L3VLUP
Quarter end
31 Mar 2025
the date the book describes
Filed
5 Nov 2026
latest of these filings; the earliest 7 May 2025
Managers listing it
32
at least, of 95 tracked, among listed positions
Comparable managers
95
filed both Q4 2024 and Q1 2025; 28 listed it in both
Shares listed
48,270,333
combined, among listed positions
Reported value
$27.0bn
combined, at the quarter end

Among the 95 comparable managers: 14 buyers (opened or added shares) and 21 sellers (trimmed or exited), at least, among listed positions. Their net change in shares is not known from listed positions, because at least one of them lists it in only one of the two quarters.

Managers listing SPY in Q1 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q4 2024, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

32 of 32 holders

ActionFiling
Susquehanna International Group LLP24,024,673$13.4bn2.29%Added+6,891,74714 May 2025 (the filing on sec.gov)
D. E. Shaw & Co.5,764,625$3.2bn2.87%Trimmed-1,014,15615 May 2025 (the filing on sec.gov)
Fidelity (FMR LLC)4,017,484$2.2bn0.14%Trimmed-23,5725 Nov 2026 (the filing on sec.gov)
Bridgewater Associates LP3,342,242$1.9bn8.67%Trimmed-4,889,80714 May 2025 (the filing on sec.gov)
Schonfeld Strategic Advisors LLC2,407,299$1.3bn8.12%Trimmed-221,59215 May 2025 (the filing on sec.gov)
Jane Street Group LLC1,749,867$979m0.25%Trimmed-3,474,97419 May 2025 (the filing on sec.gov)
Two Sigma Investments LP1,494,733$836m1.79%Added+867,46215 May 2025 (the filing on sec.gov)
Balyasny Asset Management LLC1,141,304$638m1.06%Added+513,05515 May 2025 (the filing on sec.gov)
AllianceBernstein LP952,093$533m0.19%Trimmed-2,02515 May 2025 (the filing on sec.gov)
Jana Partners540,353$302m15.61%Added+111,09015 May 2025 (the filing on sec.gov)
Squarepoint Ops LLC339,681$190m0.23%Trimmed-2,092,40627 Aug 2025 (the filing on sec.gov)
AQR Capital Management LLC326,785$183m0.19%Added+230,20515 May 2025 (the filing on sec.gov)
Soros Fund Management LLC313,800$176m2.62%Added+195,80015 May 2025 (the filing on sec.gov)
Wellington Management Group LLP301,622$169munder 0.1%Trimmed-33,06413 May 2025 (the filing on sec.gov)
Neuberger Berman Group LLC223,220$125m0.10%Added+5,69227 Oct 2026 (the filing on sec.gov)
Verition Fund Management LLC221,793$124m0.58%Trimmed-257,09415 May 2025 (the filing on sec.gov)
Hudson Bay Capital Management LP213,671$120m0.37%Added+165,68714 May 2025 (the filing on sec.gov)
Moore Capital Management LP205,968$115m2.38%Newnew12 Aug 2025 (the filing on sec.gov)
Arrowstreet Capital LP176,129$99m0.08%Added+26,66414 May 2025 (the filing on sec.gov)
Two Sigma Advisers LP136,450$76m0.17%Newnew15 May 2025 (the filing on sec.gov)
Tudor Investment Corp101,036$57m0.19%Trimmed-85,71515 May 2025 (the filing on sec.gov)
Janus Henderson Group Ltd59,097$33munder 0.1%Trimmed-8,50015 May 2025 (the filing on sec.gov)
Walleye Capital LLC49,639$28m0.13%Trimmed-188,38714 May 2025 (the filing on sec.gov)
Point72 Asset Management LP48,000$27m0.06%Addedn.a.21 Jul 2025 (the filing on sec.gov)
Holocene Advisors LP40,021$22m0.07%Trimmed-47,10915 May 2025 (the filing on sec.gov)
Page 1 of 2

Largest increases and reductions, by shares

Q4 2024 to Q1 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
32 in Q3 2024 to 32 in Q2 2026

Tracked managers listing it, at least.

0102030402014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
SPY by quarter
QuarterHoldersReported valueBuyersSellers
Q2 201316$13.5bnn.a.n.a.
Q3 201314$8.0bnn.a.n.a.
Q4 201314$8.6bnn.a.n.a.
Q1 201417$8.3bnn.a.n.a.
Q2 201418$13.0bnn.a.n.a.
Q3 201417$14.8bnn.a.n.a.
Q4 201420$17.8bnn.a.n.a.
Q1 201519$15.6bnn.a.n.a.
Q2 201518$11.5bnn.a.n.a.
Q3 201515$11.4bnn.a.n.a.
Q4 201520$12.6bnn.a.n.a.
Q1 201623$13.6bnn.a.n.a.
Q2 201619$5.5bnn.a.n.a.
Q3 201625$8.9bnn.a.n.a.
Q4 201618$7.1bnn.a.n.a.
Q1 201718$7.7bnn.a.n.a.
Q2 201718$7.3bnn.a.n.a.
Q3 201720$6.8bnn.a.n.a.
Q4 201721$10.7bnn.a.n.a.
Q1 201821$9.0bnn.a.n.a.
Q2 201822$7.9bnn.a.n.a.
Q3 201822$7.9bnn.a.n.a.
Q4 201821$7.0bnn.a.n.a.
Q1 201917$6.6bnn.a.n.a.
Q2 201921$10.9bnn.a.n.a.
Q3 201926$11.1bnn.a.n.a.
Q4 201926$19.8bnn.a.n.a.
Q1 202026$15.2bnn.a.n.a.
Q2 202022$13.1bnn.a.n.a.
Q3 202024$13.1bnn.a.n.a.
Q4 202023$17.4bnn.a.n.a.
Q1 202124$13.8bnn.a.n.a.
Q2 202122$15.7bnn.a.n.a.
Q3 202124$16.6bnn.a.n.a.
Q4 202129$22.3bnn.a.n.a.
Q1 202222$17.3bnn.a.n.a.
Q2 202221$13.6bnn.a.n.a.
Q3 202229$14.0bnn.a.n.a.
Q4 202229$14.1bnn.a.n.a.
Q1 202325$15.8bnn.a.n.a.
Q2 202329$17.6bnn.a.n.a.
Q3 202328$27.8bnn.a.n.a.
Q4 202335$26.6bn2411
Q1 202430$25.9bn724
Q2 202431$22.9bn1713
Q3 202432$28.2bn2012
Q4 202436$31.8bn2117
Q1 202532$27.0bn1421
Q2 202535$28.6bn1621
Q3 202534$25.4bn2214
Q4 202532$32.9bn2514
Q1 202632$31.8bn1823
Q2 202632$71.4bn2419

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How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own SPY, latest filings →Back to the 13F Explorer →