TWO SIGMA SECURITIES LLC's Q2 2025 13F: 859 new positions, 808 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 1437 reported positions · accession 0000899140-25-000961
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | ISHARES TR (AGG) | 1.7% | — | −1.7 pts | −111K sh | −100% |
| Reduced | BOOKING HOLDINGS INC (BKNG) | 1.6% | 0.1% | −1.5 pts | −2,197 sh | −94% |
| Reduced | SPDR SERIES TRUST (SPIB) | 1.6% | 0.0% | −1.6 pts | −312K sh | −97% |
| Reduced | NVIDIA CORPORATION (NVDA) | 1.1% | 0.0% | −1.1 pts | −64,296 sh | −98% |
| New | ISHARES TR (EFA) | — | 1.1% | +1.1 pts | +102K sh | new |
| Exited | BEACON ROOFING SUPPLY INC (BECN) | 1.0% | — | −1.0 pts | −52,184 sh | −100% |
| New | VANGUARD BD INDEX FDS (BND) | — | 0.9% | +0.9 pts | +102K sh | new |
| Exited | DIREXION SHS ETF TR (TZA) | 0.8% | — | −0.8 pts | −315K sh | −100% |
| Increased | ORACLE CORP (ORCL) | 0.1% | 0.8% | +0.7 pts | +26,936 sh | +848% |
| Exited | ISHARES TR (IEFA) | 0.7% | — | −0.7 pts | −61,959 sh | −100% |
| New | WILLIAMS COS INC (WMB) | — | 0.7% | +0.7 pts | +85,249 sh | new |
| Increased | ISHARES TR (LQD) | 0.0% | 0.7% | +0.6 pts | +48,663 sh | +1850% |
| Reduced | INVESCO QQQ TR (QQQ) | 1.4% | 0.7% | −0.7 pts | −9,479 sh | −50% |
| Increased | PROGRESSIVE CORP (PGR) | 0.1% | 0.7% | +0.6 pts | +19,313 sh | +1049% |
| Increased | ADOBE INC (ADBE) | 0.2% | 0.8% | +0.6 pts | +12,833 sh | +338% |
| New | GALLAGHER ARTHUR J & CO (AJG) | — | 0.6% | +0.6 pts | +15,330 sh | new |
| Reduced | J P MORGAN EXCHANGE TRADED F (JPST) | 1.0% | 0.2% | −0.8 pts | −93,601 sh | −71% |
| Exited | BERKSHIRE HATHAWAY INC DEL (BRK-B) | 0.6% | — | −0.6 pts | −7,130 sh | −100% |
| Increased | SPDR S&P 500 ETF TR (SPY) | 0.5% | 1.0% | +0.5 pts | +7,244 sh | +121% |
| New | SPDR SERIES TRUST (BIL) | — | 0.5% | +0.5 pts | +48,208 sh | new |
| New | ISHARES TR (IWB) | — | 0.5% | +0.5 pts | +12,924 sh | new |
| Increased | BANK NEW YORK MELLON CORP (BK) | 0.0% | 0.5% | +0.5 pts | +45,240 sh | +1703% |
| New | VANGUARD INTL EQUITY INDEX F (VGK) | — | 0.5% | +0.5 pts | +52,726 sh | new |
| New | PALANTIR TECHNOLOGIES INC (PLTR) | — | 0.5% | +0.5 pts | +29,799 sh | new |
| Reduced | VANGUARD INDEX FDS (VOO) | 0.6% | 0.0% | −0.6 pts | −7,093 sh | −93% |
| Increased | AVALONBAY CMNTYS INC (AVB) | 0.1% | 0.6% | +0.5 pts | +19,789 sh | +454% |
| Exited | ISHARES TR (QUAL) | 0.5% | — | −0.5 pts | −18,914 sh | −100% |
| Increased | VANGUARD INTL EQUITY INDEX F (VWO) | 0.4% | 0.9% | +0.4 pts | +78,952 sh | +125% |
| Increased | THERMO FISHER SCIENTIFIC INC (TMO) | 0.2% | 0.6% | +0.4 pts | +9,612 sh | +472% |
| Reduced | SSGA ACTIVE ETF TR (SRLN) | 0.6% | 0.0% | −0.6 pts | −93,010 sh | −91% |
| New | EXXON MOBIL CORP (XOM) | — | 0.5% | +0.5 pts | +35,847 sh | new |
| Increased | L3HARRIS TECHNOLOGIES INC (LHX) | 0.2% | 0.6% | +0.5 pts | +15,324 sh | +296% |
| Increased | CINTAS CORP (CTAS) | 0.1% | 0.5% | +0.4 pts | +16,661 sh | +544% |
| Increased | SCHWAB STRATEGIC TR (SCHD) | 0.3% | 0.7% | +0.4 pts | +137K sh | +175% |
| Increased | WALMART INC (WMT) | 0.1% | 0.5% | +0.4 pts | +36,464 sh | +463% |
| Increased | NORFOLK SOUTHN CORP (NSC) | 0.1% | 0.6% | +0.4 pts | +13,912 sh | +352% |
| Increased | THE CIGNA GROUP (CI) | 0.2% | 0.6% | +0.4 pts | +10,745 sh | +230% |
| Reduced | INVESCO EXCH TRADED FD TR II (BKLN) | 0.9% | 0.3% | −0.6 pts | −167K sh | −57% |
| New | EXLSERVICE HOLDINGS INC (EXLS) | — | 0.4% | +0.4 pts | +79,159 sh | new |
| Increased | SPROUTS FMRS MKT INC (SFM) | 0.1% | 0.5% | +0.4 pts | +20,718 sh | +829% |
| Increased | EXPAND ENERGY CORPORATION (EXE) | 0.1% | 0.5% | +0.4 pts | +28,306 sh | +327% |
| Increased | QUALCOMM INC (QCOM) | 0.0% | 0.4% | +0.4 pts | +20,766 sh | +1465% |
| Increased | KIMBERLY-CLARK CORP (KMB) | 0.1% | 0.5% | +0.4 pts | +25,414 sh | +593% |
| New | NVR INC (NVR) | — | 0.4% | +0.4 pts | +432 sh | new |
| Exited | EATON CORP PLC (ETN) | 0.4% | — | −0.4 pts | −9,175 sh | −100% |
| Exited | UNITED PARCEL SERVICE INC (UPS) | 0.4% | — | −0.4 pts | −22,447 sh | −100% |
| New | AFLAC INC (AFL) | — | 0.4% | +0.4 pts | +28,641 sh | new |
| New | INVESCO EXCHANGE TRADED FD T (RSP) | — | 0.4% | +0.4 pts | +16,615 sh | new |
| Reduced | COLGATE PALMOLIVE CO (CL) | 0.5% | 0.0% | −0.5 pts | −32,773 sh | −90% |
| Increased | GE AEROSPACE (GE) | 0.2% | 0.5% | +0.4 pts | +11,509 sh | +214% |
The 50 largest of 2,241 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- CYCLACEL PHARMACEUTICALS INC (CYCC): 23254L801 → 23254L884, 16,218 → 19,905 shares (share count changed with the identifier; not shown as a trade)
- SUNATION ENERGY INC (SUNE): 72303P404 → 72303P503, 17,024 → 11,548 shares (share count changed with the identifier; not shown as a trade)
Top 10 positions — 8.7% of the equity book
Changes in the top 10 this quarter: EFA entered · SPY entered · BND entered · VWO entered · ORCL entered · ADBE entered · SCHD entered · PGR entered · LQD entered · AGG left · BKNG left · SPIB left · QQQ left · NVDA left · JPST left · BECN left · BKLN left · VEA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | ISHARES TR (EFA) | 0.0% | 1.1% | Entered the top 10 |
| 2 | ISHARES TR (IWM) | 1.5% | 1.1% | |
| 3 | SPDR S&P 500 ETF TR (SPY) | 0.5% | 1.0% | Entered the top 10 |
| 4 | VANGUARD BD INDEX FDS (BND) | 0.0% | 0.9% | Entered the top 10 |
| 5 | VANGUARD INTL EQUITY INDEX F (VWO) | 0.4% | 0.9% | Entered the top 10 |
| 6 | ORACLE CORP (ORCL) | 0.1% | 0.8% | Entered the top 10 |
| 7 | ADOBE INC (ADBE) | 0.2% | 0.8% | Entered the top 10 |
| 8 | SCHWAB STRATEGIC TR (SCHD) | 0.3% | 0.7% | Entered the top 10 |
| 9 | PROGRESSIVE CORP (PGR) | 0.1% | 0.7% | Entered the top 10 |
| 10 | ISHARES TR (LQD) | 0.0% | 0.7% | Entered the top 10 |
| — | ISHARES TR (AGG) | 1.7% | 0.0% | Left the top 10 |
| — | BOOKING HOLDINGS INC (BKNG) | 1.6% | 0.1% | Left the top 10 |
| — | SPDR SERIES TRUST (SPIB) | 1.6% | 0.0% | Left the top 10 |
| — | INVESCO QQQ TR (QQQ) | 1.4% | 0.7% | Left the top 10 |
| — | NVIDIA CORPORATION (NVDA) | 1.1% | 0.0% | Left the top 10 |
| — | J P MORGAN EXCHANGE TRADED F (JPST) | 1.0% | 0.2% | Left the top 10 |
| — | BEACON ROOFING SUPPLY INC (BECN) | 1.0% | 0.0% | Left the top 10 |
| — | INVESCO EXCH TRADED FD TR II (BKLN) | 0.9% | 0.3% | Left the top 10 |
| — | VANGUARD TAX-MANAGED FDS (VEA) | 0.8% | 0.6% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Exited | BOOKING HOLDINGS INC (BKNG) | Put | 300 | 0 | $0 |
| Exited | BOOKING HOLDINGS INC (BKNG) | Call | 200 | 0 | $0 |
| Exited | ISHARES TR (IWF) | Put | 2,000 | 0 | $0 |
| Exited | APPLE INC (AAPL) | Call | 3,000 | 0 | $0 |
| Exited | AON PLC (AON) | Put | 1,000 | 0 | $0 |
| Exited | MOTOROLA SOLUTIONS INC (MSI) | Call | 600 | 0 | $0 |
| Exited | AVALONBAY CMNTYS INC (AVB) | Put | 1,200 | 0 | $0 |
| Exited | MARRIOTT INTL INC NEW (MAR) | Put | 1,000 | 0 | $0 |
| Exited | CHECK POINT SOFTWARE TECH LT (CHKP) | Call | 1,000 | 0 | $0 |
| Exited | GARMIN LTD (GRMN) | Put | 1,000 | 0 | $0 |