Millennium Management Q4 2025: Izzy Englander’s Multi-Pod Giant Reveals Equity Rotation Patterns

Millennium’s 13F: A Keyhole Into a $60B+ Machine

Millennium Management, the multi-strategy hedge fund founded by Israel “Izzy” Englander in 1989, filed its Q4 2025 13F disclosing $237.8 million across 5,950 line items. But here’s the essential context: Millennium manages over $60 billion in total assets. The 13F captures only the firm’s direct U.S. equity and options positions — a narrow window into a vast operation that spans global macro, fixed income, commodities, and heavy derivatives exposure.

What makes this filing valuable isn’t its size — it’s the rotation signal. With 145 entirely new positions and 145 complete exits quarter-over-quarter, Millennium’s equity book turned over at a pace that underscores the multi-pod model: dozens of independent portfolio managers constantly adjusting exposures, creating a filing that reads less like a portfolio and more like a heatmap of institutional conviction shifts.

Top 10 Holdings: Index Hedges Dominate

Millennium’s top holdings are heavily skewed toward index ETFs and mega-cap tech, many held with put options — a hallmark of a fund that uses 13F-reportable positions largely for hedging and basis trades rather than directional bets.

The top position is iShares Russell 2000 ETF (IWM) at $11.6M (4.86% of the 13F portfolio), held as a put position with nearly all shares under “no voting authority” — classic options overlay. iShares Core S&P 500 (IVV) follows at $9.9M, while NVIDIA (NVDA) sits third at $8.4M, also mostly in puts.

The Invesco QQQ Trust (QQQ) shows up at $8.0M — this was a new addition to the portfolio this quarter. Apple (AAPL) rounds out the top five at $5.1M, down slightly from last quarter’s $5.4M. Notably, SPDR S&P 500 ETF (SPY) more than doubled from $2.2M to $4.7M, signaling an increased hedging footprint across major indices.

The Standout Moves: NFLX, WMT, and the Rotation Signal

The most telling story in this filing lies in the percentage changes. Several positions saw dramatic increases that reveal where Millennium’s pod managers found conviction:

• Netflix (NFLX) — +760%: This massive build suggests at least one pod identified a strong thesis on streaming dominance. The position grew from a minor allocation to a meaningful exposure.
• Walmart (WMT) — +679%: The jump to $4.8M (the 6th-largest position) reflects a concentrated bet on consumer staples resilience. WMT’s defensive characteristics may have attracted pods seeking downside protection through equities rather than options.
• ServiceNow (NOW) — +350%: Enterprise software saw renewed interest, with NOW’s AI-driven workflow automation narrative likely driving the conviction.
• Kenvue (KVUE) — +293%: The consumer health spinoff from Johnson & Johnson continued to attract institutional interest.
• United Rentals (URI) — +291%: Infrastructure and equipment rental exposure, potentially a play on continued construction activity.

Exit Signals: What Millennium Trimmed Aggressively

The reductions were equally dramatic, with five positions cut by 70% or more:

• Cardinal Health (CAH) — −78%: After a strong run, the healthcare distributor saw significant profit-taking.
• First Solar (FSLR) — −75%: Solar exposure was sharply reduced, potentially reflecting policy uncertainty or valuation concerns.
• Carvana (CVNA) — −72%: The used-car platform, a volatile momentum name, saw pods pull back significantly.
• LPL Financial (LPLA) — −71%: Wealth management exposure was trimmed heavily.
• Newmont Mining (NEM) — −71%: Gold miner reduction is notable given rising gold prices — suggesting tactical profit-taking rather than a macro call against gold.

AUM Trajectory: Steady Growth Despite Market Volatility

Millennium’s 13F AUM has grown 70% over the past 20 quarters tracked, from $139.8M in Q1 2021 to $237.8M in Q4 2025. The trajectory hasn’t been linear — the portfolio contracted to $161.2M in Q2 2022 during the broad market selloff, then staged a recovery to $231.1M by Q4 2023.

A notable dip to $187.9M in Q1 2025 was followed by a strong rebound, with the Q4 2025 figure of $237.8M representing a new all-time high for the 13F-reported portion. Year-over-year, the 13F portfolio grew 16.2% from Q4 2024’s $204.6M.

Reading Between the Lines: What the 13F Reveals

For a fund like Millennium Management, the 13F is best understood as a complement to the full picture, not the picture itself. Key takeaways from this quarter’s filing:

• Heavy index hedging: The dominance of IWM, IVV, QQQ, and SPY puts in the top holdings suggests the fund was actively hedging broad market exposure — consistent with a firm that runs net-neutral portfolios across dozens of pods.
• Pod rotation is extreme: The 145-in/145-out dynamic means roughly 2.4% of all line items were completely new. This isn’t a “buy and hold” book — it’s an expression of continuously shifting micro-thesis across independent managers.
• Consumer and streaming conviction: The WMT and NFLX builds stand out as the most directional signals in an otherwise hedging-dominated portfolio.
• Derivatives dominate: Nearly every top position includes put options, confirming that Millennium’s 13F-reportable book serves the firm’s broader risk management framework rather than representing outright directional bets.

Investors should view this 13F as one lens into Millennium’s operations. The positions disclosed here represent perhaps 0.4% of the firm’s total AUM — the rest lives in strategies that don’t require 13F disclosure. Still, the rotation patterns and conviction signals offer a rare glimpse into how one of the world’s most successful multi-pod platforms allocates within the equity space.