Joel Greenblatt’s Latest Portfolio: Top Stocks, Biggest Buys, and Key Changes

Joel Greenblatt reported an equity portfolio valued at approximately $32.65 billion in the latest reported quarter, reflecting Gotham Asset Management’s long-standing emphasis on systematic value investing, diversified portfolio construction, and identifying companies trading below their intrinsic value.

Unlike many concentrated value managers, Gotham maintains a highly diversified portfolio spread across hundreds of positions. The latest filing shows the top ten holdings accounting for 27.56% of total assets, with significant exposure to broad-market ETFs alongside individual large-cap technology and quality businesses. The quarter included meaningful additions to several core holdings while selective reductions were made across other positions.

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Portfolio Snapshot

Total Portfolio Value: ~$32.65B
Top 10 Weight: 27.56%
Turnover: Moderate

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Top Holdings & Weights

• SPDR S&P 500 ETF Trust (SPY) — 17.94%
• Apple Inc. (AAPL) — 2.23%
• NVIDIA Corporation (NVDA) — 2.21%
• Gotham Enhanced 500 ETF (GSPY) — 1.84%
• iShares Core S&P 500 ETF (IVV) — 0.87%
• Vanguard Value ETF (VTV) — 0.52%
• Vanguard S&P 500 ETF (VOO) — 0.51%
• Amazon.com Inc. (AMZN) — 0.50%
• Alphabet Inc. Class A (GOOGL) — 0.48%
• Snowflake Inc. (SNOW) — 0.46%

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Key Takeaways

Gotham’s largest holding remains the SPDR S&P 500 ETF Trust, representing nearly 18% of the portfolio. Combined with other index-based holdings such as IVV, VOO, and Gotham’s own Enhanced 500 ETF, the portfolio maintains substantial exposure to the broader U.S. equity market.

Technology continues to play an important role, with sizeable positions in Apple, NVIDIA, Amazon, Alphabet, Microsoft, and Snowflake. These holdings reflect Greenblatt’s willingness to own high-quality businesses when they meet Gotham’s quantitative value criteria.

The portfolio also includes broad exposure through value and international ETFs such as Vanguard Value ETF, iShares Core MSCI EAFE ETF, and other diversified products, illustrating Gotham’s systematic approach to balancing individual stock selection with broad market exposure.

Overall, the filing remains consistent with Joel Greenblatt’s investment philosophy of combining disciplined valuation metrics with broad diversification rather than relying on a handful of concentrated positions.

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Biggest Changes Last Quarter

Apple Inc. (AAPL)

Shares increased by 1.31 million (+83.88%)

→ Gotham significantly increased its Apple position, making it one of the largest additions during the quarter.

NVIDIA Corporation (NVDA)

Shares increased by 1.18 million (+39.95%)

→ The firm substantially expanded its NVIDIA investment, reflecting increased exposure to one of the market’s leading AI beneficiaries.

SPDR S&P 500 ETF Trust (SPY)

Shares increased by 2.28 million (+33.87%)

→ Gotham continued adding to its largest portfolio holding, further increasing broad market exposure.

iShares Russell 3000 ETF (IWV)

New Position 288,620 (+100.00%)

→ Gotham started a new position in IWV during the quarter, strengthening exposure to the broader U.S. equity market.

Amazon.com Inc. (AMZN)

Shares decreased by 203,617 (-20.50%)

→ Gotham trimmed its Amazon position while maintaining it as a top-ten holding.

iShares 0-3 Month Treasury Bond ETF (SGOV)

Shares decreased by 549,044 (-30.72%)

→ The firm reduced its short-term Treasury allocation, suggesting capital was redeployed into equities.