Gotham Asset Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The investment landscape of the first quarter of 2026 has been significantly defined by the strategic maneuvers of Joel Greenblatt - Gotham Asset Management. As a firm deeply rooted in the principles of value investing—pioneered by its founder Joel Greenblatt, the author of the seminal "The Little Book That Beats the Market"—Gotham Asset Management represents a sophisticated evolution of the "Magic Formula." This quarter, the institution’s filings reveal a portfolio of immense scale and staggering complexity, managing a total reported market value of approximately $32.65 billion . This figure underscores Gotham’s position as a heavyweight in the institutional space, wielding significant capital across a vast array of equity instruments.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The top three sectors—Technology, Industrials, and Consumer Discretionary—collectively account for 54.05% of the total portfolio. This concentration indicates a focused bet on the "engine rooms" of modern economic growth. A weight of over 24% in Technology signals a profound belief that digital transformation and the ongoing artificial intelligence revolution remain the primary drivers of value creation in the 2026 market environment. However, because the total concentration of the top three sectors is just over 50%, Gotham remains "relatively diversified" compared to more concentrated hedge funds, allowing it to remain resilient against sector-specific downturns.

The 24.44% allocation to Technology is not merely a passive holding; it is an active endorsement of the sector's resilience and cash-flow generation capabilities. In the context of 2026, this likely reflects a shift from speculative tech to "quality tech"—companies with dominant market shares, high returns on invested capital (ROIC), and the ability to integrate AI into their existing business models to drive margin expansion. Gotham’s logic here appears to be a search for "growth at a reasonable price," focusing on tech giants that have moved past the hype cycle into a phase of sustained profitability.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

With a staggering 17.94% of the total portfolio, the SPDR S&P 500 ETF Trust is the undisputed foundation of Gotham’s investment strategy. This is a " conviction holding " of the highest order. During the first quarter of 2026, Gotham increased its position by 33.87% , adding over 2.27 million shares. This move is a clear "beta-plus" strategy. By holding nearly 18% of the portfolio in the S&P 500, Gotham ensures that its core performance tracks the broader market, allowing its nearly 1,800 individual stock picks to provide the "alpha" or outperformance. The motivation for this massive addition appears to be a "risk-on" sentiment, perhaps anticipating a market breakout or a period of sustained stability in large-cap equities. The weight change of +1.19% confirms that this was an active, aggressive position adjustment rather than a passive result of price appreciation.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most significant move this quarter was the estimated $1.48 billion addition to the SPDR S&P 500 ETF Trust. This is not just a routine adjustment; it is a massive "incremental capital buying" operation. Gotham is effectively doubling down on the U.S. large-cap equity market. The logic here is likely " valuation trough mining " on a macro scale—Gotham may believe that the broader market is entering a new phase of expansion and wants to ensure maximum exposure. By increasing this position by over 33%, they are positioning the portfolio to capture the full upside of any market rally. This move significantly increases the portfolio's "offensiveness" and suggests a high degree of confidence in the macroeconomic environment.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The most significant reduction in dollar terms (estimated $78.8 million ) occurred in Sandisk Corporation. Gotham slashed its position by 55.25% . This is a " Major Strategic Contraction ." Sandisk, a leader in flash memory, operates in a highly cyclical and commodity-sensitive industry. The logic behind this reduction likely stems from a "peaking cycle" warning—Gotham may believe that the memory market has reached a near-term top and is locking in profits before a potential downturn. This move reduces the portfolio's exposure to the volatile semiconductor hardware space, shifting capital toward more stable "platform" companies like Apple.

Gotham reduced its holding in the iShares 0-3 Month Treasury Bond ETF by 30.72% , retrieving an estimated $55.2 million . This is a classic " Cash Flow Retrieval " operation. SGOV is a cash-equivalent instrument used to park capital. By reducing this position, Gotham is signaling a shift from "defensive cash" to "offensive equity." The funds retrieved here were likely part of the capital loop used to fund the massive additions to the S&P 500 (SPY) and Apple. It indicates a high appetite for risk and a belief that the opportunity cost of holding cash has become too high.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: Gotham sold its cash-equivalent holdings (SGOV) and trimmed its cyclical hardware and e-commerce positions (SNDK, AMZN) to fund a massive, multi-billion dollar expansion into broad market ETFs (SPY, VOO, IWV) and the undisputed leaders of the digital age (AAPL, NVDA). This is a bet on economic certainty and dominant moats . In an environment that may be characterized by shifting interest rates and technological disruption, Gotham is choosing to own the "market" and the "infrastructure" rather than betting on individual niche players.

For retail investors, the reference value of these operations is found in the conviction in quality . Gotham’s massive addition to Apple and NVIDIA suggests that even at high price points, the "best" companies can still be "value" plays if their growth and ROIC remain superior. However, investors should be cautious about simply imitating the massive SPY addition, as Gotham’s 18% weight in the S&P 500 is part of a complex, highly diversified portfolio strategy that includes nearly 1,800 other stocks to manage risk—a level of diversification that is impossible for most individual investors to replicate.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.