IMC-Chicago Q4 2025: $275.42B With 84 New Positions and a Derivatives-Led Core

IMC-Chicago, LLC filed a 2025Q4 13F showing $275.42B in reported assets. The raw headline is the size, but the more useful read is how that capital is arranged: you do not read this portfolio the same way you read a long-only mutual fund because the top exposures themselves signal a trading and derivatives framework.

TL;DR

• Portfolio size: $275.42B at 2025Q4.
• Quarter-over-quarter move: holdings value moved from $254.32B to $251.19B (-1.2%).
• Top position: 78462F953 at 9.36% of reported holdings.
• Concentration: top five holdings still account for roughly 29.0% of the visible book.
• New names: 84 new positions entered the filing versus 2025Q3.
• Exits: 84 positions disappeared from the filing.
• What stands out: the filing is less a stock-picker diary and more a map of structured exposure.

Filing Snapshot

This filing covers 2025Q4 and carries a Whale Score of 68.00. The visible holdings value moved from $254.32B in 2025Q3 to $251.19B in 2025Q4, while the manager still reported exactly 500 top-line positions in the sampled holdings feed.

The page investors should compare against is IMC-Chicago, LLC's filer profile. The biggest liquid anchors in this book are .

How The Top Of The Portfolio Works

Several of the largest exposures are not plain-vanilla single-stock positions, which immediately changes how the book should be interpreted. This is a derivatives-led, index-sensitive portfolio, and that explains both the high number of new positions and the large turnover.

What Changed From 2025Q3

Eighty-four new positions and eighty-four exits is the main story. That is turnover at a level that tells you the filing is a position-engineering document as much as an investing manifesto.

Largest New Positions

• 46438F901: $753.0M.
• 46438F951: $493.9M.
• 512807906: $396.9M.
• 512807956: $395.5M.
• 21873S908: $296.1M.
• 172573907: $263.5M.

Largest Exits

• 682189955: prior quarter value $220.6M.
• APP: prior quarter value $186.2M.
• 25460G905: prior quarter value $175.9M.
• 882681959: prior quarter value $131.9M.
• BA: prior quarter value $126.1M.
• 25754A951: prior quarter value $124.0M.

Biggest Share Count Increases

• 64110L906: +843% shares to 18.57M shares.
• 64110L956: +706% shares to 24.03M shares.
• 81762P902: +598% shares to 2.33M shares.
• 81762P952: +347% shares to 2.17M shares.
• IWM: +344% shares to 1.59M shares.

Biggest Share Count Decreases

• IBIT: -63% shares to 1.71M shares.
• 548661957: -55% shares to 0.30M shares.
• 00214Q954: -54% shares to 1.12M shares.
• 670100955: -49% shares to 1.47M shares.
• 169656955: -48% shares to 3.34M shares.

What Investors Might Misread

The biggest mistake is to read every large line item as a directional long-only conviction call. In a portfolio like this, instrument choice and structure matter as much as the headline ticker.

Bottom Line

IMC-Chicago looks like a huge, rapidly rotating exposure book. The signal is not one favorite stock; it is the manager’s willingness to rewire the portfolio through many instruments at once.

Questions Investors Are Really Asking

Is this a concentrated or diversified filing?

The answer depends on what you compare it against. Inside this article's peer set, the filing is surprisingly concentrated at the top even though the book is built through many instruments.

Did the manager add risk or just reshuffle exposures?

It materially reshuffled exposures. The turnover itself is the point, and it implies active risk management rather than passive carrying.

Which stocks matter most going forward?

For monitoring purposes, start with 78462F953, 78462F903, and 0Infinity. Those positions shape most of the quarter's visible exposure.

What should investors watch next quarter?

Watch whether the manager extends the same pattern in the top five holdings, keeps scaling the biggest new entries, or reverses the quarter's sharp share-count changes.