Millennium Management 13F Portfolio · Israel Englander

The biggest buys table is dominated by index trackers and quality compounders, not moonshots. Millennium is enlarging the sandbox, then populating it with names that monetize secular themes without binary risk.

• SPY, IVV, VOO, QQQ: Massive adds to S&P 500 and Nasdaq ETFs, led by SPY up +679.7% and IVV up +11.7%, push broad-market trackers above 11% of the disclosed book. This is the core of the new playbook: keep the equity beta, but spread factor and idiosyncratic risk across the entire index instead of a handful of tech winners.
• MSFT, NVDA, CRDO, STX, SNOW: They are not abandoning AI; they are upgrading the quality of the exposure. MSFT is up +51.6%, NVDA +14.8%, and high-growth infrastructure names like CRDO (+178.6%) and STX (+152.9%) absorb capital even as second-tier chip bets are cut. SNOW’s +373.7% jump says they still want software leverage to the data and AI stack, but selectively.
• BE, DVN, CVX, NRG, LNG, AEP, PPL: Energy and power are clear winners of the capital recycle. Bloom Energy surges +551.5%, Devon +752.7%, and Chevron +76.5%, while power utilities like NRG (+114.4%) and AEP (+8.1%) get scaled. That’s a bet that the capex-heavy, cash-flowing backbone of the energy transition will be paid regardless of macro wobble.
• DHR, WAT, LII, JHX, UNH, ABBV: Adds to Danaher (+1070.8%), Waters (+383.2%), Lennox (+273.1%), James Hardie (+317.8%), and health-care stalwarts UNH (+19.2%) and ABBV (+124.4%) signal a tilt toward high-ROIC, late-cycle compounders. These are the names you own when you think growth persists but factor volatility rises.

Consumer is getting a quiet quality upgrade too: WBD (+31.2%), AMZN (+46.7%), COST (+178.9%), PKG (+51.7%), and KVUE (+16.2%) together show a bias for scaled platforms and pricing power across media, e-commerce, staples-adjacent, and packaging.

On the sell side, the pattern is clean: take money out of the most explosive AI and rate-sensitive winners, plus a few fallen narratives, and redeploy into diversified and cash-heavy themes. The biggest trims by dollars sit squarely in semis, mega-cap platforms, and capital-light financials.

• SNDK, MU, AMD, TSM: Semis are the primary funding source. Sandisk is cut -67.9%, Micron -67.8%, AMD -40.1%, and TSM -28.7%, all after enormous gains versus cost (triple-digit for SNDK, MU, and AMD). This looks like classic “harvest the bubble at the edges” behavior: they keep NVDA and add to it, but aggressively right-size the more cyclical or second-line chip exposure.
• META, TSLA: These are not blown-out positions, but real de-risking. Meta is down -35.2% with the fund slightly underwater versus its own cost, suggesting a loss of patience with the platform’s risk/reward after the rebound. Tesla is cut -38.8%, now held below cost as well, reflecting fatigue with a more contested EV and auto story.
• BLK, IVZ, CBRE, JPM: In financials, they are rotating away from asset-gatherers and fee-sensitive plays. Invesco is trimmed -27.5%, BlackRock -22.8%, CBRE -21.7%, and JPM -15.0%, even though most are nicely above cost. That’s a quiet statement that the easiest part of the fee and balance-sheet re-rating may be behind us.
• FCX: Freeport is eased back (-9.6%, with Basic Materials weight down from 2.1% to 1.6%), signaling less urgency around the near-term copper squeeze narrative. They haven’t abandoned the theme, but it is no longer a core risk bucket.

None of these exits scream “panic”; they look like an intentional shift from concentrated factor bets (AI chips, rate trades, fee plays) into broader, more structural exposures.

The sector chart shows a portfolio evolving from a tech-and-financials barbell into something closer to a three-legged stool: broad equity beta, real assets, and quality defensives. Technology’s disclosed share falls nearly 10 percentage points even as the S&P/Nasdaq ETFs rise, effectively reclassifying much of the tech risk as index exposure rather than concentrated stock picks.

• Broad beta: Unclassified ETFs jump to 36.5% from 30.4%, driven by SPY, IVV, VOO, and QQQ. That higher “core” means sector calls matter slightly less; the house is content to let the index composition do more of the heavy lifting.
• Tech and growth: Technology drops from 30.3% to 20.6%, but with a tilt toward infrastructure (NVDA, CRDO, STX, SNOW, MSFT, ORCL) instead of just PC/server-exposed memory and foundry names. Consumer Discretionary edges up from 10.0% to 10.8%, but the mix improves toward AMZN, COST, PKG, KVUE, and WBD.
• Hard assets and utilities: Energy climbs from 1.2% to 3.6%, while Utilities rise from 4.1% to 4.7%. The interplay of BE, DVN, CVX with NRG, AEP, LNG, and PPL is a classic “own the pipes and the molecules” expression of the power and energy cycle.
• Quality cyclicals and defensives: Industrials increase from 8.5% to 9.8%, with DHR, WAT, LII, JHX, NSC, and IEX in focus, while Health Care moves from 2.0% to 2.3% via UNH and ABBV. Finance shrinks from 8.9% to 7.4%, and Real Estate inches up slightly, reinforcing the migration away from rate-sensitive financials toward fee-resilient data and infrastructure (MSCI, AMT), not property beta.

Put together, Q2’s allocation is less about calling the next sector winner and more about baking in the regime: AI, energy transition, and quality compounding, but wrapped in diversified vehicles and cash generative sectors.

Taken as a whole, Millennium is signaling that the AI-and-liquidity bull market is real enough to underwrite, but too crowded to keep playing purely through the most obvious single names. The move from 30.3% tech stock exposure toward a 36.5% index core plus 20.6% remaining tech is the tell: they want the regime, not the lottery tickets.

Expect them to keep running this three-part structure: a large, liquid S&P/Nasdaq backbone; a curated set of AI, data, and software “infrastructure” winners; and a swelling ring of energy, utilities, industrial tools, and health-care compounders. In that setup, semis like NVDA remain central, but the risk budget lives increasingly in ETFs, power markets, lab tools, and services businesses rather than in the more cyclical or speculative ends of the chip and platform universe.

If the cycle extends, this book should participate via beta, energy, and quality growth. If volatility spikes, the trims in high-octane semis, platforms, and autos – plus bigger allocations to utilities, energy, and health care – give them room to be a liquidity provider, not a forced seller. That is the hallmark of how this manager, with a 31.1% annualized three-year track record off a $276.3B 13F base, appears to be positioning: less heroism, more system, and a portfolio built to stay in the game.