Tower Research Capital LLC (TRC)
Long book
$3.85B
Q1 2026
Positions
5081
Top-10 weight
22%
concentration
Last quarter
+25.8%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsTower Research Capital LLC (TRC) is a market maker — positions are inventory, not bets, running a $3.85B US long book across 5081 positions.
The portfolio is broadly diversified across 5081 positions (top 10 only 22%). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: INVESCO QQQ TRUST SERIES 1, DIREX DAIL SEMI BU 3X ET-USD, APPLE INC, MICROSOFT CORP, MICRON TECHNOLOGY INC.
Over the last 9 quarters its long book ran on average 1.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.8%
Q2 2024
+5.9%
Q3 2024
+0.6%
Q4 2024
-5.0%
Q1 2025
+11.1%
Q2 2025
+9.3%
Q3 2025
+1.8%
Q4 2025
-2.8%
Q1 2026
+25.8%
Sector allocation
Technology 36%
Industrials 13%
Financials 11%
Healthcare 9%
Consumer discretionary 7%
Services media 5%
Utilities 4%
Energy 4%
Long book by quarter
What does Tower Research own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 442.0K | $112.2M | 2.9% | -44.4% |
| MSFT MICROSOFT CORP | Technology | 253.0K | $93.6M | 2.4% | -25.4% |
| MU MICRON TECHNOLOGY INC | Technology | 268.9K | $90.9M | 2.4% | +168.4% |
| TSLA TESLA INC | Industrials | 186.1K | $69.2M | 1.8% | +10.3% |
| NVDA NVIDIA CORP | Technology | 376.4K | $65.6M | 1.7% | -60.2% |
| AVGO BROADCOM INC | Technology | 179.1K | $55.4M | 1.4% | -29.5% |
| GOOGL ALPHABET INC-CL A | Technology | 169.3K | $48.7M | 1.3% | -41.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 150.8K | $31.4M | 0.8% | -69.7% |
| JPM JPMORGAN CHASE & CO | Financials | 99.9K | $29.4M | 0.8% | +2.0% |
| META META PLATFORMS INC-CLASS A | Technology | 49.2K | $28.1M | 0.7% | -61.6% |
| GOOG ALPHABET INC-CL C | Technology | 92.8K | $26.6M | 0.7% | -67.9% |
| WMT WALMART INC | Consumer discretionary | 210.3K | $26.1M | 0.7% | +30.3% |
| CVX CHEVRON CORP | Energy | 117.1K | $24.2M | 0.6% | +87.1% |
| LLY ELI LILLY & CO | Healthcare | 21.8K | $20.1M | 0.5% | +14.9% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 19.9K | $19.8M | 0.5% | -41.7% |
| XOM EXXON MOBIL CORP | Energy | 115.2K | $19.5M | 0.5% | +59.0% |
| NFLX NETFLIX INC | Services media | 184.4K | $17.7M | 0.5% | -43.0% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 36.0K | $17.3M | 0.4% | -29.7% |
| JNJ JOHNSON & JOHNSON | Healthcare | 67.4K | $16.5M | 0.4% | +11.4% |
| MA MASTERCARD INC - A | Services media | 32.0K | $16.0M | 0.4% | +48.2% |
| AZN ASTRAZENECA PLC | Healthcare | 80.8K | $15.9M | 0.4% | New |
| SNDK SANDISK CORP | Technology | 23.4K | $14.9M | 0.4% | +329.8% |
| LIN LINDE PLC | Materials | 30.0K | $14.9M | 0.4% | -10.4% |
| V VISA INC-CLASS A SHARES | Services media | 47.2K | $14.3M | 0.4% | -14.1% |
| AMAT APPLIED MATERIALS INC | Technology | 40.0K | $13.7M | 0.4% | -32.9% |
| ADI ANALOG DEVICES INC | Technology | 41.1K | $13.1M | 0.3% | +14.8% |
| HD HOME DEPOT INC | Consumer discretionary | 39.0K | $12.8M | 0.3% | -19.5% |
| SHOP SHOPIFY INC - CLASS A | Technology | 105.7K | $12.5M | 0.3% | +71.2% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 9.3K | $12.3M | 0.3% | -41.0% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 82.1K | $12.0M | 0.3% | -52.0% |
| TMUS T-MOBILE US INC | Communications | 53.8K | $11.3M | 0.3% | 0.0% |
| PANW PALO ALTO NETWORKS INC | Technology | 68.6K | $11.0M | 0.3% | +35.3% |
| APH AMPHENOL CORP-CL A | Technology | 84.8K | $10.7M | 0.3% | +129.5% |
| BKNG BOOKING HOLDINGS INC | Industrials | 2.5K | $10.6M | 0.3% | -9.8% |
| KLAC KLA CORP | Other | 7.0K | $10.3M | 0.3% | -35.4% |
| NXPI NXP SEMICONDUCTORS NV | Technology | 51.8K | $10.2M | 0.3% | +8.0% |
| LRCX LAM RESEARCH CORP | Industrials | 45.5K | $9.7M | 0.3% | -57.8% |
| AMGN AMGEN INC | Healthcare | 27.0K | $9.5M | 0.2% | -41.0% |
| PEP PEPSICO INC | Consumer staples | 60.5K | $9.4M | 0.2% | -39.0% |
| CSCO CISCO SYSTEMS INC | Technology | 120.7K | $9.4M | 0.2% | -59.6% |
| APP APPLOVIN CORP-CLASS A | Technology | 23.0K | $9.2M | 0.2% | +9.9% |
| TTE TOTALENERGIES SE | Energy | 98.1K | $8.9M | 0.2% | +1119.1% |
| ADBE ADOBE INC | Technology | 36.7K | $8.9M | 0.2% | +11.3% |
| MCHP MICROCHIP TECHNOLOGY INC | Technology | 136.6K | $8.8M | 0.2% | +9.8% |
| RTX RTX CORP | Industrials | 45.5K | $8.8M | 0.2% | +75.3% |
| CMCSA COMCAST CORP-CLASS A | Communications | 305.1K | $8.8M | 0.2% | +26.5% |
| SBUX STARBUCKS CORP | Consumer discretionary | 97.7K | $8.8M | 0.2% | +14.7% |
| C CITIGROUP INC | Financials | 76.2K | $8.6M | 0.2% | +63.9% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 29.8K | $8.6M | 0.2% | +226.7% |
| GS GOLDMAN SACHS GROUP INC | Financials | 10.0K | $8.5M | 0.2% | -47.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 6440 | $3.85B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 6626 | $4.13B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 7635 | $3.62B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 7722 | $3.71B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 7604 | $3.36B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 9043 | $5.04B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 8770 | $3.78B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 8333 | $5.92B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 8675 | $4.15T | $K fixed canonical | SEC ↗ |