Susquehanna's $868B Portfolio Looks Nothing Like Wall Street's: SPY at $77B, Tesla at #3, Gold in the Top 10

If you're comparing 13F filings and wondering why Susquehanna International Group's $868 billion portfolio looks wildly different from Fidelity's or JPMorgan's — that's because it is. Susquehanna isn't a traditional asset manager or wealth management platform. It's one of the world's largest quantitative trading firms and options market makers. When you see SPY at $77 billion as the #1 position, that's not an investment thesis. That's the hedging book of a firm that trades more options contracts in a day than most funds trade in a year.

TL;DR

• AUM: $868 billion (-0.8% QoQ, +51.7% YoY) — the world's largest quantitative market maker by 13F assets
• SPY dominates: $77.4B (8.91%) as #1 — used as the primary delta-hedging vehicle for options positions
• Tesla at #3: $38.8B (4.47%) — reflects SIG's role as one of the largest Tesla options market makers
• Gold in top 10: SPDR Gold Trust (GLD) at $17.0B — unique among mega-filers, likely commodity hedging
• Meta ADDED: Up 18.3% to $25.0B — the opposite direction from every other major filer this quarter
• Three ETFs in top 10: SPY, QQQ, and IWM — market-making across S&P 500, Nasdaq 100, and Russell 2000
• Growth normalized: -0.8% QoQ after two consecutive 20%+ quarters — back to steady state

Filing Snapshot

Metric	Q4 2025	Q3 2025	Change
Total AUM	$868.0B	$875.0B	-$6.9B (-0.8%)
Unique Holdings	6,348	~6,300	Stable
Line Items	13,927	13,896	+31
Report Date	Dec 31, 2025	Sep 30, 2025	—
Top-5 Concentration	25.4%	~26%	-0.6 pp
WhaleScore	68.00	—	—

Why Susquehanna's 13F Can't Be Read Like Other Filings

Before diving into the positions, a critical caveat: Susquehanna International Group (SIG) is a quantitative trading and market-making firm, not an investment manager in the traditional sense. The 13F reports equity and options positions, but these positions exist primarily to:

• Hedge options exposure: When SIG sells a call option on Tesla, it buys Tesla stock to stay delta-neutral. The stock shows up on the 13F; the offsetting option may or may not appear depending on the structure.
• Facilitate market making: SIG provides liquidity across thousands of securities. The positions reflect inventory, not investment conviction.
• Execute quantitative strategies: Statistical arbitrage, volatility trading, and other strategies that use equity positions as one leg of a multi-instrument trade.

This means the "Tesla is #3" headline is misleading if read as a bullish bet. It's more accurate to say: "Tesla options are among the most actively traded derivatives in the market, and SIG — as a top Tesla options market maker — holds $38.8 billion in Tesla shares as hedging inventory."

The SPY Machine: $77 Billion in One ETF

SPDR S&P 500 ETF (SPY) at $77.4 billion is SIG's largest position by a factor of two. No other mega-filer comes close to this level of SPY concentration. For comparison, Goldman Sachs holds $28.4B and JPMorgan holds $30.4B — roughly one-third of SIG's position.

The SPY position serves as SIG's primary delta-hedging tool. When the firm sells index options (puts and calls on the S&P 500), it uses SPY shares to neutralize directional exposure. The $6.4B QoQ reduction (-7.7%) likely reflects changes in SIG's options book rather than a market view — if options demand shifts, the hedging positions shift with it.

Tesla at $38.8 Billion: The Options Market Maker's Footprint

Tesla is the most actively traded single-stock options contract in the U.S. market. Susquehanna, as one of the dominant market makers in Tesla options, naturally maintains one of the largest Tesla equity positions on any 13F. The $38.8 billion position (4.47% of portfolio) is roughly double what Goldman Sachs holds ($18.3B) and nearly double JPMorgan's $20.1B.

The 10.6% QoQ decline from $43.4B suggests either a reduction in Tesla options market-making activity, or a shift in the delta of SIG's options book (fewer directional hedges needed as implied volatility contracted in Q4).

Gold in the Top 10: What It Signals About SIG's View

SPDR Gold Trust (GLD) at $17.0 billion is one of the most distinctive features of SIG's portfolio. No other mega-filer in our coverage has a gold ETF in their top 10 positions. While SIG likely uses GLD for gold options market making (GLD options are heavily traded), the position's size also suggests a commodity hedging component — a natural fit for a firm managing nearly $900 billion in equity and derivatives exposure.

Meta Added While Everyone Else Sold: A Market Maker's Contrarian Signal?

The most counterintuitive data point in SIG's filing: Meta Platforms increased 18.3% to $25.0 billion while Fidelity cut $4.3B, Morgan Stanley trimmed 8.1%, JPMorgan slashed 28%, and Goldman cut 22%.

But this divergence likely reflects SIG's market-making function rather than a contrarian investment thesis. If other institutions are selling Meta, someone needs to buy those shares to provide liquidity. SIG, as a market maker, absorbs selling pressure and accumulates inventory — which then shows up as a larger 13F position. The irony: the very selling by other funds may be the reason SIG's Meta position grew.

The IWM Position: Small-Cap Market Making

iShares Russell 2000 ETF (IWM) at $14.7 billion entered SIG's top 10 for the first time. Alongside SPY and QQQ, this gives SIG three major index ETFs in the top 10 — covering large-cap (S&P 500), tech-heavy (Nasdaq 100), and small-cap (Russell 2000) market making. This triple-index presence is unique among all institutional 13F filers and underscores SIG's role as a cross-market liquidity provider.

From $335B to $868B: The Market Maker's Growth Boom

SIG's 13F AUM has grown 159% from its Q3 2022 trough of $335 billion to the current $868 billion — the fastest growth rate among all mega-filers in our coverage. The growth was particularly explosive in 2025: Q2 (+22.8%) and Q3 (+21.5%) marked back-to-back quarters of 20%+ growth, driven by the surge in options trading volumes across U.S. equity markets.

The -0.8% Q4 print suggests normalization rather than decline. Options volumes tend to seasonally peak in Q2-Q3 (earnings season, volatility spikes) and moderate in Q4. SIG's growth trajectory from here depends more on overall options market volumes than on equity market direction.

Frequently Asked Questions

What is Susquehanna International Group?

Susquehanna International Group (SIG) is a global quantitative trading and market-making firm headquartered in Bala Cynwyd, Pennsylvania. Unlike traditional asset managers, SIG's 13F positions primarily reflect options hedging inventory and market-making activity rather than long-term investment conviction.

Why does Susquehanna hold so much SPY?

SIG holds $77.4 billion in SPY because it is one of the largest S&P 500 options market makers. The SPY shares serve as delta hedges against its options book — when SIG sells index options, it holds the underlying shares to remain market-neutral.

Is Susquehanna bullish on Tesla?

Not necessarily. Tesla's $38.8B position reflects SIG's role as a major Tesla options market maker, not a directional bet. Tesla is the most actively traded single-stock option in the U.S., requiring SIG to maintain large equity positions as hedging inventory.

Why does SIG hold gold in its portfolio?

SPDR Gold Trust (GLD) at $17.0 billion likely serves dual purposes: hedging SIG's gold options market-making activity and providing a commodity hedge for the firm's broader equity and derivatives exposure.

How has Susquehanna's AUM grown?

SIG's 13F AUM grew 159% from $335B (Q3 2022) to $868B (Q4 2025), driven primarily by the explosion in U.S. equity options trading volumes. This makes SIG the fastest-growing mega-filer by percentage over this period.