2026-Q1 MILLENNIUM MANAGEMENT LLC 13F Filing: Millennium Management heavily trims Walmart (WMT) stake

When you open a 13F filing, you're looking at a snapshot of what a large investment manager owned at the end of a calendar quarter. For MILLENNIUM MANAGEMENT LLC's filing for Q1 2026, the data reveals a clear shift away from broad market index ETFs and into specific sectors and individual names.

1. What a 13F discloses: The filing shows the U.S.-listed equity holdings of an institutional manager as of the report date. Here, Millennium reported 4,153 positions with a combined market value that we can infer from the top holdings — the fund is heavily weighted toward Information Technology (29.65% of the portfolio), followed by Financials (12.57%) and Consumer Discretionary (11.61%).

2. How to spot a genuinely new position: Look for new_buy in the action field. Two clear examples are SPYM and AZN. SPYM (a low-volatility S&P 500 ETF) was a new buy with a current value of $1.65B and a portfolio weight of 0.69%. Similarly, AZN (AstraZeneca) entered the portfolio at $901.8M, earning a 0.38% weight. These are fresh bets, not additions to existing stakes.

3. How to read a trim vs. a full exit: A trim means the manager sold some shares, while sold_out means the position was eliminated entirely. For instance, WMT was trimmed from $4.80B down to $708.2M — a dramatic reduction from 2.02% to 0.29% of the portfolio. In contrast, CMA was cleaned out completely (from 0.19% to 0%). A special case is SNDK: the action says trim (shares were sold), but the dollar value actually rose to $892.1M because the stock price gained more than the value of the trimmed shares — as noted by the filing's value_direction_note, this is "NOT a buy."

4. How to read an add: An add means the manager increased the position. Several large adds stand out: CRH grew from $247.1M to $2.92B (weight jumped from 0.1% to 1.22%); IWM (Russell 2000 ETF) was increased to $13.10B (5.45% of portfolio); and TSLA was boosted to $3.05B (1.27% weight). One add with a twist is AAPL: shares were added, but the dollar value fell to $4.72B because the stock price dropped more than the added shares were worth — again, the note clarifies it is "NOT a sell."

5. What the overall pattern suggests: The combined moves point to a deliberate rotation. Millennium reduced broad-based ETFs (QQQ trimmed from 3.35% to 2.55%, SPY from 1.98% to 1.33%, IVV from 4.18% to 3.53%) and plowed capital into sector-specific plays: Energy (XLE, XOM, CTRA all added), Financials (XLF, KRE, BAC, HBAN added), and individual tech names like MSFT, MU, and AMD. The turnover ratio rose from 0.468 to 0.497, confirming an active quarter. The overall portfolio became more concentrated in single stocks and sector ETFs, while heavying up on momentum (momentum tilt increased to +2.1 percentage points).

This Quarter at a Glance