XTX Topco Ltd
Long book
$5.75B
Q1 2026
Positions
3773
Top-10 weight
4%
concentration
Last quarter
+14.1%
SPY +14.8%
Turnover
47%
of book per quarter
Strategy in plain words
auto-generated from filingsXTX Topco Ltd is a market maker — positions are inventory, not bets, running a $5.75B US long book across 3773 positions.
The portfolio is broadly diversified across 3773 positions (top 10 only 4%). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ISHARES MSCI SOUTH KOREA ETF, SS SPDR S&P 500 ETF TRUST-US, SS SPDR DOW JONES INDUS AVG, CME GROUP INC, NVIDIA CORP.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 4 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
-2.1%
Q2 2024
+8.0%
Q3 2024
+2.2%
Q4 2024
-4.0%
Q1 2025
+10.6%
Q2 2025
+8.5%
Q3 2025
+2.5%
Q4 2025
-1.1%
Q1 2026
+14.1%
Sector allocation
Industrials 16%
Technology 16%
Financials 16%
Healthcare 12%
Services media 8%
Consumer discretionary 7%
Other 7%
Utilities 5%
Long book by quarter
What does XTX Topco own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CME CME GROUP INC | Financials | 77.9K | $23.0M | 0.4% | +5.3% |
| NVDA NVIDIA CORP | Technology | 126.7K | $22.1M | 0.4% | -5.8% |
| C CITIGROUP INC | Financials | 174.5K | $19.8M | 0.3% | +243.3% |
| DUK DUKE ENERGY CORP | Utilities | 150.2K | $19.7M | 0.3% | New |
| GS GOLDMAN SACHS GROUP INC | Financials | 22.3K | $18.9M | 0.3% | +1818.7% |
| GE GENERAL ELECTRIC | Industrials | 66.4K | $18.9M | 0.3% | +6344.9% |
| BSX BOSTON SCIENTIFIC CORP | Healthcare | 289.7K | $18.2M | 0.3% | +414.6% |
| PH PARKER HANNIFIN CORP | Industrials | 20.2K | $18.1M | 0.3% | +708.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 82.2K | $17.1M | 0.3% | +126.4% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 126.7K | $16.6M | 0.3% | +2749.7% |
| V VISA INC-CLASS A SHARES | Services media | 54.2K | $16.4M | 0.3% | +210.6% |
| DOW DOW INC | Materials | 384.3K | $16.0M | 0.3% | +9.6% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 70.7K | $16.0M | 0.3% | +465.3% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 86.4K | $15.8M | 0.3% | New |
| OTIS OTIS WORLDWIDE CORP | Industrials | 201.1K | $15.5M | 0.3% | +8333.8% |
| VST VISTRA CORP | Utilities | 103.0K | $15.5M | 0.3% | +85.4% |
| PINS PINTEREST INC- CLASS A | Technology | 818.3K | $15.0M | 0.3% | +691.0% |
| PYPL PAYPAL HOLDINGS INC | Services media | 329.3K | $14.9M | 0.3% | +81.9% |
| NET CLOUDFLARE INC - CLASS A | Technology | 72.1K | $14.9M | 0.3% | +950.6% |
| ABT ABBOTT LABORATORIES | Healthcare | 139.7K | $14.3M | 0.2% | +178.6% |
| AIG AMERICAN INTERNATIONAL GROUP | Financials | 190.3K | $14.3M | 0.2% | New |
| BKNG BOOKING HOLDINGS INC | Industrials | 3.4K | $14.3M | 0.2% | +191.3% |
| HD HOME DEPOT INC | Consumer discretionary | 43.0K | $14.2M | 0.2% | +219.5% |
| TOST TOAST INC-CLASS A | Technology | 499.1K | $13.2M | 0.2% | +465.4% |
| DELL DELL TECHNOLOGIES -C | Technology | 76.9K | $12.6M | 0.2% | +87.2% |
| CL COLGATE-PALMOLIVE CO | Other | 147.9K | $12.6M | 0.2% | New |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 143.9K | $12.2M | 0.2% | +206.2% |
| UNP UNION PACIFIC CORP | Industrials | 50.2K | $12.2M | 0.2% | New |
| FCNCA FIRST CITIZENS BCSHS -CL A | Financials | 6.5K | $12.2M | 0.2% | -3.6% |
| CTAS CINTAS CORP | Other | 71.6K | $12.1M | 0.2% | +738.7% |
| WDC WESTERN DIGITAL CORP | Technology | 44.7K | $12.1M | 0.2% | +249.1% |
| NVR NVR INC | Industrials | 1.8K | $11.8M | 0.2% | +35.5% |
| JCI JOHNSON CONTROLS INTERNATION | Industrials | 88.8K | $11.6M | 0.2% | +405.5% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 8.7K | $11.5M | 0.2% | +305.5% |
| TRV TRAVELERS COS INC/THE | Financials | 38.9K | $11.3M | 0.2% | +19.6% |
| SBUX STARBUCKS CORP | Consumer discretionary | 125.6K | $11.3M | 0.2% | +623.8% |
| TPG TPG INC | Financials | 277.7K | $11.3M | 0.2% | +7130.9% |
| COP CONOCOPHILLIPS | Energy | 84.7K | $11.2M | 0.2% | -4.3% |
| SYY SYSCO CORP | Consumer discretionary | 154.7K | $11.0M | 0.2% | New |
| DECK DECKERS OUTDOOR CORP | Other | 109.4K | $10.9M | 0.2% | +207.0% |
| TXN TEXAS INSTRUMENTS INC | Technology | 54.5K | $10.6M | 0.2% | +2057.4% |
| NOW SERVICENOW INC | Technology | 100.7K | $10.5M | 0.2% | +130.4% |
| CCEP COCA-COLA EUROPACIFIC PARTNE | Consumer staples | 115.3K | $10.5M | 0.2% | New |
| UNH UNITEDHEALTH GROUP INC | Financials | 38.5K | $10.4M | 0.2% | +789.0% |
| GRAB GRAB HOLDINGS LTD - CL A | Services media | 2.8M | $10.3M | 0.2% | +711.6% |
| AFL AFLAC INC | Financials | 93.1K | $10.2M | 0.2% | +13.0% |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 100.1K | $10.2M | 0.2% | +385.9% |
| IP INTERNATIONAL PAPER CO | Other | 283.2K | $10.1M | 0.2% | +746.9% |
| AER AERCAP HOLDINGS NV | Services media | 71.9K | $9.9M | 0.2% | +1046.4% |
| RF REGIONS FINANCIAL CORP | Financials | 376.3K | $9.8M | 0.2% | +222.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 3773 | $5.75B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 3255 | $3.81B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 2490 | $1.93B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 2275 | $2.41B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 2331 | $1.95B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 2216 | $1.22B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 2019 | $1.38B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 1785 | $1.17B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 1775 | $741.8M | canonical | SEC ↗ |