TWO SIGMA INVESTMENTS, LP

CIK 0001179392 · Q1 2026

13F Equity AUM

$123.9B

+74.9% QoQ

Positions

3,632

+174 QoQ

AUM Rank

#126

Top 1%

Skill Alpha (FF)

+0.3%/yr^ns

No Clear Edge

Rank #2,117 · Top 26%

vs S&P -1.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 6.1%Top 10: 9.8%Top 20: 15.8%

NVDA1.7%

AAPL1.3%

GOOGL1.1%

AMZN1.1%

TSLA0.9%

JPM0.8%

PLTR0.8%

COST0.7%

TJX0.7%

MA0.7%

Others (3622)90.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology20.6%

Financial Services20.4%

Healthcare11.4%

Industrials11.2%

Consumer Cyclical10.4%

Energy4.8%

Basic Materials4.5%

Consumer Defensive4.1%

Other12.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 3632Median: 0.00%Avg: 0.03%

0–0.5%

3608(82.1%)

0.5–1%

20(12.8%)

1–3%

4(5.2%)

3–5%

0(0.0%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 3,381Unique: 251vs 20 funds

44.8%High

3,632

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

51.6%

BlackRock, Inc.

59.6%

BANK OF AMERICA CORP /DE/

49.2%

GEODE CAPITAL MANAGEMENT, LLC

61.3%

VANGUARD CAPITAL MANAGEMENT LLC

60.4%

STATE STREET CORP

59.4%

JPMORGAN CHASE & CO

43.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

56.6%

FMR LLC

46%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New658Increased1878Decreased1034Exited451

New Positions

ABT0.5%

+6.4M

RTX0.3%

+2.0M

ADP0.2%

+1.3M

LVS0.2%

+4.2M

BAC 7.25 PERP L0.1%

+94K

HWM0.1%

+482K

FTCS0.1%

+1.1M

VOOG0.1%

+230K

TD0.1%

+922K

KBWB0.1%

+1.1M

Increased

PPL 2.875 03/15/280.1%

+55.0M(+1100%)

CNP 4.25 08/15/260.1%

+49.5M(+162%)

WDC 3 11/15/280.5%

+26.6M(+43%)

BBD0.1%

+25.1M(+113%)

RIG0.3%

+22.2M(+92%)

GGB0.1%

+22.1M(+589%)

JAZZ 2 06/15/260.1%

+20.1M(+61%)

ALIT0.0%

+19.5M(+874%)

BTO0.2%

+19.0M(+79%)

FVICN 3.75 06/30/290.0%

+15.0M(+600%)

Decreased

GPN 1.5 03/01/310.0%

-40,730,000(-74%)

AKAM 1.125 02/15/290.0%

-36,491,000(-68%)

STX 3.5 06/01/280.1%

-35,628,000(-68%)

GVA 3.25 06/15/300.0%

-26,860,000(-84%)

TCOM 0.75 06/15/290.0%

-25,000,000(-64%)

RIVN 3.625 10/15/300.0%

-20,000,000(-26%)

LYV 3.125 01/15/290.0%

-19,750,000(-62%)

SATS 3.875 11/30/300.2%

-18,400,000(-18%)

EVRG 4.5 12/15/270.1%

-18,000,000(-20%)

RIVN 4.625 03/15/290.0%

-15,500,000(-28%)

Exited

-2,183,476

-305,460

-711,871

-312,700

-6,860,719

-55,000,000

-30,250,000

-682,050

EXPE 0 02/15/26

-43,449,000

SPHQ

-586,800

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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