Ken Griffin's Citadel Advisors reported total AUM of $189.9B across 20 positions in its Q1 2026 13F filing. The most significant move was a 28% increase in SPY exposure to $24.2B, representing 3.9% of the portfolio. GLD was raised 15% to $9.4B. Among individual equities, TSLA was the largest single-stock position at $13.5B, followed by NVDA at $11.7B.
Top 5 Holdings — Q1 2026
- SPY: $24.2B (3.9%)
- QQQ: $20.5B (3.3%)
- SPY: $17.6B (2.9%)
- TSLA: $13.5B (2.2%)
- NVDA: $11.7B (1.9%)
Key Trading Activity — Q1 2026
Citadel's top holdings reflect the firm's characteristic practice of carrying both long and short positions in SPY and QQQ simultaneously. Combined, SPY's two positions — $24.2B and $17.6B — total $41.8B, accounting for roughly 22% of total AUM. QQQ is similarly split into $20.5B and $11.3B tranches, consistent with Citadel's structural index arbitrage strategy. The concurrent buildup in gold-linked assets GLD and SLV signals a preference for safe-haven exposure amid macroeconomic uncertainty.
- SPY: Added +28% → $24.2B — Significant increase in index long position, signaling broader market exposure expansion
- GLD: Added +15% → $9.4B — Paired with a new SLV position, reflects a strengthened safe-haven allocation across precious metals
- ASTRAZENECA PLC: New position at $369M — Major new bet in healthcare; concurrent with the exit of AZN ADR, indicating a position restructuring
- CYBR: Full exit from $305M → $0 — Complete liquidation of cybersecurity exposure, reflecting a broader reduction in sector weighting
- TSLA: Held at $13.5B (2.2%) — Retains its status as the largest individual equity position; core conviction in the EV sector maintained
On the buy side, the most notable new entry is a $369M stake in ASTRAZENECA PLC, marking a significant new healthcare sector bet. In a parallel move, Citadel fully exited AZN — the ADR ticker for the same company — at $139M, suggesting a deliberate position restructuring. Regional bank PNFP was added at $281M, while the existing position in PINNACLE FINL PARTNERS INC was fully liquidated at $123M, which appears to be a consolidation of duplicate holdings. The full exits from CYBR ($305M) and SOXL ($128M) point to a deliberate reduction in cybersecurity and leveraged semiconductor exposure.
What's Next for Citadel?
In Q1 2026, Ken Griffin pursued a two-pronged hedging strategy — aggressively expanding index exposure via SPY and QQQ while simultaneously building safe-haven positions in gold and silver. This reflects an intent to capture upside momentum in equities while diversifying against downside risk. The large positions in TSLA and NVDA signal continued conviction in technology and AI growth themes, while the new healthcare allocation points to defensive sector diversification. Investors should watch for further adjustments to index and precious metals weightings as interest rate dynamics and macro uncertainty evolve.
