Martingale Asset Management L P
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Martingale Asset Management L P reported 756 stock positions worth $4.0 billion. Its top holding was Alphabet Class A (GOOGL) at 1.5% of the portfolio, followed by Microsoft (MSFT, 1.4%) and Apple (AAPL, 1.4%). Compared with Q2 2025, it opened 78 new positions, sold out of 101, added to 243 and reduced 396. The biggest buy was a new position in Anglogold Ashanti (AU) and the biggest sale Reinsurance Group of America (RGA, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0000936944
- Portfolio Value
- $4.0B (Q3 2025)
- SEC Filing
- 0000936944-25-000010 ↗ filed Nov 13, 2025
Holdings Value
Holdings 756 stocks · $4.0B
| GOOGL Alphabet Inc. Class A | 1.47% | 240,056 | $58.4M | Reduce -19.1% |
| MSFT Microsoft Corp. | 1.44% | 110,378 | $57.2M | Reduce -10.4% |
| AAPL Apple Inc. | 1.37% | 213,733 | $54.4M | Reduce -7.2% |
| AMZN Amazon.com Inc. | 1.28% | 231,925 | $50.9M | Reduce -6.7% |
| META Meta Platforms Inc. Class A | 1.14% | 61,590 | $45.2M | Reduce -13.0% |
| JPM JPMorgan Chase & Co. | 1.14% | 143,363 | $45.2M | Reduce -8.5% |
| JNJ Johnson & Johnson | 1.10% | 236,720 | $43.9M | Reduce -8.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.07% | 84,830 | $42.6M | Reduce -14.6% |
| T AT&T Inc. | 1.05% | 1,482,150 | $41.9M | Reduce -7.9% |
| XOM Exxon Mobil Corp. | 0.99% | 349,038 | $39.4M | Reduce -5.8% |
| V Visa Inc. Class A | 0.99% | 114,993 | $39.3M | Reduce -9.0% |
| CSCO Cisco Systems Inc. | 0.99% | 572,735 | $39.2M | Reduce -9.5% |
| MA Mastercard Inc. Class A | 0.93% | 65,293 | $37.1M | Reduce -7.5% |
| WMT Walmart Inc. | 0.93% | 359,143 | $37.0M | Reduce -19.1% |
| VZ Verizon Communications Inc. | 0.93% | 838,178 | $36.8M | Reduce -7.1% |
| COST Costco Wholesale Corp. | 0.91% | 39,205 | $36.3M | Reduce -13.4% |
| HD Home Depot Inc. | 0.91% | 88,976 | $36.1M | Reduce -8.4% |
| ABBV Abbvie Inc. | 0.89% | 153,407 | $35.5M | Reduce -8.8% |
| PM Philip Morris International | 0.89% | 217,949 | $35.4M | Reduce -5.8% |
| AXP American Express Co. | 0.85% | 101,448 | $33.7M | Reduce -16.5% |
| NEM Newmont Corp. | 0.83% | 393,157 | $33.1M | Reduce -21.0% |
| MO Altria Group Inc. | 0.83% | 496,989 | $32.8M | Reduce -8.9% |
| INTU Intuit Inc. | 0.81% | 47,121 | $32.2M | Reduce -6.5% |
| CRM Salesforce Inc. | 0.80% | 134,642 | $31.9M | Add +7.0% |
| PG The Procter & Gamble Co. | 0.79% | 203,920 | $31.3M | Reduce -5.8% |
| TMUS T-Mobile US Inc. | 0.77% | 128,355 | $30.7M | Reduce -8.2% |
| ADBE Adobe Inc. | 0.77% | 86,779 | $30.6M | Add +35.9% |
| MRK Merck & Co. Inc. | 0.76% | 359,827 | $30.2M | Reduce -7.5% |
| NVDA Nvidia Corp. | 0.72% | 153,958 | $28.7M | Add +23.4% |
| ABT Abbott Laboratories | 0.71% | 210,116 | $28.1M | Reduce -11.7% |
| LLY Eli Lilly & Co. | 0.71% | 36,784 | $28.1M | Reduce -25.5% |
| SCHW Schwab (charles) Corp. | 0.69% | 288,816 | $27.6M | Reduce -0.8% |
| GE General Electric filed as GE AEROSPACE | 0.69% | 91,654 | $27.6M | Add +44.3% |
| GD General Dynamics Corp. | 0.69% | 80,524 | $27.5M | Add +7.8% |
| ALL Allstate Corp. | 0.69% | 127,759 | $27.4M | Reduce -6.8% |
| NOC Northrop Grumman Corp. | 0.69% | 44,856 | $27.3M | Reduce -7.3% |
| KR Kroger Co. | 0.69% | 405,221 | $27.3M | Reduce -7.1% |
| RTX RTX Corp. | 0.67% | 159,435 | $26.7M | Reduce -8.7% |
| CVX Chevron Corp. | 0.67% | 170,619 | $26.5M | Add +0.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.66% | 242,445 | $26.4M | Reduce -14.2% |
| LMT Lockheed Martin Corp. | 0.66% | 52,628 | $26.3M | Reduce -2.4% |
| CW Curtiss-Wright Corp. | 0.65% | 47,616 | $25.9M | Reduce -12.0% |
| TRV The Travelers Cos Inc. | 0.65% | 92,455 | $25.8M | Add +7.3% |
| HIG Hartford Insurance Group Inc. | 0.65% | 193,250 | $25.8M | Add +4.0% |
| PEP Pepsico Inc. | 0.63% | 178,316 | $25.0M | Reduce -2.7% |
| WM Waste Management Inc. | 0.63% | 113,383 | $25.0M | Reduce -9.7% |
| MCK McKesson Corp. | 0.62% | 31,985 | $24.7M | Reduce -7.3% |
| DTE DTE Energy Company | 0.61% | 172,151 | $24.3M | Add +1.9% |
| AU Anglogold Ashanti PLC | 0.61% | 342,935 | $24.1M | New |
| RSG Republic Services Inc. | 0.60% | 104,022 | $23.9M | Reduce -15.2% |
| EXC Exelon Corp. | 0.60% | 529,999 | $23.9M | Reduce -5.3% |
| QCOM Qualcomm Inc. | 0.60% | 142,630 | $23.7M | Reduce -5.9% |
| PGR Progressive Corp. | 0.59% | 95,049 | $23.5M | Reduce -4.0% |
| EA Electronic Arts Inc. | 0.59% | 116,080 | $23.4M | Reduce -19.3% |
| KMB Kimberly-Clark Corp. | 0.58% | 186,476 | $23.2M | Reduce -1.3% |
| ED Consolidated Edison Inc. | 0.58% | 230,380 | $23.2M | Reduce -1.6% |
| MCD McDonald's Corp. | 0.57% | 74,028 | $22.5M | Add +1568.4% |
| MSI Motorola Solutions Inc. | 0.56% | 48,884 | $22.4M | Reduce -3.8% |
| ADP Automatic Data Processing | 0.56% | 75,621 | $22.2M | Reduce -9.1% |
| BMY Bristol-Myers Squibb Co. | 0.55% | 482,192 | $21.7M | Reduce -8.4% |
| LNG Cheniere Energy Inc. | 0.54% | 91,429 | $21.5M | Reduce -7.7% |
| ZM Zoom Communications Inc. | 0.54% | 259,510 | $21.4M | Reduce -5.7% |
| NFLX Netflix Inc. | 0.53% | 17,450 | $20.9M | Reduce -13.0% |
| ROP Roper Technologies Inc. | 0.52% | 41,800 | $20.8M | Reduce -4.4% |
| CB Chubb Ltd. | 0.52% | 72,566 | $20.5M | Reduce -7.4% |
| EG Everest Group Ltd. | 0.51% | 58,225 | $20.4M | Add +7.3% |
| INGR Ingredion Inc. | 0.51% | 165,950 | $20.3M | Reduce -5.0% |
| BPOP Popular Inc. | 0.50% | 155,368 | $19.7M | Reduce -7.2% |
| MPC Marathon Petroleum Corp. | 0.49% | 101,460 | $19.6M | Add +485.2% |
| MKL Markel Group Inc. | 0.49% | 10,202 | $19.5M | Reduce -26.2% |
| CASY Casey's General Stores Inc. | 0.48% | 34,110 | $19.3M | Reduce -34.9% |
| GILD Gilead Sciences Inc. | 0.48% | 172,768 | $19.2M | Reduce -11.1% |
| AEP American Electric Power | 0.48% | 169,525 | $19.1M | Reduce -7.8% |
| ADSK Autodesk Inc. | 0.47% | 59,364 | $18.9M | Reduce -3.8% |
| CAH Cardinal Health Inc. | 0.47% | 118,389 | $18.6M | Reduce -8.7% |
| SEIC Sei Investments Company | 0.46% | 216,904 | $18.4M | Reduce -4.9% |
| ETR Entergy Corp. | 0.46% | 196,072 | $18.3M | Reduce -7.4% |
| FFIV F5 Inc. | 0.46% | 56,317 | $18.2M | Add +61.7% |
| EME Emcor Group Inc. | 0.46% | 27,866 | $18.1M | Reduce -23.2% |
| TXRH Texas Roadhouse Inc. | 0.45% | 107,342 | $17.8M | Reduce -6.8% |
| DLB Dolby Laboratories Inc. Class A | 0.44% | 244,163 | $17.7M | Add +0.4% |
| AVGO Broadcom Inc. | 0.44% | 53,167 | $17.5M | Add +1058.3% |
| EOG EOG Resources Inc. | 0.44% | 155,080 | $17.4M | Reduce -24.7% |
| DOX Amdocs Ltd. | 0.44% | 211,707 | $17.4M | Reduce -14.9% |
| AMGN Amgen Inc. | 0.43% | 60,602 | $17.1M | Reduce -9.2% |
| CL Colgate-Palmolive Co. | 0.43% | 213,059 | $17.0M | Reduce -5.7% |
| L Loews Corp. | 0.43% | 169,169 | $17.0M | Reduce -0.6% |
| COF Capital One Financial Corp. | 0.42% | 79,370 | $16.9M | New |
| LHX L3HARRIS Technologies Inc. | 0.41% | 53,832 | $16.4M | Add +283.3% |
| CBOE Cboe Global Markets Inc. | 0.41% | 66,696 | $16.4M | Reduce -25.0% |
| CMCSA Comcast Corp. Class A | 0.41% | 520,179 | $16.3M | Add +50.5% |
| OGE Oge Energy Corp. | 0.41% | 352,535 | $16.3M | Reduce -12.2% |
| AEE Ameren Corporation | 0.39% | 148,464 | $15.5M | Add +350.7% |
| ACN Accenture PLC Class A | 0.39% | 62,300 | $15.4M | Reduce -24.4% |
| PH Parker Hannifin Corp. | 0.39% | 20,211 | $15.3M | Reduce -13.1% |
| TXT Textron Inc. | 0.38% | 180,647 | $15.3M | Reduce -7.8% |
| TSN Tyson Foods Inc. Class A | 0.37% | 273,305 | $14.8M | Add +1.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.37% | 127,060 | $14.5M | Add +35.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.36% | 36,522 | $14.3M | Reduce -11.5% |
| ACI Albertsons Cos Inc. Class A | 0.36% | 808,216 | $14.2M | Reduce -7.9% |
Portfolio Sells Q2 2025 → Q3 2025
| RGA Reinsurance Group of America | Reduce -98.7% | 0.01% | −0.56 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.42 |
| CHE Chemed Corp. | Reduce -92.2% | 0.03% | −0.34 |
| ORCL Oracle Corp. | Reduce -62.1% | 0.30% | −0.30 |
| BDX Becton Dickinson and Co. | Reduce -96.7% | 0.01% | −0.27 |
| CI The Cigna Group | Reduce -48.8% | 0.23% | −0.27 |
| MRSH Marsh & McLennan Cos | Reduce -51.8% | 0.20% | −0.24 |
| EHC Encompass Health Corp. | Reduce -62.0% | 0.16% | −0.24 |
| LLY Eli Lilly & Co. | Reduce -25.5% | 0.71% | −0.24 |
| AXS Axis Capital Holdings Ltd. | Reduce -81.9% | 0.05% | −0.23 |
| ACN Accenture PLC Class A | Reduce -24.4% | 0.39% | −0.22 |
| FCN Fti Consulting Inc. | Reduce -90.9% | 0.02% | −0.21 |
| MUSA Murphy USA Inc. | Reduce -53.5% | 0.17% | −0.20 |
| JBL Jabil Inc. | Reduce -73.2% | 0.07% | −0.19 |
| MKL Markel Group Inc. | Reduce -26.2% | 0.49% | −0.19 |
| COST Costco Wholesale Corp. | Reduce -13.4% | 0.91% | −0.19 |
| CASY Casey's General Stores Inc. | Reduce -34.9% | 0.48% | −0.17 |
| EEFT Euronet Worldwide Inc. | Reduce -52.4% | 0.12% | −0.17 |
| EOG EOG Resources Inc. | Reduce -24.7% | 0.44% | −0.17 |
| INTU Intuit Inc. | Reduce -6.5% | 0.81% | −0.16 |
| PM Philip Morris International | Reduce -5.8% | 0.89% | −0.14 |
| META Meta Platforms Inc. Class A | Reduce -13.0% | 1.14% | −0.14 |
| RSG Republic Services Inc. | Reduce -15.2% | 0.60% | −0.14 |
| NFG National Fuel Gas Co. | Reduce -79.5% | 0.04% | −0.13 |
| WMT Walmart Inc. | Reduce -19.1% | 0.93% | −0.13 |
| NFLX Netflix Inc. | Reduce -13.0% | 0.53% | −0.13 |
| DOX Amdocs Ltd. | Reduce -14.9% | 0.44% | −0.12 |
| V Visa Inc. Class A | Reduce -9.0% | 0.99% | −0.11 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -14.6% | 1.07% | −0.11 |
| ACI Albertsons Cos Inc. Class A | Reduce -7.9% | 0.36% | −0.11 |
| AXP American Express Co. | Reduce -16.5% | 0.85% | −0.10 |
| UNH Unitedhealth Group Inc. | Reduce -91.5% | 0.01% | −0.10 |
| CBOE Cboe Global Markets Inc. | Reduce -25.0% | 0.41% | −0.10 |
| CSCO Cisco Systems Inc. | Reduce -9.5% | 0.99% | −0.09 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -11.5% | 0.36% | −0.09 |
| T AT&T Inc. | Reduce -7.9% | 1.05% | −0.09 |
| ABT Abbott Laboratories | Reduce -11.7% | 0.71% | −0.09 |
| ROP Roper Technologies Inc. | Reduce -4.4% | 0.52% | −0.08 |
| NEU Newmarket Corp. | Reduce -38.8% | 0.25% | −0.08 |
| TXRH Texas Roadhouse Inc. | Reduce -6.8% | 0.45% | −0.08 |
| KR Kroger Co. | Reduce -7.1% | 0.69% | −0.08 |
| RGLD Royal Gold Inc. | Reduce -31.7% | 0.30% | −0.08 |
| PPL PPL Corp. | Reduce -31.7% | 0.26% | −0.08 |
| PEGA Pegasystems Inc. | Reduce -41.0% | 0.14% | −0.08 |
| CHRD Chord Energy Corp. | Reduce -79.7% | 0.02% | −0.08 |
| CL Colgate-Palmolive Co. | Reduce -5.7% | 0.43% | −0.08 |
| WM Waste Management Inc. | Reduce -9.7% | 0.63% | −0.08 |
| CPT Camden Property Trust | Reduce -60.8% | 0.04% | −0.07 |
| ADP Automatic Data Processing | Reduce -9.1% | 0.56% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| AU Anglogold Ashanti PLC | New | 0.61% | +0.61 |
| MCD McDonald's Corp. | Add +1568.4% | 0.57% | +0.53 |
| COF Capital One Financial Corp. | New | 0.42% | +0.42 |
| MPC Marathon Petroleum Corp. | Add +485.2% | 0.49% | +0.42 |
| AVGO Broadcom Inc. | Add +1058.3% | 0.44% | +0.41 |
| LHX L3HARRIS Technologies Inc. | Add +283.3% | 0.41% | +0.33 |
| AEE Ameren Corporation | Add +350.7% | 0.39% | +0.31 |
| GE General Electric | Add +44.3% | 0.69% | +0.29 |
| DUK Duke Energy Corp. | Add +901.9% | 0.31% | +0.28 |
| HII Huntington Ingalls Industrie | New | 0.26% | +0.26 |
| VLO Valero Energy Corp. | Add +167.4% | 0.34% | +0.24 |
| NVDA Nvidia Corp. | Add +23.4% | 0.72% | +0.24 |
| FFIV F5 Inc. | Add +61.7% | 0.46% | +0.21 |
| ADBE Adobe Inc. | Add +35.9% | 0.77% | +0.16 |
| WDAY Workday Inc. Class A | Add +1636.6% | 0.17% | +0.16 |
| GD General Dynamics Corp. | Add +7.8% | 0.69% | +0.16 |
| PEG Public Service Enterprise GP | Add +148.5% | 0.24% | +0.14 |
| MLI Mueller Industries Inc. | Add +99.8% | 0.23% | +0.14 |
| INCY Incyte Corp. | Add +1782.2% | 0.13% | +0.12 |
| BWA Borgwarner Inc. | New | 0.11% | +0.11 |
| CMCSA Comcast Corp. Class A | Add +50.5% | 0.41% | +0.11 |
| APH Amphenol Corp. Class A | New | 0.11% | +0.11 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Add +879.6% | 0.10% | +0.09 |
| TRV The Travelers Cos Inc. | Add +7.3% | 0.65% | +0.08 |
| DIS The Walt Disney Co. | Add +35.3% | 0.37% | +0.08 |
| DINO HF Sinclair Corp. | Add +211.9% | 0.11% | +0.08 |
| CCK Crown Holdings Inc. | Add +334.2% | 0.10% | +0.08 |
| PRIM Primoris Services Corp. | Add +70.3% | 0.11% | +0.08 |
| CDNS Cadence Design SYS Inc. | New | 0.08% | +0.08 |
| VMI Valmont Industries | Add +57.6% | 0.15% | +0.07 |
| HIG Hartford Insurance Group Inc. | Add +4.0% | 0.65% | +0.07 |
| DDS Dillards Inc. Class A | Add +7.1% | 0.18% | +0.07 |
| ABG Asbury Automotive Group | Add +161.9% | 0.11% | +0.07 |
| CVX Chevron Corp. | Add +0.1% | 0.67% | +0.07 |
| BBY Best Buy Co. Inc. | Add +86.4% | 0.12% | +0.06 |
| DTE DTE Energy Company | Add +1.9% | 0.61% | +0.06 |
| MTRN Materion Corp. | New | 0.06% | +0.06 |
| EG Everest Group Ltd. | Add +7.3% | 0.51% | +0.06 |
| TJX TJX Companies Inc. | New | 0.06% | +0.06 |
| EVRG Evergy Inc. | Add +452.1% | 0.07% | +0.06 |
| DBD Diebold Nixdorf Inc. | New | 0.06% | +0.06 |
| THG Hanover Insurance Group Inc./ | Add +7.9% | 0.36% | +0.05 |
| KO The Coca-Cola Co. | Add +27.9% | 0.28% | +0.05 |
| INDV Indivior Ltd. | Add +401.9% | 0.06% | +0.05 |
| IIIN Insteel Industries Inc. | New | 0.05% | +0.05 |
| GVA Granite Construction Inc. | New | 0.05% | +0.05 |
| ABCB Ameris Bancorp | Add +77.3% | 0.10% | +0.05 |
| TRGP Targa Resources Corp. | New | 0.05% | +0.05 |
| HWM Howmet Aerospace Inc. | New | 0.05% | +0.05 |
| AMP Ameriprise Financial Inc. | Add +22.3% | 0.33% | +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 |