Tudor Investment Corp Et Al Portfolio Q2'2025: Top Holdings & Recent Changes
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Paul Tudor Jones and his team at Tudor Investment Corp have once again demonstrated their tactical prowess in navigating volatile markets. The firm’s Q2’2025 portfolio reveals a bold rotation into index ETFs and a surge in high-conviction tech names, with $45.9 billion deployed across a sprawling 3,177-position portfolio. This quarter’s moves highlight Tudor’s signature blend of macro agility and opportunistic stock picking, as evidenced by outsized additions to ETFs and select growth equities.
Tactical Allocation: Macro Mastery Meets ETF Aggression
Portfolio Highlights (Q2’2025): - Market Value: $45.9B - Top 10 Holdings: 36.7% - Portfolio Size: 3,177 -120 - Average Holding Period: 5 quarters - Turnover: 41.2%
Tudor’s Q2’2025 portfolio is a study in macro-driven flexibility. With over 3,100 positions, the fund maintains one of the broadest mandates among superinvestors, yet the top 10 holdings account for a concentrated 36.7% of assets. This quarter, the firm executed a dramatic ramp-up in ETF exposure, especially in the Ishares Russell 2000 and Invesco QQQ Trust, signaling a tactical bet on small-cap and tech momentum. The 41.2% turnover rate underscores Tudor’s willingness to rotate capital aggressively in response to shifting macro signals, while the average holding period of 5 quarters reflects a blend of short-term trades and medium-term thematic plays.
Despite the portfolio’s breadth, Tudor’s conviction is evident in the outsized allocations to a handful of vehicles—most notably, the Russell 2000 ETF now comprises over 23% of assets across two tranches. This approach allows the fund to express macro views at scale while retaining the flexibility to pivot as market conditions evolve.
Top Holdings Analysis: ETFs Dominate, Tech and Macro Themes Emerge
The portfolio’s top positions this quarter are dominated by index ETFs and select growth equities, reflecting a decisive tilt toward broad market exposure and tactical sector bets. The largest holding is the Ishares Russell 2000 ETF, which was aggressively increased by 139.56% to $7.56B (16.5% of the portfolio), with a second tranche also added by 44.68% to $3.15B 6.9%. This signals a strong conviction in small-cap equities, likely anticipating a cyclical rebound.
Tudor also made substantial additions to the Invesco QQQ Trust, the flagship Nasdaq-100 ETF, with two separate positions increased by 66.04% and 771.90%, now totaling over $3.2B and representing more than 7% of assets. The SPDR S&P 500 ETF Trust saw a staggering 1,867.43% increase, bringing its weight to 2.7%. These moves collectively highlight a broad-based bullish stance on US equities, with a particular emphasis on growth and tech.
On the sector front, Tudor added 240.80% to the Energy Select Sector SPDR Fund and maintained its position in the Utilities Select Sector SPDR Fund, indicating a nuanced approach to sector rotation. Among individual equities, Meta Platforms, Inc. (META) was boosted by 348.73% to $324.9M 0.7%, while Advanced Micro Devices, Inc. (AMD) saw a 226.44% increase to $277.5M 0.6%. The fund also trimmed its stake in the iShares Bitcoin Trust ETF by 5.40%, reflecting a measured approach to crypto exposure.
Other notable moves include a 372.16% addition to Goldman Sachs Group Inc/The, now at $249.6M 0.5%. These targeted equity bets complement the fund’s dominant ETF allocations, providing both diversification and the potential for alpha generation in high-conviction names.
What the Portfolio Reveals About Tudor’s Current Strategy
- Macro-Driven ETF Allocation: The outsized additions to index ETFs suggest Tudor is positioning for broad market moves, likely in anticipation of increased volatility or a cyclical upturn in small caps and tech.
- Selective Growth Exposure: Significant increases in META and AMD indicate a willingness to take concentrated bets on leading technology franchises.
- Sector Rotation: Tactical moves in energy and utilities ETFs reflect an active approach to sector allocation, balancing growth with defensive exposures.
- Risk Management via Diversification: Despite heavy ETF concentration, the portfolio’s breadth (3,177 positions) provides a risk buffer and flexibility to pivot as macro conditions change.
- Dynamic Turnover: A 41.2% turnover rate highlights Tudor’s readiness to adjust exposures rapidly, a hallmark of the firm’s macro trading heritage.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Ishares Russell 2000 Etf - US ETP | $7,556.9M | 16.5% | Add 139.56% |
| Ishares Russell 2000 Etf - US ETP | $3,154.5M | 6.9% | Add 44.68% |
| Invesco Qqq Trust Series 1 - US ETP | $2,020.4M | 4.4% | Add 66.04% |
| Spdr S&P 500 Etf Trust - US ETP | $1,228.2M | 2.7% | Add 1,867.43% |
| Invesco Qqq Trust Series 1 - US ETP | $1,216.9M | 2.7% | Add 771.90% |
| Energy Select Sector Spdr Fund - US ETP | $429.7M | 0.9% | Add 240.80% |
| Utilities Select Sector Spdr Fund - US ETP | $379.2M | 0.8% | No change |
| Meta Platforms, Inc. | $324.9M | 0.7% | Add 348.73% |
| Advanced Micro Devices, Inc. | $277.5M | 0.6% | Add 226.44% |
| Goldman Sachs Group Inc/The - US | $249.6M | 0.5% | Add 372.16% |
Tudor’s top 10 positions comprise 36.7% of the total portfolio, with the two largest tranches of the Ishares Russell 2000 ETF alone accounting for over 23%. This level of concentration in broad market ETFs is unusual for a fund with over 3,000 holdings, underscoring the conviction behind Tudor’s macro calls. The remainder of the top 10 is a mix of sector ETFs and high-growth tech names, reflecting a barbell approach that balances broad market exposure with targeted alpha opportunities.
Investment Lessons from Paul Tudor Jones’ Macro Playbook
- Tactical Concentration: Even in a diversified portfolio, conviction matters—Tudor’s willingness to size up ETF positions demonstrates the value of acting decisively on macro views.
- Agility and Turnover: High turnover is not inherently negative if it reflects a disciplined, research-driven process. Tudor’s dynamic rebalancing is a reminder that flexibility can be a source of edge.
- Blending Macro and Micro: The combination of broad ETFs and select stock picks shows that investors can express both top-down and bottom-up views within a single portfolio.
- Risk Management via Breadth: Maintaining thousands of positions allows for rapid shifts in exposure without excessive single-name risk.
- Sector and Thematic Rotation: Active sector rotation, as seen in energy and utilities, can help manage risk and capture emerging trends.
Looking Ahead: What Comes Next for Tudor Investment Corp?
With substantial cash likely available for deployment and a portfolio heavily tilted toward ETFs, Tudor is well-positioned to capitalize on further macro volatility or sector rotations. The aggressive small-cap and tech bets suggest confidence in a cyclical rebound, while the measured trimming of crypto exposure points to risk awareness. Investors should watch for continued tactical shifts, especially as market conditions evolve and new macro themes emerge.
Potential areas for new investments could include further sector rotation or increased allocations to international equities, depending on global economic signals. The current positioning sets Tudor up for both offense and defense, with the flexibility to pivot as opportunities arise.
FAQ about Tudor Investment Corp Portfolio
Q: Why did Tudor Investment Corp dramatically increase ETF exposure this quarter?
Tudor’s aggressive additions to the Ishares Russell 2000, Invesco QQQ Trust, and SPDR S&P 500 ETF reflect a tactical macro view, likely anticipating a rebound in small caps and tech or seeking to quickly adjust market beta without single-stock risk.
Q: How concentrated is Tudor’s portfolio, given the large number of positions?
While the fund holds over 3,100 positions, the top 10 account for 36.7% of assets, with the two largest ETF tranches alone making up over 23%. This shows conviction in macro themes while maintaining diversification.
Q: How does Tudor manage risk with such high turnover?
A 41.2% turnover rate allows Tudor to rapidly adjust exposures in response to changing market conditions, balancing risk through broad ETF allocations and a large number of smaller positions.
Q: Which sectors or themes are most prominent in the current portfolio?
The portfolio is dominated by US equity ETFs, with significant tilts toward small caps, tech, energy, and utilities. Select growth stocks like META and AMD also feature prominently.
Q: How can investors track Tudor’s moves and learn from their strategy?
Investors can follow Tudor’s quarterly 13F filings, but should note the 45-day reporting lag. For real-time analysis, use ValueSense’s superinvestor tracker and stock research tools to monitor Tudor’s portfolio and evaluate individual holdings.
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