Great investors · Joel Greenblatt · Q1 2025
What Joel Greenblatt bought and sold in Q1 2025
Gotham Asset Management 13F portfolio as of Mar 31, 2025: 1,541 positions worth $12.0 bn. Largest: SPY, GSPY, NVDA, AAPL. Filed with the SEC on May 15, 2025.
The 13F is filed by Gotham Asset Management, not by Joel Greenblatt personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedState Str Spdr S&P 500 ETF TSPY+4.3 pp
- IncreasedAmazon.comAMZN+0.6 pp
Sells in Q1 2025
No sale of 0.5 points of the portfolio or more this quarter.
2 companies with material moves, out of 2 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Gotham Asset Management's Q1 2025 13F lists 1,541 lines of US-listed securities worth $12.0 bn; the largest is SPY at 15.4% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:05 PM ET.
Against the previous quarter, it opened 267 positions (LUNR, PCTY, CRH and ROM and 263 more), closed 140 (SON, ACHC, WBA and BERY and 136 more), added to 289 (SPY, BG, AMZN and AGG and 285 more) and trimmed 96 (JNJ, CVX, AMAT and EOG and 92 more). 9 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | State Str Spdr S&P 500 ETF T SPY | 3.3 M | $1.8 bn | 15.4% | +38% |
| 2 | Tidal Trust I GSPY | 15.9 M | $488M | 4.07% | +4.3% |
| 3 | NVIDIA NVDA | 2.1 M | $231M | 1.93% | +5.7% |
| 4 | Apple AAPL | 794,740 | $177M | 1.47% | +28% |
| 5 | iShares Core S&P 500 ETF IVV | 272,869 | $153M | 1.28% | +18% |
| 6 | Amazon.com AMZN | 722,121 | $137M | 1.15% | +107% |
| 7 | Microsoft MSFT | 238,926 | $89.7M | 0.75% | +5.7% |
| 8 | Snowflake SNOW | 567,693 | $83.0M | 0.69% | +27% |
| 9 | Tidal Trust I GVLU | 3.5 M | $80.2M | 0.67% | no change |
| 10 | Alphabet GOOGL | 425,060 | $65.7M | 0.55% | +7.7% |
| 11 | iShares Core Msci Eafe ETF IEFA | 835,139 | $63.2M | 0.53% | +1% |
| 12 | Meta Platforms META | 99,557 | $57.4M | 0.48% | +11% |
| 13 | Berkshire Hathaway BRK/B | 96,845 | $51.6M | 0.43% | +23% |
| 14 | Broadcom AVGO | 270,076 | $45.2M | 0.38% | +25% |
| 15 | Ishares IEMG | 810,518 | $43.7M | 0.37% | +2.5% |
| 16 | Merck MRK | 395,415 | $35.5M | 0.30% | −7% |
| 17 | Vanguard S&P 500 ETF VOO | 68,057 | $35.0M | 0.29% | +193% |
| 18 | Qualcomm QCOM | 214,913 | $33.0M | 0.28% | −6.5% |
| 19 | Cadence Design Systems CDNS | 127,975 | $32.5M | 0.27% | +17% |
| 20 | Newmont NEM | 649,497 | $31.4M | 0.26% | +91% |
| 21 | Tapestry TPR | 441,650 | $31.1M | 0.26% | −8.4% |
| 22 | Elevance Health ELV | 70,736 | $30.8M | 0.26% | +32% |
| 23 | Expedia Group EXPE | 181,657 | $30.5M | 0.25% | +26% |
| 24 | Vanguard Index Funds VTI | 108,751 | $29.9M | 0.25% | +275% |
| 25 | Skyworks Solutions SWKS | 457,663 | $29.6M | 0.25% | +87% |
| 26 | Gen Digital GEN | 1.1 M | $29.3M | 0.24% | +17% |
| 27 | NRG Energy NRG | 300,465 | $28.7M | 0.24% | −16% |
| 28 | Lyondellbasell Industries LYB | 401,488 | $28.3M | 0.24% | +79% |
| 29 | Gilead Sciences GILD | 250,994 | $28.1M | 0.23% | −2% |
| 30 | Evergy EVRG | 407,696 | $28.1M | 0.23% | +63% |
| 31 | United Therapeutics UTHR | 89,342 | $27.5M | 0.23% | +46% |
| 32 | PPG Industries PPG | 249,387 | $27.3M | 0.23% | +39% |
| 33 | Amedisys AMED | 292,064 | $27.1M | 0.23% | +18% |
| 34 | Automatic Data Processing ADP | 88,365 | $27.0M | 0.23% | +9.3% |
| 35 | Brown & Brown BRO | 214,896 | $26.7M | 0.22% | +5.9% |
| 36 | FOX FOXA | 472,170 | $26.7M | 0.22% | +8.4% |
| 37 | TransDigm Group TDG | 19,169 | $26.5M | 0.22% | +7.6% |
| 38 | At&t T | 928,041 | $26.2M | 0.22% | +21% |
| 39 | Walt Disney DIS | 264,489 | $26.1M | 0.22% | −6.7% |
| 40 | Palantir Technologies PLTR | 309,263 | $26.1M | 0.22% | +28% |
| 41 | Vanguard Total Bond Market ETF BND | 354,209 | $26.0M | 0.22% | +8.6% |
| 42 | Howmet Aerospace HWM | 198,942 | $25.8M | 0.22% | +29% |
| 43 | Ansys ANSS | 81,330 | $25.7M | 0.21% | +15% |
| 44 | Teledyne Technologies TDY | 50,957 | $25.4M | 0.21% | +18% |
| 45 | Tesla TSLA | 97,717 | $25.3M | 0.21% | +43% |
| 46 | Republic Services RSG | 103,607 | $25.1M | 0.21% | +28% |
| 47 | SLB SLB | 594,772 | $24.9M | 0.21% | −9.8% |
| 48 | Clearway Energy CWEN | 814,841 | $24.7M | 0.21% | +79% |
| 49 | Booking Holdings BKNG | 5,350 | $24.6M | 0.21% | +22% |
| 50 | Williams-sonoma WSM | 155,681 | $24.6M | 0.21% | +1.7% |
| 51 | Masco MAS | 349,031 | $24.3M | 0.20% | +16% |
| 52 | Ralph Lauren RL | 109,420 | $24.2M | 0.20% | +12% |
| 53 | Masimo MASI | 144,590 | $24.1M | 0.20% | +13% |
| 54 | F5 FFIV | 90,433 | $24.1M | 0.20% | +4.8% |
| 55 | CrowdStrike Holdings CRWD | 68,292 | $24.1M | 0.20% | +2.1% |
| 56 | Iridium Communications IRDM | 879,385 | $24.0M | 0.20% | +25% |
| 57 | CME Group CME | 90,205 | $23.9M | 0.20% | +4.9% |
| 58 | General Dynamics GD | 87,582 | $23.9M | 0.20% | −24% |
| 59 | Emerson Electric EMR | 216,790 | $23.8M | 0.20% | +1.1% |
| 60 | Molson Coors Beverage TAP | 387,768 | $23.6M | 0.20% | +18% |
| 61 | Invesco Exchange Traded Fund T RSP | 135,559 | $23.5M | 0.20% | +55% |
| 62 | American Homes 4 Rent AMH | 616,790 | $23.3M | 0.19% | +17% |
| 63 | Charles River Laboratories International CRL | 154,777 | $23.3M | 0.19% | +25% |
| 64 | Pilgrim’s Pride PPC | 425,552 | $23.2M | 0.19% | +50% |
| 65 | Planet Fitness PLNT | 240,037 | $23.2M | 0.19% | +23% |
| 66 | iShares Core U.s. Aggregate ETF AGG | 232,512 | $23.0M | 0.19% | +622% |
| 67 | Caterpillar CAT | 69,299 | $22.9M | 0.19% | −7.6% |
| 68 | Boyd Gaming BYD | 346,787 | $22.8M | 0.19% | +39% |
| 69 | Aflac AFL | 204,670 | $22.8M | 0.19% | +21% |
| 70 | C.h. Robinson Worldwide CHRW | 222,154 | $22.7M | 0.19% | +79% |
| 71 | Keurig Dr Pepper KDP | 662,198 | $22.7M | 0.19% | no change |
| 72 | monday.com MNDY | 93,141 | $22.6M | 0.19% | no change |
| 73 | Hilton Worldwide Holdings HLT | 99,299 | $22.6M | 0.19% | no change |
| 74 | PayPal Holdings PYPL | 345,931 | $22.6M | 0.19% | +24% |
| 75 | Generac Holdings GNRC | 176,804 | $22.4M | 0.19% | +81% |
| 76 | Ecolab ECL | 88,191 | $22.4M | 0.19% | +9.6% |
| 77 | ULTA Beauty ULTA | 60,874 | $22.3M | 0.19% | +121% |
| 78 | Ventas VTR | 323,846 | $22.3M | 0.19% | +70% |
| 79 | Weatherford International WFRD | 413,698 | $22.2M | 0.18% | +301% |
| 80 | Vornado Realty Trust VNO | 590,745 | $21.9M | 0.18% | +21% |
| 81 | Constellation Energy CEG | 107,398 | $21.7M | 0.18% | +31% |
| 82 | Steris STE | 95,385 | $21.6M | 0.18% | −7.5% |
| 83 | FMC FMC | 509,886 | $21.5M | 0.18% | +68% |
| 84 | Lincoln Electric Holdings LECO | 113,666 | $21.5M | 0.18% | −10% |
| 85 | AppLovin APP | 80,803 | $21.4M | 0.18% | +3.5% |
| 86 | Jacobs Solutions J | 176,970 | $21.4M | 0.18% | +30% |
| 87 | Watsco WSO | 42,056 | $21.4M | 0.18% | +55% |
| 88 | Vanguard Mrngstar GR ETF-sui ETF VUG | 57,542 | $21.3M | 0.18% | +38% |
| 89 | MasTec MTZ | 182,388 | $21.3M | 0.18% | +8.8% |
| 90 | LKQ LKQ | 499,723 | $21.3M | 0.18% | −22% |
| 91 | General Motors GM | 450,422 | $21.2M | 0.18% | +14% |
| 92 | Valmont Industries VMI | 74,125 | $21.2M | 0.18% | +57% |
| 93 | Healthcare Realty Trust HR | 1.3 M | $21.1M | 0.18% | +35% |
| 94 | Omnicom Group OMC | 253,963 | $21.1M | 0.18% | +11% |
| 95 | Chevron CVX | 125,629 | $21.0M | 0.18% | −36% |
| 96 | Cigna Group CI | 63,694 | $21.0M | 0.17% | −15% |
| 97 | CF Industries Holdings CF | 267,465 | $20.9M | 0.17% | +42% |
| 98 | Copart CPRT | 369,080 | $20.9M | 0.17% | +61% |
| 99 | TJX TJX | 171,188 | $20.9M | 0.17% | +32% |
| 100 | Organon OGN | 1.4 M | $20.8M | 0.17% | +74% |
The 100 largest lines are shown. The other 1,441 add up to 52.4% of the portfolio; full 13F of Gotham Asset Management →
Positions it closed (140)
- Sonoco Products SONwas 0.11% · 242,315 shares
- Acadia Healthcare ACHCwas 0.06% · 157,461 shares
- Walgreens Boots Alliance WBAwas 0.04% · 472,756 shares
- Berry Global Group BERYwas 0.04% · 64,921 shares
- Vulcan Materials VMCwas 0.04% · 15,766 shares
- Scotts Miracle-Gro SMGwas 0.03% · 55,350 shares
- Somnigroup International SGIwas 0.03% · 51,547 shares
- Moderna MRNAwas 0.03% · 64,220 shares
- BlackLine BLwas 0.02% · 39,826 shares
- Chewy CHWYwas 0.02% · 68,136 shares
- Maravai LifeSciences Holdings MRVIwas 0.02% · 347,015 shares
- Saia SAIAwas 0.02% · 3,733 shares
- Forward Air FWRDwas 0.01% · 46,196 shares
- Nabors Industries NBRwas 0.01% · 24,834 shares
- CNX Resources CNXwas 0.01% · 34,892 shares
- Southwest Gas Holdings SWXwas 0.01% · 17,669 shares
- SiTime SITMwas 0.01% · 5,798 shares
- Rapid7 RPDwas 0.01% · 30,568 shares
- Cubesmart CUBEwas 0.01% · 28,099 shares
- Edgewell Personal Care EPCwas 0.01% · 33,846 shares
- Federal Signal FSSwas 0.01% · 11,602 shares
- Canadian Pacific Kansas City CPwas 0.01% · 14,459 shares
- Helen of Troy HELEwas 0.01% · 16,858 shares
- Apogee Enterprises APOGwas 0.01% · 13,630 shares
- Applied Industrial Technologies AITwas 0.01% · 3,950 shares
- The Realreal REALwas 0.01% · 74,698 shares
- JACK In the Box JACKwas 0.01% · 19,503 shares
- CAVA Group CAVAwas 0.01% · 7,148 shares
- Collegium Pharmaceutical COLLwas 0.01% · 28,074 shares
- Canadian National Railway CNIwas 0.01% · 7,773 shares
- Twist Bioscience TWSTwas 0.01% · 16,925 shares
- ABM Industries ABMwas 0.01% · 15,123 shares
- Carpenter Technology CRSwas 0.01% · 4,493 shares
- Freshpet FRPTwas 0.01% · 5,018 shares
- Sphere Entertainment SPHRwas 0.01% · 18,070 shares
- BrightView Holdings BVwas 0.01% · 44,902 shares
- New Fortress Energy NFEwas 0.01% · 42,351 shares
- T Rowe Price ETF TCHPwas 0.01% · 14,924 shares
- Shake Shack SHAKwas 0.01% · 4,622 shares
- Black Hills BKHwas 0.01% · 10,128 shares
- Papa John’s International PZZAwas 0.01% · 14,381 shares
- Kratos Defense & Security Solutions KTOSwas 0.01% · 21,347 shares
- Terex TEXwas 0.01% · 11,905 shares
- Wisdomtree Tr DNLwas 0.01% · 14,879 shares
- BEL Fuse BELFBwas 0.00% · 6,302 shares
- Liberty Energy LBRTwas 0.00% · 25,517 shares
- Fluence Energy FLNCwas 0.00% · 31,567 shares
- Donnelley Financial Solutions DFINwas 0.00% · 7,902 shares
- Ensign Group ENSGwas 0.00% · 3,585 shares
- IonQ IONQwas 0.00% · 11,357 shares
- HubSpot HUBSwas 0.00% · 676 shares
- Simply Good Foods SMPLwas 0.00% · 11,970 shares
- Penumbra was 0.00% · 24,259 shares
- CSW Industrials CSWwas 0.00% · 1,305 shares
- Barrick Mining ABXwas 0.00% · 29,617 shares
- Flutter Entertainment FLUTwas 0.00% · 1,748 shares
- Ecovyst ECVTwas 0.00% · 57,713 shares
- HIMS & Hers Health HIMSwas 0.00% · 18,196 shares
- Coeur Mining CDEwas 0.00% · 76,637 shares
- Firstenergy FEwas 0.00% · 11,004 shares
- Cogent Communications Holdings CCOIwas 0.00% · 5,552 shares
- MillerKnoll MLKNwas 0.00% · 18,621 shares
- Sweetgreen SGwas 0.00% · 12,845 shares
- Reddit RDDTwas 0.00% · 2,490 shares
- BioLife Solutions BLFSwas 0.00% · 13,800 shares
- Dana DANwas 0.00% · 30,580 shares
- Herc Holdings HRIwas 0.00% · 1,794 shares
- SNAP SNAPwas 0.00% · 31,442 shares
- Callaway Golf CALYwas 0.00% · 42,819 shares
- Warby Parker WRBYwas 0.00% · 13,688 shares
- Hub Group HUBGwas 0.00% · 7,434 shares
- Commvault Systems CVLTwas 0.00% · 2,194 shares
- C3 AI AIwas 0.00% · 9,554 shares
- Utz Brands UTZwas 0.00% · 20,854 shares
- Indivior INDVwas 0.00% · 26,121 shares
- Astera Labs ALABwas 0.00% · 2,398 shares
- Intapp INTAwas 0.00% · 4,936 shares
- Conmed CNMDwas 0.00% · 4,570 shares
- Blueprint Medicines BPMCwas 0.00% · 3,545 shares
- G III Apparel Group GIIIwas 0.00% · 9,473 shares
- Wisdomtree Tr DXJwas 0.00% · 2,789 shares
- BOX BOXwas 0.00% · 9,730 shares
- Credo Technology Group Holding CRDOwas 0.00% · 4,466 shares
- UFP Industries UFPIwas 0.00% · 2,664 shares
- Ingles Markets IMKTAwas 0.00% · 4,634 shares
- Arcbest ARCBwas 0.00% · 3,188 shares
- Uranium Energy UECwas 0.00% · 43,776 shares
- Toll Brothers TOLwas 0.00% · 2,323 shares
- Sonic Automotive SAHwas 0.00% · 4,546 shares
- Ethan Allen Interiors ETDwas 0.00% · 10,237 shares
- John Wiley & Sons WLYwas 0.00% · 6,560 shares
- CareTrust REIT CTREwas 0.00% · 10,493 shares
- J&j Snack Foods JJSFwas 0.00% · 1,818 shares
- Vanguard Whitehall Fds VWOBwas 0.00% · 4,437 shares
- Flex LNG FLNGwas 0.00% · 11,643 shares
- Sabre SABRwas 0.00% · 73,089 shares
- 10x Genomics TXGwas 0.00% · 18,389 shares
- Installed Building Products IBPwas 0.00% · 1,500 shares
- Dine Brands Global DINwas 0.00% · 8,711 shares
- Heartland Express HTLDwas 0.00% · 23,270 shares
- Matthews International MATWwas 0.00% · 9,393 shares
- Guardant Health GHwas 0.00% · 7,821 shares
- Array Technologies ARRYwas 0.00% · 38,932 shares
- Trupanion TRUPwas 0.00% · 4,863 shares
- Telomir Pharmaceuticals TELOwas 0.00% · 6,770 shares
- Monro MNROwas 0.00% · 9,138 shares
- California Resources CRCwas 0.00% · 4,348 shares
- Ryman Hospitality Properties RHPwas 0.00% · 2,142 shares
- Iamgold IAGwas 0.00% · 43,262 shares
- Archer Aviation ACHRwas 0.00% · 22,498 shares
- Ionis Pharmaceuticals IONSwas 0.00% · 6,260 shares
- Bloomin’ Brands BLMNwas 0.00% · 17,819 shares
- Impinj PIwas 0.00% · 1,497 shares
- Rambus RMBSwas 0.00% · 4,092 shares
- Standex International SXIwas 0.00% · 1,133 shares
- International Bancshares IBOCwas 0.00% · 3,354 shares
- Hawkins HWKNwas 0.00% · 1,717 shares
- Diamondback Energy FANGwas 0.00% · 1,272 shares
- Urban Edge Properties UEwas 0.00% · 9,561 shares
- RH RHwas 0.00% · 522 shares
- Tri Pointe Homes TPHwas 0.00% · 5,595 shares
- Emergent Biosolutions EBSwas 0.00% · 20,908 shares
- Core Laboratories CLBwas 0.00% · 10,810 shares
- Par Pacific Holdings PARRwas 0.00% · 11,177 shares
- N-able NABLwas 0.00% · 18,339 shares
- Target Hospitality THwas 0.00% · 17,201 shares
- SERA Prognostics SERAwas 0.00% · 11,752 shares
- RUM Group RUMwas 0.00% · 10,930 shares
- Leslies was 0.00% · 61,474 shares
- Mativ Holdings MATVwas 0.00% · 11,773 shares
- National Vision Holdings EYEwas 0.00% · 10,247 shares
- SFL SFLwas 0.00% · 10,237 shares
- BigBear.ai Holdings BBAIwas 0.00% · 19,149 shares
- Quantumscape QSwas 0.00% · 12,775 shares
- Advantage Solutions was 0.00% · 16,415 shares
- Orasure Technologies OSURwas 0.00% · 11,985 shares
- KULR Technology Group KULRwas 0.00% · 11,115 shares
- Wheels UP Experience UPwas 0.00% · 23,300 shares
- Optimum Communications OPTUwas 0.00% · 15,207 shares
- Esperion Therapeutics was 0.00% · 11,977 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Gotham Asset Management's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.