Israel Englander is one of the most successful investors of his generation. As the founder of Millennium Management, Englander built a strategy rooted in diversified platforms and systematic trading approaches across multiple asset classes.
His firm pioneered the pod-based structure, focusing on specialized portfolio managers who employ fundamental equity, quantitative strategies, and equity arbitrage rather than relying on a single investment philosophy.
Englander’s approach emphasizes risk-adjusted returns, maintaining tight controls over individual manager exposure while allowing hundreds of portfolio managers to execute their specialized strategies. He has consistently focused on building one of the world’s most diversified investment platforms, where no single strategy or manager can significantly impact overall firm performance.
With over $100 billion in publicly disclosed U.S. equities, Millennium’s latest 13F filing reveals how one of the world’s largest multi-manager platforms navigates today’s market environment. The firm’s portfolio spans an extraordinary 5,787 individual stock positions, demonstrating the truly diversified nature of Englander’s approach.
1. iShares Trust – iShares Core S&P 500 ETF (IVV) 5.14% of portfolio
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Millennium’s largest disclosed holding is the iShares Core S&P 500 ETF, representing 5.14% of the portfolio with a market value of approximately $5.2 billion through 9.3 million shares. The firm significantly increased its position last quarter, adding nearly 3.8 million shares, which was a substantial 67.68% increase.
The aggressive accumulation suggests Millennium’s pod managers are finding broad U.S. equity exposure attractive at current levels, despite ongoing market volatility. This massive position build could reflect multiple portfolio managers across different pods simultaneously identifying value in large-cap U.S. stocks or hedging strategies that require substantial ETF exposure.
Englander’s multi-manager platform often uses ETF positions for both directional exposure and sophisticated hedging strategies. The IVV increase likely reflects operational efficiency preferences, as the ETF offers lower expense ratios and superior liquidity characteristics that support Millennium’s complex trading strategies.
2. NVIDIA Corp (NVDA) 0.98% of portfolio
NVIDIA represents Millennium’s second-largest individual stock holding, valued at $1.0 billion and comprising 0.98% of the portfolio through 9.2 million shares. However, the firm reduced its stake by 740,500 shares during the quarter, a 7.42% cut that signals tactical profit-taking in the AI semiconductor leader.
This reduction comes after NVIDIA’s remarkable run-up and likely reflects Millennium’s disciplined approach to position sizing and risk management. The trim may indicate that multiple pod managers reached their risk limits on the stock or identified better risk-adjusted opportunities elsewhere in the technology sector.
The continued substantial holding demonstrates that Englander’s teams remain constructive on AI infrastructure demand while managing concentration risk. Given Millennium’s sophisticated options strategies, the position reduction could also reflect complex hedging adjustments or the unwinding of paired trades rather than a fundamental shift in the firm’s AI thesis.
3. Meta Platforms (META) 0.89% of portfolio
Meta Platforms holds the third position in Millennium’s disclosed portfolio, valued at $900.4 million and representing 0.89% of total holdings through 1.56 million shares. The firm dramatically reduced its position last quarter, selling nearly 994,000 shares, which was a substantial 38.88% cut.
This aggressive reduction in Meta suggests Millennium’s managers may be taking profits after the social media giant’s strong performance or rotating toward other technology opportunities with more favorable risk-reward profiles. The significant trim could also reflect concerns about regulatory pressures or competitive challenges facing the company’s metaverse investments.
The partial position maintenance indicates that while some pod managers were sellers, others within Millennium’s platform may still see value in Meta’s core advertising business and AI initiatives. This mixed approach exemplifies Millennium’s diversified structure, where different investment teams can take varying views on the same stock simultaneously.
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4. Amazon.com Inc (AMZN) 0.85% of portfolio
Amazon remains a key position for Millennium Management, representing 0.85% of the firm’s portfolio with over 4.55 million shares valued at approximately $867 million as of March 31, 2025. Millennium modestly increased its stake last quarter by 229,253 shares, a 5.3% bump that signals steady confidence in the e-commerce and cloud giant.
While Amazon is best known for its retail dominance, the real story for institutional investors continues to be Amazon Web Services (AWS), which reported $25.1 billion in revenue last quarter. AWS plays a vital role in powering generative AI infrastructure, particularly through its in-house Trainium and Inferentia chips.
For a fund as diversified and data-driven as Millennium, Amazon offers a rare blend of operational scale, recurring revenue, and exposure to long-term AI growth, all traits that align with Israel Englander’s preference for durable, tech-forward compounders in shifting environments.
5. Boston Scientific Corp (BSX) 0.83% of portfolio
Boston Scientific makes up 0.83% of Millennium’s portfolio, with a holding valued at $841.8 million across more than 8.34 million shares. Despite reducing the position by 784,572 shares, a cut of roughly 8.6%, the fund continues to show sizable interest in the medical device maker.
The firm’s exposure to Boston Scientific likely reflects its strong fundamentals and growing presence in cardiovascular and neuromodulation markets. With a solid product pipeline and improving margins, BSX offers a compelling healthcare play that’s less vulnerable to macro volatility than biotech or pharma peers.
Millennium’s interest may also reflect Englander’s broader strategy of rotating into names with stable cash flows and pricing power, especially in sectors where innovation and regulatory moats create long-term defensibility.
Englander’s Portfolio Prioritizes Strength Over Speculation
Israel Englander’s Millennium Management operates with a multi-strategy investment model that prioritizes liquidity, precision, and structural alignment over flash. Rather than chase headlines, Englander’s firm builds a sprawling portfolio, nearly 5,800 holdings, delivering absolute returns through disciplined positioning across asset types and geographies.
In Q1 2025, the firm’s five largest public equity holdings captured this balancing act perfectly, anchored by broad market exposure through IVV (iShares Core S&P 500 ETF), followed by targeted exposure to technology and innovation with NVIDIA, Meta, Amazon, and Boston Scientific, all signaling where Englander sees leverage between megatrends and market efficiency.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
