Martingale Asset Management L P
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Martingale Asset Management L P reported 779 stock positions worth $4.1 billion. Its top holding was Microsoft (MSFT) at 1.5% of the portfolio, followed by Amazon.com (AMZN, 1.3%) and Alphabet Class A (GOOGL, 1.3%). Compared with Q1 2025, it opened 97 new positions, sold out of 84, added to 299 and reduced 337. The biggest buy was a new position in General Electric (GE) and the biggest sale Unitedhealth (UNH, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0000936944
- Portfolio Value
- $4.1B (Q2 2025)
- SEC Filing
- 0000936944-25-000008 ↗ filed Aug 11, 2025
Holdings Value
Holdings 779 stocks · $4.1B
| MSFT Microsoft Corp. | 1.50% | 123,185 | $61.3M | Reduce -3.6% |
| AMZN Amazon.com Inc. | 1.34% | 248,520 | $54.5M | Add +3.3% |
| GOOGL Alphabet Inc. Class A | 1.28% | 296,617 | $52.3M | Add +1.9% |
| META Meta Platforms Inc. Class A | 1.28% | 70,798 | $52.3M | Reduce -2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.18% | 99,300 | $48.2M | Reduce -2.6% |
| AAPL Apple Inc. | 1.16% | 230,304 | $47.3M | Add +13.1% |
| T AT&T Inc. | 1.14% | 1,608,873 | $46.6M | Reduce -3.0% |
| JPM JPMorgan Chase & Co. | 1.11% | 156,692 | $45.4M | Reduce -12.3% |
| V Visa Inc. Class A | 1.10% | 126,310 | $44.8M | Add +0.4% |
| COST Costco Wholesale Corp. | 1.10% | 45,256 | $44.8M | Add +7.2% |
| CSCO Cisco Systems Inc. | 1.08% | 632,892 | $43.9M | Reduce -1.7% |
| WMT Walmart Inc. | 1.06% | 443,648 | $43.4M | Reduce -5.0% |
| PM Philip Morris International | 1.03% | 231,326 | $42.1M | Reduce -10.3% |
| XOM Exxon Mobil Corp. | 0.98% | 370,652 | $40.0M | Add +1.4% |
| INTU Intuit Inc. | 0.97% | 50,413 | $39.7M | Reduce -0.3% |
| MA Mastercard Inc. Class A | 0.97% | 70,575 | $39.7M | Add +0.3% |
| JNJ Johnson & Johnson | 0.97% | 258,273 | $39.5M | Add +0.8% |
| VZ Verizon Communications Inc. | 0.96% | 902,241 | $39.0M | Reduce -0.5% |
| AXP American Express Co. | 0.95% | 121,488 | $38.8M | Reduce -0.8% |
| LLY Eli Lilly & Co. | 0.94% | 49,396 | $38.5M | Add +0.7% |
| HD Home Depot Inc. | 0.87% | 97,089 | $35.6M | Add +63.2% |
| PG The Procter & Gamble Co. | 0.85% | 216,544 | $34.5M | Add +1.3% |
| CRM Salesforce Inc. | 0.84% | 125,810 | $34.3M | Add +76.5% |
| TMUS T-Mobile US Inc. | 0.82% | 139,859 | $33.3M | Reduce -7.3% |
| ABT Abbott Laboratories | 0.79% | 238,036 | $32.4M | Reduce -3.0% |
| MO Altria Group Inc. | 0.78% | 545,478 | $32.0M | Reduce -1.9% |
| KR Kroger Co. | 0.77% | 436,185 | $31.3M | Reduce -2.4% |
| ABBV Abbvie Inc. | 0.77% | 168,131 | $31.2M | Add +32.9% |
| MRK Merck & Co. Inc. | 0.76% | 389,127 | $30.8M | Add +19.0% |
| RSG Republic Services Inc. | 0.74% | 122,664 | $30.3M | Reduce -5.7% |
| NEM Newmont Corp. | 0.71% | 497,554 | $29.0M | Reduce -0.7% |
| WM Waste Management Inc. | 0.70% | 125,589 | $28.7M | Reduce -5.7% |
| MKL Markel Group Inc. | 0.68% | 13,824 | $27.6M | Reduce -4.7% |
| ALL Allstate Corp. | 0.68% | 137,132 | $27.6M | Reduce -0.7% |
| NFLX Netflix Inc. | 0.66% | 20,054 | $26.9M | Reduce -4.7% |
| CASY Casey's General Stores Inc. | 0.66% | 52,393 | $26.7M | Reduce -15.6% |
| SCHW Schwab (charles) Corp. | 0.65% | 291,176 | $26.6M | Reduce -8.5% |
| CW Curtiss-Wright Corp. | 0.65% | 54,119 | $26.4M | Reduce -10.2% |
| PGR Progressive Corp. | 0.65% | 99,007 | $26.4M | Reduce -1.4% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.63% | 282,671 | $25.8M | Reduce -6.0% |
| ADP Automatic Data Processing | 0.63% | 83,221 | $25.7M | Reduce -0.7% |
| RTX RTX Corp. | 0.63% | 174,590 | $25.5M | Reduce -1.6% |
| MCK McKesson Corp. | 0.62% | 34,507 | $25.3M | Reduce -4.1% |
| LMT Lockheed Martin Corp. | 0.61% | 53,942 | $25.0M | Add +0.2% |
| ROP Roper Technologies Inc. | 0.61% | 43,710 | $24.8M | Reduce -0.9% |
| ADBE Adobe Inc. | 0.61% | 63,873 | $24.7M | Add +47.0% |
| ACN Accenture PLC Class A | 0.60% | 82,462 | $24.6M | Add +2.9% |
| EOG EOG Resources Inc. | 0.60% | 205,925 | $24.6M | Add +3.1% |
| ORCL Oracle Corp. | 0.60% | 112,513 | $24.6M | Reduce -25.9% |
| CVX Chevron Corp. | 0.60% | 170,489 | $24.4M | Add +0.3% |
| KMB Kimberly-Clark Corp. | 0.60% | 188,992 | $24.4M | Reduce -1.1% |
| BMY Bristol-Myers Squibb Co. | 0.60% | 526,323 | $24.4M | Add +9.0% |
| EXC Exelon Corp. | 0.60% | 559,375 | $24.3M | Add +14.7% |
| PEP Pepsico Inc. | 0.59% | 183,332 | $24.2M | Add +6.2% |
| NOC Northrop Grumman Corp. | 0.59% | 48,380 | $24.2M | Reduce -3.4% |
| QCOM Qualcomm Inc. | 0.59% | 151,502 | $24.1M | Add +3.8% |
| LNG Cheniere Energy Inc. | 0.59% | 99,036 | $24.1M | Add +0.2% |
| INGR Ingredion Inc. | 0.58% | 174,627 | $23.7M | Reduce -0.8% |
| HIG Hartford Insurance Group Inc. | 0.58% | 185,819 | $23.6M | Add +1.9% |
| ED Consolidated Edison Inc. | 0.58% | 234,128 | $23.5M | Add +25.5% |
| TRV The Travelers Cos Inc. | 0.57% | 86,172 | $23.1M | Add +0.3% |
| EA Electronic Arts Inc. | 0.56% | 143,777 | $23.0M | Add +1.4% |
| RGA Reinsurance Group of America | 0.56% | 115,729 | $23.0M | Add +8.8% |
| DOX Amdocs Ltd. | 0.56% | 248,836 | $22.7M | Reduce -1.2% |
| CB Chubb Ltd. | 0.56% | 78,361 | $22.7M | Add +1.6% |
| DTE DTE Energy Company | 0.55% | 168,852 | $22.4M | Add +5.6% |
| CAH Cardinal Health Inc. | 0.53% | 129,662 | $21.8M | Add +1.1% |
| GD General Dynamics Corp. | 0.53% | 74,660 | $21.8M | Add +0.1% |
| TXRH Texas Roadhouse Inc. | 0.53% | 115,232 | $21.6M | Reduce -2.5% |
| GILD Gilead Sciences Inc. | 0.53% | 194,237 | $21.5M | Reduce -1.2% |
| ZM Zoom Communications Inc. | 0.53% | 275,037 | $21.4M | Reduce -0.9% |
| MSI Motorola Solutions Inc. | 0.52% | 50,791 | $21.4M | Reduce -3.4% |
| CBOE Cboe Global Markets Inc. | 0.51% | 88,939 | $20.7M | Reduce -1.6% |
| CL Colgate-Palmolive Co. | 0.50% | 225,991 | $20.5M | Reduce -0.1% |
| SEIC Sei Investments Company | 0.50% | 228,004 | $20.5M | Reduce -1.6% |
| CI The Cigna Group | 0.50% | 61,450 | $20.3M | Add +17.6% |
| NVDA Nvidia Corp. | 0.48% | 124,767 | $19.7M | Add +20.6% |
| EME Emcor Group Inc. | 0.48% | 36,280 | $19.4M | Reduce -3.6% |
| ADSK Autodesk Inc. | 0.47% | 61,705 | $19.1M | Add +6.5% |
| AEP American Electric Power | 0.47% | 183,954 | $19.1M | Reduce -0.7% |
| ACI Albertsons Cos Inc. Class A | 0.46% | 877,339 | $18.9M | Add +23.6% |
| AMGN Amgen Inc. | 0.46% | 66,770 | $18.6M | Reduce -0.2% |
| BPOP Popular Inc. | 0.45% | 167,375 | $18.4M | Add +4.2% |
| EG Everest Group Ltd. | 0.45% | 54,274 | $18.4M | Add +2.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.45% | 41,282 | $18.4M | Reduce -1.4% |
| DLB Dolby Laboratories Inc. Class A | 0.44% | 243,198 | $18.1M | Add +27.1% |
| MRSH Marsh & McLennan Cos | 0.44% | 82,254 | $18.0M | Reduce -1.2% |
| OGE Oge Energy Corp. | 0.44% | 401,570 | $17.8M | Reduce -1.6% |
| ETR Entergy Corp. | 0.43% | 211,712 | $17.6M | Reduce -9.4% |
| ELV Elevance Health Inc. | 0.42% | 44,400 | $17.3M | Add +128.8% |
| COP Conocophillips | 0.41% | 184,616 | $16.6M | Reduce -1.7% |
| EHC Encompass Health Corp. | 0.40% | 133,729 | $16.4M | Reduce -4.9% |
| GE General Electric filed as GE AEROSPACE | 0.40% | 63,504 | $16.3M | New |
| PH Parker Hannifin Corp. | 0.40% | 23,250 | $16.2M | Reduce -2.9% |
| TXT Textron Inc. | 0.39% | 195,827 | $15.7M | Add +31.7% |
| L Loews Corp. | 0.38% | 170,119 | $15.6M | Reduce -4.0% |
| RGLD Royal Gold Inc. | 0.38% | 87,288 | $15.5M | Reduce -2.6% |
| MUSA Murphy USA Inc. | 0.37% | 36,975 | $15.0M | Reduce -7.9% |
| TSN Tyson Foods Inc. Class A | 0.37% | 268,682 | $15.0M | Add +256.1% |
| CHE Chemed Corp. | 0.37% | 30,668 | $14.9M | Add +27.6% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -80.2% | 0.11% | −0.85 |
| NTRS Northern Trust Corp. | Sold out | 0.00% | −0.52 |
| SNA Snap-on Inc. | Reduce -94.8% | 0.02% | −0.46 |
| MSA Msa Safety Inc. | Reduce -93.7% | 0.02% | −0.22 |
| PEG Public Service Enterprise GP | Reduce -69.0% | 0.09% | −0.21 |
| WPC WP Carey Inc. | Reduce -97.5% | 0.01% | −0.21 |
| TMUS T-Mobile US Inc. | Reduce -7.3% | 0.82% | −0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.6% | 1.18% | −0.20 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.17 |
| BDX Becton Dickinson and Co. | Reduce -11.0% | 0.28% | −0.15 |
| REGN Regeneron Pharmaceuticals | Reduce -77.6% | 0.03% | −0.15 |
| QGEN Qiagen N.V. | Reduce -83.7% | 0.03% | −0.15 |
| APPF Appfolio Inc. Class A | Reduce -70.6% | 0.06% | −0.14 |
| SNX TD Synnex Corp. | Sold out | 0.00% | −0.13 |
| MMM 3M Co. | Sold out | 0.00% | −0.12 |
| MUSA Murphy USA Inc. | Reduce -7.9% | 0.37% | −0.11 |
| SSNC Ss&c Technologies Holdings | Reduce -86.5% | 0.02% | −0.11 |
| ANET Arista Networks Inc. | Reduce -90.0% | 0.02% | −0.11 |
| NOW ServiceNow Inc. | Reduce -36.9% | 0.35% | −0.10 |
| COP Conocophillips | Reduce -1.7% | 0.41% | −0.10 |
| KMB Kimberly-Clark Corp. | Reduce -1.1% | 0.60% | −0.09 |
| IBKR Interactive Brokers Gro Class A | Reduce -45.3% | 0.22% | −0.09 |
| VZ Verizon Communications Inc. | Reduce -0.5% | 0.96% | −0.09 |
| COR Cencora Inc. | Reduce -27.5% | 0.26% | −0.09 |
| WM Waste Management Inc. | Reduce -5.7% | 0.70% | −0.08 |
| ETR Entergy Corp. | Reduce -9.4% | 0.43% | −0.08 |
| MRSH Marsh & McLennan Cos | Reduce -1.2% | 0.44% | −0.08 |
| PGR Progressive Corp. | Reduce -1.4% | 0.65% | −0.08 |
| UNP Union Pacific Corp. | Reduce -36.3% | 0.11% | −0.08 |
| AMGN Amgen Inc. | Reduce -0.2% | 0.46% | −0.07 |
| CUZ Cousins Properties Inc. | Reduce -67.8% | 0.03% | −0.07 |
| PPC Pilgrim's Pride Corp. | Reduce -1.3% | 0.25% | −0.07 |
| ESS Essex Property Trust Inc. | Reduce -61.9% | 0.03% | −0.07 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -1.4% | 0.45% | −0.07 |
| MO Altria Group Inc. | Reduce -1.9% | 0.78% | −0.07 |
| RNR Renaissancere Holdings Ltd. | Reduce -19.2% | 0.24% | −0.06 |
| IDA Idacorp Inc. | Sold out | 0.00% | −0.06 |
| TMO Thermo Fisher Scientific Inc. | Reduce -50.2% | 0.04% | −0.06 |
| MSI Motorola Solutions Inc. | Reduce -3.4% | 0.52% | −0.06 |
| FFIV F5 Inc. | Reduce -24.6% | 0.25% | −0.06 |
| TGT Target Corp. | Reduce -34.9% | 0.09% | −0.06 |
| SLVM Sylvamo Corp. | Reduce -53.5% | 0.03% | −0.06 |
| RSG Republic Services Inc. | Reduce -5.7% | 0.74% | −0.06 |
| NOC Northrop Grumman Corp. | Reduce -3.4% | 0.59% | −0.06 |
| COKE Coca-Cola Consolidated Inc. | Reduce -0.8% | 0.22% | −0.06 |
| NTAP Netapp Inc. | Sold out | 0.00% | −0.06 |
| LOPE Grand Canyon Education Inc. | Reduce -30.4% | 0.16% | −0.06 |
| ARW Arrow Electronics Inc. | Reduce -48.4% | 0.09% | −0.06 |
| ROP Roper Technologies Inc. | Reduce -0.9% | 0.61% | −0.05 |
| UFPI Ufp Industries Inc. | Reduce -40.4% | 0.06% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| GE General Electric | New | 0.40% | +0.40 |
| CRM Salesforce Inc. | Add +76.5% | 0.84% | +0.35 |
| HD Home Depot Inc. | Add +63.2% | 0.87% | +0.32 |
| CMCSA Comcast Corp. Class A | New | 0.30% | +0.30 |
| HUM Humana Inc. | New | 0.30% | +0.30 |
| TDY Teledyne Technologies Inc. | Add +320.6% | 0.34% | +0.26 |
| BWXT BWX Technologies Inc. | Add +651.9% | 0.27% | +0.25 |
| TSN Tyson Foods Inc. Class A | Add +256.1% | 0.37% | +0.25 |
| ELV Elevance Health Inc. | Add +128.8% | 0.42% | +0.21 |
| NVDA Nvidia Corp. | Add +20.6% | 0.48% | +0.20 |
| ADBE Adobe Inc. | Add +47.0% | 0.61% | +0.18 |
| AMZN Amazon.com Inc. | Add +3.3% | 1.34% | +0.17 |
| THG Hanover Insurance Group Inc./ | Add +99.1% | 0.30% | +0.14 |
| EEFT Euronet Worldwide Inc. | Add +107.4% | 0.29% | +0.14 |
| GOOGL Alphabet Inc. Class A | Add +1.9% | 1.28% | +0.14 |
| NFG National Fuel Gas Co. | Add +242.5% | 0.17% | +0.13 |
| TXT Textron Inc. | Add +31.7% | 0.39% | +0.11 |
| DIS The Walt Disney Co. | Add +32.7% | 0.29% | +0.11 |
| ABBV Abbvie Inc. | Add +32.9% | 0.77% | +0.09 |
| LEA Lear Corp. | Add +281.4% | 0.12% | +0.09 |
| CAH Cardinal Health Inc. | Add +1.1% | 0.53% | +0.08 |
| CRH CRH PLC | New | 0.08% | +0.08 |
| UGI Ugi Corp. | New | 0.08% | +0.08 |
| COST Costco Wholesale Corp. | Add +7.2% | 1.10% | +0.08 |
| CCL Carnival Corp. | Add +102.3% | 0.13% | +0.08 |
| ADSK Autodesk Inc. | Add +6.5% | 0.47% | +0.08 |
| CTSH Cognizant Tech Solutions-A | Add +39.7% | 0.28% | +0.08 |
| CPNG Coupang Inc. | Add +19.5% | 0.21% | +0.08 |
| BPOP Popular Inc. | Add +4.2% | 0.45% | +0.07 |
| MPC Marathon Petroleum Corp. | New | 0.07% | +0.07 |
| PCH Potlatchdeltic Corp. | New | 0.07% | +0.07 |
| ACI Albertsons Cos Inc. Class A | Add +23.6% | 0.46% | +0.07 |
| CDE Coeur Mining Inc. | Add +236.6% | 0.08% | +0.06 |
| LOW Lowe's Cos Inc. | Add +51.8% | 0.22% | +0.06 |
| OSK Oshkosh Corp. | New | 0.06% | +0.06 |
| CI The Cigna Group | Add +17.6% | 0.50% | +0.06 |
| PEGA Pegasystems Inc. | Add +81.6% | 0.22% | +0.06 |
| AMP Ameriprise Financial Inc. | Add +17.6% | 0.29% | +0.06 |
| PYPL PayPal Holdings Inc. | Add +411.7% | 0.06% | +0.05 |
| DLB Dolby Laboratories Inc. Class A | Add +27.1% | 0.44% | +0.05 |
| CPT Camden Property Trust | Add +102.7% | 0.12% | +0.05 |
| ED Consolidated Edison Inc. | Add +25.5% | 0.58% | +0.05 |
| HL Hecla Mining Co. | Add +970.0% | 0.05% | +0.05 |
| ABCB Ameris Bancorp | New | 0.05% | +0.05 |
| SKYW Skywest Inc. | Add +108.1% | 0.08% | +0.05 |
| VLO Valero Energy Corp. | Add +90.4% | 0.10% | +0.04 |
| AXS Axis Capital Holdings Ltd. | Add +19.7% | 0.27% | +0.04 |
| TGNA Tegna Inc. | New | 0.04% | +0.04 |
| EA Electronic Arts Inc. | Add +1.4% | 0.56% | +0.04 |
| SYF Synchrony Financial | Add +2.7% | 0.21% | +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 |