Israel Englander's Millennium Management has made sweeping adjustments to its portfolio, including a remarkable 91,046.15% increase in Alibaba Group Holding Ltd. BABA call options and a 94.69% increase in Broadcom Inc. AVGO direct holdings, according to its third quarter 13F filings with the Securities and Exchange Commission.
What Happened: The $69 billion hedge increased Alibaba call options from 5,200 contracts in the second quarter to 4.74 million contracts in the third quarter. Similarly, it raised its put options in Alibaba by 281.79%, from 1.49 million to 5.71 million contracts, while scaling back its direct shareholding in the company by 21.97%, from 2.08 million shares to 1.62 million shares.
Millennium also rebalanced its investments in other major companies. The firm reduced its stake in NVIDIA Corp. NVDA by 12.57%, cutting its direct holdings from 12.75 million shares in the second quarter to 11.15 million shares in the third quarter. Call options on Nvidia were trimmed by 19.75%, from 15.17 million to 12.17 million contracts, while put options decreased by 21.06%, from 38.63 million to 30.50 million contracts.
The hedge fund significantly increased its position in Broadcom, nearly doubling its direct holdings to 1.15 million shares, up from 592,501 shares in the second quarter. Call options in Broadcom surged 966.56%, climbing from 271,100 to 2.89 million contracts, while put options rose 863.89%, from 492,500 to 4.75 million contracts.
In other notable moves, Millennium increased its direct holdings in Microsoft Corp. MSFT by 51.36%, bringing its stake from 3.04 million shares to 4.60 million shares. Call options in Microsoft rose slightly by 5.31%, from 2.91 million to 3.06 million contracts, while put options declined by 11.63%, from 4.88 million to 4.31 million contracts.
The hedge fund also adjusted its position in Tesla Inc. TSLA, increasing its direct holdings by 51.30%, from 440,335 shares in the second quarter to 666,095 shares in the third quarter. Call options in Tesla dropped by 17.16%, from 3.93 million to 3.26 million contracts, while put options saw a steep decline of 38.31%, from 9.10 million to 5.62 million contracts.
Why It Matters: Millennium made notable changes to its holdings in the SPDR S&P 500 ETF Trust SPY, raising its direct stake by 80.97%, from 3.08 million shares to 5.57 million shares. Call options in SPY decreased slightly by 2.01%, from 3.74 million to 3.67 million contracts, while put options increased by 34.89%, from 6.44 million to 8.68 million contracts.
Millennium, founded by Englander in 1989 with just $35 million, showed notable activity across other major holdings. The fund increased its Bitcoin BTC/USD position with a 10.8 million purchase of iShares Bitcoin Trust ETF IBIT.
The investment shifts occur as Millennium faces potential structural changes. The firm is reportedly in early-stage discussions with BlackRock Inc. regarding a possible equity stake sale, which would mark the first external investment in Millennium’s management company during its 35-year history.
Englander, who began his career as a floor broker and trader on the American Stock Exchange, has maintained 100% ownership of Millennium since its inception. The firm employs multiple investment strategies, including relative value, equity arbitrage, fixed income, and quantitative approaches.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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