ZI
ZEGA Investments, LLC 13F Filings & Institutional Holdings (Q2 2026)
ZEGA Investments, LLCCIK: 0002045703
Momentum followerSector-focusedLong-term holder
Total reported value
$973.0M
Reporting period: 2026-06-30 · Number of holdings: 730
ZEGA Investments, LLC disclosed 730 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $973.0M and a quarterly turnover rate of 18.6%.
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Personality snowflake
- Concentration
- 35.42
- Portfolio Stability
- 18.57
- Momentum
- 100
- Sector conviction
- 77.02
- Diversification
- 100
- Sizing Uniformity
- 57.32
ZEGA Investments, LLC's disclosed holdings carry a Herfindahl concentration index of 0.089 — mathematically equivalent to about 11 equally-sized positions, well below its 730 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.27), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 56% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim XOM
+3.7% -$12.5M
Add MU
+1199.4% $12.2M
Trim AAPL
-8.6% $5.2M
Trim JPM
-62.2% -$4.1M
Add GOOGL
+40.7% $5.1M
New buy ADP
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 730 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 24.04% | +0.17% | -4.10% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 13.21% | -0.65% | -8.61% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 5.80% | +0.12% | -2.54% | |
| 4 | HYBL | Ss Blackstone High Inc ETF | ETF-Other | 5.55% | -0.38% | +2.03% | |
| 5 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 4.60% | -0.08% | +14.61% | |
| 6 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.37% | +0.30% | +5.03% | |
| 7 | ZHDG | Zega Buy And Hedge ETF | ETF-Other | 2.43% | -0.03% | -3.23% | |
| 8 | MSFT | Microsoft CORP | Stock-Tech | 2.15% | +0.25% | +22.88% | |
| 9 | TSLA | Tesla Inc | Stock-Consumer Disc | 1.89% | -0.11% | -8.77% | |
| 10 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.85% | — | -14.17% | |
| 11 | AFL | Aflac Inc | Stock-Financials | 1.54% | -0.03% | +0.02% | |
| 12 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.30% | -0.03% | +8.89% | |
| 13 | MU | Micron Technology Inc | Stock-Tech | 1.29% | +1.26% | +1199.40% | |
| 14 | ABBV | Abbvie Inc | Stock-Healthcare | 1.27% | — | -5.03% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.22% | +0.45% | +40.69% | |
| 16 | XOM | Exxon Mobil CORP | Stock-Energy | 1.00% | -1.49% | +3.67% | |
| 17 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.94% | -0.15% | -27.31% | |
| 18 | SJNK | Ss Spdr Bb St Hi Yield ETF | ETF-Other | 0.86% | -0.09% | -1.07% | |
| 19 | SRLN | Ss Blackstone Sr Loan ETF | ETF-Other | 0.83% | -0.07% | -0.13% | |
| 20 | NVDL | Granitesh 2x Lng Nvda ETF | ETF-Other | 0.64% | -0.39% | +64.47% | |
| 21 | GLD | Spdr Gold Shares | ETF-Commodities | 0.61% | -0.06% | +15.79% | |
| 22 | CAT | Caterpillar Inc | Stock-Industrials | 0.59% | +0.15% | -3.66% | |
| 23 | WMT | Walmart Inc | Stock-Consumer Staples | 0.58% | -0.17% | -6.10% | |
| 24 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.58% | — | — | |
| 25 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.55% | +0.20% | +11.66% | |
| 26 | HD | Home Depot Inc | Stock-Consumer Disc | 0.54% | +0.05% | +10.70% | |
| 27 | AVGO | Broadcom Inc | Stock-Tech | 0.51% | +0.02% | -5.67% | |
| 28 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.49% | -0.17% | -33.59% | |
| 29 | ABT | Abbott Laboratories | Stock-Healthcare | 0.47% | +0.01% | +26.00% | |
| 30 | V | Visa Inc-class A Shares | Stock-Financials | 0.43% | +0.02% | +1.67% | |
| 31 | ADP | Automatic Data Processing | Stock-Tech | 0.40% | +0.40% | NEW | |
| 32 | ANET | Arista Networks Inc | Stock-Tech | 0.38% | +0.25% | +121.97% | |
| 33 | MCK | Mckesson CORP | Stock-Healthcare | 0.36% | -0.08% | +0.07% | |
| 34 | AMD | Advanced Micro Devices | Stock-Tech | 0.33% | +0.12% | -40.07% | |
| 35 | QQQM | Invesco Nasdaq 100 ETF | ETF-Tech | 0.32% | +0.06% | +6.30% | |
| 36 | MMM | 3m Co | Stock-Industrials | 0.31% | — | — | |
| 37 | RTX | Rtx CORP | Stock-Industrials | 0.31% | -0.03% | +0.22% | |
| 38 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.31% | -0.49% | -62.18% | |
| 39 | PAVE | Global X US Infrastructure | ETF-Other | 0.31% | +0.13% | +57.02% | |
| 40 | BIGY | Yldm Tart 12 Smicd Opt I ETF | ETF-Other | 0.30% | +0.08% | +39.30% | |
| 41 | SPTI | Ss Spdr P Int Term Tsy ETF | ETF-Other | 0.29% | +0.03% | +22.91% | |
| 42 | WEC | Wec Energy Group Inc | Stock-Utilities | 0.28% | +0.28% | NEW | |
| 43 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.28% | -0.04% | -8.75% | |
| 44 | CGDV | Cap Group Dividend Value | ETF-Other | 0.27% | +0.06% | +18.16% | |
| 45 | VLO | Valero Energy CORP | Stock-Energy | 0.27% | +0.27% | NEW | |
| 46 | GRNJ | Fundstr Gran Sh US Sm & Mid | ETF-Other | 0.26% | +0.10% | +42.74% | |
| 47 | MAR | Marriott International -cl A | Stock-Consumer Disc | 0.26% | -0.08% | -26.01% | |
| 48 | USB | US Bancorp | Stock-Financials | 0.26% | -0.04% | -18.67% | |
| 49 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.25% | +0.06% | +38.69% | |
| 50 | PH | Parker Hannifin CORP | Stock-Industrials | 0.24% | +0.08% | +54.52% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+1.7%
Performance Last 4 Quarters
+20.2%
- Stdev
- +12.2%
- Beta
- +0.88
- Alpha
- +0.9%
- Max Drawdown
- -4.5%
- Annualized Perf
- +18.5%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +3.03
- Stutzer
- +0.43
- Treynor
- +0.2
- Sterling
- +1.27
- Calmar
- +4.1
- Information Ratio
- -0.39
- Tracking Error
- +3.4%
- Stdev Down
- +5.9%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +29.9%
- Worst 12 Months
- +14.6%
- Efficiency Ratio
- +0.53
- Sharpe
- +1.46
- Stdev Sectors
- +12.5%
- Skewness
- -0.04
- Kurtosis
- -0.31
- Upside Potential
- +4.62
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
ZEGA Investments, LLC's most significant position changes for 2026-06-30: New buy: Automatic Data Processing (ADP); New buy: Wec Energy Group Inc (WEC); New buy: Valero Energy CORP (VLO); New buy: Rocket Lab CORP (RKLB); Sold out: Kinder Morgan, Inc. (KMI).
Showing top 200 changes by size (of 230 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +1.3% | +1199.40% | Add |
| 2 | GOOGL | Alphabet Inc-cl A | +0.5% | +40.69% | Add |
| 3 | ADP | Automatic Data Processing | +0.4% | NEW | New buy |
| 4 | AMZN | Amazon.com Inc | +0.3% | +5.03% | Add |
| 5 | WEC | Wec Energy Group Inc | +0.3% | NEW | New buy |
| 6 | VLO | Valero Energy CORP | +0.3% | NEW | New buy |
| 7 | MSFT | Microsoft CORP | +0.3% | +22.88% | Add |
| 8 | ANET | Arista Networks Inc | +0.3% | +121.97% | Add |
| 9 | UNH | Unitedhealth Group Inc | +0.2% | +11.66% | Add |
| 10 | RKLB | Rocket Lab CORP | +0.2% | NEW | New buy |
| 11 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.2% | -4.10% | Trim |
| 12 | CAT | Caterpillar Inc | +0.2% | -3.66% | Trim |
| 13 | PAVE | Global X US Infrastructure | +0.1% | +57.02% | Add |
| 14 | NVDA | Nvidia CORP | +0.1% | -2.54% | Trim |
| 15 | AMD | Advanced Micro Devices | +0.1% | -40.07% | Trim |
| 16 | SHY | Ishares 1-3 Year Treasury Bo | +0.1% | NEW | New buy |
| 17 | CB | Chubb Limited | +0.1% | NEW | New buy |
| 18 | SYY | Sysco CORP | +0.1% | NEW | New buy |
| 19 | GRNJ | Fundstr Gran Sh US Sm & Mid | +0.1% | +42.74% | Add |
| 20 | UPS | United Parcel Service-cl B | +0.1% | +125.06% | Add |
| 21 | SOXX | Ishares Semiconductor ETF | +0.1% | +2.33% | Add |
| 22 | BIGY | Yldm Tart 12 Smicd Opt I ETF | +0.1% | +39.30% | Add |
| 23 | PH | Parker Hannifin CORP | +0.1% | +54.52% | Add |
| 24 | PM | Philip Morris International | +0.1% | NEW | New buy |
| 25 | MBIN | Merchants Bancorp/in | +0.1% | NEW | New buy |
| 26 | FMKT | THE Free Markets ETF | +0.1% | NEW | New buy |
| 27 | QQQM | Invesco Nasdaq 100 ETF | +0.1% | +6.30% | Add |
| 28 | SOXY | Yieldmax Target 12 Sc Oi ETF | +0.1% | -15.06% | Trim |
| 29 | JNJ | Johnson & Johnson | +0.1% | +38.69% | Add |
| 30 | CGDV | Cap Group Dividend Value | +0.1% | +18.16% | Add |
| 31 | CF | Cf Industries Holdings Inc | +0.1% | NEW | New buy |
| 32 | HD | Home Depot Inc | +0.1% | +10.70% | Add |
| 33 | XAR | Ss Spdr S&p Aerospace Def | +0.1% | +32.61% | Add |
| 34 | SPYM | Ste Str Spdr Pt S&p 500 ETF | +0.1% | +23.53% | Add |
| 35 | BOXX | Alpha Architect 1-3 Mnth Box | +0.1% | +135.32% | Add |
| 36 | IBM | Intl Business Machines CORP | +0.1% | NEW | New buy |
| 37 | NOW | Servicenow Inc | +0.1% | NEW | New buy |
| 38 | MP | Mp Materials CORP | +0.1% | NEW | New buy |
| 39 | INTC | Intel CORP | +0.1% | -48.08% | Trim |
| 40 | SO | Southern Co/the | +0.1% | NEW | New buy |
| 41 | MCHP | Microchip Technology Inc | 0% | -0.01% | Trim |
| 42 | AMAT | Applied Materials Inc | 0% | +0.98% | Add |
| 43 | TLT | Ishares 20+ Year Treasury Bd | 0% | NEW | New buy |
| 44 | CI | THE Cigna Group | 0% | NEW | New buy |
| 45 | GD | General Dynamics CORP | 0% | NEW | New buy |
| 46 | BAC | Bank Of America CORP | 0% | NEW | New buy |
| 47 | AXSM | Axsome Therapeutics Inc | 0% | NEW | New buy |
| 48 | GRNY | Fundstr Gran Sh US Lrg Cap | 0% | NEW | New buy |
| 49 | SPTI | Ss Spdr P Int Term Tsy ETF | 0% | +22.91% | Add |
| 50 | ICOW | Pacer Developed Markets Inte | 0% | +30.78% | Add |
1–50 of 200
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is ZEGA Investments, LLC and what type of investor is it?
ZEGA Investments, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $973.0M, spread across 730 disclosed positions.
What are ZEGA Investments, LLC's largest equity positions?
Based on the latest 13F filing, ZEGA Investments, LLC's top holdings by market value are:
1. Ss Spdr S&p 500 ETF Trust-us (SPY) — $233.9M (24.0%)
2. Apple Inc (AAPL) — $128.5M (13.2%)
3. Nvidia CORP (NVDA) — $56.5M (5.8%)
4. Ss Blackstone High Inc ETF (HYBL) — $54.0M (5.5%)
5. Costco Wholesale CORP (COST) — $44.8M (4.6%)
What changes did ZEGA Investments, LLC make in its most recent portfolio filing?
In the latest reported quarter, ZEGA Investments, LLC made 192 notable position adjustments: 39 new positions were initiated, 72 existing holdings were added to, 67 positions were partially reduced, and 14 were completely exited. The largest of these moves: New buy: Automatic Data Processing (ADP); New buy: Wec Energy Group Inc (WEC); New buy: Valero Energy CORP (VLO); New buy: Rocket Lab CORP (RKLB); Sold out: Kinder Morgan, Inc. (KMI)
What sectors does ZEGA Investments, LLC focus on?
ZEGA Investments, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 46.0%
• Consumer Discretionary: 11.8%
• Consumer Staples: 11.1%
• Health Care: 7.6%
• Industrials: 6.6%
• Financials: 6.3%
Investment Profile
ZEGA Investments, LLC returned an annualized 18.5% over the trailing 18 months — outperforming the S&P 500 by 0.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.88 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 46.0% of the portfolio concentrated in Information Technology.
Its concentration score has fallen from 69 to 35 over the past 4 quarters — a shift toward broader diversification.
It has added to its COST position over the past two quarters (+$21.4M, now $44.8M), while trimming JPM over the same stretch (-$6.4M, still holding $3.0M).
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Developer Access
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REST API
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