Paul Tudor Jones disclosed a $19.5B, 20-stock portfolio in his Q1 2026 13F filing. He increased his SPY position by 125% from the prior quarter, added WBD, TECK, PEN, META, and MU as new positions, and fully exited five holdings including EXK and CYBR.
Top 5 Holdings — As of Q1 2026
- IWM: $5.1B (9.5%)
- IWM: $3.0B (5.5%)
- QQQ: $2.1B (3.9%)
- QQQ: $1.3B (2.4%)
- SPY: $1.1B (2.1%)
Key Trading Highlights
IWM remains the largest holding, split across two positions worth $5.1B (9.5% weight) and $3.0B (5.5% weight, +31%), expanding exposure to the Russell 2000. QQQ is also split into two tranches of $2.1B and $1.3B, up 7% from the prior quarter. SPY surged 125% to a $1.1B position, newly entering the top 10, while a separate $728M position was maintained. XLE ($732M), NVDA ($685M), and two GLD positions (totaling $1.1B) rounded out the top holdings.
- SPY: Position increased +125% to $1.1B — signals a stronger bet on index gains
- WBD: New buy of $194M — the largest among new additions
- EXK, CYBR, CFLT, CMA, XLI: Fully exited — reducing single-stock exposure in favor of index ETFs
Among new buys, WBD led with $194M, while TECK, PEN, META, and MU were each added in the $120M-$147M range. Meanwhile, EXK, CYBR, CFLT (Confluent), CMA, and XLI were all fully exited. ETN, SYK, and REGN were each trimmed by 99-100%, effectively signaling a full liquidation.
Outlook
Tudor's rebalancing this quarter reaffirms his macro-hedging tendency to concentrate assets in index ETFs like IWM, QQQ, and SPY rather than individual stocks. The 125% increase in the SPY position is interpreted as a stronger bet on near-term index gains, while new additions like WBD, META, and MU suggest selective interest in the media, big tech, and semiconductor sectors. The full exit from small/mid-cap and individual names such as EXK, CYBR, and CMA reflects a classic macro-trader response — shifting positions into highly liquid index products amid rising volatility.
