ZEGA Investments, LLC
Long book
$528.2M
Q1 2026
Positions
190
Top-10 weight
60%
concentration
Last quarter
+11.4%
SPY +14.8%
Turnover
33%
of book per quarter
Strategy in plain words
auto-generated from filingsZEGA Investments, LLC is an institutional manager, running a $528.2M US long book across 190 positions.
The portfolio is concentrated: the top 10 names carry 60% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: APPLE INC, SS BLACKSTONE HIGH INC ETF, SS SPDR S&P 500 ETF TRUST-US, NVIDIA CORP, COSTCO WHOLESALE CORP.
Over the last 6 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 1 of 6 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
-4.7%
Q1 2025
+5.6%
Q2 2025
+8.5%
Q3 2025
+2.3%
Q4 2025
-4.4%
Q1 2026
+11.4%
Sector allocation
Technology 50%
Consumer discretionary 16%
Industrials 9%
Financials 8%
Healthcare 6%
Energy 4%
Services media 2%
Utilities 2%
Long book by quarter
What does ZEGA Investments, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 348.8K | $88.5M | 16.8% | +0.5% |
| NVDA NVIDIA CORP | Technology | 169.7K | $29.6M | 5.6% | +21.5% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 22.9K | $22.8M | 4.3% | +41.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 83.6K | $17.4M | 3.3% | -3.0% |
| MSFT MICROSOFT CORP | Technology | 34.2K | $12.7M | 2.4% | -8.0% |
| TSLA TESLA INC | Industrials | 33.4K | $12.4M | 2.3% | +4.6% |
| XOM EXXON MOBIL CORP | Energy | 71.0K | $12.0M | 2.3% | -3.9% |
| META META PLATFORMS INC-CLASS A | Technology | 14.0K | $8.0M | 1.5% | +6.1% |
| AFL AFLAC INC | Financials | 68.1K | $7.5M | 1.4% | +0.1% |
| LLY ELI LILLY & CO | Healthcare | 7.8K | $7.2M | 1.4% | +1.9% |
| ABBV ABBVIE INC | Healthcare | 26.8K | $5.8M | 1.1% | +0.2% |
| GOOGL ALPHABET INC-CL A | Technology | 17.6K | $5.1M | 1.0% | +4.8% |
| JPM JPMORGAN CHASE & CO | Financials | 16.4K | $4.8M | 0.9% | +0.3% |
| GOOG ALPHABET INC-CL C | Technology | 15.1K | $4.3M | 0.8% | -3.7% |
| WMT WALMART INC | Consumer discretionary | 29.9K | $3.7M | 0.7% | +34.5% |
| V VISA INC-CLASS A SHARES | Services media | 10.8K | $3.3M | 0.6% | 0.0% |
| UNH UNITEDHEALTH GROUP INC | Financials | 11.2K | $3.0M | 0.6% | -0.7% |
| AVGO BROADCOM INC | Technology | 9.7K | $3.0M | 0.6% | -1.8% |
| ABT ABBOTT LABORATORIES | Healthcare | 28.4K | $2.9M | 0.6% | +254.8% |
| CAT CATERPILLAR INC | Industrials | 3.7K | $2.6M | 0.5% | -0.2% |
| MCK MCKESSON CORP | Consumer discretionary | 3.0K | $2.6M | 0.5% | Held |
| NSC NORFOLK SOUTHERN CORP | Industrials | 8.9K | $2.6M | 0.5% | 0.0% |
| HD HOME DEPOT INC | Consumer discretionary | 7.0K | $2.3M | 0.4% | -1.0% |
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 5.7K | $1.9M | 0.4% | +0.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 3.9K | $1.9M | 0.4% | -0.3% |
| CVX CHEVRON CORP | Energy | 8.5K | $1.8M | 0.3% | +57.5% |
| JNJ JOHNSON & JOHNSON | Healthcare | 6.4K | $1.6M | 0.3% | +0.4% |
| RTX RTX CORP | Industrials | 8.0K | $1.5M | 0.3% | New |
| KMI KINDER MORGAN INC | Utilities | 44.5K | $1.5M | 0.3% | +0.1% |
| PH PARKER HANNIFIN CORP | Industrials | 1.6K | $1.4M | 0.3% | -15.2% |
| MMM 3M CO | Healthcare | 9.5K | $1.4M | 0.3% | +29.9% |
| USB US BANCORP | Financials | 26.3K | $1.4M | 0.3% | -16.5% |
| KO COCA-COLA CO/THE | Consumer staples | 17.5K | $1.3M | 0.3% | +0.6% |
| AMD ADVANCED MICRO DEVICES | Technology | 6.4K | $1.3M | 0.2% | -1.9% |
| PEP PEPSICO INC | Consumer staples | 8.2K | $1.3M | 0.2% | 0.0% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 8.3K | $1.2M | 0.2% | -46.6% |
| PCAR PACCAR INC | Industrials | 10.5K | $1.2M | 0.2% | Held |
| TJX TJX COMPANIES INC | Consumer discretionary | 7.1K | $1.1M | 0.2% | +5.6% |
| ET ENERGY TRANSFER LP | Utilities | 56.2K | $1.1M | 0.2% | 0.0% |
| SYK STRYKER CORP | Healthcare | 3.2K | $1.1M | 0.2% | +0.1% |
| ORCL ORACLE CORP | Technology | 7.1K | $1.0M | 0.2% | +40.9% |
| NOC NORTHROP GRUMMAN CORP | Technology | 1.5K | $1.0M | 0.2% | New |
| GEV GE VERNOVA INC | Industrials | 1.1K | $1.0M | 0.2% | -35.5% |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 2.5K | $994K | 0.2% | -18.7% |
| ETN EATON CORP PLC | Industrials | 2.7K | $975K | 0.2% | +2.1% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 25.7K | $974K | 0.2% | +0.9% |
| KLAC KLA CORP | Other | 647 | $953K | 0.2% | -31.9% |
| ANET ARISTA NETWORKS INC | Technology | 7.8K | $953K | 0.2% | -9.9% |
| SBUX STARBUCKS CORP | Consumer discretionary | 10.6K | $950K | 0.2% | -2.2% |
| MCD MCDONALD'S CORP | Consumer discretionary | 3.0K | $933K | 0.2% | +0.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 299 | $889.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 27, 2026 | 173 | $848.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 27, 2025 | 157 | $747.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 6, 2025 | 141 | $732.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 136 | $655.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 136 | $398.3M | canonical | SEC ↗ |
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