Two Sigma Q1 2026 Portfolio — NVDA Up 832%, Exits AZN and 4 Others

Two Sigma disclosed in its Q1 2026 13F filing that it increased its NVDA position by 832% quarter-over-quarter, making it the fund's largest holding at $2.0B (1.6% of the portfolio). The firm also opened five new positions, including AVGO ($689M) and ABT ($656M), while fully exiting five positions, including AZN ($200M). Total AUM for the quarter came in at $19.0B across 20 holdings.

Top 5 Holdings — Q1 2026

• NVDA: $2.0B (1.6%)
• AAPL: $1.5B (1.3%)
• AMZN: $1.3B (1.1%)
• GOOGL: $1.3B (1.1%)
• TSLA: $1.1B (0.9%)

Key Trading Highlights

Among the top 10 holdings, NVDA ($2.0B), AAPL ($1.5B), AMZN ($1.3B), GOOGL ($1.3B), and TSLA ($1.1B) ranked as the top five. NVDA surged 832% quarter-over-quarter to become the largest holding for the first time at 1.6% of the portfolio, while AAPL (+567%) and AMZN (+452%) also rose sharply, underscoring a clear tilt toward Big Tech and AI-related names. JPM, PLTR, COST, TJX, and MA followed, each accounting for 0.7–0.8% of the portfolio.

• NVDA: Position increased +832% ($2.0B) — sharply expanded AI infrastructure bet, becoming the top holding
• AVGO: New position $689M — expanding semiconductor value chain exposure, diversifying away from NVDA concentration risk
• AZN: Fully exited $200M → $0 — portfolio rebalancing amid healthcare stock cleanup

New purchases totaled five positions — AVGO ($689M), ABT ($656M), RTX ($377M), ADP ($261M), and LVS ($225M) — spanning semiconductors, healthcare, defense, payments, and casinos. Meanwhile, AZN ($200M), FDN, IVE, NGDN, and SMTC were fully exited, and VGT, CARR, and CL were also cut to zero. The fund aggressively expanded its AI infrastructure bets while decisively cutting losses elsewhere.

Outlook

Given Two Sigma's fast-moving, quant-model-driven rebalancing, this quarter's tilt toward AI and semiconductors could reverse again next quarter. With concentration in NVDA, AAPL, and AMZN now elevated, the key thing to watch in upcoming filings is whether the fund takes profits or trims these positions.