Dmitry Balyasny disclosed in his Q1 2026 13F filing that he expanded his SPY position by 337% to $3.8B, representing 5.1% of the portfolio. At the same time, he fully exited IVV ($1.1B) and XLF ($1.0B) positions, while newly buying GLD ($409M) and XLFI ($562M). Balyasny Asset Management's total AUM this quarter stood at $17.7B across 20 holdings.
Top 5 Holdings — Q1 2026
- SPY: $3.8B (5.1%)
- QQQ: $2.2B (2.9%)
- IWM: $1.8B (2.4%)
- AMZN: $905M (1.2%)
- META: $760M (1.0%)
Key Trading Highlights
The quarter's defining feature was capital rotation between index ETFs. Balyasny fully liquidated IVV while more than quadrupling his SPY stake, and also fully unwound the existing XLF (Financial Select Sector SPDR) position before adding the new tickers XLFI and XLUI. This appears to reflect a position transfer following State Street's ticker conversion of its Sector SPDR series from XLF to XLFI and XLU to XLUI.
- SPY: Stake expanded 337% to $3.8B — large-cap index ETF bet more than quadrupled, rising to the top portfolio holding at 5.1%
- IVV/XLF: Fully sold at $1.1B and $1.0B, respectively — existing index and sector ETF positions were unwound with capital rotated into SPY and XLFI
- GLD: New purchase of $409M — a gold hedge position established alongside the bullish index bet
Among individual stocks, AMZN ($905M), META ($760M + $667M), AAPL ($752M + $593M), and NVDA ($735M) remained top holdings. The new GLD purchase ($409M) carries a strong macro-hedge character distinct from the bullish index bet. Meanwhile, five positions — including CYBR, EXK, and Avidity Biosciences — were fully sold off, streamlining the portfolio.
Outlook
Balyasny's moves this quarter look less like directional bets and more like ETF ticker migration and macro-hedge repositioning. The simultaneous increase in SPY and IWM exposure alongside the new GLD position reads as dual positioning — betting on equity market gains while hedging against rising volatility. Key questions ahead: whether additional new sector ETFs like XLFI and XLUI will follow, and whether individual big-tech stakes in AMZN and NVDA hold steady next quarter.
