Editor’s Note: This article has been updated to clarify that Citadel Advisors LLC’s 13F filing includes positions from two separate entities: Citadel Advisors LLC (the hedge fund) and Citadel Securities GP LLC (a market-making firm). Market makers hold securities as temporary inventory to facilitate client trades, not as long-term investment positions. The positions identified in this article may include significant market-making inventory that does not reflect Ken Griffin’s investment strategy or convictions.
Ken Griffin built Citadel into a $60 billion hedge fund empire by mastering complexity. While his 13F filing shows hundreds of positions, the top five largest long equity positions reveal where Griffin’s conviction lies. These are liquid, high-quality mega-caps that can absorb billions while offering upside Griffin thinks the market underprices.
5. Amazon: The AWS Profit Engine
Amazon.com Inc (NASDAQ:AMZN)
Amazon sits in Citadel’s top five because AWS is printing money. The company posted $180.17 billion in Q3 2025 revenue with $21.19 billion in net income. Operating margin hit 11.1%, up from single digits two years ago.
Amazon beat estimates in four consecutive quarters through Q3 2025, with surprises ranging from 16.9% to 26.6%. Q3 2025 EPS of $1.95 crushed the $1.54 estimate by 26.6%. EPS nearly doubled from $0.97 in Q3 2024 to $1.95 in Q3 2025, a 107% jump. That’s margin expansion from AWS, not just revenue growth.
The stock trades at 34x trailing earnings with a forward P/E of 30x. For a company growing earnings 36.4% year-over-year, that’s reasonable. Griffin likely sees AWS continuing to take cloud share while e-commerce margins improve.
The stock is up 1.97% over the past year, underperforming the broader market. RSI sits at 56.29, neutral territory. Institutional ownership at 66.76% shows Griffin isn’t alone.
4. Apple: The Margin Machine
Apple Inc (NASDAQ:AAPL)
Apple is a $3.79 trillion fortress with 26.9% profit margin and 31.7% operating margin. The company generated $416.2 billion in trailing revenue with $195.2 billion in gross profit.
Apple beat earnings in 11 of the last 12 quarters, with Q2 2025 showing a 9.79% surprise. Q3 2025 EPS of $1.85 crushed the $1.76 estimate. Earnings grew 91.2% year-over-year in the most recent quarter, far outpacing 7.9% revenue growth. That’s operational leverage. When Apple grows revenue by 8%, earnings double.
The stock trades at 34x trailing earnings with a forward P/E of 31x. Analysts have a $287.29 target price, implying 11% upside. Twenty-nine of 48 analysts rate it Buy or Strong Buy. Institutional ownership sits at 64.8%.
The stock is down 5% year-to-date, underperforming QQQ’s 2.46% gain. RSI at 46.32 shows no overbought pressure after recovering from extreme oversold levels (17.91) in late January.
3. Microsoft: The Azure Growth Story
Microsoft Corporation (NASDAQ:MSFT)
Microsoft is Griffin’s cloud play. The company posted $81.27 billion in Q2 FY2026 revenue with $38.46 billion in net income. Operating margin: 48.9%. That’s best-in-class profitability for a company growing revenue 18.4% year-over-year.
Microsoft beat estimates in four straight quarters, with Q2 2025 showing a 7.99% surprise. Quarterly earnings growth hit 12.7% year-over-year.
The stock trades at 30x trailing earnings with a forward P/E of 30x. Fifty-six of 57 analysts rate it Buy or Strong Buy, with a $616.13 consensus target.
The stock is down 10.36% year-to-date and off 1.27% over the past year. RSI plunged to 33.58 on January 29, oversold territory after trading at 56.08 the day before. That’s a 22-point RSI drop in 24 hours, signaling sharp selling pressure. Given Microsoft’s 75.76% institutional ownership and consistent earnings beats, the selloff looks like noise if Azure growth continues.
2. QQQ: The Nasdaq Bet
Invesco QQQ Trust (NASDAQ:QQQ)
Note: A significant portion of Citadel’s QQQ holdings may be held by Citadel Securities for market-making purposes and may not reflect discretionary investment decisions by the hedge fund.
QQQ is Griffin’s tech concentration vehicle. The ETF holds $407.2 billion in assets with a 0.18% expense ratio. It’s up 20.85% over the past year, outperforming SPY’s 15.33% gain.
QQQ’s top three holdings are NVIDIA (8.48%), Apple (7.15%), and Microsoft (6.62%). Combined, those three represent 22.25% of the fund. Add Amazon at 4.84%, and you’ve got 27% in four stocks. That’s conviction in mega-cap tech.
The fund’s 49.4% allocation to Information Technology and 15.9% to Communication Services creates 65.3% exposure to digital platforms and infrastructure. Griffin likely uses QQQ as a core holding to capture Nasdaq upside while layering individual stock positions for alpha.
RSI sits at 57.15, neutral after recovering from 40.10 in late January. The ETF is up 2.46% year-to-date.
1. SPY: The Market Core
SPDR S&P 500 ETF (NYSEARCA:SPY)
Note: A significant portion of Citadel’s SPY holdings may be held by Citadel Securities for market-making purposes and may not reflect discretionary investment decisions by the hedge fund.
SPY is Griffin’s largest position because it’s the benchmark. The ETF holds $712.1 billion in assets with a 0.0945% expense ratio and 3% portfolio turnover. It’s up 15.33% over the past year and 1.78% year-to-date.
SPY’s top holdings mirror Citadel’s individual stock picks: NVIDIA (7.43%), Apple (6.26%), Microsoft (5.80%), and Amazon (3.86%). The fund’s 33.1% allocation to Information Technology shows where market leadership sits.
Griffin uses SPY as a liquidity vehicle and hedging tool. With $712 billion in assets, he can move billions without moving the market. The 1.02% dividend yield provides income on a massive position.
SPY tracks the S&P 500, giving Griffin a performance baseline against which his active bets are measured.
The Griffin Playbook
Citadel’s top five positions aren’t exotic. They’re liquid mega-caps with dominant market positions, high margins, and consistent execution. Griffin’s edge isn’t stock picking – it’s leverage, hedging, and execution. He likely hedges 60-80% of these positions via puts, index shorts, or derivatives, creating asymmetric payoffs retail can’t replicate.
The lesson: quality compounds. Griffin owns the companies that control cloud infrastructure, mobile ecosystems, e-commerce, and digital advertising. These aren’t speculative bets. They’re core holdings in a world where every company is becoming a tech company or dying.
Top Gaining Stocks
Top Losing Stocks