Eisler Capital Management Ltd and Millennium Management LLC: where the books meet
At Q3 2025, at least 4.3% of the two 13F books was the same, across 60 stocks both listed, against 1.0% at Q1 2021. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.
- Q1 2021: 1.0%, 16 in both
- Q2 2021: 1.4%, 20 in both
- Q3 2021: 3.0%, 30 in both
- Q4 2021: 2.7%, 26 in both
- Q1 2022: 3.1%, 44 in both
- Q2 2022: 2.2%, 21 in both
- Q3 2022: 2.0%, 36 in both
- Q4 2022: 1.7%, 16 in both
- Q1 2023: 4.6%, 57 in both
- Q2 2023: 3.1%, 66 in both
- Q3 2023: 7.3%, 78 in both
- Q4 2023: 4.1%, 88 in both
- Q1 2024: 2.8%, 72 in both
- Q2 2024: 1.1%, 48 in both
- Q3 2024: 0.7%, 36 in both
- Q4 2024: 4.7%, 67 in both
- Q1 2025: 10%, 89 in both
- Q2 2025: 6.3%, 66 in both
- Q3 2025: 4.3%, 60 in both
Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.
What the overlap is made of, Q3 2025
Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.
| Stock | Eisler Capital Management Ltd | Millennium Management LLC |
|---|---|---|
| iShares Trust(IVV) | 15%Added | 2.1%New |
| Spdr S&P 500 Etf Trust(SPY) | 1.2%Added | 0.4%Added |
| Invesco QQQ Trust(QQQ) | 0.1%Added | under 0.1%Added |
| Amazon Com Inc(AMZN) | under 0.1%Added | 0.4%Trimmed |
| Procter and Gamble Co(PG) | under 0.1%Added | 0.1%Added |
| Adobe Systems Incorporated(ADBE) | under 0.1%Added | under 0.1%Trimmed |
| Microsoft Corp(MSFT) | under 0.1%Added | 0.8%Added |
| Salesforce Com Inc(CRM) | under 0.1%Added | under 0.1%Trimmed |
| PayPal HLDGS Inc(PYPL) | under 0.1%Trimmed | under 0.1%Added |
| CSX Corp(CSX) | under 0.1%Added | 0.1%Added |
| Frontier Communications Pare | under 0.1%Trimmed | under 0.1%Added |
| Lilly Eli & Co(LLY) | under 0.1%Added | under 0.1%Trimmed |
| Ametek Inc New(AME) | under 0.1%Trimmed | under 0.1%Added |
| 06849f108(B) | under 0.1%Added | 0.1%Added |
| Ross Stores Inc(ROST) | under 0.1%Added | 0.1%Added |
| Interpublic Group Cos Inc | under 0.1%New | under 0.1%Trimmed |
| Schwab Charles Corp(SCHW) | under 0.1%Trimmed | 0.2%Added |
| 3M Co(MMM) | under 0.1%Trimmed | under 0.1%Added |
| Intuitive Surgical Inc(ISRG) | under 0.1%Added | under 0.1%Trimmed |
| G6700g107(NVT) | under 0.1%Trimmed | 0.2%Added |
and 40 smaller ones
Moved different ways in Q3 2025
Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.
- Amazon Com Inc(AMZN)Eisler Capital Management Ltd added; Millennium Management LLC trimmed
- Norfolk Southn Corp(NSC)Eisler Capital Management Ltd trimmed; Millennium Management LLC added
- G6700g107(NVT)Eisler Capital Management Ltd trimmed; Millennium Management LLC added
- Schwab Charles Corp(SCHW)Eisler Capital Management Ltd trimmed; Millennium Management LLC added
- Berkshire Hathaway Inc Del(BRK-B)Eisler Capital Management Ltd trimmed; Millennium Management LLC started
- LPL Finl HLDGS Inc(LPLA)Eisler Capital Management Ltd sold out; Millennium Management LLC added
- Carlyle Group Inc(CG)Eisler Capital Management Ltd trimmed; Millennium Management LLC added
- Capital One Finl Corp(COF)Eisler Capital Management Ltd trimmed; Millennium Management LLC added
- McDonald's Corp(MCD)Eisler Capital Management Ltd trimmed; Millennium Management LLC added
- Kellogg CoEisler Capital Management Ltd trimmed; Millennium Management LLC added
- Lilly Eli & Co(LLY)Eisler Capital Management Ltd added; Millennium Management LLC trimmed
- Exxon Mobil Corp(XOM)Eisler Capital Management Ltd trimmed; Millennium Management LLC added
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