Which funds own SMH
VanEck Semiconductor in the Q2 2026 filings. 5 of the 94 managers on file reported a position, worth $1.4bn between them. Few of the managers on file hold it, so a position here is closer to a view than to a default. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.
- Managers holding
- 5
- of 94 on file
- Combined value
- $1.4bn
- as reported
- Opened
- 2
- new this quarter
- Added to
- 3
- already held
- Trimmed or sold out
- 5
- 5 sold out entirely
Every manager on file with 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 |
|---|---|---|---|---|---|
| Susquehanna International Group LLP Quantitative · $1284bn book | $1.0bn | 0.1% | 1,568,830 | +$853m+1,110,008 | Added |
| Balyasny Asset Management LLC Multi-strategy · $80.2bn book | $193m | 0.2% | 293,759 | +$184m+271,028 | Added |
| Woodline Partners LP Long/short equity · $32.4bn book | $113m | 0.3% | 172,111 | +$99m+134,888 | Added |
| Holocene Advisors LP Long/short equity · $44.4bn book | $79m | 0.2% | 120,000 | opened120,000 | New |
| Hudson Bay Capital Management LP Multi-strategy · $36.8bn book | $25m | 0.1% | 37,960 | opened37,960 | New |
Sold out of this quarter
Valued at what the position was worth in the previous filing, because by this one it is gone.
- Renaissance Technologies LLC · Quantitative$142m held before
- D. E. Shaw & Co. · Quantitative$77m held before
- Soros Fund Management LLC · Macro$25m held before
- Moore Capital Management LP · Macro$23m held before
- Third Point LLC · Activist$15m held before
Reported as options rather than shares
A put or a call on a name is not a position in it, and the filing states the notional rather than what the option cost. These lines are listed apart for that reason and are not counted in anything above.
- Susquehanna International Group LLP · puts$18.9bn notional
- Citadel Advisors LLC · puts$11.6bn notional
- Susquehanna International Group LLP · calls$9.9bn notional
- Jane Street Group LLC · puts$9.7bn notional
- Citadel Advisors LLC · calls$4.9bn notional
- Jane Street Group LLC · calls$3.3bn notional
- Millennium Management LLC · puts$1.4bn notional
- Squarepoint Ops LLC · puts$948m notional
- Balyasny Asset Management LLC · puts$673m notional
- Millennium Management LLC · calls$654m notional
- Squarepoint Ops LLC · calls$591m notional
- Marshall Wace LLP · puts$508m notional
- Tudor Investment Corp · puts$359m notional
- Schonfeld Strategic Advisors LLC · puts$351m notional
- Artisan Partners LP · puts$273m notional
- Verition Fund Management LLC · puts$225m notional
- ExodusPoint Capital Management LP · calls$223m notional
- Elliott Investment Management LP · puts$164m notional
- Marshall Wace LLP · calls$153m notional
- Hudson Bay Capital Management LP · puts$135m notional
- Balyasny Asset Management LLC · calls$100m notional
- Tudor Investment Corp · calls$81m notional
- ExodusPoint Capital Management LP · puts$22m notional
- Eisler Capital Management Ltd · puts$21m notional
- Brevan Howard Capital Management LP · calls$15m notional
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 SMH holdsHow 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.
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The holdings, every quarter, and the week between
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