ExodusPoint Capital Management, LP

ExodusPoint Capital Management LPs March 2026 13F is a $12.59 billion, 1,495-position portfolio — by far the most position-dense account in the coverage universe at this AUM tier — operating as a diversified long-short equity fund with a traditional fundamental-compounder overlay. The whaleScore of 80.00 reflects unusual concentration for this size: Tesla at $1.83 billion (14.8%) is the portfolios single largest position by a wide margin, followed by NVIDIA at $1.21 billion (9.8%), the iShares MSCI Emerging Markets ETF (EEM) at $512 million (4.1%), iShares High-Yield Corporate Bond ETF (HYG) at $244 million (2.0%), and Sandisk at $233 million (1.9%). Beyond these top five, the portfolio is highly distributed: approximately 1,490 other positions collectively represent approximately 68% of assets, with 1,100-plus of those positions below $1 million each in portfolio value. This structure is characteristic of a multi-manager fundamental-equity fund that runs 20-30 separate portfolio-manager strategies under one umbrella, each with its own sector and style mandate. The Q1 2026 behavior was a significant rotation: the fund added 27 new positions (including a quadrupling of EEM allocation, new entries in T1 Energy and Corning, and new individual names in healthcare, utilities, and financials), liquidated 27 prior-period positions (including Apple which fell from $535 million to effectively zero, a -$494M exit), trimmed 11 positions moderately, and increased 12 positions. Tesla added $1.69 billion in new value through a 1,454% increase in shares (from 317,699 to 4.94 million), a trade that almost certainly reflects the funds directional bet on EV-and-energy-storage adoption at a moment when Tesla stock was recovering from its 2024 lows. NVIDIA was reduced 17.6% in shares (from 8.43M to 6.95M) removing $361 million in value, a trim consistent with the broader institutional pattern of taking partial profits from a name that had run hard. Apple was essentially eliminated (down 91.8% in shares), Broadcom was sold ($195M), Walmart was sold ($158M), AMD was sold ($55M), Boeing was sold ($70M), KWEB China Internet ETF was sold ($65M), Regeneron was sold ($54M), KRE Regional Banks was sold ($53M), Meta was reduced 56% in shares. Against this stress reduction, EEM was increased to $512M from effectively zero (a 9x increase), IWM (Russell 2000 small-cap ETF) was added at $167M, and HYG was increased 51% in shares. Utilities were the portfolios primary add-to sector: PPL, Ameren, Southern, Xcel, Evergy, Entergy, Alliant, CMS, OGE, and Spire were ALL increased in share count during Q1, suggesting broad conviction in regulated-utility compounding at a point when utility stocks were benefiting from data-center-power-demand tailwinds and rising-rate-driven yield demand. The sector split: Consumer Cyclical 16.6% (Tesla-dominant), Technology 14.5%, ETF 8.5%, Utilities 5.7%, Unknown 3.4%, Communication Services 2.1%, Healthcare 1.8%, Industrials 0.5%, Financial Services 0.4%, Energy 0.4%, Basic Materials 0.3%. Teslas 14.8% portfolio weight is the single-name dominant in an otherwise diversified long-short structure, a selection pattern that reflects either a concentrated market-directional bet or a legacy position that has appreciated dramatically.