Susquehanna's $868B Q4 2025 13F: The Options Giant Hiding in Plain Sight
Susquehanna International Group filed Q4 2025 with $868.03B in AUM — making it the 10th largest 13F filer. But its options-heavy, market-making DNA sets it apart from traditional asset managers.
You've probably never heard of Susquehanna International Group. But with $868.03 billion in reported 13F assets, this Philadelphia-based firm is the 10th largest filer in the SEC's 13F universe — bigger than most household-name asset managers. The catch? Susquehanna isn't a traditional asset manager at all. It's a quantitative trading firm and one of the world's largest options market makers.
And that distinction changes everything about how you should read its 13F.
TL;DR
- AUM: $868.03B — 10th largest 13F filer by reported assets
- WhaleScore: 68.00 — lower than peers of similar size, reflecting options-heavy portfolio
- Business model: Quantitative trading and options market making, not traditional asset management
- Key insight: 13F holdings reflect hedging and market-making inventory, not long-term investment convictions
Filing Snapshot
| Metric | Value |
|---|---|
| Filer | Susquehanna International Group, LLP (CIK: 0001446194) |
| Report Date | Q4 2025 (December 31, 2025) |
| Total AUM (13F) | $868.03B |
| WhaleScore | 68.00 |
Why Susquehanna's 13F Is Different
Most 13F analyses focus on "what is this fund buying?" — the assumption being that large positions reflect investment conviction. With Susquehanna, that assumption breaks down. As one of the world's largest options market makers, the firm's equity holdings primarily serve three functions:
- Delta hedging: When Susquehanna sells options contracts, it needs to hold (or short) the underlying stocks to hedge its exposure. These positions are mechanical, not directional.
- Market-making inventory: As a liquidity provider across thousands of securities, the firm holds inventory that turns over rapidly. A $5B position today might be $2B next quarter — not because of a view change, but because client flow shifted.
- ETF arbitrage: Susquehanna is a major authorized participant in the ETF ecosystem. Large SPY, QQQ, and sector ETF holdings reflect arbitrage activity, not index-fund-style conviction.
This is why Susquehanna's WhaleScore is just 68.00 despite $868B in reported assets. The WhaleScore algorithm factors in portfolio stability and concentration — and a market maker's book is inherently volatile and diffuse.
What You'll Likely Find in the Portfolio
Based on Susquehanna's known business model and typical quant-firm 13F patterns, the portfolio likely features:
- Mega-cap tech: NVIDIA, Tesla, Meta, Apple, Microsoft, and Amazon — the most actively traded options names in the market
- Major ETFs: SPY, QQQ, IWM, and sector ETFs as part of arbitrage and hedging operations
- Wide breadth: Thousands of positions across virtually every sector, reflecting the firm's role as a universal liquidity provider
- High turnover: Quarter-over-quarter position changes that would look erratic for a fundamental manager but are normal for a market maker
Reading a Market Maker's 13F: What It Tells You (and What It Doesn't)
Susquehanna's 13F does tell you something valuable — just not what you might expect:
- Options market activity: Large equity positions in names like NVIDIA and Tesla reveal where options volume and client demand are highest
- Market structure insights: The ETF holdings map shows which products have the most active creation/redemption activity
- Risk appetite signals: The total AUM level ($868B) reflects the scale of derivatives activity in U.S. markets — when it grows, it suggests rising options market participation
What it doesn't tell you: Susquehanna's directional views (if any), its net exposure (13F only shows long positions, not shorts or options), or its actual risk profile (which is heavily options-based).
Susquehanna in Context
Susquehanna belongs to a small club of quantitative trading firms with enormous 13F footprints. Citadel, Jane Street, and Two Sigma operate similarly — their 13F holdings are byproducts of trading operations, not expressions of investment philosophy. When comparing filers, it's essential to distinguish between:
| Filer Type | 13F Reflects | Examples |
|---|---|---|
| Traditional Asset Manager | Investment conviction | Wellington, Capital Group |
| Sovereign Wealth Fund | Strategic allocation | Norges Bank, GIC |
| Quant/Market Maker | Trading inventory + hedges | Susquehanna, Citadel, Jane Street |
Q&A
Should I follow Susquehanna's trades?
Not in the way you'd follow a traditional fund manager. Susquehanna's positions are driven by options flow and hedging requirements, not fundamental analysis. A large NVIDIA position might mean "clients are buying a lot of NVIDIA puts and we need to delta hedge" rather than "we think NVIDIA is undervalued."
Why is the WhaleScore only 68 for an $868B filer?
WhaleScore factors in portfolio stability and concentration alongside AUM. Market makers have inherently unstable portfolios with rapid turnover and low conviction concentration, which produces a lower score. A $200B traditional fund with concentrated positions might score higher.
Is $868B Susquehanna's actual assets under management?
Not in the traditional sense. The 13F reports the market value of all long U.S. equity and options positions. For a market maker, this includes hedging inventory, arbitrage positions, and customer-facilitation trades. The firm's actual proprietary capital is much smaller than the reported 13F value.
What to Watch
- AUM trajectory: Growing 13F values from quant firms signal increasing options market activity
- Sector concentration shifts: If Susquehanna's largest hedging positions shift sectors, it may reflect where options demand is migrating
- Comparison with Citadel and Jane Street: Tracking the relative 13F size of major market makers reveals competitive dynamics in the liquidity provision business
View the complete portfolio breakdown on Susquehanna's filer page.
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