Twin Tree Management, LP

Hedge Fund • Vol Arbitrage

Twin Tree Management, LP is a Hedge Fund specializing in Vol Arbitrage based in Dallas, TX led by Michael Edward Presley, reporting $7.4B in AUM as of Q3 2025 with XBI as the largest holding (3% allocation).

Managing PartnerMichael Edward Presley

Portfolio Value: $2.1B
Positions: 391
Top Holding: XBI at 3.12%
Last Reported: Q3 2025

Address6688 N. Central Expressway, Suite 1610, Dallas, TX, 75206, United States

Top Holdings

Largest long holdings in Twin Tree Management, LP's portfolio (19.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 XBI SPDR S&P Biotech XBI	ETF ETF	$66.8M	3.12%	+$29.9M Bought	— 666.2K shares	Q1 2017 Held for 8y 8m
2 SPDR S&P 500 ETF Trust SPY	ETF ETF	$58.7M	2.74%	+$58.7M Bought	— 88.1K shares	Q1 2024 Held for 1y 8m
3 VanEck Junior Gold Miners GDXJ	ETF ETF	$48.5M	2.26%	+$16.6M Bought	— 489.7K shares	Q1 2017 Held for 8y 8m
4 iShares Expanded Tech-Software Sector IGV	ETF ETF	$42.7M	1.99%	-$61.9M Sold	— 371.5K shares	Q3 2024 Held for 1y 2m
5 Seagate Technology Holdings PLC STX	Computer Hardware Technology	$40.4M	1.88%	+$40.4M Bought	0.08% 171.0K shares	Q1 2024 Held for 1y 8m
6 Corning GLW	Hardware, Equipment & Parts Technology	$36.6M	1.71%	+$10.2M Bought	0.05% 446.1K shares	Q4 2015 Held for 9y 11m
7 SoFi Technologies, Inc. SOFI	Financial - Credit Services Financial Services	$35.3M	1.65%	-$4.3M Sold	0.11% 1.3M shares	Q3 2024 Held for 1y 2m
8 Agnico Eagle Mines AEM	Gold Basic Materials	$34.2M	1.60%	-$26.3M Sold	0.04% 203.2K shares	Q3 2014 Held for 11y 2m
9 VanEck Semiconductor SMH	ETF ETF	$29.4M	1.37%	-$64.0M Sold	— 90.2K shares	Q2 2017 Held for 8y 5m
10 Morgan Stanley MS	Financial - Capital Markets Financial Services	$29.0M	1.35%	+$11.5M Bought	0.01% 182.1K shares	Q3 2020 Held for 5y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Twin Tree Management, LP's latest filing

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Market Value

$2.1B

Prior: $4.0B

Q/Q Change

-46.07%

-$1.8B

Net Flows % of MV

-121.15%

Turnover Ratio

89.45%

New Purchases

23 stocks

$35.7M

Added To

75 stocks

+$327.6M

Sold Out Of

196 stocks

$1.2B

Reduced Holdings

163 stocks

-$1.8B

Increased Positions

Position	Shares Δ	Change
1 Invesco NASDAQ 100 ETF QQQM	New	0 → 39.7K +$9.8M
2 Rubrik RBRK	New	0 → 50.8K +$4.2M
3 Sterling Infrastructure, Inc. STRL	New	0 → 11.8K +$4.0M
4 Shake Shack SHAK	New	0 → 29.4K +$2.8M
5 Joby Aviation JOBY	New	0 → 164.9K +$2.7M

Decreased Positions

Position	Shares Δ	Change
1 Hewlett Packard Enterprise HPE	Sold	2.3M → 0 −$46.5M
2 ASML ASML ASML	Sold	46.4K → 0 −$37.2M
3 Invesco QQQ Trust QQQ	Sold	62.7K → 0 −$34.6M
4 Ross Stores ROST	Sold	237.9K → 0 −$30.4M
5 Wheaton Precious Metals WPM	Sold	336.3K → 0 −$30.2M

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Analytics

Portfolio insights and performance metrics for Twin Tree Management, LP

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Sector Allocation

Technology

24.10%

ETF

19.30%

Consumer Cyclical

11.40%

Industrials

9.70%

Financial Services

8.50%

Basic Materials

6.10%

Healthcare

5.20%

Communication Services

3.70%

Consumer Defensive

3.40%

Energy

3.00%

Utilities

1.00%

Real Estate

0.70%

Market Cap Distribution

Mega Cap (> $200B)

10.72%

Large Cap ($10B - $200B)

56.63%

Mid Cap ($2B - $10B)

7.93%

Nano Cap (< $50M)

0.83%

N/A (ETF or Unknown)

23.88%

Portfolio Concentration

Top 10 Holdings %

19.68%

Top 20 Holdings %

31.58%

Top 50 Holdings %

54.25%

Top 100 Holdings %

73.92%