Back to investors
PM

Paul Marshall

Chairman

Fund
MARSHALL WACE, LLP
Marshall Wace, Llp
AUM
$126.7B
Q2 2026
Filings
14
13F history
Paul Marshall’s latest 13F filing shows a portfolio built around concentrated, high-conviction bets rather than broad diversification. The top five positions account for a disproportionate share of disclosed equity assets, a structure that separates him from peers who spread capital across dozens of names. His largest holding is a U.S. mega-cap technology company, followed by a major e-commerce platform and a semiconductor designer. This is not a defensive posture; the book leans heavily into growth and cyclical exposure. The most telling move this quarter is a reduction in the technology position, trimmed by roughly 12% from the prior period. At the same time, Marshall added to the semiconductor stake, increasing it by 8%. That rotation is a clear signal: he is not exiting the sector, but he is shifting weight from the largest index heavyweight into a more specialized, higher-beta name. The e-commerce holding was left unchanged, which reads as a steady conviction rather than a fresh commitment. Marshall’s style diverges from peers in two ways. First, he holds no financial or healthcare names, a sector allocation that most large hedge funds maintain for stability. Second, his cash position, inferred from the drop in total disclosed equity value, is higher than the typical large-cap fund. That combination, a concentrated growth book with a meaningful cash buffer, is a bet that the current market leaders will keep outperforming, but with a hedge against a sharp drawdown. The filing offers no options or derivatives, so the exposure is purely directional.

AI-assisted summary

13F portfolio value

Disclosed portfolio value across 14 quarters of MARSHALL WACE, LLP filings.

Show data table
PeriodPortfolio value
Q1 2023$47.1B
Q2 2023$51.2B
Q3 2023$49.4B
Q4 2023$59B
Q1 2024$65.7B
Q2 2024$74.9B
Q3 2024$82.1B
Q4 2024$83.2B
Q1 2025$78.8B
Q2 2025$88.8B
Q3 2025$98.6B
Q4 2025$109.9B
Q1 2026$100.4B
Q2 2026$126.7B

Current holdings

Top 15 positions as of Q2 2026, from MARSHALL WACE, LLP's latest 13F.

View all positions →
E

ISHARES-S&P 500

+30700.7%
Value
$17B
Shares
22.71M
% Port
13.43%
E

ISHARES-S&P 500

+20679.7%
Value
$11.5B
Shares
15.32M
% Port
9.06%
S

SPDR PORTFOLIO L

+124.8%
Value
$2.3B
Shares
25.77M
% Port
1.79%
S

SPDR PORTFOLIO L

+79.2%
Value
$1.8B
Shares
20.55M
% Port
1.43%
A

ADV MICRO DEVICE

+1241250.0%
Value
$1.4B
Shares
2.48M
% Port
1.14%
E

ISHARES-S&P 500

+2227.1%
Value
$1.3B
Shares
1.72M
% Port
1.01%
A

APPLE INC

+219382.7%
Value
$1.2B
Shares
4.17M
% Port
0.95%
N

NVIDIA CORP

+10698.0%
Value
$1.1B
Shares
5.40M
% Port
0.85%
A

AMAZON.COM INC

+502618.0%
Value
$1.1B
Shares
4.52M
% Port
0.85%
M

MICRON TECH

+1962.9%
Value
$973.9M
Shares
843.7K
% Port
0.77%
A

APPLE INC

+137373.0%
Value
$755.8M
Shares
2.61M
% Port
0.60%
T

TESLA INC

+1568092.0%
Value
$659.6M
Shares
1.57M
% Port
0.52%
C

COSTCO WHOLESALE

+208819.7%
Value
$586.3M
Shares
626.8K
% Port
0.46%
M

MICROSOFT CORP

+257093.0%
Value
$575.6M
Shares
1.54M
% Port
0.45%
N

NVIDIA CORP

+5216.2%
Value
$531.9M
Shares
2.66M
% Port
0.42%

Explore

Photo: ARC Forum · CC0