Great investors · Joel Greenblatt · Q3 2025
What Joel Greenblatt bought and sold in Q3 2025
Gotham Asset Management 13F portfolio as of Sep 30, 2025: 1,676 positions worth $23.0 bn. Largest: SPY, GSPY, NVDA, AAPL. Filed with the SEC on Nov 14, 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 Q3 2025
- IncreasedState Str Spdr S&P 500 ETF TSPY+3.7 pp
- IncreasedAppleAAPL+0.6 pp
Sells in Q3 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 Q3 2025 13F lists 1,676 lines of US-listed securities worth $23.0 bn; the largest is SPY at 16.3% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:05 PM ET.
Against the previous quarter, it opened 187 positions (SNDK, JHX, RDDT and SGI and 183 more), closed 151 (SFBS, FMC, JHEM and SNDA and 147 more), added to 341 (CRS, PRMB, SPY and SAM and 337 more) and trimmed 45 (NRG, MP, LYFT and QCOM and 41 more). 10 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | State Str Spdr S&P 500 ETF T SPY | 5.6 M | $3.7 bn | 16.3% | +29% |
| 2 | Tidal Trust I GSPY | 16.7 M | $612M | 2.66% | +5.4% |
| 3 | NVIDIA NVDA | 2.9 M | $534M | 2.33% | +26% |
| 4 | Apple AAPL | 1.4 M | $364M | 1.58% | +61% |
| 5 | iShares Core S&P 500 ETF IVV | 382,840 | $256M | 1.12% | +41% |
| 6 | Snowflake SNOW | 956,539 | $216M | 0.94% | +68% |
| 7 | Amazon.com AMZN | 978,948 | $215M | 0.94% | +36% |
| 8 | iShares 0-3 Month Treasury B ETF SGOV | 1.6 M | $156M | 0.68% | +107% |
| 9 | Microsoft MSFT | 281,906 | $146M | 0.64% | +12% |
| 10 | Alphabet GOOGL | 503,253 | $122M | 0.53% | +9.3% |
| 11 | Broadcom AVGO | 321,298 | $106M | 0.46% | +18% |
| 12 | Tidal Trust I GVLU | 3.8 M | $97.6M | 0.42% | +10% |
| 13 | Vanguard S&P 500 ETF VOO | 158,139 | $96.8M | 0.42% | +23% |
| 14 | Meta Platforms META | 111,755 | $82.1M | 0.36% | +14% |
| 15 | iShares Core Msci Eafe ETF IEFA | 881,994 | $77.0M | 0.34% | +2.4% |
| 16 | Palantir Technologies PLTR | 409,309 | $74.7M | 0.33% | +28% |
| 17 | Tesla TSLA | 157,648 | $70.1M | 0.31% | +34% |
| 18 | Tapestry TPR | 600,217 | $68.0M | 0.30% | +12% |
| 19 | Western Digital WDC | 531,734 | $63.8M | 0.28% | +5.3% |
| 20 | Invesco QQQ Trust Series 1 ETF QQQ | 103,080 | $61.9M | 0.27% | +109% |
| 21 | Newmont NEM | 715,994 | $60.4M | 0.26% | +12% |
| 22 | AppLovin APP | 81,703 | $58.7M | 0.26% | +1.3% |
| 23 | Ishares IEMG | 888,353 | $58.6M | 0.25% | +2.5% |
| 24 | Caterpillar CAT | 116,589 | $55.6M | 0.24% | +19% |
| 25 | Weatherford International WFRD | 785,828 | $53.8M | 0.23% | +80% |
| 26 | Packaging Corp of America PKG | 239,642 | $52.2M | 0.23% | +40% |
| 27 | Berkshire Hathaway BRK/B | 103,244 | $51.9M | 0.23% | +5.4% |
| 28 | Southern Copper Corp/ SCCO | 422,965 | $51.3M | 0.22% | +43% |
| 29 | nVent Electric NVT | 510,813 | $50.4M | 0.22% | +4.1% |
| 30 | Micron Technology MU | 298,570 | $50.0M | 0.22% | +10% |
| 31 | Merck MRK | 592,307 | $49.7M | 0.22% | +24% |
| 32 | Charles River Laboratories International CRL | 315,755 | $49.4M | 0.22% | +17% |
| 33 | NetApp NTAP | 414,995 | $49.2M | 0.21% | +27% |
| 34 | Visa V | 143,375 | $48.9M | 0.21% | +90% |
| 35 | Zebra Technologies ZBRA | 164,375 | $48.8M | 0.21% | +42% |
| 36 | National Fuel Gas NFG | 521,928 | $48.2M | 0.21% | +75% |
| 37 | Nordson NDSN | 209,020 | $47.4M | 0.21% | +74% |
| 38 | Cisco Systems CSCO | 692,365 | $47.4M | 0.21% | +52% |
| 39 | Regeneron Pharmaceuticals REGN | 84,230 | $47.4M | 0.21% | +212% |
| 40 | Walt Disney DIS | 410,402 | $47.0M | 0.20% | +18% |
| 41 | CME Group CME | 173,236 | $46.8M | 0.20% | +41% |
| 42 | Brown & Brown BRO | 496,186 | $46.5M | 0.20% | +100% |
| 43 | Skyworks Solutions SWKS | 600,530 | $46.2M | 0.20% | +26% |
| 44 | Owens Corning OC | 325,866 | $46.1M | 0.20% | +124% |
| 45 | General Dynamics GD | 135,049 | $46.1M | 0.20% | +107% |
| 46 | Jabil JBL | 209,485 | $45.5M | 0.20% | +26% |
| 47 | Boston Beer SAM | 213,266 | $45.1M | 0.20% | ×19 |
| 48 | MasTec MTZ | 211,350 | $45.0M | 0.20% | −10% |
| 49 | Boyd Gaming BYD | 512,095 | $44.3M | 0.19% | +23% |
| 50 | Alphabet GOOG | 181,105 | $44.1M | 0.19% | +92% |
| 51 | Polaris PII | 753,804 | $43.8M | 0.19% | −2.7% |
| 52 | Hologic HOLX | 639,921 | $43.2M | 0.19% | +74% |
| 53 | Expand Energy EXE | 404,517 | $43.0M | 0.19% | +107% |
| 54 | Pentair PNR | 387,143 | $42.9M | 0.19% | +163% |
| 55 | WEX WEX | 270,964 | $42.7M | 0.19% | +40% |
| 56 | Evergy EVRG | 560,551 | $42.6M | 0.19% | +29% |
| 57 | Gen Digital GEN | 1.5 M | $42.6M | 0.19% | +20% |
| 58 | Copart CPRT | 944,876 | $42.5M | 0.19% | +194% |
| 59 | CrowdStrike Holdings CRWD | 85,299 | $41.8M | 0.18% | +8.2% |
| 60 | FOX FOXA | 657,647 | $41.5M | 0.18% | +2.2% |
| 61 | Howmet Aerospace HWM | 211,111 | $41.4M | 0.18% | +2.7% |
| 62 | AST Spacemobile ASTS | 843,738 | $41.4M | 0.18% | +38% |
| 63 | Dillard’s DDS | 66,519 | $40.9M | 0.18% | +53% |
| 64 | Steris STE | 163,857 | $40.5M | 0.18% | +26% |
| 65 | Carpenter Technology CRS | 165,122 | $40.5M | 0.18% | ×149 |
| 66 | Automatic Data Processing ADP | 137,130 | $40.2M | 0.18% | +27% |
| 67 | Amkor Technology AMKR | 1.4 M | $40.1M | 0.17% | +6.8% |
| 68 | Generac Holdings GNRC | 239,173 | $40.0M | 0.17% | +1.4% |
| 69 | RBC Bearings RBC | 102,438 | $40.0M | 0.17% | +82% |
| 70 | ULTA Beauty ULTA | 73,076 | $40.0M | 0.17% | +8.1% |
| 71 | Churchill Downs CHDN | 410,406 | $39.8M | 0.17% | +128% |
| 72 | Vanguard Mrngstar GR ETF-sui ETF VUG | 82,900 | $39.8M | 0.17% | +17% |
| 73 | Organon OGN | 3.7 M | $39.7M | 0.17% | +37% |
| 74 | THOR Industries THO | 381,095 | $39.5M | 0.17% | +42% |
| 75 | Amphenol APH | 319,310 | $39.5M | 0.17% | +63% |
| 76 | Johnson & Johnson JNJ | 213,036 | $39.5M | 0.17% | +16% |
| 77 | EMCOR Group EME | 60,803 | $39.5M | 0.17% | +28% |
| 78 | Booking Holdings BKNG | 7,310 | $39.5M | 0.17% | no change |
| 79 | Vanguard Index Funds VTI | 119,958 | $39.4M | 0.17% | +69% |
| 80 | Cadence Design Systems CDNS | 111,882 | $39.3M | 0.17% | −8.8% |
| 81 | HP HPQ | 1.4 M | $39.2M | 0.17% | +82% |
| 82 | Netflix NFLX | 32,655 | $39.2M | 0.17% | +29% |
| 83 | Ss&c Technologies Holdings SSNC | 437,837 | $38.9M | 0.17% | +35% |
| 84 | Gentex GNTX | 1.4 M | $38.5M | 0.17% | +11% |
| 85 | Gilead Sciences GILD | 345,897 | $38.4M | 0.17% | +23% |
| 86 | APA APA | 1.6 M | $38.3M | 0.17% | +49% |
| 87 | Reynolds Consumer Products REYN | 1.6 M | $38.1M | 0.17% | +182% |
| 88 | Elevance Health ELV | 117,407 | $37.9M | 0.17% | +98% |
| 89 | Biogen BIIB | 270,498 | $37.9M | 0.17% | +65% |
| 90 | F5 FFIV | 116,311 | $37.6M | 0.16% | +17% |
| 91 | Pfizer PFE | 1.5 M | $37.5M | 0.16% | +63% |
| 92 | Delta Air Lines DAL | 659,065 | $37.4M | 0.16% | +59% |
| 93 | Vanguard Mrngstr Val ETF-aui ETF VTV | 200,000 | $37.3M | 0.16% | +58% |
| 94 | Occidental Petroleum OXY | 789,051 | $37.3M | 0.16% | +8.2% |
| 95 | Ferguson Enterprises FERG | 165,281 | $37.1M | 0.16% | +84% |
| 96 | Newmarket NEU | 44,610 | $36.9M | 0.16% | +89% |
| 97 | Planet Fitness PLNT | 355,809 | $36.9M | 0.16% | +34% |
| 98 | iShares Core U.s. Aggregate ETF AGG | 366,824 | $36.8M | 0.16% | +3.4% |
| 99 | Republic Services RSG | 159,333 | $36.6M | 0.16% | +41% |
| 100 | Apollo Global Management APO | 274,303 | $36.6M | 0.16% | +154% |
The 100 largest lines are shown. The other 1,576 add up to 53.7% of the portfolio; full 13F of Gotham Asset Management →
Positions it closed (151)
- Servisfirst Bancshares SFBSwas 0.10% · 722,950 shares
- FMC FMCwas 0.09% · 341,459 shares
- John Hancock Exchange Traded JHEMwas 0.07% · 331,790 shares
- Sonida Senior Living SNDAwas 0.06% · 237,422 shares
- Sight Sciences SGHTwas 0.06% · 156,471 shares
- Under Armour UAwas 0.05% · 1.3 M shares
- Rocket Lab was 0.05% · 214,157 shares
- Nisource NIwas 0.05% · 187,810 shares
- Permian Resources PRwas 0.03% · 406,986 shares
- Manhattan Bridge Capital LOANwas 0.03% · 63,473 shares
- Gain Therapeutics GANXwas 0.03% · 245,896 shares
- Clearmind Medicine was 0.03% · 344,521 shares
- Enphase Energy ENPHwas 0.03% · 110,481 shares
- Clearwater Analytics Holdings CWANwas 0.02% · 172,063 shares
- ING Groep INGwas 0.02% · 169,856 shares
- DXC Technology DXCwas 0.02% · 206,073 shares
- Carter’s CRIwas 0.02% · 100,991 shares
- Oklo OKLOwas 0.02% · 46,612 shares
- Lindblad Expeditions Holdings LINDwas 0.02% · 57,720 shares
- AEVA Technologies AEVAwas 0.01% · 64,418 shares
- GRAB Holdings GRABwas 0.01% · 45,877 shares
- AptarGroup ATRwas 0.01% · 14,310 shares
- Vanguard Index Fds VBRwas 0.01% · 10,175 shares
- CAVA Group CAVAwas 0.01% · 20,209 shares
- AMTD Idea Group AMTDwas 0.01% · 72,052 shares
- Canadian Natural Resources CNQwas 0.01% · 53,958 shares
- LCI Industries LCIIwas 0.01% · 18,399 shares
- ACM Research ACMRwas 0.01% · 64,750 shares
- Manpowergroup MANwas 0.01% · 39,039 shares
- C3 AI AIwas 0.01% · 63,186 shares
- Tandem Diabetes Care TNDMwas 0.01% · 82,432 shares
- Novanta NOVTwas 0.01% · 10,574 shares
- Edison International EIXwas 0.01% · 23,567 shares
- Option Care Health OPCHwas 0.01% · 37,246 shares
- Cavco Industries CVCOwas 0.01% · 2,661 shares
- Carlisle Companies CSLwas 0.01% · 2,903 shares
- Worthington Enterprises WORwas 0.01% · 16,143 shares
- HIMS & Hers Health HIMSwas 0.01% · 18,993 shares
- PAR Technology PARwas 0.01% · 13,343 shares
- Quantum Computing QUBTwas 0.01% · 46,806 shares
- MGP Ingredients MGPIwas 0.01% · 29,682 shares
- Insight Enterprises NSITwas 0.01% · 6,227 shares
- Akamai Technologies AKAMwas 0.00% · 9,877 shares
- Universal UVVwas 0.00% · 13,053 shares
- Benchmark Electronics BHEwas 0.00% · 19,300 shares
- Omnicell OMCLwas 0.00% · 25,015 shares
- Interparfums IPARwas 0.00% · 5,568 shares
- Varonis Systems VRNSwas 0.00% · 13,939 shares
- Goodyear Tire & Rubr GTwas 0.00% · 66,139 shares
- Comstock Resources CRKwas 0.00% · 23,816 shares
- Petrobras - Petroleo Brasileiro PBRwas 0.00% · 50,719 shares
- Mr. Cooper Group COOPwas 0.00% · 4,082 shares
- Universal Technical Institute UTIwas 0.00% · 17,844 shares
- Select Medical Holdings was 0.00% · 38,550 shares
- Texas Roadhouse TXRHwas 0.00% · 3,117 shares
- Clear Secure YOUwas 0.00% · 20,490 shares
- Top Ships TOPSwas 0.00% · 28,266 shares
- Indivior Pharmaceuticals SUPNwas 0.00% · 17,623 shares
- Strategic Education STRAwas 0.00% · 6,497 shares
- Excelerate Energy EEwas 0.00% · 17,634 shares
- CVR Energy CVIwas 0.00% · 18,732 shares
- Photronics PLABwas 0.00% · 25,678 shares
- ARS Pharmaceuticals SPRYwas 0.00% · 27,256 shares
- ADTRAN Holdings ADTNwas 0.00% · 52,018 shares
- Dycom Industries DYwas 0.00% · 1,886 shares
- Lucid Group LCIDwas 0.00% · 21,452 shares
- Wolverine World Wide WWWwas 0.00% · 24,812 shares
- Proshares Tr II SVXYwas 0.00% · 10,281 shares
- American Eagle Outfitters AEOwas 0.00% · 46,016 shares
- Steelcase GJBwas 0.00% · 42,063 shares
- NextNav NNwas 0.00% · 28,693 shares
- Silgan Holdings SLGNwas 0.00% · 7,884 shares
- GeneDx Holdings WGSwas 0.00% · 4,494 shares
- O-i Glass OIwas 0.00% · 28,069 shares
- Canada Goose Holdings GOOSwas 0.00% · 35,682 shares
- Brink’s BCOwas 0.00% · 4,378 shares
- Ryman Hospitality Properties RHPwas 0.00% · 3,849 shares
- Crown Crafts CRWSwas 0.00% · 2,263 shares
- Quaker Chemical KWRwas 0.00% · 3,239 shares
- LA Z BOY LZBwas 0.00% · 9,443 shares
- SL Green Rlty SLGwas 0.00% · 5,670 shares
- MFA Financial MFAwas 0.00% · 35,440 shares
- Taylor Morrison Home TMHCwas 0.00% · 5,445 shares
- ROOT ROOTwas 0.00% · 2,569 shares
- Sony Group SONYwas 0.00% · 12,072 shares
- Middlesex Water MSEXwas 0.00% · 5,643 shares
- Alpha Metallurgical Resources AMRwas 0.00% · 2,704 shares
- Vimeo VMEOwas 0.00% · 74,824 shares
- IMAX IMAXwas 0.00% · 10,649 shares
- Ishares U S ETF Tr COMTwas 0.00% · 14,391 shares
- Tenable Holdings TENBwas 0.00% · 8,761 shares
- Clover Health Investments CLOVwas 0.00% · 105,603 shares
- Vital Energy VTLEwas 0.00% · 18,223 shares
- Kforce KFRCwas 0.00% · 7,124 shares
- Mirion Technologies MIRwas 0.00% · 13,603 shares
- Build-a-bear Workshop BBWwas 0.00% · 5,657 shares
- Vanguard Wellington Fd VFVAwas 0.00% · 18,636 shares
- Archer Aviation ACHRwas 0.00% · 26,718 shares
- Aerovironment AVAVwas 0.00% · 1,009 shares
- AerCap Holdings AERwas 0.00% · 2,417 shares
- Mannkind MNKDwas 0.00% · 71,189 shares
- Vestis VSTSwas 0.00% · 46,165 shares
- Apogee Enterprises APOGwas 0.00% · 6,482 shares
- Golden Entertainment GDENwas 0.00% · 8,843 shares
- Integer Holdings ITGRwas 0.00% · 2,090 shares
- Helios Technologies HLIOwas 0.00% · 7,553 shares
- Phreesia PHRwas 0.00% · 8,761 shares
- Crispr Therapeutics CRSPwas 0.00% · 5,101 shares
- Potlatchdeltic PCHwas 0.00% · 6,335 shares
- Perimeter Solutions PRMwas 0.00% · 17,315 shares
- BlackLine BLwas 0.00% · 4,147 shares
- Enact Holdings ACTwas 0.00% · 5,940 shares
- Netgear NTGRwas 0.00% · 7,471 shares
- CRA International CRAIwas 0.00% · 1,143 shares
- Acushnet Holdings GOLFwas 0.00% · 2,879 shares
- Forward Air FWRDwas 0.00% · 8,483 shares
- Black Hills BKHwas 0.00% · 3,704 shares
- Werner Enterprises WERNwas 0.00% · 7,542 shares
- Albany International AINwas 0.00% · 2,893 shares
- Four Corners Property Trust FCPTwas 0.00% · 7,507 shares
- Veeco Instruments VECOwas 0.00% · 9,907 shares
- Matador Resources MTDRwas 0.00% · 4,215 shares
- Acadia Realty Trust AKRwas 0.00% · 10,214 shares
- TMC the metals TMCwas 0.00% · 25,892 shares
- Cross Country Healthcare was 0.00% · 12,830 shares
- Fortrea Holdings FTREwas 0.00% · 27,787 shares
- Lucid Diagnostics LUCDwas 0.00% · 14,886 shares
- Denison Mines DNNwas 0.00% · 63,437 shares
- BigBear.ai Holdings BBAIwas 0.00% · 16,998 shares
- LegalZoom.com LZwas 0.00% · 12,584 shares
- Eos Energy Enterprises EOSEwas 0.00% · 21,217 shares
- RUM Group RUMwas 0.00% · 11,905 shares
- National Presto Industries NPKwas 0.00% · 12,447 shares
- Sunrun RUNwas 0.00% · 12,820 shares
- Blend Labs BLNDwas 0.00% · 30,535 shares
- Neighborhood Intelligence NXHwas 0.00% · 13,909 shares
- Ecopetrol ECwas 0.00% · 10,000 shares
- Vizsla Silver VZLAwas 0.00% · 29,644 shares
- RLJ Lodging Trust RLJwas 0.00% · 11,439 shares
- Paramount Group PGREwas 0.00% · 12,519 shares
- Vermilion Energy VETwas 0.00% · 10,026 shares
- Lumen Technologies LUMNwas 0.00% · 15,956 shares
- Lithium Americas LACwas 0.00% · 25,815 shares
- Uniti Group UNITwas 0.00% · 9,146 shares
- Aspen Aerogels ASPNwas 0.00% · 10,396 shares
- RPC RESwas 0.00% · 11,312 shares
- Sealsq LAESwas 0.00% · 11,640 shares
- Immunitybio IBRXwas 0.00% · 16,224 shares
- Luminar Technologies LAZRQwas 0.00% · 10,531 shares
- Origin Materials was 0.00% · 50,000 shares
- Ring Energy REIwas 0.00% · 10,481 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.