CITADEL ADVISORS LLC

Citadel Advisors' Q4 2025 13F long book totals $665.9 billion, up from $657.1B the prior quarter — but the composition reflects a multi-strategy hedge fund's hedging and overlay activity as much as directional conviction. The top of the book is index-heavy: the SPDR S&P 500 ETF (SPY) at 5.93% and Invesco QQQ at 5.45% lead, with Tesla an outsized 5.18% ($34.5B) and Nvidia 4.33%. The quarter saw a massive QQQ reshuffle (a ~$36.3B new position offsetting a ~$43.3B sale, likely call/share-class mechanics) and a clear trim of crypto proxies — MicroStrategy cut ~$5.7B and Coinbase ~$1.8B — while the firm added Alphabet, Micron and Amazon.