CIK: 0002001019
Total reported value
$19.8B
Reporting period: 2026-03-31 · Number of holdings: 575
NEOS Investment Management LLC disclosed 575 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $19.8B and a quarterly turnover rate of 24.9%.
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NEOS Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 47 equally-sized positions, well below its 575 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 3.34), 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.
Add WMT
+455.0% $344.8M
Trim MSFT
+19.6% -$87.8M
Add VTWO
+46.3% $212.2M
Add IEFA
+225.0% $103.1M
Add COST
+28.2% $99.6M
Add MU
+28.7% $90.6M
NEOS is systematically rotating capital into defensive staples and international equity while actively buying the dip in their dominant tech momentum positions. The simultaneous scale-up in WMT, COST, and IEFA alongside adds in NVDA, MSFT, AAPL, and MU signals a machine-driven conviction that the AI trade is intact but requires a macro hedged wrapper: this is an alpha-seeking momentum overlay, not a defensive consolidation.
This portfolio is pricing in a regime where US Large Cap Growth reprices on a Fed pivot while the US consumer holds steady enough to support Staples. The massive IEFA entry (0.26% to 0.75%) is a direct bet against US Exceptionalism, anticipating a global catch-up trade. The opposing thesis is that the AI price compression is a structural multiple derating on capex ROI, and the defensive rotation into crowded Staples provides no real hedge against a concurrent factor unwind in momentum.
NEOS's extreme momentum tilt (a perfect 100/100 score) combined with 575 positions creates a false sense of resilience. The portfolio's convexity is entirely one-sided: a liquidation event in the AI complex (41% in IT alone) would trigger a forced momentum cross where every added share in NVDA, MSFT, AAPL, and MU becomes a liability as the factor signal inverts. The sheer liquidity demanded by this scale of momentum crowd is the portfolio's single greatest structural vulnerability.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Showing top 200 holdings (of 575 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.38% | -0.22% | +18.72% | |
| 2 | AAPL | Apple INC | Stock-Tech | 6.55% | -0.19% | +19.13% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.79% | -1.21% | +19.58% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.74% | -0.23% | +19.35% | |
| 5 | VTWO | Vanguard Russell 2000 ETF | ETF-Small Cap | 3.34% | +0.74% | +46.26% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.91% | -0.13% | +19.53% | |
| 7 | TSLA | Tesla INC | Stock-Consumer Disc | 2.63% | -0.13% | +31.88% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.60% | -0.21% | +22.40% | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.54% | -0.14% | +19.09% | |
| 10 | AVGO | Broadcom INC | Stock-Tech | 2.54% | -0.16% | +20.62% | |
| 11 | WMT | Walmart INC | Stock-Consumer Staples | 2.08% | +1.70% | +455.04% | |
| 12 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.55% | +0.35% | +28.22% | |
| 13 | NFLX | Netflix INC | Stock-Comm Services | 1.42% | +0.17% | +27.39% | |
| 14 | MU | Micron Technology INC | Stock-Tech | 1.33% | +0.33% | +28.73% | |
| 15 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 1.17% | — | +24.81% | |
| 16 | AMD | Advanced Micro Devices | Stock-Tech | 1.16% | +0.07% | +28.27% | |
| 17 | CSCO | Cisco Systems INC | Stock-Tech | 1.07% | +0.12% | +27.39% | |
| 18 | AMAT | Applied Materials INC | Stock-Tech | 0.95% | +0.29% | +23.59% | |
| 19 | LRCX | Lam Research CORP | Stock-Tech | 0.93% | +0.24% | +23.29% | |
| 20 | LIN | Linde plc | Stock-Materials | 0.81% | +0.14% | +19.26% | |
| 21 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.75% | +0.49% | +225.03% | |
| 22 | PEP | Pepsico INC | Stock-Consumer Staples | 0.74% | +0.12% | +26.34% | |
| 23 | INTC | Intel CORP | Stock-Tech | 0.73% | +0.21% | +35.06% | |
| 24 | TMUS | T-mobile US INC | Stock-Comm Services | 0.72% | +0.10% | +28.00% | |
| 25 | IBIT | Ishares Bitcoin Trust ETF | ETF-Crypto | 0.68% | +0.06% | +62.31% | |
| 26 | KLAC | Kla CORP | Stock-Tech | 0.67% | +0.19% | +32.73% | |
| 27 | AMGN | Amgen INC | Stock-Healthcare | 0.66% | +0.09% | +21.83% | |
| 28 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.66% | — | +11.95% | |
| 29 | TXN | Texas Instruments INC | Stock-Tech | 0.61% | +0.11% | +25.80% | |
| 30 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.60% | +0.09% | +18.86% | |
| 31 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.60% | — | +11.58% | |
| 32 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.57% | — | +23.74% | |
| 33 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.55% | — | +0.70% | |
| 34 | ADI | Analog Devices INC | Stock-Tech | 0.54% | +0.12% | +26.03% | |
| 35 | XOM | Exxon Mobil CORP | Stock-Energy | 0.53% | +0.13% | +7.13% | |
| 36 | HODL | Vaneck Bitcoin ETF | ETF-Crypto | 0.52% | -0.25% | -0.59% | |
| 37 | HON | Honeywell International INC | Stock-Industrials | 0.50% | +0.08% | +16.88% | |
| 38 | QCOM | Qualcomm INC | Stock-Tech | 0.48% | — | +24.64% | |
| 39 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.47% | — | +32.53% | |
| 40 | AAAU | Goldman Sachs Physical Gold | ETF-Commodities | 0.46% | +0.08% | +26.29% | |
| 41 | PANW | Palo Alto Networks INC | Stock-Tech | 0.45% | — | +52.42% | |
| 42 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.44% | — | -1.20% | |
| 43 | INTU | Intuit INC | Stock-Tech | 0.42% | — | +23.77% | |
| 44 | APP | Applovin Corp-class A | Stock-Tech | 0.42% | -0.19% | +31.23% | |
| 45 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.41% | — | +25.59% | |
| 46 | BND | Vanguard Total Bond Market | ETF-Other | 0.41% | — | +25.59% | |
| 47 | SHOP | Shopify INC - Class A | Stock-Tech | 0.40% | — | +33.71% | |
| 48 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 0.39% | — | +19.08% | |
| 49 | V | Visa Inc-class A Shares | Stock-Financials | 0.38% | — | +3.10% | |
| 50 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 0.36% | — | +23.81% |
Performance for Q3 2026
+3.7%
Performance Last 4 Quarters
+26.5%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 575 | $19.8B | 25 | |
| 2025-12-31 | 1150 | $17.3B | 28 | |
| 2025-09-30 | 1122 | $13.4B | 77 | |
| 2025-06-30 | 1090 | $8.1B | 0 | |
| 2025-03-31 | 1069 | $5.3B | 0 | |
| 2024-12-31 | 658 | $4.2B | 0 | |
| 2024-09-30 | 723 | $3.3B | 0 | |
| 2024-06-30 | 710 | $2.4B | 0 | |
| 2024-03-31 | 704 | $1.6B | 0 | |
| 2023-12-31 | 919 | $1.1B | 0 | |
| 2023-09-30 | 698 | $782.7M | 0 |
NEOS Investment Management LLC's most significant position changes for 2026-03-31: Sold out: Ishares Broad Usd High Yield (USHY); Sold out: Xtrackers Usd High Yield Cor (HYLB); Sold out: Ss Spdr P High Yield ETF (SPHY); New buy: Enbridge INC (ENB); New buy: Tc Energy CORP (TRP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | WMT | Walmart INC | +1.7% | +455.04% | Add |
| 2 | VTWO | Vanguard Russell 2000 ETF | +0.7% | +46.26% | Add |
| 3 | IEFA | Ishares Core Msci Eafe ETF | +0.5% | +225.03% | Add |
| 4 | COST | Costco Wholesale CORP | +0.4% | +28.22% | Add |
| 5 | MU | Micron Technology INC | +0.3% | +28.73% | Add |
| 6 | AMAT | Applied Materials INC | +0.3% | +23.59% | Add |
| 7 | LRCX | Lam Research CORP | +0.2% | +23.29% | Add |
| 8 | INTC | Intel CORP | +0.2% | +35.06% | Add |
| 9 | WMB | Williams Cos INC | +0.2% | +257.25% | Add |
| 10 | KLAC | Kla CORP | +0.2% | +32.73% | Add |
| 11 | WDC | Western Digital CORP | +0.2% | +76.33% | Add |
| 12 | NFLX | Netflix INC | +0.2% | +27.39% | Add |
| 13 | LIN | Linde plc | +0.1% | +19.26% | Add |
| 14 | STX | Seagate Technology Holdings plc | +0.1% | +55.68% | Add |
| 15 | XOM | Exxon Mobil CORP | +0.1% | +7.13% | Add |
| 16 | KMI | Kinder Morgan INC | +0.1% | +210.29% | Add |
| 17 | CSCO | Cisco Systems INC | +0.1% | +27.39% | Add |
| 18 | PEP | Pepsico INC | +0.1% | +26.34% | Add |
| 19 | ADI | Analog Devices INC | +0.1% | +26.03% | Add |
| 20 | TRGP | Targa Resources CORP | +0.1% | +220.37% | Add |
| 21 | LNG | Cheniere Energy INC | +0.1% | +920.22% | Add |
| 22 | TXN | Texas Instruments INC | +0.1% | +25.80% | Add |
| 23 | ASML | ASML Holding N.V. | +0.1% | +42.42% | Add |
| 24 | MPWR | Monolithic Power Systems INC | +0.1% | +135.06% | Add |
| 25 | OKE | Oneok INC | +0.1% | +187.71% | Add |
| 26 | TMUS | T-mobile US INC | +0.1% | +28.00% | Add |
| 27 | GILD | Gilead Sciences INC | +0.1% | +18.86% | Add |
| 28 | AMGN | Amgen INC | +0.1% | +21.83% | Add |
| 29 | HON | Honeywell International INC | +0.1% | +16.88% | Add |
| 30 | AAAU | Goldman Sachs Physical Gold | +0.1% | +26.29% | Add |
| 31 | AMD | Advanced Micro Devices | +0.1% | +28.27% | Add |
| 32 | IBIT | Ishares Bitcoin Trust ETF | +0.1% | +62.31% | Add |
| 33 | GOOGL | Alphabet Inc-cl A | -0.1% | +19.53% | Add |
| 34 | TSLA | Tesla INC | -0.1% | +31.88% | Add |
| 35 | GOOG | Alphabet Inc-cl C | -0.1% | +19.09% | Add |
| 36 | AVGO | Broadcom INC | -0.2% | +20.62% | Add |
| 37 | AAPL | Apple INC | -0.2% | +19.13% | Add |
| 38 | APP | Applovin Corp-class A | -0.2% | +31.23% | Add |
| 39 | META | Meta Platforms Inc-class A | -0.2% | +22.40% | Add |
| 40 | NVDA | Nvidia CORP | -0.2% | +18.72% | Add |
| 41 | AMZN | Amazon.com INC | -0.2% | +19.35% | Add |
| 42 | HODL | Vaneck Bitcoin ETF | -0.3% | -0.59% | Trim |
| 43 | MSFT | Microsoft CORP | -1.2% | +19.58% | Add |
| 44 | USHY | Ishares Broad Usd High Yield | — | EXIT | Sold out |
| 45 | HYLB | Xtrackers Usd High Yield Cor | — | EXIT | Sold out |
| 46 | SPHY | Ss Spdr P High Yield ETF | — | EXIT | Sold out |
| 47 | ENB | Enbridge INC | — | NEW | New buy |
| 48 | TRP | Tc Energy CORP | — | NEW | New buy |
| 49 | PBA | Pembina Pipeline CORP | — | NEW | New buy |
| 50 | POWL | Powell Industries INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-07 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
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