Great investors · Joel Greenblatt · Q4 2025
What Joel Greenblatt bought and sold in Q4 2025
Gotham Asset Management 13F portfolio as of Dec 31, 2025: 1,719 positions worth $27.4 bn. Largest: SPY, GSPY, NVDA, AAPL. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedState Str Spdr S&P 500 ETF TSPY+2.8 pp
Sells in Q4 2025
No sale of 0.5 points of the portfolio or more this quarter.
1 company with a material move, out of 1 position 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 Q4 2025 13F lists 1,719 lines of US-listed securities worth $27.4 bn; the largest is SPY at 16.8% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:05 PM ET.
Against the previous quarter, it opened 159 positions (CRWV and 158 more), closed 106 (HOLX, QGEN, SOUN and QDEL and 102 more), added to 312 (ABNB, SPY, BIL and VTV and 308 more) and trimmed 71 (MU, CRS, MRK and SNDK and 67 more). 16 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | State Str Spdr S&P 500 ETF T SPY | 6.7 M | $4.6 bn | 16.8% | +20% |
| 2 | Tidal Trust I GSPY | 16.7 M | $616M | 2.25% | no change |
| 3 | NVIDIA NVDA | 3.0 M | $551M | 2.01% | +3.1% |
| 4 | Apple AAPL | 1.6 M | $425M | 1.55% | +9.4% |
| 5 | iShares Core S&P 500 ETF IVV | 407,700 | $279M | 1.02% | +6.5% |
| 6 | Amazon.com AMZN | 993,450 | $229M | 0.84% | +1.5% |
| 7 | Snowflake SNOW | 990,125 | $217M | 0.79% | +3.5% |
| 8 | iShares 0-3 Month Treasury B ETF SGOV | 1.8 M | $179M | 0.66% | +15% |
| 9 | Alphabet GOOGL | 521,193 | $163M | 0.60% | +3.6% |
| 10 | Vanguard Mrngstr Val ETF-aui ETF VTV | 766,649 | $146M | 0.53% | +283% |
| 11 | Microsoft MSFT | 285,976 | $138M | 0.51% | +1.4% |
| 12 | State Street SPDR BB 1-3m T-bill ETF BIL | 1.4 M | $128M | 0.47% | +381% |
| 13 | Broadcom AVGO | 333,654 | $115M | 0.42% | +3.8% |
| 14 | Vanguard S&P 500 ETF VOO | 180,596 | $113M | 0.41% | +14% |
| 15 | Airbnb ABNB | 783,554 | $106M | 0.39% | ×117 |
| 16 | Tidal Trust I GVLU | 3.8 M | $94.3M | 0.34% | no change |
| 17 | iShares Core Msci Eafe ETF IEFA | 993,241 | $88.9M | 0.32% | +13% |
| 18 | Western Digital WDC | 506,754 | $87.3M | 0.32% | −4.7% |
| 19 | Meta Platforms META | 131,914 | $87.1M | 0.32% | +18% |
| 20 | Palantir Technologies PLTR | 449,606 | $79.9M | 0.29% | +9.8% |
| 21 | Tesla TSLA | 164,680 | $74.1M | 0.27% | +4.5% |
| 22 | Tapestry TPR | 576,727 | $73.7M | 0.27% | −3.9% |
| 23 | Newmont NEM | 716,806 | $71.6M | 0.26% | no change |
| 24 | Caterpillar CAT | 122,473 | $70.2M | 0.26% | +5% |
| 25 | Ishares IEMG | 1.0 M | $68.1M | 0.25% | +14% |
| 26 | Delta Air Lines DAL | 972,583 | $67.5M | 0.25% | +48% |
| 27 | Weatherford International WFRD | 849,273 | $66.5M | 0.24% | +8.1% |
| 28 | Duke Energy DUK | 561,222 | $65.8M | 0.24% | +148% |
| 29 | Micron Technology MU | 230,124 | $65.7M | 0.24% | −23% |
| 30 | iShares Gold Trust ETF IAU | 796,388 | $64.6M | 0.24% | +184% |
| 31 | Southern Copper Corp/ SCCO | 445,987 | $64.0M | 0.23% | +5.4% |
| 32 | Invesco QQQ Trust Series 1 ETF QQQ | 103,627 | $63.7M | 0.23% | no change |
| 33 | Expedia Group EXPE | 220,113 | $62.4M | 0.23% | +46% |
| 34 | Regeneron Pharmaceuticals REGN | 80,271 | $62.0M | 0.23% | −4.7% |
| 35 | Alphabet GOOG | 196,826 | $61.8M | 0.23% | +8.7% |
| 36 | AST Spacemobile ASTS | 825,517 | $60.0M | 0.22% | −2.2% |
| 37 | TechnipFMC FTI | 1.3 M | $59.5M | 0.22% | +65% |
| 38 | Expand Energy EXE | 536,775 | $59.2M | 0.22% | +33% |
| 39 | Nordson NDSN | 244,680 | $58.8M | 0.21% | +17% |
| 40 | lululemon athletica LULU | 282,434 | $58.7M | 0.21% | +216% |
| 41 | Boyd Gaming BYD | 683,674 | $58.3M | 0.21% | +34% |
| 42 | nVent Electric NVT | 570,862 | $58.2M | 0.21% | +12% |
| 43 | Charles River Laboratories International CRL | 289,516 | $57.8M | 0.21% | −8.3% |
| 44 | Churchill Downs CHDN | 496,205 | $56.5M | 0.21% | +21% |
| 45 | APA APA | 2.3 M | $56.0M | 0.20% | +45% |
| 46 | Gen Digital GEN | 2.0 M | $55.2M | 0.20% | +35% |
| 47 | FOX FOXA | 737,825 | $53.9M | 0.20% | +12% |
| 48 | Sandisk SNDK | 224,493 | $53.3M | 0.19% | −21% |
| 49 | AppLovin APP | 79,024 | $53.2M | 0.19% | −3.3% |
| 50 | RBC Bearings RBC | 117,141 | $52.5M | 0.19% | +14% |
| 51 | ULTA Beauty ULTA | 86,415 | $52.3M | 0.19% | +18% |
| 52 | Cisco Systems CSCO | 677,023 | $52.2M | 0.19% | −2.2% |
| 53 | NetApp NTAP | 483,487 | $51.8M | 0.19% | +17% |
| 54 | Pentair PNR | 491,817 | $51.2M | 0.19% | +27% |
| 55 | Comfort Systems USA FIX | 54,395 | $50.8M | 0.19% | +43% |
| 56 | Lam Research LRCX | 295,410 | $50.6M | 0.18% | +25% |
| 57 | Berkshire Hathaway BRK/B | 100,492 | $50.5M | 0.18% | −2.7% |
| 58 | Johnson & Johnson JNJ | 239,366 | $49.5M | 0.18% | +12% |
| 59 | Walt Disney DIS | 435,304 | $49.5M | 0.18% | +6.1% |
| 60 | Brookfield Renewable BEPC | 1.3 M | $49.4M | 0.18% | +128% |
| 61 | General Dynamics GD | 146,322 | $49.3M | 0.18% | +8.3% |
| 62 | Old Republic International ORI | 1.1 M | $49.3M | 0.18% | +32% |
| 63 | Evergy EVRG | 679,078 | $49.2M | 0.18% | +21% |
| 64 | Landstar System LSTR | 340,451 | $48.9M | 0.18% | +31% |
| 65 | Biogen BIIB | 276,809 | $48.7M | 0.18% | +2.3% |
| 66 | Jabil JBL | 213,192 | $48.6M | 0.18% | +1.8% |
| 67 | Boston Beer SAM | 248,910 | $48.6M | 0.18% | +17% |
| 68 | Verisign VRSN | 199,621 | $48.5M | 0.18% | +91% |
| 69 | Amphenol APH | 353,888 | $47.8M | 0.17% | +11% |
| 70 | Crown Holdings CCK | 463,482 | $47.7M | 0.17% | +70% |
| 71 | C.h. Robinson Worldwide CHRW | 296,468 | $47.7M | 0.17% | +14% |
| 72 | Jack Henry & Associates JKHY | 260,328 | $47.5M | 0.17% | +61% |
| 73 | Planet Fitness PLNT | 437,862 | $47.5M | 0.17% | +23% |
| 74 | Factset Research Systems FDS | 163,482 | $47.4M | 0.17% | +584% |
| 75 | CF Industries Holdings CF | 609,665 | $47.2M | 0.17% | +54% |
| 76 | Omnicom Group OMC | 583,675 | $47.1M | 0.17% | +31% |
| 77 | Merck MRK | 447,427 | $47.1M | 0.17% | −24% |
| 78 | Amkor Technology AMKR | 1.2 M | $47.1M | 0.17% | −16% |
| 79 | Occidental Petroleum OXY | 1.1 M | $46.5M | 0.17% | +43% |
| 80 | Mid-america Apartment Communities MAA | 330,474 | $45.9M | 0.17% | +62% |
| 81 | Booking Holdings BKNG | 8,550 | $45.8M | 0.17% | +17% |
| 82 | MasTec MTZ | 207,529 | $45.1M | 0.16% | −1.8% |
| 83 | General Motors GM | 554,707 | $45.1M | 0.16% | +77% |
| 84 | Vanguard Mrngstar GR ETF-sui ETF VUG | 92,450 | $45.1M | 0.16% | +12% |
| 85 | Howmet Aerospace HWM | 219,661 | $45.0M | 0.16% | +4.1% |
| 86 | Marsh & Mclennan Companies MRSH | 241,655 | $44.8M | 0.16% | +108% |
| 87 | Rockwell Automation ROK | 115,163 | $44.8M | 0.16% | +35% |
| 88 | Aflac AFL | 405,813 | $44.7M | 0.16% | +29% |
| 89 | Pinnacle West Capital PNW | 504,112 | $44.7M | 0.16% | +37% |
| 90 | Polaris PII | 706,173 | $44.7M | 0.16% | −6.3% |
| 91 | Dillard’s DDS | 73,642 | $44.7M | 0.16% | +11% |
| 92 | Travel & Leisure TNL | 631,336 | $44.5M | 0.16% | +139% |
| 93 | Masimo MASI | 342,194 | $44.5M | 0.16% | +165% |
| 94 | Viatris VTRS | 3.5 M | $44.1M | 0.16% | +5.8% |
| 95 | Flowers Foods FLO | 4.0 M | $43.8M | 0.16% | +860% |
| 96 | Verisk Analytics VRSK | 195,756 | $43.8M | 0.16% | +201% |
| 97 | Owens Corning OC | 389,784 | $43.6M | 0.16% | +20% |
| 98 | PTC PTC | 250,288 | $43.6M | 0.16% | +64% |
| 99 | Hasbro HAS | 530,297 | $43.5M | 0.16% | +59% |
| 100 | Bristol-myers Squibb BMY | 782,868 | $42.2M | 0.15% | +12% |
The 100 largest lines are shown. The other 1,619 add up to 53.9% of the portfolio; full 13F of Gotham Asset Management →
Positions it closed (106)
- Hologic HOLXwas 0.19% · 639,921 shares
- Qiagen QGENwas 0.05% · 273,673 shares
- Soundhound AI SOUNwas 0.04% · 533,185 shares
- Quidelortho QDELwas 0.02% · 163,417 shares
- BCE BCEwas 0.02% · 170,512 shares
- Zimmer Biomet Holdings ZBHwas 0.02% · 39,377 shares
- Remitly Global RELYwas 0.02% · 230,446 shares
- Valvoline VVVwas 0.01% · 82,649 shares
- Canadian National Railway CNIwas 0.01% · 23,969 shares
- Power Integrations POWIwas 0.01% · 44,873 shares
- Ouster OUSTwas 0.01% · 62,610 shares
- Canadian Pacific Kansas City CPwas 0.01% · 22,439 shares
- Rigetti Computing RGTIwas 0.01% · 55,598 shares
- Marriott Vacations Worldwide VACwas 0.01% · 24,883 shares
- MGE Energy MGEEwas 0.01% · 16,486 shares
- Kadant KAIwas 0.01% · 3,900 shares
- Merit Medical Systems MMSIwas 0.00% · 13,005 shares
- Oddity Tech ODDwas 0.00% · 17,365 shares
- Energizer Holdings ENRwas 0.00% · 40,239 shares
- Moderna MRNAwas 0.00% · 38,774 shares
- Light & Wonder LNWOwas 0.00% · 11,181 shares
- AMN Healthcare Services AMNwas 0.00% · 47,408 shares
- Traeger was 0.00% · 4,082 shares
- ICF International ICFIwas 0.00% · 8,957 shares
- BioLife Solutions BLFSwas 0.00% · 29,812 shares
- Syndax Pharmaceuticals SNDXwas 0.00% · 48,246 shares
- Dorman Products DORMwas 0.00% · 4,613 shares
- Cracker Barrel Old Country Store CBRLwas 0.00% · 15,863 shares
- Century Aluminum CENXwas 0.00% · 22,586 shares
- Alamo Group ALGwas 0.00% · 3,405 shares
- Shutterstock SSTKwas 0.00% · 29,213 shares
- Tempus AI TEMwas 0.00% · 7,233 shares
- GEO Group GEOwas 0.00% · 26,664 shares
- Knight-Swift Transportation Holdings KNXwas 0.00% · 13,717 shares
- Capital Group Intl Focus EQT CGXUwas 0.00% · 18,145 shares
- Bloomin’ Brands BLMNwas 0.00% · 69,045 shares
- ScanSource SCSCwas 0.00% · 11,065 shares
- Life360 LIFwas 0.00% · 4,464 shares
- HNI HNIwas 0.00% · 10,070 shares
- Greif GEFwas 0.00% · 7,798 shares
- American Woodmark Corporatio was 0.00% · 6,914 shares
- Kontoor Brands KTBwas 0.00% · 5,475 shares
- Chart Industries was 0.00% · 2,127 shares
- Gitlab GTLBwas 0.00% · 9,266 shares
- Quantumscape QSwas 0.00% · 32,739 shares
- Natural Grocers by Vitamin Cottage NGVCwas 0.00% · 10,031 shares
- NexGen Energy NXEwas 0.00% · 44,819 shares
- Oscar Health OSCRwas 0.00% · 20,100 shares
- QXO QXOwas 0.00% · 19,482 shares
- Five9 FIVNwas 0.00% · 15,240 shares
- Methanex MEOHwas 0.00% · 9,143 shares
- IonQ IONQwas 0.00% · 5,784 shares
- Pursuit Attractions and Hospitality PRSUwas 0.00% · 9,511 shares
- Opendoor Technologies OPENwas 0.00% · 41,702 shares
- Perrigo PRGOwas 0.00% · 14,551 shares
- Chefs’ Warehouse CHEFwas 0.00% · 5,476 shares
- Principal Exchange Traded Fd PSCwas 0.00% · 5,566 shares
- Janus Detroit Str Tr JSMDwas 0.00% · 3,731 shares
- Kratos Defense & Security Solutions KTOSwas 0.00% · 3,360 shares
- CAE CAEwas 0.00% · 10,314 shares
- Construction Partners ROADwas 0.00% · 2,364 shares
- Allient ALNTwas 0.00% · 6,427 shares
- Alpha and Omega Semiconductor AOSLwas 0.00% · 9,978 shares
- Select Sector Spdr Tr XLBwas 0.00% · 5,974 shares
- LGI Homes LGIHwas 0.00% · 5,176 shares
- OneSpan OSPNwas 0.00% · 16,167 shares
- Cable One CABOwas 0.00% · 1,447 shares
- Ishares Tr IDUwas 0.00% · 2,287 shares
- Ishares Tr IYEwas 0.00% · 5,308 shares
- New Jersey Resources NJRwas 0.00% · 5,166 shares
- Impinj PIwas 0.00% · 1,364 shares
- USA Rare Earth USARwas 0.00% · 21,494 shares
- Astec Industries ASTEwas 0.00% · 5,037 shares
- Matthews International MATWwas 0.00% · 9,875 shares
- Corsair Gaming CRSRwas 0.00% · 26,274 shares
- Franklin BSP Realty Trust FBRTwas 0.00% · 21,400 shares
- Brady BRCwas 0.00% · 2,918 shares
- PLUG Power PLUGwas 0.00% · 96,151 shares
- Ambarella AMBAwas 0.00% · 2,672 shares
- XPEL XPELwas 0.00% · 6,469 shares
- Ishares Tr HEFAwas 0.00% · 5,320 shares
- Frontline FROwas 0.00% · 9,069 shares
- Urban Edge Properties UEwas 0.00% · 9,953 shares
- Huron Consulting Group HURNwas 0.00% · 1,383 shares
- MillerKnoll MLKNwas 0.00% · 11,169 shares
- Avadel Pharmaceuticals AVDLwas 0.00% · 12,885 shares
- Evolv Technologies Holdings EVLVwas 0.00% · 25,519 shares
- KinderCare Learning Companies KLCwas 0.00% · 24,835 shares
- Gray Media GTNwas 0.00% · 27,630 shares
- Niagen Bioscience NAGEwas 0.00% · 16,665 shares
- Nokia NOKwas 0.00% · 31,320 shares
- Target Hospitality THwas 0.00% · 16,935 shares
- Nexxen International NEXNwas 0.00% · 14,280 shares
- Priority Technology Holdings PRTHwas 0.00% · 18,400 shares
- Lucky Strike Entertainment LUCKwas 0.00% · 12,120 shares
- Avanos Medical AVNSwas 0.00% · 10,050 shares
- LXP Industrial Trust LXPwas 0.00% · 2,068 shares
- Siga Technologies SIGAwas 0.00% · 10,059 shares
- B&g Foods BGSwas 0.00% · 20,379 shares
- Hudson Pacific Properties HPPwas 0.00% · 3,045 shares
- Geron GERNwas 0.00% · 38,830 shares
- EVgo EVGOwas 0.00% · 10,536 shares
- Beyond Meat BYNDwas 0.00% · 18,293 shares
- Ballard Power Systems BLDPwas 0.00% · 10,032 shares
- Pacific Biosciences of California PACBwas 0.00% · 18,763 shares
- Nextdoor Holdings NXDRwas 0.00% · 11,013 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.