Israel Englander's Millennium Management LLC reported total AUM of $56.3B across 20 holdings in its Q1 2026 13F filing. The firm's largest position, IWM, was increased by 31% to $10.0B (4.3% of portfolio), while SPYM was newly initiated at $1.7B. On the sell side, five positions were fully exited — including CYBR ($913M) and EXK ($350M) — marking a significant portfolio restructuring.
Top 5 Holdings — Q1 2026
- IWM: $10.0B (4.3%)
- IVV: $8.5B (3.6%)
- NVDA: $4.1B (1.8%)
- QQQ: $3.5B (1.5%)
- IWM: $3.0B (1.3%)
Q1 2026 Key Trading Highlights
Englander focused this quarter on broad-based index ETF accumulation. IWM (Russell 2000 ETF) was increased by 31% to $10.0B, while large-cap-oriented IVV ($8.5B) and QQQ ($3.5B, including a $2.3B overlapping position) remained in the top ranks. MSFT was the most aggressively bought individual stock, expanded by 61% to $2.5B. Mega-cap tech names including NVDA ($4.1B), AMZN ($2.3B), AAPL ($2.2B), and META ($2.1B) also maintained top positions.
- IWM: Added +31% ($10.0B) — reflects expectation of a small-cap rally; largest single position
- SPYM: Initiated at $1.7B — new S&P 500 leveraged ETF position signals a bullish market bet
- MSFT: Added +61% ($2.5B) — most aggressive individual stock increase; positioned for AI software tailwinds
- ASTRAZENECA: Initiated at combined $845M — entered via two separate positions; broadens healthcare exposure
- CYBR: Fully exited $913M → $0 — complete withdrawal from cybersecurity sector; interpreted as risk management
On the buy side, the most notable new addition was SPYM, an S&P 500 leveraged ETF, initiated at $1.7B. In healthcare, ASTRAZENECA PLC was newly established across two positions totaling approximately $845M. On the sell side, Englander fully exited cybersecurity name CYBR ($913M), hard drive maker SEAGATE ($361M), silver miner EXK ($350M), telecom FYBR ($284M), and regional bank CMA ($242M) — pulling back from defensive and cyclical sectors.
What's Next for Millennium
Englander's Q1 2026 portfolio is defined by two moves: initiating a leveraged ETF position in SPYM and substantially expanding small-cap exposure via IWM. Together, these signal a clear bullish stance on the broader U.S. equity market. The addition of ASTRAZENECA alongside sustained mega-cap tech holdings via MSFT extends the portfolio's reach into healthcare. Meanwhile, the simultaneous exit from cybersecurity, energy minerals, and regional banks reads as a strategy to concentrate risk during a period of heightened volatility. The directional trajectory of the IWM and SPYM positions will be the key variable to watch as the interest rate environment and macroeconomic conditions evolve.
