15% Of Israel Englander's $240 Billion Millennium Portfolio Sits in Just 10 Stocks
Key Points
Englander's top 10 holdings include two S&P 500 ETFs.
He owns four members of the "Magnificent Seven."
The billionaire's hedge fund is also invested in other communication and industrial stocks.
- 10 stocks we like better than iShares Core S&P 500 ETF ›
Warren Buffett once said, "Diversification is protection against ignorance. It makes little sense if you know what you are doing." I suspect that one of his fellow billionaires might disagree.
Israel "Izzy" Englander runs Millennium Management. The hedge fund's portfolio includes a staggering 5,622 holdings. But that large number could be somewhat misleading. Roughly 15% of Englander's $240 billion Millennium portfolio is invested in only 10 stocks.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Israel "Izzy" Englander. Image source: Getty Images.
Englander's top 10
Technically, Englander's largest holding isn't a stock. Instead, it's an exchange-traded fund (ETF) that trades like a stock -- the iShares Core S&P 500 ETF (NYSEMKT: IVV). This ETF owns all 503 stocks included in the S&P 500 (SNPINDEX: ^GSPC) (the total exceeds 500 due to multiple share classes for some companies).
It's the same story for Millennium Management's No. 3 holding -- the State Street SPDR Portfolio S&P 500 ETF (NYSEMKT: SPYM). Like the iShares fund, it has a low annual expense ratio.
Several so-called "Magnificent Seven" stocks are in the billionaire's top 10. Nvidia (NASDAQ: NVDA) remains Englander's second-largest holding even after he sold roughly 31% of Millennium's stake in the GPU giant in the first quarter of 2026. Apple (NASDAQ: AAPL), Meta Platforms (NASDAQ: META), and Microsoft (NASDAQ: MSFT) are also among the hedge fund's top positions.
Englander veered more old school with Millennium's fourth-largest position, railroad operator Norfolk Southern (NYSE: NSC). However, Norfolk Southern is more of a tech stock than you might think, with the company investing heavily in using artificial intelligence (AI) to improve railroad safety.
Two other top 10 holdings are communication stocks. Warner Bros. Discovery (NASDAQ: WBD) is Millennium's fifth-largest position, while Electronic Arts (NASDAQ: EA) ranks as the ninth-largest.
The key takeaway
What's the most important takeaway for individual investors from Englander's top 10 holdings? It's probably what we first discussed: the importance of diversification.
Because of the two S&P 500 ETFs in the top three spots in Millennium Management's portfolio, the hedge fund is even more diversified than meets the eye at first glance. Englander's other equity holdings represent three sectors (technology, communication services, and industrials).
Investors don't have to buy thousands of assets, as Englander does, to have a well-diversified portfolio. They don't have to own several Magnificent Seven stocks to achieve solid returns, either. However, including a few low-cost ETFs that own a basket of stocks isn't only a smart move for billionaires.
Should you buy stock in iShares Core S&P 500 ETF right now?
Before you buy stock in iShares Core S&P 500 ETF, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and iShares Core S&P 500 ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $386,727!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,232,139!*
Now, it’s worth noting Stock Advisor’s total average return is 906% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of August 3, 2026.
Keith Speights has positions in Apple, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Apple, Meta Platforms, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, and Warner Bros. Discovery. The Motley Fool recommends Electronic Arts. The Motley Fool has a disclosure policy.
Recommended Articles
