Joel Greenblatt

Joel Greenblatt's latest 13F is defined by what is not in the stock list. The largest position at Gotham Asset Management is SPY, the S&P 500 ETF, at $5.86 billion and 17.9% of the $32.65 billion portfolio. For an investor known for value and the magic formula, a broad index as the top equity looks less like a stock pick and more like a benchmark anchor. The rest of the top holdings reinforce that reading. AAPL is 2.23%, NVDA is 2.21%, AMZN is 0.50%, and GOOGN is 0.48%, all large-cap growth names. SNOW, a cloud software company, is 0.46%. There is no single deep-value position in the top ten that fits the old Greenblatt template. The divergence from value peers is sharper in the non-stock and thematic sleeve. ETHA, the iShares Ethereum Trust, is 0.87% of the portfolio. TIDAL TRUST I is 1.84%. VGES, a Vanguard ESG international ETF, appears as two separate positions with a combined 1.02% of assets. Those are not typical building blocks for a value shop. The overall construction is a passive index base with active decisions at the margin: SPY supplies market beta, the crypto and ESG ETFs supply diversification, and the individual equity bets are moderate weights in mega-cap technology. That is a systematic, index-relative format that differs from Greenblatt's older reputation. The 13F shows a fund that now expresses its value process through relative bets off an S&P 500 core rather than through concentrated holdings in cheap stocks.