Twin Tree Management, LP

Key Holdings and Their Significance

• SPY (SSGA ACTIVE TRUST): $2.32B (9.65%). Despite a very large reduction from the prior quarter (‑79.7%, a $8.28B cut), SPY remains the largest single reported position. This makes the fund’s broad-market equity exposure still materially concentrated in a single S&P 500 ETF.
• GLD (SPDR GOLD TRUST) and IAU (BlackRock Institutional Trust): $1.63B (6.78%) and $659.25M (2.74%) respectively. Combined with gold miners (GDX $186.13M) and a precious metals miner (AEM $106.15M), the portfolio has roughly $2.62B (~10.9%) in gold/precious-metals exposures. IAU was the only material stake the filer increased (IAU +19.1%, $184.71M added).
• Major technology / semiconductors: A cluster of sizable single-name tech and semiconductor positions remain (AAPL $405.6M, MU $314.2M, AMD $296.8M, ASML $185.0M, AMAT $199.6M, AVGO $121.9M, TSM $98.3M, MRVL $95.3M) plus SOXX ETF ($215.0M). Technology in aggregate is ~$3.57B (14.9%), but many large prior tech exposures were materially trimmed (see Quarter Changes).
• Other meaningful single-name positions: TSLA $311.5M, ORCL $234.9M, IBM $176.0M (reported as a new position), AMGN $166.9M (new), MCD $157.1M (new), and MSFT remains but was cut sharply to $102.2M.
• Diversification profile: The top 10 holdings account for ~27.4% of the portfolio and the top 50 for a much larger share, indicating a concentrated core within a very large number of small positions (1,413 total).

Sector Allocation and Notable Tilts

• ETF exposure: $4.88B (20.3% of portfolio). Key ETFs include SPY, GLD, SOXX, XLV, GDX, SLV, EFA, DIA, XLK, and others — a mix of broad market, sector, and commodity ETFs.
• Technology: $3.57B (14.9%) — the largest industry allocation, dominated by semiconductors, cloud/enterprise software, and large-cap tech names.
• Financial Services: $1.18B (4.9%)
• Precious metals / Basic Materials: combined precious-metals-related holdings (GLD + IAU + GDX + AEM + SLV) total ~ $2.62B (~10.9%); basic materials overall $247.6M (1.0%) as reported but precious metals are a clear, distinct overweight.
• Communication Services, Consumer Cyclical, Healthcare: individually smaller (each in the 1.8%–2.4% range for the largest reported buckets).
• Observed tilt: a sizable allocation to precious metals relative to typical long-only equity managers — gold-related exposures alone are ~10.9% of the portfolio. At the same time, the filer has materially reduced broad passive ETF exposure and many previously large index / sector ETF positions were exited or cut.