Joel Greenblatt's Q1 2026 Portfolio — SPY Up 34%, AAPL Up 84%

Gotham Asset Management, led by Joel Greenblatt, disclosed in its Q1 2026 13F filing that it expanded its SPY position by 34% to $5.9 billion (17.9% of the total portfolio). AAPL and NVDA stakes grew 84% and 40%, respectively, while five new positions — including IWV and VSNT — were added to the portfolio.

Top 5 Holdings — Q1 2026

• SPY: $5.9B (17.9%)
• AAPL: $729M (2.2%)
• NVDA: $721M (2.2%)
• GSPY: $601M (1.8%)
• IVV: $284M (0.9%)

Key Trading Moves This Quarter

Gotham Asset Management's total assets under management stood at $10.1 billion this quarter, spread across 20 holdings. SPY led by a wide margin at $5.9 billion, or 17.9% of the portfolio, followed by index-tracking ETFs GSPY ($601 million), IVV ($284 million), and VOO ($165 million) rounding out the top positions. Among individual stocks, AAPL ($729 million, 2.2%) and NVDA ($721 million, 2.2%) both ranked in the top three.

• SPY: stake expanded 34% to $5.9B — increased index-tracking ETF exposure to boost market beta
• AAPL: stake expanded 84% to $729M — the largest increase among top-10 individual holdings
• IWV: new purchase of $107M — added a Russell 3000-tracking ETF for broader market exposure

The largest new addition was IWV at $107 million, alongside newly initiated positions in VSNT, CTEF, FE, and MDLN. Meanwhile, five holdings — including Hillenbrand ($39 million), CIVI ($34 million), and Monday.com ($14 million) — were sold entirely and removed from the portfolio. ALK, EQT, and TRIP were trimmed down to roughly $200,000 each, suggesting they are effectively being wound down.

What's Next for Greenblatt

The fact that Greenblatt significantly increased his allocation to index ETFs like SPY, IVV, and VOO over individual stocks this quarter suggests an intent to broaden market beta exposure alongside his Magic Formula-based stock-picking strategy. The growing number of holdings being effectively wound down, such as ALK, EQT, and TRIP, also aligns with a shift toward reducing individual stock risk in favor of index-centric positioning. The key things to watch in the next 13F filing will be whether ETF allocations continue to rise and whether large-cap tech holdings like AAPL and NVDA are maintained.