2026-Q1 D. E. Shaw & Co., Inc. 13F Filing: D. E. Shaw's SPY trim: -$2.64B

D. E. Shaw's 2026-Q1 13F shows a deliberate shift away from index-level exposure and into a broader, more idiosyncratic book. Holdings rose from 3260 to 3311, turnover climbed from 0.47935 to 0.537759, and the fund cut its largest passive positions while layering into single names, debt instruments and a couple of fresh positions.

• SPY: trimmed. The position moved by -$2.64B, with portfolio weight dropping from 2.04% to 0.64% — the largest single reduction in the file.
• IVV: sold out. The position was eliminated entirely, removing $804.8M from the book.
• NVDA: trimmed. The position moved by -$1.81B, weight moving from 3.10% to 2.31%.
• PLTR: trimmed. Moved by -$1.40B, weight from 1.50% to 0.80%.
• MSFT: trimmed. Moved by -$929.7M, weight from 2.16% to 1.81%.
• AMD: trimmed. Moved by -$1.06B, weight from 1.39% to 0.89%.
• GOOG: added. Grew by +$1.10B, weight from 0.50% to 1.21%.
• GOOGL: added. Grew by +$729.7M, weight from 1.08% to 1.62%.
• AVGO: added. Grew by +$993.6M, weight from 0.78% to 1.46%.
• TGT: added. Position grew by +$847.1M, weight from 0.19% to 0.72%.
• JPM: added. Grew by +$778.7M, weight from 0.31% to 0.80%.
• NFLX: trimmed. Moved by -$838.8M, weight from 0.83% to 0.40%.
• MCD: trimmed. Moved by -$610.6M, weight from 0.40% to 0.07%.
• AXP: added. Grew by +$574.8M, weight from 0.02% to 0.37%.
• MDB: trimmed. Moved by -$560.7M, weight from 0.45% to 0.15%.
• SNDK: trimmed. The dollar value moved by +$669.5M (weight from 0.31% to 0.74%); per the filing's data note, shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy.
• SOFI: added. The dollar value moved by -$535.1M (weight from 0.77% to 0.52%); per the filing's data note, shares were added (real buying), but the dollar value fell because the stock price dropped more than the added shares were worth — NOT a sell.
• QQQ: new buy. Opened at $432.9M, a 0.26% weight.
• ASML: added. Grew by +$459.4M, weight from 0.15% to 0.44%.
• INTC: added. Grew by +$447.0M, weight from 0.28% to 0.58%.
• MSTR 0 03-01-30: new buy. Opened at $398.7M, a 0.24% weight.
• LITE 1.5 12-15-29: added. Grew by +$389.5M, weight from 0.23% to 0.48%.
• WDC 3 11-15-28: trimmed. The dollar value moved by +$384.0M (weight from 0.39% to 0.66%); per the filing's data note, shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy.
• CRWD: added. Grew by +$358.2M, weight from 0.31% to 0.56%.
• BRK-B: trimmed. Moved by -$355.0M, weight from 0.39% to 0.21%.
• CVNA: trimmed. Moved by -$336.6M, weight from 0.27% to 0.09%.
• STX: added. Grew by +$333.8M, weight from 0.21% to 0.43%.

The SPY and IVV cuts are the tell. Shaw did not simply move to cash; it recycled the proceeds into a wider set of single names and debt securities, lifting holdings from 3260 to 3311 and pushing turnover from 0.47935 to 0.537759. This is a manager accepting more idiosyncratic risk in exchange for less index beta.

The tech book is rotating, not shrinking. NVDA, PLTR, AMD, MSFT and NFLX were all trimmed, yet GOOG, GOOGL, AVGO, ASML and INTC were all added, and Information Technology's sector weight barely moved from 0.3196 to 0.3146. Shaw is selling crowded momentum into strength and buying relative laggards within the same complex.

The sector sheet confirms the tilt: Information Technology remains the largest weight at 0.3146, Consumer Discretionary was cut from 0.1559 to 0.1434, Financials rose from 0.1104 to 0.1154, and Health Care moved up from 0.0989 to 0.1042. Portfolio-level concentration eased only modestly, with HHI moving from 0.00499 to 0.004432.

Key Takeaways

• The filing is a rotation out of passive index exposure and crowded momentum into single-name and debt positions.
• The value-versus-action mismatches in SNDK, SOFI and WDC 3 11-15-28 are price effects, not hidden reversals; the action field is the source of truth.
• The portfolio's risk signature loosened only modestly — turnover climbed, momentum tilt eased from 0.022189 to 0.020533 — while Information Technology stayed dominant.