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Livermore
Livermore
ZHEN

Twin Tree Management, LP

SEC CIK
0001535588
Latest filing
Aug 12, 2026

The latest 13F from Twin Tree Management, LP covers Q2 2026 (filed Aug 12, 2026): 420 long positions worth $642.1M. The top 10 holdings make up 17.5% of the portfolio, and the largest is Microsoft Corp (MSFT) at 2.4%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
197
Est. +$221.8M
Added
118
Est. +$204.2M
Reduced
105
Est. −$151.9M
Sold out
162
Est. −$166.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    2.4%$15.7MHistory
  2. IAUiShares Gold Trust
    2.3%$14.7MHistory
  3. NFLXNetflix Inc
    2.2%$14.4MHistory
  4. GLDSPDR Gold Trust
    2.0%$13.1MHistory
  5. ORCLOracle Corp
    1.8%$11.3MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. NFLXNetflix Inc
    +$13.9MAddedHistory
  2. ORCLOracle Corp
    +$10.4MAddedHistory
  3. CEGConstellation Energy Corp
    +$8.60MNewHistory
  4. AMATApplied Materials Inc
    +$8.13MNewHistory
  5. AMZNAmazon Com Inc
    +$7.46MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. NFLXNetflix Inc
    +2.11 pp0.1% → 2.2%History
  2. ORCLOracle Corp
    +1.56 pp0.2% → 1.8%History
  3. CEGConstellation Energy Corp
    +1.34 pp0.0% → 1.3%History
  4. AMATApplied Materials Inc
    +1.27 pp0.0% → 1.3%History
  5. AMZNAmazon Com Inc
    +1.16 pp0.0% → 1.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MUMicron Technology Inc
    −$18.7MReducedHistory
  2. MRVLMarvell Technology, Inc.
    −$12.3MReducedHistory
  3. NOWServiceNow, Inc.
    −$10.4MSold outHistory
  4. DELLDell Technologies Inc.
    −$9.45MReducedHistory
  5. ARMArm Holdings PLC
    −$6.58MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. NOWServiceNow, Inc.
    −2.18 pp2.2% → 0.0%History
  2. LYBLyondellBasell Industries N.V.
    −1.80 pp1.9% → 0.1%History
  3. LULUlululemon athletica inc.
    −1.43 pp1.7% → 0.2%History
  4. MRNAModerna, Inc.
    −1.34 pp1.3% → 0.0%History
  5. MCKMcKesson Corp
    −1.28 pp1.3% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$642.1M
+$165.9M (+34.8%) vs. prior quarter
Positions
420
+35 vs. prior quarter
Top 10 concentration
17.5%
Top 10 as share of value
Turnover
57.0%
Q2 2026, one quarter
Average holding period
3.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $5.53B (Q4 2023)

Q1 2021: $2.63BQ2 2021: $3.34BQ3 2021: $3.36BQ4 2021: $4.12BQ1 2022: $5.09BQ2 2022: $5.36BQ3 2022: $3.67BQ4 2022: $3.26BQ1 2023: $3.53BQ2 2023: $4.86BQ3 2023: $2.98BQ4 2023: $5.53BQ1 2024: $4.41BQ2 2024: $3.40BQ3 2024: $4.30BQ4 2024: $4.14BQ1 2025: $4.54BQ2 2025: $3.97BQ3 2025: $2.14BQ4 2025: $976.2MQ1 2026: $476.2MQ2 2026: $642.1M
Q1 2021Q2 2026
13F filings of Twin Tree Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 2026420$642.1MMSFTIAUNFLXvs. Q1 2026SEC
Q1 2026May 14, 2026385$476.2MIAUGLDNOWvs. Q4 2025SEC
Q4 2025Feb 11, 2026350$976.2MTERCOINGLWvs. Q3 2025SEC
Q3 2025Nov 13, 2025390$2.14BState Street SPDR S&P Biotech ETFSPYVanEck ETF Trustvs. Q2 2025SEC
Q2 2025Jul 28, 2025433$3.97BiShares TrVanEck Semiconductor ETFState Street Technology Select Sector SPDR ETFvs. Q1 2025SEC
Q1 2025May 15, 2025541$4.54BGOOGLTSLAAVGOvs. Q4 2024SEC
Q4 2024Feb 10, 2025480$4.14BPLTRCRMGWWvs. Q3 2024SEC
Q3 2024Nov 13, 2024504$4.30BState Street Financial Select Sector SPDR ETFINTCASMLvs. Q2 2024SEC
Q2 2024Aug 13, 2024451$3.40BVSTMUState Street Financial Select Sector SPDR ETFvs. Q1 2024SEC
Q1 2024May 9, 2024382$4.41BMUSMCIState Street Financial Select Sector SPDR ETFvs. Q4 2023SEC
Q4 2023Feb 14, 2024456$5.53BiShares Russell 2000 ETFVanEck ETF TrustBACvs. Q3 2023SEC
Q3 2023Nov 14, 2023408$2.98BGLDAVGOSHOPvs. Q2 2023SEC
Q2 2023Aug 11, 2023465$4.86BNVDAAVGOVanEck ETF Trustvs. Q1 2023SEC
Q1 2023May 10, 2023456$3.53BState Street SPDR S&P Biotech ETFVanEck ETF TrustiShares Russell 2000 ETFvs. Q4 2022SEC
Q4 2022Feb 13, 2023396$3.26BAMZNPCARMRKvs. Q3 2022SEC
Q3 2022Nov 10, 2022445$3.67BVanguard S&P 500 ETFVanEck Semiconductor ETFNVDAvs. Q2 2022SEC
Q2 2022Aug 11, 2022562$5.36BiShares Russell 1000 Growth ETFNVDASPGIvs. Q1 2022SEC
Q1 2022May 11, 2022637$5.09BASMLADBEGMvs. Q4 2021SEC
Q4 2021Feb 10, 2022593$4.12BVanEck Semiconductor ETFDIAXYZvs. Q3 2021SEC
Q3 2021Nov 12, 2021637$3.36BNKETDOCMPCvs. Q2 2021SEC
Q2 2021Aug 12, 2021555$3.34BTMGOOGLiShares Trvs. Q1 2021SEC
Q1 2021May 17, 2021546$2.63BInvesco QQQ Trust Series IPYPLWMT–SEC