AXONAxon Enterprise$1.7m4.1K
ONON Semiconductor Corp$1.6m25.7K
AWKAmerican Water Works$1.5m11.3K
DASHDoorDash$1.5m9.9K
  • Technology38.7%
  • Consumer Discretionary10.9%
  • Financials9.3%
  • Materials8.9%
  • Industrials8.8%
  • Communication Services6.4%
  • Consumer Staples6.0%
  • Energy4.1%
  • Utilities2.9%
  • Health Care2.7%
  • Real Estate1.2%

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

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestSeptember 16, 2016 to November 2, 2026+17.3%+15.1%0.730.76−36.4%1.18
2018 onwardsJanuary 5, 2018 to November 2, 2026+15.9%+13.9%0.640.66−36.4%1.18
Last three yearsNovember 3, 2023 to November 2, 2026+29.9%+21.8%1.241.16−21.0%1.22
Last yearNovember 7, 2025 to November 2, 2026+27.1%+14.2%1.140.84−8.5%1.31

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.