Smart Money Radar / Whales / Joel Greenblatt
J

Joel Greenblatt

Gotham Asset Management, LLC · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only

The magic formula at industrial scale. Thousands of small positions.

Reported value
$27B
60 positions shown
Copycat since 2016
3.12x
12% per year
vs SPY
behind
SPY 3.57x same window
Top position
SPY
17% of book

Copying these filings vs SPY

$1 at every deadline since 2016
SPY 3.57x Joel Greenblatt 3.12x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.
Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Dec 2025
SPY 17% GSPY 2% NVDA 2% AAPL 2% IVV 1% AMZN 1% SNOW 1% SGOV 1% VTV 1% BIL 0% AVGO 0% VOO 0% ABNB 0%
Top 15 positions shown, 29% of the book; 1704 smaller names hold the rest.
SymbolValue% of bookvs prior quarter
SPY $4.6B 17% added
GSPY $616M 2% unchanged
NVDA $551M 2% added
AAPL $425M 2% added
IVV $279M 1% added
AMZN $229M 1% unchanged
SNOW $217M 1% added
SGOV $179M 1% added
GOOGL $163M 1% added
VTV $146M 1% added
MSFT $138M 1% unchanged
BIL $128M 0% added
AVGO $115M 0% added
VOO $113M 0% added
ABNB $106M 0% added
GVLU $94M 0% unchanged
IEFA $89M 0% added
WDC $87M 0% trimmed
META $87M 0% added
PLTR $80M 0% added
TSLA $74M 0% added
TPR $74M 0% trimmed
NEM $72M 0% unchanged
CAT $70M 0% added
IEMG $68M 0% added
DAL $67M 0% added
WFRD $66M 0% added
DUK $66M 0% added
MU $66M 0% trimmed
IAU $65M 0% added
SCCO $64M 0% added
QQQ $64M 0% unchanged
EXPE $62M 0% added
REGN $62M 0% trimmed
GOOG $62M 0% added
ASTS $60M 0% trimmed
FTI $60M 0% added
EXE $59M 0% added
NDSN $59M 0% added
LULU $59M 0% added
BYD $58M 0% added
NVT $58M 0% added
CRL $58M 0% trimmed
CHDN $56M 0% added
APA $56M 0% added
GEN $55M 0% added
FOXA $54M 0% added
SNDK $53M 0% trimmed
APP $53M 0% trimmed
RBC $53M 0% added
ULTA $52M 0% added
CSCO $52M 0% trimmed
NTAP $52M 0% added
PNR $51M 0% added
FIX $51M 0% added
LRCX $51M 0% added
BRK.B $51M 0% trimmed
JNJ $50M 0% added
DIS $50M 0% added
BEPC $49M 0% added
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.