Martingale Asset Management L P
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Martingale Asset Management L P reported 766 stock positions worth $3.9 billion. Its top holding was Berkshire Hathaway Class B (BRK.B) at 1.4% of the portfolio, followed by Microsoft (MSFT, 1.2%) and AT&T (T, 1.2%). Compared with Q4 2024, it opened 86 new positions, sold out of 76, added to 310 and reduced 324. The biggest buy was Schwab (charles) (SCHW, shares +188%) and the biggest sale Arista Networks (ANET, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0000936944
- Portfolio Value
- $3.9B (Q1 2025)
- SEC Filing
- 0000936944-25-000005 ↗ filed May 14, 2025
Holdings Value
Holdings 766 stocks · $3.9B
| BRK.B Berkshire Hathaway Inc. Class B | 1.38% | 101,921 | $54.3M | Reduce -9.7% |
| MSFT Microsoft Corp. | 1.22% | 127,828 | $48.0M | Reduce -0.8% |
| T AT&T Inc. | 1.19% | 1,658,074 | $46.9M | Reduce -11.6% |
| AMZN Amazon.com Inc. | 1.17% | 240,634 | $45.8M | Reduce -5.8% |
| AAPL Apple Inc. | 1.15% | 203,651 | $45.2M | Reduce -6.7% |
| GOOGL Alphabet Inc. Class A | 1.15% | 291,126 | $45.0M | Reduce -8.0% |
| V Visa Inc. Class A | 1.12% | 125,781 | $44.1M | Reduce -8.4% |
| JPM JPMorgan Chase & Co. | 1.11% | 178,575 | $43.8M | Reduce -10.9% |
| XOM Exxon Mobil Corp. | 1.11% | 365,629 | $43.5M | Reduce -2.6% |
| JNJ Johnson & Johnson | 1.08% | 256,191 | $42.5M | Reduce -7.0% |
| META Meta Platforms Inc. Class A | 1.07% | 72,713 | $41.9M | Reduce -3.0% |
| VZ Verizon Communications Inc. | 1.05% | 906,656 | $41.1M | Reduce -4.5% |
| WMT Walmart Inc. | 1.04% | 467,017 | $41.0M | Reduce -5.4% |
| PM Philip Morris International | 1.04% | 258,031 | $41.0M | Reduce -13.0% |
| LLY Eli Lilly & Co. | 1.03% | 49,041 | $40.5M | Add +3.8% |
| TMUS T-Mobile US Inc. | 1.02% | 150,832 | $40.2M | Reduce -12.0% |
| COST Costco Wholesale Corp. | 1.02% | 42,214 | $39.9M | Reduce -4.5% |
| CSCO Cisco Systems Inc. | 1.01% | 643,949 | $39.7M | Reduce -8.6% |
| MA Mastercard Inc. Class A | 0.98% | 70,342 | $38.6M | Reduce -8.4% |
| UNH Unitedhealth Group Inc. | 0.96% | 72,374 | $37.9M | Reduce -10.2% |
| PG The Procter & Gamble Co. | 0.93% | 213,808 | $36.4M | Reduce -7.4% |
| MO Altria Group Inc. | 0.85% | 556,295 | $33.4M | Reduce -8.6% |
| AXP American Express Co. | 0.84% | 122,516 | $33.0M | Reduce -8.4% |
| ABT Abbott Laboratories | 0.83% | 245,403 | $32.6M | Reduce -11.2% |
| RSG Republic Services Inc. | 0.80% | 130,075 | $31.5M | Reduce -12.9% |
| INTU Intuit Inc. | 0.79% | 50,557 | $31.0M | Reduce -7.3% |
| WM Waste Management Inc. | 0.78% | 133,109 | $30.8M | Reduce -9.1% |
| KR Kroger Co. | 0.77% | 446,822 | $30.2M | Reduce -8.1% |
| BMY Bristol-Myers Squibb Co. | 0.75% | 483,057 | $29.5M | Reduce -4.4% |
| MRK Merck & Co. Inc. | 0.75% | 326,878 | $29.3M | Reduce -4.0% |
| ALL Allstate Corp. | 0.73% | 138,114 | $28.6M | Reduce -6.3% |
| PGR Progressive Corp. | 0.72% | 100,458 | $28.4M | Reduce -8.0% |
| CVX Chevron Corp. | 0.72% | 169,898 | $28.4M | Reduce -4.4% |
| KMB Kimberly-Clark Corp. | 0.69% | 191,005 | $27.2M | Reduce -5.1% |
| MKL Markel Group Inc. | 0.69% | 14,501 | $27.1M | Reduce -8.2% |
| CASY Casey's General Stores Inc. | 0.69% | 62,066 | $26.9M | Reduce -10.6% |
| ABBV Abbvie Inc. | 0.67% | 126,506 | $26.5M | Reduce -15.8% |
| ROP Roper Technologies Inc. | 0.66% | 44,102 | $26.0M | Reduce -8.1% |
| PEP Pepsico Inc. | 0.66% | 172,581 | $25.9M | Reduce -4.8% |
| NOC Northrop Grumman Corp. | 0.65% | 50,100 | $25.7M | Reduce -4.9% |
| EOG EOG Resources Inc. | 0.65% | 199,749 | $25.6M | Reduce -1.4% |
| ADP Automatic Data Processing | 0.65% | 83,785 | $25.6M | Reduce -9.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.64% | 300,687 | $25.2M | Reduce -5.0% |
| ACN Accenture PLC Class A | 0.64% | 80,167 | $25.0M | Add +0.0% |
| SCHW Schwab (charles) Corp. | 0.63% | 318,175 | $24.9M | Add +188.1% |
| MCK McKesson Corp. | 0.62% | 35,986 | $24.2M | Add +4.8% |
| NEM Newmont Corp. | 0.62% | 501,177 | $24.2M | Reduce -2.7% |
| LMT Lockheed Martin Corp. | 0.61% | 53,840 | $24.1M | Reduce -3.6% |
| INGR Ingredion Inc. | 0.61% | 176,058 | $23.8M | Reduce -4.5% |
| RTX RTX Corp. | 0.60% | 177,346 | $23.5M | Reduce -5.8% |
| CB Chubb Ltd. | 0.59% | 77,101 | $23.3M | Reduce -4.4% |
| DOX Amdocs Ltd. | 0.59% | 251,966 | $23.1M | Reduce -6.8% |
| MSI Motorola Solutions Inc. | 0.59% | 52,550 | $23.0M | Reduce -6.2% |
| LNG Cheniere Energy Inc. | 0.58% | 98,851 | $22.9M | Reduce -0.1% |
| TRV The Travelers Cos Inc. | 0.58% | 85,932 | $22.7M | Reduce -9.7% |
| HIG Hartford Insurance Group Inc. | 0.57% | 182,420 | $22.6M | Add +0.7% |
| EXC Exelon Corp. | 0.57% | 487,658 | $22.5M | Add +15.7% |
| QCOM Qualcomm Inc. | 0.57% | 146,011 | $22.4M | Add +0.6% |
| DTE DTE Energy Company | 0.56% | 159,942 | $22.1M | Reduce -4.3% |
| GILD Gilead Sciences Inc. | 0.56% | 196,678 | $22.0M | Reduce -14.3% |
| HD Home Depot Inc. | 0.56% | 59,503 | $21.8M | Add +5.1% |
| ORCL Oracle Corp. | 0.54% | 151,883 | $21.2M | Reduce -23.0% |
| CL Colgate-Palmolive Co. | 0.54% | 226,261 | $21.2M | Reduce -7.1% |
| RGA Reinsurance Group of America | 0.53% | 106,357 | $20.9M | Reduce -6.5% |
| AMGN Amgen Inc. | 0.53% | 66,896 | $20.8M | Reduce -10.0% |
| ED Consolidated Edison Inc. | 0.53% | 186,502 | $20.6M | Reduce -6.9% |
| NTRS Northern Trust Corp. | 0.52% | 208,592 | $20.6M | Add +4.9% |
| EA Electronic Arts Inc. | 0.52% | 141,731 | $20.5M | Reduce -29.5% |
| ZM Zoom Communications Inc. | 0.52% | 277,427 | $20.5M | Reduce -13.1% |
| CBOE Cboe Global Markets Inc. | 0.52% | 90,346 | $20.4M | Reduce -4.5% |
| GD General Dynamics Corp. | 0.52% | 74,565 | $20.3M | Reduce -6.4% |
| MRSH Marsh & McLennan Cos | 0.52% | 83,247 | $20.3M | Reduce -3.9% |
| VRTX Vertex Pharmaceuticals Inc. | 0.52% | 41,847 | $20.3M | Reduce -18.3% |
| AEP American Electric Power | 0.52% | 185,210 | $20.2M | Reduce -3.8% |
| ETR Entergy Corp. | 0.51% | 233,690 | $20.0M | Reduce -9.9% |
| COP Conocophillips | 0.50% | 187,801 | $19.7M | Add +569.5% |
| TXRH Texas Roadhouse Inc. | 0.50% | 118,253 | $19.7M | Add +16.2% |
| NFLX Netflix Inc. | 0.50% | 21,045 | $19.6M | Add +399.1% |
| EG Everest Group Ltd. | 0.49% | 53,047 | $19.3M | Reduce -3.5% |
| CRM Salesforce Inc. | 0.49% | 71,285 | $19.1M | Add +2.8% |
| CW Curtiss-Wright Corp. | 0.49% | 60,291 | $19.1M | Reduce -3.9% |
| SNA Snap-on Inc. | 0.49% | 56,626 | $19.1M | Reduce -5.1% |
| MUSA Murphy USA Inc. | 0.48% | 40,158 | $18.9M | Add +2.7% |
| OGE Oge Energy Corp. | 0.48% | 407,897 | $18.7M | Reduce -3.6% |
| SEIC Sei Investments Company | 0.46% | 231,643 | $18.0M | Add +0.4% |
| NOW ServiceNow Inc. | 0.45% | 22,316 | $17.8M | Reduce -24.1% |
| CAH Cardinal Health Inc. | 0.45% | 128,300 | $17.7M | Reduce -9.4% |
| CI The Cigna Group | 0.44% | 52,266 | $17.2M | Reduce -36.9% |
| BDX Becton Dickinson and Co. | 0.43% | 74,575 | $17.1M | Add +105.5% |
| ADBE Adobe Inc. | 0.42% | 43,448 | $16.7M | Add +1.9% |
| L Loews Corp. | 0.41% | 177,186 | $16.3M | Reduce -17.7% |
| ACI Albertsons Cos Inc. Class A | 0.40% | 709,942 | $15.6M | Reduce -4.6% |
| DLB Dolby Laboratories Inc. Class A | 0.39% | 191,331 | $15.4M | New |
| ADSK Autodesk Inc. | 0.39% | 57,935 | $15.2M | Add +3.5% |
| BPOP Popular Inc. | 0.38% | 160,666 | $14.8M | Add +29.8% |
| CHE Chemed Corp. | 0.38% | 24,042 | $14.8M | Reduce -14.5% |
| RGLD Royal Gold Inc. | 0.37% | 89,611 | $14.7M | Add +1.6% |
| PH Parker Hannifin Corp. | 0.37% | 23,946 | $14.6M | Add +1.6% |
| EHC Encompass Health Corp. | 0.36% | 140,639 | $14.2M | Reduce -10.8% |
| ZTS Zoetis Inc. | 0.36% | 85,193 | $14.0M | Reduce -0.6% |
Portfolio Sells Q4 2024 → Q1 2025
| ANET Arista Networks Inc. | Reduce -76.3% | 0.12% | −0.58 |
| NTAP Netapp Inc. | Reduce -83.3% | 0.06% | −0.38 |
| EIX Edison International | Reduce -55.8% | 0.19% | −0.37 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.36 |
| CLH Clean Harbors Inc. | Reduce -75.0% | 0.10% | −0.35 |
| GOOGL Alphabet Inc. Class A | Reduce -8.0% | 1.15% | −0.31 |
| NOW ServiceNow Inc. | Reduce -24.1% | 0.45% | −0.31 |
| IBM Intl Business Machines Corp. | Reduce -56.5% | 0.31% | −0.30 |
| ORCL Oracle Corp. | Reduce -23.0% | 0.54% | −0.26 |
| EME Emcor Group Inc. | Reduce -30.0% | 0.35% | −0.24 |
| FFIV F5 Inc. | Reduce -48.7% | 0.31% | −0.24 |
| CACI Caci International Inc. Class A | Sold out | 0.00% | −0.22 |
| FERG Ferguson Enterprises Inc. | Reduce -81.7% | 0.05% | −0.22 |
| AMZN Amazon.com Inc. | Reduce -5.8% | 1.17% | −0.20 |
| EA Electronic Arts Inc. | Reduce -29.5% | 0.52% | −0.19 |
| AAPL Apple Inc. | Reduce -6.7% | 1.15% | −0.18 |
| LHX L3HARRIS Technologies Inc. | Reduce -69.3% | 0.08% | −0.17 |
| LDOS Leidos Holdings Inc. | Reduce -42.3% | 0.22% | −0.17 |
| LOPE Grand Canyon Education Inc. | Reduce -48.6% | 0.22% | −0.17 |
| UTHR United Therapeutics Corp. | Reduce -51.5% | 0.13% | −0.17 |
| REGN Regeneron Pharmaceuticals | Reduce -42.6% | 0.19% | −0.16 |
| RNR Renaissancere Holdings Ltd. | Reduce -34.4% | 0.30% | −0.15 |
| BIIB Biogen Inc. | Sold out | 0.00% | −0.13 |
| AXP American Express Co. | Reduce -8.4% | 0.84% | −0.13 |
| CI The Cigna Group | Reduce -36.9% | 0.44% | −0.12 |
| ZM Zoom Communications Inc. | Reduce -13.1% | 0.52% | −0.11 |
| UHS Universal Health Services-B | Reduce -40.8% | 0.21% | −0.11 |
| QGEN Qiagen N.V. | Reduce -31.2% | 0.18% | −0.11 |
| MSFT Microsoft Corp. | Reduce -0.8% | 1.22% | −0.10 |
| PFGC Performance Food Group Co. | Reduce -72.6% | 0.03% | −0.09 |
| TXT Textron Inc. | Reduce -24.1% | 0.27% | −0.09 |
| AYI Acuity Inc. | Reduce -37.6% | 0.12% | −0.08 |
| SAIC Science Applications Inte | Reduce -89.6% | 0.01% | −0.08 |
| STNG Scorpio Tankers Inc. | Reduce -89.8% | 0.01% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -4.0% | 0.75% | −0.08 |
| ARW Arrow Electronics Inc. | Reduce -29.8% | 0.14% | −0.07 |
| NBIX Neurocrine Biosciences Inc. | Reduce -86.0% | 0.01% | −0.07 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.07 |
| BAC Bank of America Corp. | Reduce -27.4% | 0.17% | −0.07 |
| NVR NVR Inc. | Reduce -67.7% | 0.03% | −0.07 |
| TWLO Twilio Inc. Class A | Reduce -66.8% | 0.03% | −0.06 |
| MMM 3M Co. | Reduce -45.0% | 0.12% | −0.06 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.06 |
| RGA Reinsurance Group of America | Reduce -6.5% | 0.53% | −0.06 |
| PEG Public Service Enterprise GP | Reduce -17.2% | 0.31% | −0.06 |
| CW Curtiss-Wright Corp. | Reduce -3.9% | 0.49% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -10.9% | 1.11% | −0.05 |
| MANH Manhattan Associates Inc. | Reduce -85.5% | 0.01% | −0.05 |
| PSN Parsons Corp. | Sold out | 0.00% | −0.05 |
| CASH Pathward Financial Inc. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| SCHW Schwab (charles) Corp. | Add +188.1% | 0.63% | +0.43 |
| COP Conocophillips | Add +569.5% | 0.50% | +0.43 |
| NFLX Netflix Inc. | Add +399.1% | 0.50% | +0.41 |
| DLB Dolby Laboratories Inc. Class A | New | 0.39% | +0.39 |
| PFE Pfizer Inc. | Add +313.1% | 0.34% | +0.26 |
| BDX Becton Dickinson and Co. | Add +105.5% | 0.43% | +0.23 |
| WPC WP Carey Inc. | Add +651.9% | 0.22% | +0.19 |
| EXC Exelon Corp. | Add +15.7% | 0.57% | +0.19 |
| DIS The Walt Disney Co. | New | 0.18% | +0.18 |
| PPL PPL Corp. | Add +67.6% | 0.33% | +0.16 |
| JBL Jabil Inc. | Add +206.3% | 0.23% | +0.15 |
| LLY Eli Lilly & Co. | Add +3.8% | 1.03% | +0.14 |
| MCK McKesson Corp. | Add +4.8% | 0.62% | +0.14 |
| TSN Tyson Foods Inc. Class A | Add +532.0% | 0.12% | +0.11 |
| CHRD Chord Energy Corp. | New | 0.10% | +0.10 |
| MSA Msa Safety Inc. | Add +85.8% | 0.24% | +0.10 |
| CPNG Coupang Inc. | Add +277.3% | 0.13% | +0.10 |
| SYK Stryker Corp. | Add +217.2% | 0.14% | +0.10 |
| THG Hanover Insurance Group Inc./ | Add +118.9% | 0.16% | +0.10 |
| CMS CMS Energy Corp. | Add +1210.8% | 0.10% | +0.10 |
| BPOP Popular Inc. | Add +29.8% | 0.38% | +0.09 |
| HIG Hartford Insurance Group Inc. | Add +0.7% | 0.57% | +0.09 |
| RGLD Royal Gold Inc. | Add +1.6% | 0.37% | +0.09 |
| SYF Synchrony Financial | Add +146.7% | 0.17% | +0.09 |
| FCN Fti Consulting Inc. | Add +61.0% | 0.27% | +0.08 |
| NRG NRG Energy Inc. | Add +72.5% | 0.18% | +0.08 |
| BNL Broadstone Net Lease Inc. | New | 0.08% | +0.08 |
| TGT Target Corp. | Add +159.2% | 0.15% | +0.08 |
| MDT Medtronic PLC | Add +674.9% | 0.09% | +0.08 |
| PPC Pilgrim's Pride Corp. | Add +1.1% | 0.32% | +0.07 |
| MET Metlife Inc. | Add +1205.6% | 0.07% | +0.07 |
| USFD US Foods Holding Corp. | New | 0.06% | +0.06 |
| CTSH Cognizant Tech Solutions-A | Add +34.5% | 0.20% | +0.06 |
| BKNG Booking Holdings Inc. | Add +219.7% | 0.09% | +0.06 |
| RLJ RLJ Lodging Trust | Add +2220.0% | 0.06% | +0.06 |
| SHO Sunstone Hotel Investors Inc. | New | 0.06% | +0.06 |
| AEE Ameren Corporation | Add +286.7% | 0.07% | +0.06 |
| AMP Ameriprise Financial Inc. | Add +39.0% | 0.23% | +0.06 |
| LOW Lowe's Cos Inc. | Add +54.7% | 0.16% | +0.06 |
| TXRH Texas Roadhouse Inc. | Add +16.2% | 0.50% | +0.05 |
| ISRG Intuitive Surgical Inc. | New | 0.05% | +0.05 |
| WKC World Kinect Corp. | New | 0.05% | +0.05 |
| LIVN Livanova PLC | Add +207.7% | 0.08% | +0.05 |
| LNTH Lantheus Holdings Inc. | New | 0.05% | +0.05 |
| ENVA Enova International Inc. | Add +91.6% | 0.09% | +0.05 |
| COKE Coca-Cola Consolidated Inc. | Add +5.9% | 0.28% | +0.04 |
| NNI Nelnet Inc. Class A | New | 0.04% | +0.04 |
| NFG National Fuel Gas Co. | Add +532.8% | 0.05% | +0.04 |
| OSBC Old Second Bancorp Inc. | New | 0.04% | +0.04 |
| SYY Sysco Corp. | Add +18.6% | 0.23% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 828 | $4.2B | AAPL, GOOGL, AMZN, LLY, NVDA |
| Q1 2026 | 794 | $4.0B | AAPL, JNJ, XOM, GOOGL, MSFT |
| Q4 2025 | 770 | $3.9B | AAPL, GOOGL, MSFT, AMZN, JNJ |
| Q3 2025 | 756 | $4.0B | GOOGL, MSFT, AAPL, AMZN, META |
| Q2 2025 | 779 | $4.1B | MSFT, AMZN, GOOGL, META, BRK.B |
| Q1 2025 | 766 | $3.9B | BRK.B, MSFT, T, AMZN, AAPL |
| Q4 2024 | 756 | $4.1B | GOOGL, AMZN, AAPL, MSFT, BRK.B |
| Q3 2024 | 784 | $4.4B | AAPL, MSFT, GOOGL, BRK.B, LLY |
| Q2 2024 | 781 | $4.6B | GOOGL, MSFT, AAPL, LLY, AMZN |
| Q1 2024 | 800 | $5.0B | MSFT, GOOGL, LLY, BRK.B, MRK |