Gotham Asset Management Portfolio in 2026: Top Holdings & Recent Changes
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
Joel Greenblatt, the legendary fund manager behind Gotham Asset Management and author of The Little Book That Beats the Market, maintains his signature quantitative discipline in the latest 13F filing. His $23.0B portfolio for Q3 2025 shows remarkable stability across top positions with no major changes reported, underscoring a broad, diversified approach managing 1,676 holdings while the top 10 represent just 27.7% of assets.
Portfolio Snapshot: Breadth Meets Precision in Greenblatt's Arsenal
Portfolio Highlights (Q3 2025): - Market Value: $23.0B - Top 10 Holdings: 27.7% - Portfolio Size: 1676 -9 - Average Holding Period: 13 quarters - Turnover: 19.5%
Gotham Asset Management's Q3 2025 portfolio exemplifies Joel Greenblatt's magic formula investing philosophy—high returns on capital paired with attractive valuations—scaled across an enormous scale of 1,676 positions. The modest turnover of 19.5% and average holding period of 13 quarters signal disciplined patience, trimming just 9 positions while maintaining broad diversification. This contrasts sharply with ultra-concentrated peers, as the top 10 holdings command only 27.7% of the $23.0B total, with a massive 72.8% bucketed in "Other" reflecting Gotham's quantitative edge in uncovering small-cap and mid-cap opportunities.
The portfolio's structure highlights risk management through diversification, yet with meaningful tilts toward market leaders like ETFs and megacaps. Greenblatt's approach avoids over-reliance on any single name, even as Gotham’s portfolio anchors heavily in liquid vehicles like SPY. This setup allows for systematic rebalancing while capturing broad market upside, a hallmark of Gotham's systematic value strategies that have delivered consistent alpha over decades.
Core Positions: ETF Backbone with Tech Heavyweights Intact
Gotham Asset Management's top holdings form a robust core blending broad market exposure with selective growth bets, all showing no changes in the quarter. Leading the pack is SPY at 16.3% $3,742.8M, providing S&P 500 stability as the portfolio's largest single position. Close behind, GSPY (2.7%, $612.1M) offers Gotham's proprietary twist on market tracking, followed by NVDA (2.3%, $534.2M), signaling conviction in AI-driven growth.
The lineup continues with timeless tech giants: AAPL (1.6%, $363.9M), IVV (1.1%, $256.2M) for additional S&P exposure, and SNOW (0.9%, $215.7M) representing cloud innovation. AMZN (0.9%, $214.9M) and SGOV (0.7%, $156.3M) add e-commerce dominance and short-term treasury safety, while MSFT (0.6%, $146.0M) rounds out the megacap tech presence. The remaining 72.8% $16.7B in "Other" encompasses Gotham's quantitative screens across thousands of names, emphasizing undervalued quality at scale.
What the Portfolio Reveals About Gotham's Quantitative Edge
Gotham's Q3 2025 positioning underscores a strategy prioritizing systematic diversification over high-conviction bets, with heavy ETF allocations like SPY and IVV providing market beta while tech names such as NVDA, SNOW, and MSFT target growth sectors. This blend reflects Joel Greenblatt's magic formula focus on high return on capital and earnings yield, deployed across U.S.-centric equities with minimal geographic risk.
- Sector Focus: Dominant in technology (NVDA, AAPL, SNOW, AMZN, MSFT) and broad indices, capturing AI, cloud, and consumer trends without overexposure.
- Risk Management: Ultra-broad 1,676 holdings and treasury-like SGOV mitigate volatility, with 19.5% turnover enabling nimble adjustments.
- Quality Tilt: Emphasis on proven winners aligns with Greenblatt's principles, favoring businesses with strong moats over speculative plays.
Most investors waste time on the wrong metrics. We've spent 10,000+ hours perfecting our value investing engine to find what actually matters.
Want to see what we'll uncover next - before everyone else does?
Find Hidden Gems First!
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| SPY | $3,742.8M | 16.3% | No change |
| GSPY | $612.1M | 2.7% | No change |
| NVDA | $534.2M | 2.3% | No change |
| AAPL | $363.9M | 1.6% | No change |
| IVV | $256.2M | 1.1% | No change |
| SNOW | $215.7M | 0.9% | No change |
| AMZN | $214.9M | 0.9% | No change |
| SGOV | $156.3M | 0.7% | No change |
| MSFT | $146.0M | 0.6% | No change |
| Other | $16.7B | 72.8% | No change |
This table reveals Gotham's intentionally diffuse concentration, where even the top position SPY at 16.3% leaves vast room for the 72.8% "Other" category to drive returns through quantitative selection. The absence of changes across the top 10—despite a portfolio trim of 9 positions—signals high conviction in this balanced framework, allowing Greenblatt's models to harvest alpha from smaller holdings without disrupting core exposures.
Such low top-10 weighting 27.7% differentiates Gotham from concentrated activists, emphasizing statistical edge over individual stock picks. This structure suits volatile markets, blending ETF liquidity with tech growth while the "Other" bucket likely hides magic formula winners in undervalued industrials and consumer names.
Investment Lessons from Joel Greenblatt's Gotham Strategy
Gotham Asset Management's portfolio distills Greenblatt's timeless principles into actionable insights for retail investors:
- Diversify systematically: 1,676 holdings show that breadth amplifies the magic formula's edge—high ROC and EY—without chasing lottery tickets.
- Patience pays: A 13-quarter average hold and 19.5% turnover prove conviction trumps trading, letting compounders like AAPL and NVDA run.
- ETFs as anchors: Heavy SPY and IVV allocations provide beta ballast, freeing capital for alpha hunts in "Other."
- Quality at any scale: Tech bets like SNOW and MSFT justify premiums when metrics align, scalable via quant screens.
- Stability in change: No top-10 moves amid portfolio tweaks highlight disciplined rebalancing over reactive shifts.
Looking Ahead: What Comes Next?
With positions stable and turnover at 19.5%, Gotham appears poised for opportunistic deploys into undervalued sectors amid 2026 market rotations. The trimmed portfolio size (down 9) suggests ongoing optimization, potentially targeting cyclicals or small-caps if valuations compress. Heavy tech exposure positions well for AI continuation, while SGOV offers dry powder equivalents for volatility spikes.
Current setup favors resilient growth in a high-rate environment, with broad diversification buffering against megacap corrections. Watch for magic formula signals in emerging leaders, as Greenblatt's models could pivot toward value traps turning into multibaggers.
FAQ about Gotham Asset Management Portfolio
Q: Why no changes in Gotham's top holdings this quarter?
A: The Q3 2025 13F shows "No change" across the top 10, reflecting Joel Greenblatt's quantitative conviction in core positions like SPY and NVDA. Minor portfolio trims (-9 positions) occurred in smaller holdings, maintaining strategic stability.
Q: What makes Gotham's low concentration (27.7% top 10) effective?
A: Greenblatt's magic formula thrives on statistical edges across 1,676 names, not bets on 5-10 stocks. The 72.8% "Other" diversifies risk while top ETF/tech holdings provide liquidity and growth.
Q: How does Joel Greenblatt's role influence Gotham's direction?
A: As founder and key architect, Greenblatt's value investing legacy drives the firm's systematic screens. Gotham's scale $23B executes his principles at institutional levels without deviating from high-ROC, high-EY focus.
Q: What sectors dominate Gotham's Q3 portfolio?
A: Broad market ETFs (SPY, GSPY) lead, with strong technology tilt via NVDA, SNOW, AMZN, and MSFT; "Other" likely adds industrials and value plays.
Q: How can I track Gotham Asset Management's 13F filings?
A: Use ValueSense's superinvestor tracker at Gotham's portfolio page for real-time updates. Note 13F filings lag 45 days post-quarter, so Q3 data reflects September 2025 positions—perfect for spotting ideas without front-running.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2026)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!