TWO SIGMA INVESTMENTS, LP

Two Sigma Investments, the quantitative hedge fund, reported a $123.9B U.S. equity book — up sharply from $70.9B the prior quarter — spread across 4,546 highly diversified positions where no single name exceeds 1.7%. NVIDIA (1.7%), Apple, Alphabet, Amazon, Tesla, JPMorgan, Palantir and Costco top a deliberately flat distribution. Reflecting the expansion, the quarter's activity was almost all accumulation: NVIDIA (+$1.7B), Apple (+$1.2B), Amazon (+$1.0B) and Tesla (+$0.8B) led the adds, with new positions in Alphabet, JPMorgan, Broadcom and Progressive. The firm rotated out of sector-ETF wrappers (XLY, XLK, VUG) in favor of direct single-name exposure.