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Which funds own IBB

iShares Biotech in the Q2 2026 filings. At least 2 of the 91 current managers on file reported a position, worth $320m between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.

Managers holding: 2; at least, of 91 current
Combined value: $320m; as reported
Opened: 1; new this quarter
Added to: 1; already held
Trimmed or sold out: 0; 0 sold out entirely

Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.

Managers reporting a position

Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.

Manager	Value	Weight	Shares	Change on the quarter	Action
Two Sigma Investments LP Quantitative · $138bn book	$302m	0.2%	1,588,107	+$208m+1,030,300	Added
ExodusPoint Capital Management LP Multi-strategy · $15.5bn book	$18m	0.1%	96,038	opened96,038	New

Ownership through time

At least 2 of the 95 managers whose filings are on file listed IBB in Q2 2026, against 1 in Q2 2013. 1 manager more than in Q1 2026: 1 started a position.

Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.

Managers on file listing it

Their combined reported value

Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.

Started in Q2 2026

ExodusPoint Capital Management LP$18m

Largest increases, by shares

Two Sigma Investments LP557,807 to 1,588,107 shares+$196m
ExodusPoint Capital Management LPnew: 96,038 shares+$18m

Largest decreases, by shares

No manager on file sold part of it.

Left it

No manager on file is shown leaving it.

Manager	First listed	Largest	Q2 2026
Two Sigma Investments LP	Q1 2014	$302m	$302m
ExodusPoint Capital Management LP	Q2 2019	$31m	$18m
Jane Street Group LLC	Q1 2014	$258m	last listed Q4 2024
AllianceBernstein LP	Q3 2016	$212m	last listed Q1 2019
Caxton Associates LLP	Q4 2022	$152m	last listed Q4 2025
Millennium Management LLC	Q3 2014	$86m	last listed Q2 2021
Susquehanna International Group LLP	Q2 2014	$81m	last listed Q2 2014
Appaloosa LP	Q2 2017	$73m	last listed Q2 2017
Two Sigma Advisers LP	Q1 2016	$72m	last listed Q3 2024
Voloridge Investment Management LLC	Q2 2017	$61m	last listed Q3 2019
Citadel Advisors LLC	Q2 2016	$55m	last listed Q2 2016
Squarepoint Ops LLC	Q3 2016	$29m	last listed Q3 2022

What is inside it

Knowing who bought a fund is half the question. The other half is what the fund holds, which is the manager’s actual exposure rather than the wrapper they reached for.

What IBB holds

How much of the picture this is

A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.

What to do with a name the funds are buying

Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.

Comps ExplorerValue it against the peers it trades beside Every managerRead any of these books in full Deal tapeWhat buyers paid for whole companies, not slices Hedge fund interviewsHow the room runs, and the stock pitch it wants

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Illustrative figures. Default values are plausible starting points chosen so a model has somewhere to begin. They are not data, not a view on any company, and not calibrated to anything. Outputs move with whatever you type in.

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The holdings, every quarter, and the week between

One email a week on what moved in the market and what it means for the people interviewing into it, with the 13F changes the quarter they are filed.

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