Twin Tree Management, LP

DALLAS, TX · CIK 1535588 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$1.5bn
Staff8 · 5 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $1.5bn gross assets
Form ADV · 2026-03-31SEC adviser record

Legal entityTWIN TREE MANAGEMENT, LP (US)

Kindhedge funds, futures
Others nearbyDallas, TX

As an employer

Offices in1 country
Private fundshedge 1

$642.1m reported value +34.8% vs Q1 2026

420positions

17.5%in top 10

197 new 118 added 105 reduced 162 sold out vs Q1 2026

Options: 488 call positions ($2.3bn notional), 449 put positions ($2.4bn notional) – listed below, not included above.

Holdings, Q2 2026

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	MICROSOFT CORP COM MSFT	MSFT	42,101	$15.7m2.45%	2.45%	Added +19.0k	+19,008 82.3%
2	ISHARES GOLD TR ISHARES NEW IAU	IAU	194,746	$14.7m2.29%	2.29%	Added +69.6k	+69,578 55.6%
3	NETFLIX INC COM NFLX	NFLX	202,050	$14.4m2.25%	2.25%	Added +195.2k	+195,193 2846.6%
4	SPDR GOLD TR GOLD SHS GLD	GLD	35,664	$13.1m2.05%	2.05%	Added +11.2k	+11,187 45.7%
5	ORACLE CORP COM ORCL	ORCL	76,925	$11.3m1.76%	1.76%	Added +70.7k	+70,720 1139.7%
6	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	133,964	$10.1m1.57%	1.57%	Added +53.0k	+53,013 65.5%
7	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	4,373	$8.7m1.35%	1.35%	Added +1.1k	+1,077 32.7%
8	CONSTELLATION ENERGY CORP COM CEG	CEG	34,632	$8.6m1.34%	1.34%	New
9	APPLIED MATLS INC COM AMAT	AMAT	11,241	$8.1m1.27%	1.27%	New
10	AMAZON COM INC COM AMZN	AMZN	31,320	$7.5m1.16%	1.16%	New
11	SALESFORCE INC COM CRM	CRM	47,195	$7.4m1.15%	1.15%	New
12	CORNING INC COM GLW	GLW	28,374	$7.2m1.13%	1.13%	Reduced -15.0k	-15,037 -34.6%
13	TOYOTA MOTOR CORP ADS TM	TM	42,379	$7.1m1.11%	1.11%	Added +28.3k	+28,340 201.9%
14	KROGER CO COM KR	KR	126,041	$7.0m1.09%	1.09%	Added +29.4k	+29,396 30.4%
15	ROYAL BK CDA COM RY	RY	31,842	$6.6m1.03%	1.03%	Added +31.1k	+31,090 4134.3%
16	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	54,826	$6.4m1.00%	1.00%	Added +44.1k	+44,076 410.0%
17	ALPHABET INC CAP STK CL A GOOGL	GOOGL	16,927	$6.0m0.94%	0.94%	Added +14.5k	+14,483 592.6%
18	ECOLAB INC COM ECL	ECL	21,498	$6.0m0.93%	0.93%	Added +17.3k	+17,325 415.2%
19	BROADCOM INC COM AVGO	AVGO	15,809	$6.0m0.93%	0.93%	Added +6.6k	+6,576 71.2%
20	NVIDIA CORPORATION COM NVDA	NVDA	29,330	$5.9m0.91%	0.91%	Added +24.8k	+24,826 551.2%
21	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	97,473	$5.8m0.91%	0.91%	Added +76.0k	+76,034 354.6%
22	AMPHENOL CORP CL A APH	APH	32,572	$5.7m0.89%	0.89%	New
23	ZOOM COMMUNICATIONS INC CL A ZM	ZM	65,605	$5.7m0.88%	0.88%	Added +58.2k	+58,250 792.0%
24	NEWMONT CORP COM NEM	NEM	58,312	$5.4m0.85%	0.85%	New
25	SPDR DOW JONES INDL AVERAGE UT SER 1 DIA	DIA	10,253	$5.4m0.83%	0.83%	New
26	MICRON TECHNOLOGY INC COM MU	MU	4,632	$5.3m0.83%	0.83%	Reduced -16.2k	-16,235 -77.8%
27	F5 INC COM FFIV	FFIV	12,623	$5.3m0.82%	0.82%	Added +4.8k	+4,794 61.2%
28	ISHARES SILVER TR ISHARES SLV	SLV	97,304	$5.2m0.81%	0.81%	Added +91.8k	+91,846 1682.8%
29	SEAGATE TECHNOLOGY HLDNGS PL ORD SHS STX	STX	5,075	$4.9m0.76%	0.76%	Added +1.2k	+1,222 31.7%
30	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	89,818	$4.8m0.75%	0.75%	New
31	META PLATFORMS INC CL A META	META	8,091	$4.6m0.71%	0.71%	Added +2.3k	+2,318 40.1%
32	OCCIDENTAL PETE CORP COM OXY	OXY	89,670	$4.4m0.68%	0.68%	Added +54.7k	+54,693 156.4%
33	GLOBALFOUNDRIES INC ORDINARY SHARES GFS	GFS	52,401	$4.3m0.67%	0.67%	Added +25.8k	+25,812 97.1%
34	SELECT SECTOR SPDR TR SBI MATERIALS XLB	XLB	84,652	$4.3m0.67%	0.67%	New
35	COHERENT CORP COM COHR	COHR	10,424	$4.1m0.64%	0.64%	Added +5.0k	+4,960 90.8%
36	ISHARES TR US HOME CONS ETF ITB	ITB	39,147	$4.1m0.64%	0.64%	New
37	ADOBE INC COM ADBE	ADBE	19,858	$4.1m0.63%	0.63%	Added +16.6k	+16,590 507.6%
38	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	49,509	$4.0m0.62%	0.62%	Added +47.4k	+47,442 2295.2%
39	SELECT SECTOR SPDR TR SBI INT-UTILS XLU	XLU	86,564	$3.9m0.61%	0.61%	Reduced -12.1k	-12,130 -12.3%
40	ISHARES INC MSCI STH KOR ETF EWY	EWY	19,189	$3.9m0.60%	0.60%	New
41	SPDR SER TR S&P BIOTECH XBI	XBI	24,074	$3.8m0.59%	0.59%	Reduced -22.1k	-22,077 -47.8%
42	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	110,612	$3.8m0.59%	0.59%	Added +20.7k	+20,725 23.1%
43	AMERICAN EXPRESS CO COM AXP	AXP	10,997	$3.7m0.58%	0.58%	Added +9.3k	+9,322 556.5%
44	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	42,268	$3.7m0.57%	0.57%	Added +41.4k	+41,352 4514.4%
45	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	7,653	$3.7m0.57%	0.57%	Added +1.1k	+1,073 16.3%
46	WESTERN DIGITAL CORP COM WDC	WDC	5,642	$3.6m0.56%	0.56%	Added +5.1k	+5,137 1017.2%
47	BANK NEW YORK MELLON CORP COM BNY	BNY	24,888	$3.6m0.56%	0.56%	New
48	QUANTA SVCS INC COM PWR	PWR	4,844	$3.5m0.54%	0.54%	New
49	LOWES COS INC COM LOW	LOW	15,694	$3.5m0.54%	0.54%	New
50	ISHARES INC MSCI TAIWAN ETF EWT	EWT	31,534	$3.4m0.53%	0.53%	Added +27.0k	+27,019 598.4%
51	CONSTELLATION BRANDS INC CL A STZ	STZ	24,398	$3.4m0.53%	0.53%	Added +22.2k	+22,157 988.7%
52	NIKE INC CL B NKE	NKE	79,846	$3.3m0.51%	0.51%	Added +37.2k	+37,179 87.1%
53	SPDR SERIES TRUST S&P METALS MNG XME	XME	30,486	$3.3m0.51%	0.51%	Added +26.0k	+25,962 573.9%
54	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	37,732	$3.1m0.49%	0.49%	New
55	UNION PAC CORP COM UNP	UNP	11,229	$3.1m0.48%	0.48%	Added +10.8k	+10,822 2659.0%
56	INTUIT COM INTU	INTU	11,651	$3.0m0.47%	0.47%	Added +11.4k	+11,397 4487.0%
57	PAYCHEX INC COM PAYX	PAYX	30,724	$3.0m0.47%	0.47%	Added +3.8k	+3,765 14.0%
58	PRICE T ROWE GROUP INC COM TROW	TROW	26,292	$3.0m0.47%	0.47%	New
59	SEMTECH CORP COM SMTC	SMTC	18,176	$2.9m0.46%	0.46%	Added +15.9k	+15,870 688.2%
60	CIENA CORP COM NEW CIEN	CIEN	5,995	$2.9m0.46%	0.46%	Added +1.4k	+1,422 31.1%
61	ISHARES TR ISHARES SEMICDTR SOXX	SOXX	4,545	$2.9m0.45%	0.45%	New
62	LAM RESEARCH CORP COM NEW LRCX	LRCX	6,671	$2.9m0.45%	0.45%	New
63	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	28,727	$2.9m0.45%	0.45%	Reduced -19.0k	-19,044 -39.9%
64	CISCO SYS INC COM CSCO	CSCO	23,680	$2.8m0.43%	0.43%	Added +7.5k	+7,486 46.2%
65	ISHARES TR EXPANDED TECH IGV	IGV	29,735	$2.7m0.42%	0.42%	Added +18.5k	+18,457 163.7%
66	TELEFONAKTIEBOLAGET LM ERICS ADR B SEK 10 ERIC	ERIC	237,581	$2.6m0.41%	0.41%	New
67	GOLD FIELDS LTD SPONSORED ADR GFI	GFI	77,266	$2.6m0.40%	0.40%	New
68	ROCKWELL AUTOMATION INC COM ROK	ROK	5,205	$2.6m0.40%	0.40%	Added +3.0k	+3,036 140.0%
69	ANALOG DEVICES INC COM ADI	ADI	6,447	$2.6m0.40%	0.40%	Added +3.7k	+3,683 133.2%
70	MCCORMICK & CO INC COM NON VTG MKC	MKC	50,067	$2.5m0.39%	0.39%	New
71	EDISON INTL COM EIX	EIX	33,450	$2.5m0.39%	0.39%	New
72	NOKIA CORP SPONSORED ADR NOK	NOK	186,533	$2.5m0.39%	0.39%	New
73	LAUDER ESTEE COS INC CL A EL	EL	31,198	$2.5m0.38%	0.38%	Reduced -25.0k	-25,036 -44.5%
74	RIVIAN AUTOMOTIVE INC COM CL A RIVN	RIVN	141,057	$2.4m0.38%	0.38%	Added +54.8k	+54,753 63.4%
75	AGILENT TECHNOLOGIES INC COM A	A	18,355	$2.4m0.38%	0.38%	New
76	AMCOR PLC COM NEW AMCR	AMCR	53,895	$2.3m0.36%	0.36%	New
77	TESLA INC COM TSLA	TSLA	5,513	$2.3m0.36%	0.36%	Reduced -2.7k	-2,704 -32.9%
78	AUTOZONE INC COM AZO	AZO	725	$2.3m0.36%	0.36%	New
79	SMUCKER J M CO COM NEW SJM	SJM	20,388	$2.3m0.36%	0.36%	New
80	VANECK ETF TRUST JUNIOR GOLD MINE GDXJ	GDXJ	22,945	$2.3m0.35%	0.35%	Added +16.2k	+16,169 238.6%
81	ELDORADO GOLD CORP NEW COM EGO	EGO	71,377	$2.2m0.35%	0.35%	Added +21.1k	+21,136 42.1%
82	ISHARES TR ISHARES BIOTECH IBB	IBB	11,620	$2.2m0.34%	0.34%	Added +9.0k	+9,036 349.7%
83	KEURIG DR PEPPER INC COM KDP	KDP	67,490	$2.2m0.34%	0.34%	Added +60.5k	+60,519 868.1%
84	AIR PRODS & CHEMS INC COM APD	APD	7,467	$2.2m0.34%	0.34%	New
85	LIBERTY MEDIA CORP DEL COM LBTY ONE S C FWONK	FWONK	23,007	$2.2m0.34%	0.34%	Added +22.8k	+22,775 9816.8%
86	LINDE PLC SHS LIN	LIN	4,212	$2.2m0.34%	0.34%	Added +2.7k	+2,659 171.2%
87	BURLINGTON STORES INC COM BURL	BURL	6,809	$2.2m0.34%	0.34%	New
88	KIMCO RLTY CORP COM KIM	KIM	84,643	$2.1m0.33%	0.33%	New
89	AGNICO EAGLE MINES LTD COM AEM	AEM	13,696	$2.1m0.33%	0.33%	Added +11.9k	+11,902 663.4%
90	ALTRIA GROUP INC COM MO	MO	29,330	$2.1m0.33%	0.33%	New
91	DYNATRACE INC COM NEW DT	DT	47,256	$2.1m0.32%	0.32%	Added +20.3k	+20,349 75.6%
92	DEERE & CO COM DE	DE	3,252	$2.1m0.32%	0.32%	Added +2.6k	+2,631 423.7%
93	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	8,691	$2.1m0.32%	0.32%	Added +6.5k	+6,543 304.6%
94	SNOWFLAKE INC CL A SNOW	SNOW	8,093	$2.1m0.32%	0.32%	Reduced -4.6k	-4,649 -36.5%
95	GARRETT MOTION INC COM GTX	GTX	56,662	$2.1m0.32%	0.32%	New
96	SUPER MICRO COMPUTER INC COM NEW SMCI	SMCI	69,273	$2.0m0.32%	0.32%	Added +6.9k	+6,918 11.1%
97	BOEING CO COM BA	BA	9,342	$2.0m0.31%	0.31%	New
98	ROCKET COS INC COM CL A RKT	RKT	127,214	$2.0m0.31%	0.31%	Reduced -2.5k	-2,459 -1.9%
99	SELECT SECTOR SPDR TR ENERGY XLE	XLE	37,245	$2.0m0.31%	0.31%	Reduced -36.8k	-36,794 -49.7%
100	LUMENTUM HLDGS INC COM LITE	LITE	2,222	$1.9m0.30%	0.30%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SERVICENOW INC NOW	NOW	99,199	$10.4m99.2k shares
MODERNA INC MRNA	MRNA	125,203	$6.4m125.2k shares
MCKESSON CORP MCK	MCK	7,028	$6.1m7.0k shares
CROWDSTRIKE HLDGS INC CRWD	CRWD	13,659	$5.3m13.7k shares
NEXTRACKER INC NXT	NXT	41,278	$5.0m41.3k shares
BERKSHIRE HATHAWAY INC DEL BRK.B	BRK.B	8,980	$4.3m9.0k shares
WESTLAKE CORPORATION WLK	WLK	35,977	$4.2m36.0k shares
ARISTA NETWORKS INC ANET	ANET	34,039	$4.2m34.0k shares
RUBRIK INC. RBRK	RBRK	85,031	$4.2m85.0k shares
VERTEX PHARMACEUTICALS INC VRTX	VRTX	7,769	$3.5m7.8k shares
JOHNSON & JOHNSON JNJ	JNJ	13,322	$3.3m13.3k shares
DOLLAR TREE INC DLTR	DLTR	29,422	$3.2m29.4k shares
ASTERA LABS INC ALAB	ALAB	29,227	$3.2m29.2k shares
TJX COS INC NEW TJX	TJX	18,667	$3.0m18.7k shares
CHEWY INC CHWY	CHWY	97,118	$2.6m97.1k shares
SUNCOR ENERGY INC NEW SU	SU	39,060	$2.6m39.1k shares
THE CIGNA GROUP CI	CI	9,574	$2.6m9.6k shares
HEICO CORP NEW HEI	HEI	8,615	$2.4m8.6k shares
ASTRAZENECA PLC AZN	AZN	11,420	$2.3m11.4k shares
ATLASSIAN CORPORATION TEAM	TEAM	31,211	$2.1m31.2k shares
SAMSARA INC IOT	IOT	65,174	$2.1m65.2k shares
ISHARES TR HDV	HDV	70,810	$1.9m70.8k shares
LAS VEGAS SANDS CORP LVS	LVS	35,372	$1.9m35.4k shares
SMITH A O CORP AOS	AOS	28,299	$1.9m28.3k shares
AEROVIRONMENT INC AVAV	AVAV	9,793	$1.8m9.8k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	384,200	$286.9m384.2k shares	Reduced
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	304,200	$227.2m304.2k shares	Reduced
INVESCO QQQ TR QQQ · Call	QQQ	Call	145,500	$107.1m145.5k shares	Reduced
ASML HOLDING N V ASML · Put	ASML	Put	26,500	$52.7m26.5k shares	Added
ISHARES TR IWM · Call	IWM	Call	170,200	$51.1m170.2k shares	Reduced
TORONTO DOMINION BK ONT TD · Call	TD	Call	370,100	$44.9m370.1k shares	Added
MICROSOFT CORP MSFT · Put	MSFT	Put	118,100	$44.1m118.1k shares	Added
ARM HOLDINGS PLC ARM · Put	ARM	Put	113,800	$40.4m113.8k shares	Reduced
SELECT SECTOR SPDR TR XLE · Put	XLE	Put	732,300	$38.9m732.3k shares	Added
AMAZON COM INC AMZN · Put	AMZN	Put	163,100	$38.9m163.1k shares	Added
ALPHABET INC GOOGL · Put	GOOGL	Put	108,000	$38.6m108.0k shares	Added
APPLE INC AAPL · Call	AAPL	Call	131,400	$38.0m131.4k shares	Reduced
CISCO SYS INC CSCO · Call	CSCO	Call	309,700	$36.4m309.7k shares	Reduced
VANECK ETF TRUST SMH · Call	SMH	Call	55,300	$36.3m55.3k shares	New
COSTCO WHSL CORP NEW COST · Put	COST	Put	35,400	$33.1m35.4k shares	Added
INTERNATIONAL BUSINESS MACHS IBM · Put	IBM	Put	117,500	$33.0m117.5k shares	Added
CATERPILLAR INC CAT · Put	CAT	Put	29,300	$31.2m29.3k shares	Added
ISHARES SILVER TR SLV · Put	SLV	Put	555,500	$29.7m555.5k shares	Added
MICRON TECHNOLOGY INC MU · Put	MU	Put	25,500	$29.4m25.5k shares	Reduced
AT&T INC T · Call	T	Call	1,395,400	$28.9m1.4m shares	Added
SPDR GOLD TR GLD · Put	GLD	Put	73,300	$27.0m73.3k shares	Reduced
SPDR GOLD TR GLD · Call	GLD	Call	66,200	$24.4m66.2k shares	Added
BOEING CO BA · Put	BA	Put	111,300	$24.1m111.3k shares	Added
NETFLIX INC NFLX · Put	NFLX	Put	330,400	$23.6m330.4k shares	Added
BROADCOM INC AVGO · Put	AVGO	Put	61,900	$23.4m61.9k shares	Added