Balyasny Q1 2026: $4.00B SPY Rebuilt the Book

TL;DR: Balyasny Asset Management's 2026Q1 13F shows a $77.09B reported 13F value, but the real signal is the shape: SPY was the largest disclosed position at $4.00B and 5.93%, while 74.38% of the charted portfolio weight sat outside the top ten.

That combination makes Balyasny less useful as a one-stock hedge-fund headline and more useful as a read on a global multi-strategy platform's liquidity stack. The latest Form 13F-HR covered report date 2026-03-31, accession 0001193125-26-226359, and the current position set in the research brief contains 500 positions with $67.35B in summed holdings value.

Current external context points in the same direction: reports this year have described Balyasny as expanding regional investment teams and building internal AI research infrastructure. The 13F does not prove those operating initiatives worked, but it does show the public equity side remained broad, liquid, and ETF-anchored rather than concentrated in one thematic bet.

The hook: SPY leads, but the book is not an index-fund clone

Balyasny Asset Management put SPY at the top of the disclosed portfolio with $4.00B, 6.14M shares, and a 5.93% weight. QQQ followed at $2.74B and 4.07%, while IWM ranked third at $2.02B and 2.99%.

The ETF trio matters because it frames the single-name exposure that follows. META at $1.71B, AMZN at $1.59B, NVDA at $1.45B, and AAPL at $1.43B are large enough to move the disclosed book, but none is sized like a standalone macro call. For a pod-based multi-manager, that is the point: liquidity and beta sit at the top, while the alpha surface is distributed across many smaller lines.

Concentration says more than the ranking

The top-ten chart is the cleanest way to avoid overreading any one name. SPY, QQQ, and IWM are the visible anchors, yet the Other bucket is 74.38%. That is the signature of a platform portfolio where the headline list is only the entrance, not the thesis.

For retail investors tracking smart-money events, the better takeaway is not simply that Balyasny owned SPY or NVDA. It is that Balyasny's disclosed book used large liquid instruments alongside mega-cap technology while keeping most exposure dispersed. That makes future quarter-over-quarter changes in the same names worth watching: a move in SPY, QQQ, META, AMZN, or NVDA can reveal whether the platform is changing broad risk, single-name risk, or both.

The 13F value stayed near the high end of the recent range

Balyasny's reported 13F value was $77.09B in 2026Q1, down -2.1% from $78.78B in 2025Q4. That was not a collapse. It left the firm near the upper end of the displayed history after the $78.91B reading in 2025Q3.

The sequence matters because it separates noise from structure. The brief shows $57.14B in 2024Q2, $61.31B in 2024Q3, $67.14B in 2024Q4, $60.48B in 2025Q1, $66.41B in 2025Q2, $78.91B in 2025Q3, $78.78B in 2025Q4, and $77.09B in 2026Q1. The latest quarter was a modest pullback from the prior two readings, not a retreat to the earlier baseline.

What investors should watch next

The next useful signal is whether the ETF layer remains the largest visible sleeve or gives way to a more stock-specific top of book. If SPY, QQQ, and IWM keep leading, the 13F is likely telling a liquidity and exposure-management story. If META, AMZN, NVDA, AAPL, or GOOGL take more share, the story becomes more about single-name conviction.

Use Balyasny's full 13F page to compare the next filing against this baseline. The important baseline is specific: $77.09B reported 13F value, 500 positions in the current research brief, SPY at 5.93%, and the Other bucket at 74.38%.

FAQ

What did Balyasny buy in Q1 2026?

Balyasny's 2026Q1 research brief marks the top disclosed positions as new positions, led by SPY at $4.00B, QQQ at $2.74B, and IWM at $2.02B.

How large was Balyasny's 13F portfolio in 2026Q1?

Balyasny reported $77.09B in 13F value for 2026Q1, with $67.35B in summed holdings value in the current research brief.

What was Balyasny's largest holding in Q1 2026?

SPY was Balyasny's largest disclosed holding in 2026Q1 at $4.00B, representing 5.93% of the charted portfolio weight.

Was Balyasny concentrated in mega-cap technology?

Balyasny had large mega-cap technology positions, including META, AMZN, NVDA, AAPL, and GOOGL, but 74.38% of charted weight sat outside the top ten.