The latest 13F filing from Gotham Asset Management, LLC (Joel Greenblatt) provides a clear look into how one of the most systematic, factor-driven investors is positioning across U.S. equities. Unlike highly concentrated discretionary managers, Gotham runs a broad, diversified portfolio rooted in valuation, quality, and earnings yield metrics, often expressed through both individual stocks and proprietary ETFs.
This quarter’s filing highlights large, decisive reallocations, particularly toward market beta, mega-cap technology, and liquidity management, rather than idiosyncratic single-stock bets. The most notable activity centers on ETF scaling and outsized additions to core technology leaders, signaling a shift toward exposure rather than tactical stock picking.
Below are the most important moves from Gotham’s latest filing — and what they suggest about Greenblatt’s current positioning.
1. SPDR S&P 500 ETF (SPY): +1,262,794 shares
5,618,281 shares — $3.74B position (16.29% of portfolio)
One of the most significant moves in the portfolio was a large increase in SPY, making it Gotham’s single largest disclosed holding. The nearly 29% increase in shares indicates a deliberate step up in broad market exposure.
This move is consistent with Gotham’s history of using index ETFs as exposure overlays, particularly when valuation spreads compress or when factor dispersion becomes less attractive at the single-name level. Rather than expressing directional views through stock selection, Gotham appears to be leaning into systematic beta this quarter.
2. NVIDIA (NVDA): +591,589 shares
2,863,109 shares — $534.2M position (2.33%)
NVIDIA saw one of the largest dollar-value increases among individual stocks, with shares up more than 26% quarter over quarter. The position reflects Gotham’s participation in the AI-driven earnings acceleration across semiconductors.
Given Gotham’s quantitative discipline, the addition likely reflects earnings momentum and return on capital screens, rather than a thematic bet alone. NVDA now represents one of Gotham’s most meaningful single-stock exposures.
3. Apple Inc. (AAPL): +538,746 shares
1,428,976 shares — $363.9M position (1.58%)
Apple was another aggressively scaled position, with shares up more than 60% from the prior quarter. The magnitude of the increase suggests a strong signal across Gotham’s valuation and quality models.
Despite Apple’s size, the firm appears comfortable increasing exposure, treating it as a stable, cash-generative compounder within a diversified framework rather than a concentrated bet.
4. Snowflake (SNOW): +388,608 shares
956,539 shares — $215.7M position (0.94%)
Snowflake stands out as one of the largest percentage increases in the filing, with shares rising over 68% quarter over quarter. This marks a notable re-engagement with higher-growth software following prior volatility in the sector.
The move suggests Snowflake may now screen favorably on Gotham’s forward earnings and operating leverage metrics, even after earlier valuation compression.
5. iShares 0–3 Month Treasury Bond ETF (SGOV): +803,355 shares
1,552,170 shares — $156.3M position (0.68%)
One of the more telling moves was the doubling of exposure to ultra-short Treasuries, with SGOV shares up over 107%. This reflects active liquidity and risk management, not a directional equity call.
Gotham frequently uses Treasury ETFs as a capital parking mechanism, suggesting either tactical caution or preparation for future reallocation.
6. Amazon.com (AMZN): +260,509 shares
978,948 shares — $214.9M position (0.94%)
Amazon also saw a meaningful increase, with shares rising more than 36% quarter over quarter. The addition reinforces Gotham’s exposure to mega-cap platforms with improving free cash flow profiles, particularly where margins and capital efficiency are inflecting.
Big Picture Takeaways
This was a beta-heavy quarter.
The dominant move was a significant increase in S&P 500 exposure, suggesting Gotham sees limited advantage in deviating aggressively from the index at current valuations.
Mega-cap technology was scaled, not traded.
NVDA, AAPL, AMZN, and SNOW all saw substantial increases, indicating broad-based signals rather than isolated convictions.
Risk management remains active.
The sharp increase in short-term Treasuries highlights Gotham’s disciplined approach to liquidity and volatility control.
This is not a concentration story.
Even the largest individual stock positions remain modest relative to total assets, reinforcing Gotham’s systematic, diversified philosophy.
Greenblatt is expressing views through structure, not narratives.
The filing reflects factor exposure adjustments and portfolio construction decisions rather than discretionary stock picking.
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