Key Takeaways
- • Point72's Q2 2026 Form 13F, covering positions as of June 30, 2026 and filed August 14, 2026, reported $90.68 billion in holdings, of which about 28% was options notional, and a $65.44 billion stock book.
- • Point72 added 652 positions and exited 657 between Q1 and Q2 2026, changing roughly one-third of its 1,978 reported positions in a single quarter.
- • Credo Technology Group was the largest stock position at $1.67 billion (2.56% of the stock book), followed by ASML at $1.10 billion and Amazon at $1.06 billion.
- • Point72 cut its Nvidia share count by 94%, from 7.58 million to 437,800 shares, and reduced Microsoft by 91%, while adding substantially to Snowflake (up roughly 2,449% in reported shares) and Oracle (up 188%).
- • The 13F covers only reportable U.S.-listed holdings and cannot explain the reasons behind the trades; the firm's AUM was approximately $58.5 billion as of July 1, 2026.
Summary
Point72 Asset Management, led by Steven Cohen, reported approximately $58.5 billion in assets under management as of July 1, 2026, according to the firm's website. Its Q2 2026 Form 13F, with positions as of June 30, 2026 and filed August 14, 2026, is the clearest public view of its reportable U.S.-listed holdings, but it is a partial snapshot. It excludes short positions, futures, foreign exchange, credit, private investments, and non-U.S.-listed shares, and it is published with a delay of up to 45 days.
The filing shows high turnover. Point72 added 652 positions and exited 657 between Q1 and Q2 2026, changing roughly one-third of its 1,978 reported positions. Reported holdings totaled $90.68 billion, with approximately 28% attributable to options notional. The stock book was $65.44 billion, excluding options. Option values reflect notional exposure of underlying shares rather than premiums or capital at risk. Point72 reported about $1.16 billion in SPY puts, covering roughly 1.56 million shares, with SPY calls of nearly the same size.
The largest stock position was Credo Technology Group at $1.67 billion, or 2.56% of the stock book. ASML ($1.10 billion), Amazon ($1.06 billion), MKS Inc. ($888.2 million) and Arista Networks ($873.1 million) completed the top five. Many of the largest holdings are AI infrastructure companies spanning connectivity, semiconductors, networking, computing and data storage.
Quarter-over-quarter changes were mixed. Point72 raised its Seagate share count by 51% and its MKS stake by 24%, and Snowflake and Oracle saw large increases, with Snowflake rising from 110,400 shares to more than 2.81 million. Texas Instruments appeared as a new holding at approximately $410.5 million. Reductions were concentrated in semiconductors and hardware: Nvidia's share count fell 94%, Microsoft's fell 91% (from 350,644 to 31,522 shares), and Applied Materials fell 65%. Credo, Arista and AMD were also trimmed. New positions included CVS Health, McDonald's and Atmos Energy, while Procter & Gamble, Keurig Dr Pepper and Mondelez were increased.
The filing documents changes in reported share counts but does not explain Point72's rationale, whether valuation, AI spending expectations, or risk limits drove them. Reported changes also reflect a filing-structure change: six affiliates previously filed separately, and from Q4 2025 positions were consolidated under Point72 Asset Management, which inflated the reported totals and is not evidence of portfolio growth on its own.
The filing shows high turnover. Point72 added 652 positions and exited 657 between Q1 and Q2 2026, changing roughly one-third of its 1,978 reported positions. Reported holdings totaled $90.68 billion, with approximately 28% attributable to options notional. The stock book was $65.44 billion, excluding options. Option values reflect notional exposure of underlying shares rather than premiums or capital at risk. Point72 reported about $1.16 billion in SPY puts, covering roughly 1.56 million shares, with SPY calls of nearly the same size.
The largest stock position was Credo Technology Group at $1.67 billion, or 2.56% of the stock book. ASML ($1.10 billion), Amazon ($1.06 billion), MKS Inc. ($888.2 million) and Arista Networks ($873.1 million) completed the top five. Many of the largest holdings are AI infrastructure companies spanning connectivity, semiconductors, networking, computing and data storage.
Quarter-over-quarter changes were mixed. Point72 raised its Seagate share count by 51% and its MKS stake by 24%, and Snowflake and Oracle saw large increases, with Snowflake rising from 110,400 shares to more than 2.81 million. Texas Instruments appeared as a new holding at approximately $410.5 million. Reductions were concentrated in semiconductors and hardware: Nvidia's share count fell 94%, Microsoft's fell 91% (from 350,644 to 31,522 shares), and Applied Materials fell 65%. Credo, Arista and AMD were also trimmed. New positions included CVS Health, McDonald's and Atmos Energy, while Procter & Gamble, Keurig Dr Pepper and Mondelez were increased.
The filing documents changes in reported share counts but does not explain Point72's rationale, whether valuation, AI spending expectations, or risk limits drove them. Reported changes also reflect a filing-structure change: six affiliates previously filed separately, and from Q4 2025 positions were consolidated under Point72 Asset Management, which inflated the reported totals and is not evidence of portfolio growth on its own.
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