TWO SIGMA ADVISERS, LP

NEW YORK, NY · CIK 1478735 · 13F filing filed 2025-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Others nearbyNew York, NY

$48.8bn reported value +9.9% vs Q1 2025

2,300positions

19.0%in top 10

259 new 862 added 1,158 reduced 319 sold out vs Q1 2025

This report includes the holdings of 5 other managers that share the investment decisions:

TWO SIGMA ABSOLUTE RETURN PORTFOLIO, LLC – reports through this filing
TWO SIGMA ACTIVE EXTENSION U.S. ALL CAP EQUITY PORTFOLIO, LLC – reports through this filing
Two Sigma Active Extension U.S. Small Cap Equity Fund, LP – reports through this filing
Two Sigma Equity Risk Premia Portfolio, LLC – reports through this filing
Two Sigma World Core Fund, LP – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	9,361,800	$1.5bn3.03%	3.03%	Reduced -1.4m	-1,390,200 -12.9%
2	MICROSOFT CORP COM MSFT	MSFT	2,951,300	$1.5bn3.01%	3.01%	Added +417.5k	+417,500 16.5%
3	APPLE INC COM AAPL	AAPL	6,382,300	$1.3bn2.68%	2.68%	Added +471.6k	+471,600 8.0%
4	AMAZON COM INC COM AMZN	AMZN	4,857,120	$1.1bn2.18%	2.18%	Added +372.3k	+372,300 8.3%
5	ALPHABET INC CAP STK CL A GOOGL	GOOGL	4,547,100	$801.3m1.64%	1.64%	Reduced -4.9k	-4,900 -0.1%
6	NETFLIX INC COM NFLX	NFLX	519,900	$696.2m1.43%	1.43%	Added +314.2k	+314,200 152.8%
7	MASTERCARD INCORPORATED CL A MA	MA	1,176,300	$661.0m1.35%	1.35%	Added +42.2k	+42,200 3.7%
8	COSTCO WHSL CORP NEW COM COST	COST	637,300	$630.9m1.29%	1.29%	Added +404.9k	+404,900 174.2%
9	SALESFORCE INC COM CRM	CRM	2,154,300	$587.5m1.20%	1.20%	Added +524.3k	+524,300 32.2%
10	BANK AMERICA CORP COM BAC	BAC	12,359,800	$584.9m1.20%	1.20%	Added +1.5m	+1,547,200 14.3%
11	SNOWFLAKE INC CL A SNOW	SNOW	2,577,600	$576.8m1.18%	1.18%	Reduced -624.3k	-624,300 -19.5%
12	ADOBE INC COM ADBE	ADBE	1,470,300	$568.8m1.17%	1.17%	Added +87.4k	+87,400 6.3%
13	CARVANA CO CL A CVNA	CVNA	1,681,235	$566.5m1.16%	1.16%	Added +597.5k	+597,500 55.1%
14	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	4,151,700	$566.0m1.16%	1.16%	Added +1.9m	+1,895,200 84.0%
15	BOSTON SCIENTIFIC CORP COM BSX	BSX	5,169,960	$555.3m1.14%	1.14%	Added +964.0k	+964,000 22.9%
16	ROBLOX CORP CL A RBLX	RBLX	5,036,500	$529.8m1.09%	1.09%	Reduced -2.3m	-2,297,000 -31.3%
17	SCHWAB CHARLES CORP COM SCHW	SCHW	5,644,295	$515.0m1.06%	1.06%	Added +772.2k	+772,200 15.8%
18	CME GROUP INC COM CME	CME	1,841,416	$507.5m1.04%	1.04%	Reduced -156.8k	-156,784 -7.8%
19	REGENERON PHARMACEUTICALS COM REGN	REGN	938,500	$492.7m1.01%	1.01%	Added +384.7k	+384,700 69.5%
20	T-MOBILE US INC COM TMUS	TMUS	2,042,369	$486.6m1.00%	1.00%	Added +2.0m	+1,960,621 2398.4%
21	LOCKHEED MARTIN CORP COM LMT	LMT	1,027,300	$475.8m0.97%	0.97%	Reduced -135.0k	-135,000 -11.6%
22	MSCI INC COM MSCI	MSCI	810,300	$467.3m0.96%	0.96%	Added +47.6k	+47,600 6.2%
23	MERCK & CO INC COM MRK	MRK	5,678,600	$449.5m0.92%	0.92%	Added +2.4m	+2,390,000 72.7%
24	CENCORA INC COM COR	COR	1,445,700	$433.5m0.89%	0.89%	Reduced -209.1k	-209,100 -12.6%
25	ATLASSIAN CORPORATION CL A TEAM	TEAM	2,020,600	$410.4m0.84%	0.84%	Added +1.5m	+1,496,300 285.4%
26	QUALCOMM INC COM QCOM	QCOM	2,421,900	$385.7m0.79%	0.79%	Reduced -145.3k	-145,300 -5.7%
27	NIKE INC CL B NKE	NKE	5,406,200	$384.1m0.79%	0.79%	Added +5.3m	+5,340,000 8066.5%
28	AIRBNB INC COM CL A ABNB	ABNB	2,798,600	$370.4m0.76%	0.76%	Added +508.1k	+508,100 22.2%
29	GE VERNOVA INC COM GEV	GEV	691,179	$365.7m0.75%	0.75%	Added +493.7k	+493,679 250.0%
30	ZSCALER INC COM ZS	ZS	1,151,300	$361.4m0.74%	0.74%	Added +432.8k	+432,800 60.2%
31	DOORDASH INC CL A DASH	DASH	1,444,200	$356.0m0.73%	0.73%	Reduced -1.2m	-1,249,700 -46.4%
32	COUPANG INC CL A CPNG	CPNG	11,757,600	$352.3m0.72%	0.72%	Added +6.2m	+6,205,200 111.8%
33	DANAHER CORPORATION COM DHR	DHR	1,726,600	$341.1m0.70%	0.70%	Reduced -213.1k	-213,100 -11.0%
34	INTUIT COM INTU	INTU	426,700	$336.1m0.69%	0.69%	Added +305.2k	+305,200 251.2%
35	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	579,300	$314.8m0.65%	0.65%	Reduced -120.6k	-120,600 -17.2%
36	DUOLINGO INC CL A COM DUOL	DUOL	747,600	$306.5m0.63%	0.63%	Added +577.8k	+577,800 340.3%
37	SEA LTD SPONSORD ADS SE	SE	1,906,300	$304.9m0.62%	0.62%	Added +1.2m	+1,211,100 174.2%
38	TESLA INC COM TSLA	TSLA	919,193	$292.0m0.60%	0.60%	Reduced -514.9k	-514,900 -35.9%
39	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	2,987,200	$279.7m0.57%	0.57%	Reduced -2.8m	-2,784,300 -48.2%
40	CHENIERE ENERGY INC COM NEW LNG	LNG	1,127,100	$274.5m0.56%	0.56%	Reduced -623.1k	-623,138 -35.6%
41	AON PLC SHS CL A AON	AON	724,400	$258.4m0.53%	0.53%	New
42	JUNIPER NETWORKS INC COM JNPR	JNPR	6,141,500	$245.2m0.50%	0.50%	Added +250.6k	+250,600 4.2%
43	HUBSPOT INC COM HUBS	HUBS	432,915	$241.0m0.49%	0.49%	Added +235.4k	+235,415 119.2%
44	UNITEDHEALTH GROUP INC COM UNH	UNH	759,500	$236.9m0.49%	0.49%	New
45	VEEVA SYS INC CL A COM VEEV	VEEV	801,000	$230.7m0.47%	0.47%	Added +166.8k	+166,800 26.3%
46	EXPAND ENERGY CORPORATION COM EXE	EXE	1,929,935	$225.7m0.46%	0.46%	Added +1.1m	+1,117,675 137.6%
47	NORTHROP GRUMMAN CORP COM NOC	NOC	442,500	$221.2m0.45%	0.45%	Reduced -404.4k	-404,400 -47.8%
48	MCKESSON CORP COM MCK	MCK	299,300	$219.3m0.45%	0.45%	Added +4.1k	+4,117 1.4%
49	MODERNA INC COM MRNA	MRNA	7,815,700	$215.6m0.44%	0.44%	Added +4.0m	+4,007,200 105.2%
50	GARTNER INC COM IT	IT	515,600	$208.4m0.43%	0.43%	Reduced -9.3k	-9,300 -1.8%
51	RIVIAN AUTOMOTIVE INC COM CL A RIVN	RIVN	15,119,700	$207.7m0.43%	0.43%	Added +12.7m	+12,730,800 532.9%
52	ARISTA NETWORKS INC COM SHS ANET	ANET	1,943,800	$198.9m0.41%	0.41%	Reduced -282.8k	-282,800 -12.7%
53	WASTE CONNECTIONS INC COM WCN	WCN	1,043,550	$194.9m0.40%	0.40%	Reduced -57.4k	-57,400 -5.2%
54	FORTINET INC COM FTNT	FTNT	1,834,320	$193.9m0.40%	0.40%	Reduced -2.7m	-2,651,000 -59.1%
55	META PLATFORMS INC CL A META	META	260,100	$192.0m0.39%	0.39%	Reduced -309.4k	-309,400 -54.3%
56	REDDIT INC CL A RDDT	RDDT	1,266,600	$190.7m0.39%	0.39%	Added +459.7k	+459,700 57.0%
57	HUMANA INC COM HUM	HUM	767,380	$187.6m0.38%	0.38%	Reduced -285.1k	-285,100 -27.1%
58	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	3,378,900	$187.2m0.38%	0.38%	Reduced -14.3k	-14,300 -0.4%
59	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	3,881,700	$183.7m0.38%	0.38%	Added +2.8m	+2,816,500 264.4%
60	CONOCOPHILLIPS COM COP	COP	2,039,478	$183.0m0.38%	0.38%	Reduced -46.9k	-46,900 -2.2%
61	CENTENE CORP DEL COM CNC	CNC	3,269,276	$177.5m0.36%	0.36%	Reduced -36.6k	-36,600 -1.1%
62	IQVIA HLDGS INC COM IQV	IQV	1,107,300	$174.5m0.36%	0.36%	Added +298.2k	+298,200 36.9%
63	FRANCO NEV CORP COM FNV	FNV	1,011,800	$165.9m0.34%	0.34%	Reduced -157.4k	-157,400 -13.5%
64	NASDAQ INC COM NDAQ	NDAQ	1,812,500	$162.1m0.33%	0.33%	Added +1.5k	+1,500 0.1%
65	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	392,700	$159.2m0.33%	0.33%	Reduced -136.5k	-136,500 -25.8%
66	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	207,236	$159.0m0.33%	0.33%	Reduced -242.5k	-242,464 -53.9%
67	SOFI TECHNOLOGIES INC COM SOFI	SOFI	8,620,600	$157.0m0.32%	0.32%	Reduced -814.5k	-814,500 -8.6%
68	PROCTER AND GAMBLE CO COM PG	PG	982,500	$156.5m0.32%	0.32%	Added +907.4k	+907,400 1208.3%
69	AGREE RLTY CORP COM ADC	ADC	2,138,187	$156.2m0.32%	0.32%	Added +60.5k	+60,500 2.9%
70	D R HORTON INC COM DHI	DHI	1,139,500	$146.9m0.30%	0.30%	Added +26.7k	+26,700 2.4%
71	REPUBLIC SVCS INC COM RSG	RSG	594,200	$146.5m0.30%	0.30%	Added +5.8k	+5,800 1.0%
72	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	785,600	$144.1m0.30%	0.30%	Reduced -1.0m	-1,046,400 -57.1%
73	CBOE GLOBAL MKTS INC COM CBOE	CBOE	614,000	$143.2m0.29%	0.29%	Added +14.2k	+14,200 2.4%
74	CHEWY INC CL A CHWY	CHWY	3,341,000	$142.4m0.29%	0.29%	Added +3.1m	+3,094,400 1254.8%
75	GODADDY INC CL A GDDY	GDDY	790,700	$142.4m0.29%	0.29%	Added +751.1k	+751,100 1896.7%
76	HEICO CORP NEW COM HEI	HEI	431,478	$141.5m0.29%	0.29%	Added +9.5k	+9,500 2.2%
77	AERCAP HOLDINGS NV SHS AER	AER	1,201,100	$140.5m0.29%	0.29%	Added +152.0k	+152,000 14.5%
78	MOSAIC CO NEW COM MOS	MOS	3,840,400	$140.1m0.29%	0.29%	Reduced -744.8k	-744,800 -16.2%
79	VIKING HOLDINGS LTD ORD SHS VIK	VIK	2,612,800	$139.2m0.29%	0.29%	Reduced -432.6k	-432,600 -14.2%
80	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	1,218,700	$138.2m0.28%	0.28%	New
81	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	44,454,120	$137.4m0.28%	0.28%	Reduced -3.6m	-3,574,500 -7.4%
82	GENERAL MTRS CO COM GM	GM	2,786,400	$137.1m0.28%	0.28%	Added +1.2m	+1,181,400 73.6%
83	CLOUDFLARE INC CL A COM NET	NET	699,900	$137.1m0.28%	0.28%	Reduced -73.1k	-73,100 -9.5%
84	AMERICAN ELEC PWR CO INC COM AEP	AEP	1,282,900	$133.1m0.27%	0.27%	Added +545.5k	+545,500 74.0%
85	ELASTIC N V ORD SHS ESTC	ESTC	1,558,200	$131.4m0.27%	0.27%	Added +889.7k	+889,700 133.1%
86	MARATHON PETE CORP COM MPC	MPC	784,600	$130.3m0.27%	0.27%	Reduced -107.7k	-107,700 -12.1%
87	CONAGRA BRANDS INC COM CAG	CAG	6,288,600	$128.7m0.26%	0.26%	Reduced -472.4k	-472,400 -7.0%
88	VERISK ANALYTICS INC COM VRSK	VRSK	399,531	$124.5m0.26%	0.26%	Reduced -244.1k	-244,100 -37.9%
89	GUARDANT HEALTH INC COM GH	GH	2,381,800	$123.9m0.25%	0.25%	Added +14.0k	+14,000 0.6%
90	CHUBB LIMITED COM CB	CB	424,713	$123.0m0.25%	0.25%	Added +414.2k	+414,213 3944.9%
91	CATERPILLAR INC COM CAT	CAT	312,700	$121.4m0.25%	0.25%	New
92	FERRARI N V COM RACE	RACE	245,600	$120.5m0.25%	0.25%	Added +45.2k	+45,200 22.6%
93	DOLLAR GEN CORP NEW COM DG	DG	1,040,825	$119.0m0.24%	0.24%	Reduced -1.2m	-1,211,074 -53.8%
94	FIVE BELOW INC COM FIVE	FIVE	898,500	$117.9m0.24%	0.24%	Added +469.9k	+469,900 109.6%
95	VARONIS SYS INC COM VRNS	VRNS	2,274,000	$115.4m0.24%	0.24%	Added +600	+600 0.0%
96	PINNACLE WEST CAP CORP COM PNW	PNW	1,287,900	$115.2m0.24%	0.24%	Added +318.5k	+318,500 32.9%
97	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,170,700	$108.4m0.22%	0.22%	Added +246.6k	+246,600 26.7%
98	UNITED PARCEL SERVICE INC CL B UPS	UPS	1,057,600	$106.8m0.22%	0.22%	Reduced -329.5k	-329,500 -23.8%
99	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	253,200	$106.5m0.22%	0.22%	Added +118.3k	+118,300 87.7%
100	STRYKER CORPORATION COM SYK	SYK	266,800	$105.6m0.22%	0.22%	Added +168.2k	+168,200 170.6%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
ADVANCED MICRO DEVICES INC AMD	AMD	1,504,640	$154.6m1.5m shares
KEURIG DR PEPPER INC KDP	KDP	3,700,500	$126.6m3.7m shares
SPDR S&P 500 ETF TR SPY	SPY	136,450	$76.3m136.4k shares
YUM BRANDS INC YUM	YUM	428,600	$67.4m428.6k shares
EXPEDITORS INTL WASH INC EXPD	EXPD	522,200	$62.8m522.2k shares
SMUCKER J M CO SJM	SJM	508,692	$60.2m508.7k shares
EQUINIX INC EQIX	EQIX	73,300	$59.8m73.3k shares
SKECHERS U S A INC SKX	SKX	935,400	$53.1m935.4k shares
ECOLAB INC ECL	ECL	174,346	$44.2m174.3k shares
BERRY GLOBAL GROUP INC BERY	BERY	610,200	$42.6m610.2k shares
DELTA AIR LINES INC DEL DAL	DAL	957,300	$41.7m957.3k shares
BARRICK GOLD CORP		1,960,300	$38.1m2.0m shares
CSX CORP CSX	CSX	1,197,900	$35.3m1.2m shares
DIAMONDBACK ENERGY INC FANG	FANG	216,500	$34.6m216.5k shares
IONQ INC IONQ	IONQ	1,560,600	$34.4m1.6m shares
NEWMONT CORP NEM	NEM	709,476	$34.3m709.5k shares
THE TRADE DESK INC TTD	TTD	540,628	$29.6m540.6k shares
INTERNATIONAL PAPER CO IP	IP	546,400	$29.2m546.4k shares
TARGA RES CORP TRGP	TRGP	126,200	$25.3m126.2k shares
ARCELORMITTAL SA LUXEMBOURG MT	MT	789,600	$22.8m789.6k shares
THOMSON REUTERS CORP		124,519	$21.5m124.5k shares
BALL CORP BALL	BALL	361,300	$18.8m361.3k shares
KLA CORP KLAC	KLAC	27,400	$18.6m27.4k shares
COCA COLA CO KO	KO	257,000	$18.4m257.0k shares
AXSOME THERAPEUTICS INC AXSM	AXSM	149,600	$17.4m149.6k shares