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Joel Greenblatt Portfolio

Joel Greenblatt is closely associated with Gotham Asset Management.

Gotham Asset Management, LLC Holdings · Q3 2025

Disclosed value
$23.0B
Holdings
1,676
Top sector
Technology
Filed
Nov 14, 2025
Performance
YTD
+12.8%
+3.8% vs S&P 500
1Y
+20.7%
+2.5% vs S&P 500
3Y
+59.5%
−4.9% vs S&P 500
Joel Greenblatt's latest portfolio (Q3 2025) holds 1,676 stocks worth $23.0B. Top holdings: Spdr S&p 500 ETF Tr, Tidal Trust I, NVIDIA Corporation (NVDA).Biggest last-quarter moves:

Gotham Asset Management, LLC Holdings · 1676

Q3 2025 · Showing 15 positions from the selected holding view.
Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
Not classifiedSpdr S&p 500 ETF Tr 16.3%
Not classifiedValue$3.7B
 Not classifiedSpdr S&p 500 ETF Tr 16.3% – – – –
Not classifiedTidal Trust I 2.7%
Not classifiedValue$612M
 Not classifiedTidal Trust I 2.7% – – – –
NSemiconductorsNVIDIA Corporation (NVDA) 2.3%
Avg. buy price $119.96 Estimated gain+55.0%Quarter-end price $185.94 Last transaction Added· Q3 2025Increased shares by 26.0%
N 2.3% $119.96 +55.0% $185.94 Added· Q3 2025Increased shares by 26.0%
AConsumer ElectronicsApple Inc. (AAPL) 1.6%
Avg. buy price $202.18 Estimated gain+25.9%Quarter-end price $254.63 Last transaction Added· Q3 2025Increased shares by 60.5%
A 1.6% $202.18 +25.9% $254.63 Added· Q3 2025Increased shares by 60.5%
Not classifiediShares Tr 1.1%
Not classifiedValue$256M
 Not classifiediShares Tr 1.1% – – – –
SSoftware - ApplicationSnowflake Inc. (SNOW) 0.9%
Avg. buy price $174.52 Estimated gain+29.2%Quarter-end price $225.55 Last transaction Added· Q3 2025Increased shares by 68.4%
S 0.9% $174.52 +29.2% $225.55 Added· Q3 2025Increased shares by 68.4%
ASpecialty RetailAmazon.com, Inc. (AMZN) 0.9%
Avg. buy price $190.90 Estimated gain+15.0%Quarter-end price $219.57 Last transaction Added· Q3 2025Increased shares by 36.3%
A 0.9% $190.90 +15.0% $219.57 Added· Q3 2025Increased shares by 36.3%
Not classifiediShares Tr 0.7%
Not classifiedValue$156M
 Not classifiediShares Tr 0.7% – – – –
MSoftware - InfrastructureMicrosoft Corporation (MSFT) 0.6%
Avg. buy price $312.35 Estimated gain+64.8%Quarter-end price $514.72 Last transaction Added· Q3 2025Increased shares by 12.2%
M 0.6% $312.35 +64.8% $514.72 Added· Q3 2025Increased shares by 12.2%
GInternet Content & InformationAlphabet Inc. (GOOGL) 0.5%
Avg. buy price $132.37 Estimated gain+82.0%Quarter-end price $240.88 Last transaction Added· Q3 2025Increased shares by 9.3%
G 0.5% $132.37 +82.0% $240.88 Added· Q3 2025Increased shares by 9.3%
ASemiconductorsBroadcom Inc. (AVGO) 0.5%
Avg. buy price $185.55 Estimated gain+77.8%Quarter-end price $329.91 Last transaction Added· Q3 2025Increased shares by 17.7%
A 0.5% $185.55 +77.8% $329.91 Added· Q3 2025Increased shares by 17.7%
Not classifiedTidal Trust I 0.4%
Not classifiedValue$98M
 Not classifiedTidal Trust I 0.4% – – – –
Not classifiedVanguard Index Fds 0.4%
Not classifiedValue$97M
 Not classifiedVanguard Index Fds 0.4% – – – –
MInternet Content & InformationMeta Platforms, Inc. (META) 0.4%
Avg. buy price $253.60 Estimated gain+189.6%Quarter-end price $734.38 Last transaction Added· Q3 2025Increased shares by 13.7%
M 0.4% $253.60 +189.6% $734.38 Added· Q3 2025Increased shares by 13.7%
Not classifiediShares Tr 0.3%
Not classifiedValue$77M
 Not classifiediShares Tr 0.3% – – – –
Data through Q3 2025 · filed Nov 14, 2025
15 of 1676
Show all 1676 holdings

Biggest position changes

In Q3 2025: 188 new, 949 added, 409 reduced, 148 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q3 2025, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
P PPG Industries, Inc. (PPG) −$20M L Lockheed Martin Corporation (LMT) −$18M N NRG Energy, Inc. (NRG) −$16M I Iridium Communications Inc. (IRDM) −$16M L LyondellBasell Industries N.V. (LYB) −$14M F FMC Corporation (FMC) Exited−$13M M 3M Company (MMM) −$12M T Tradeweb Markets Inc. (TW) −$12M A Apple Inc. (AAPL) +$122M N NVIDIA Corporation (NVDA) +$103M S Snowflake Inc. (SNOW) +$83M A Amazon.com, Inc. (AMZN) +$59M S The Boston Beer Company, Inc. (SAM) +$43M C Carpenter Technology Corporation (CRS) +$42M J James Hardie Industries plc (JHX) New+$37M R Regeneron Pharmaceuticals, Inc. (REGN) +$32M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
S ServisFirst Bancshares, Inc. (SFBS) Exited−723K J Juniper Networks, Inc. (JNPR) Exited−359K A Amedisys, Inc. (AMED) Exited−342K Q QuidelOrtho Corporation (QDEL) −317K X DENTSPLY SIRONA Inc. (XRAY) −277K C Cousins Properties Incorporated (CUZ) −253K S Sonida Senior Living, Inc. (SNDA) Exited−237K C Columbia Sportswear Company (COLM) −191K
Spdr S&p 500 ETF Tr +1.3M
Tidal Trust I +851K
iShares Tr +803K
Ccc Intelligent Solutions Hl +753K
H Healthcare Realty Trust Incorporated (HR) +698K R Rayonier Inc. (RYN) +684K
Smithfield Foods Inc New+556K
S SoundHound AI, Inc. (SOUN) New+533K

New this quarter

J James Hardie Industries plc (JHX) New· Q3 2025 R Reddit, Inc. (RDDT) New· Q3 2025 S Sandisk Corporation (SNDK) New· Q3 2025 S Sonoco Products Company (SON) New· Q3 2025 L Lineage, Inc. (LINE) New· Q3 2025 A Amentum Holdings, Inc. (AMTM) New· Q3 2025 V Viking Therapeutics, Inc. (VKTX) New· Q3 2025 L Loar Holdings Inc. (LOAR) New· Q3 2025

Portfolio composition

Largest holdings in Q3 2025, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

Spdr S&p 500 ETF Tr: 16.3%Tidal Trust I: 2.7%NVIDIA Corporation (NVDA): 2.3%Apple Inc. (AAPL): 1.6%iShares Tr: 1.1%Other holdings: 76.0%
Spdr S&p 500 ETF Tr 16.3%
Tidal Trust I 2.7%
N NVIDIA Corporation (NVDA) 2.3%
A Apple Inc. (AAPL) 1.6%
iShares Tr 1.1%
Other holdings 76.0%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%202120222023202420252026
Apple Inc. (AAPL)NVIDIA Corporation (NVDA)Amazon.com, Inc. (AMZN)Other holdings

Investors with similar portfolios

Ray DalioBridgewater Associates, LPAlso holds State Str Spdr S&p 500 ETF T and iShares TrKen GriffinCitadel Advisors LLCAlso holds State Str Spdr S&p 500 ETF T and NVIDIA Corporation (NVDA)Ken FisherFisher Asset Management, LLCAlso holds State Str Spdr S&p 500 ETF T and iShares Tr 7 10yr Tr Bd ETFInvescoInvesco Ltd.Also holds State Str Spdr S&p 500 ETF T and Apple Inc. (AAPL)Jim SimonsRenaissance Technologies LLCAlso holds iShares Tr and Apple Inc. (AAPL)Warren BuffettBerkshire Hathaway IncAlso holds Apple Inc. (AAPL) and American Express Company (AXP)

About Joel Greenblatt and Gotham Asset Management, LLC

Joel Greenblatt is closely associated with Gotham Asset Management. This page shows Gotham's quarterly Form 13F report of certain United States listed long positions, not Greenblatt's personal account. Cash, short positions, private investments, many derivatives, client allocations, and trades completed before quarter end may be absent.

SEC filing history for Gotham Asset Management, LLC

Joel Greenblatt FAQ

Profile refreshed July 20, 2026

What stocks does Joel Greenblatt own?

As of the Q3 2025 filing, Joel Greenblatt's largest disclosed holdings are Spdr S&p 500 ETF Tr, Tidal Trust I, NVIDIA Corporation (NVDA). The table shows 15 of 1,676 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Joel Greenblatt buy last quarter?

The biggest disclosed buys in Q3 2025 were Apple Inc. (AAPL), NVIDIA Corporation (NVDA), Snowflake Inc. (SNOW), based on the Gotham Asset Management, LLC 13F filing. New positions are marked "new" in the table above.

What did Joel Greenblatt sell last quarter?

The biggest reductions in Q3 2025 were PPG Industries, Inc. (PPG), Lockheed Martin Corporation (LMT), NRG Energy, Inc. (NRG). The filing comparison contains 148 full exits, summarized in the activity view above.

How big is Joel Greenblatt's portfolio?

The latest 13F discloses $23.0B across 1,676 positions in Q3 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q3 2025, the latest disclosed quarter. The filing date is shown with every table.

Where does the Gotham Asset Management, LLC portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Gotham Asset Management, LLC provide the Q3 2025 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (62%); holdings without sufficient price history are excluded from the calculation.

Who is Joel Greenblatt?

Joel Greenblatt is a value investor, writer, Columbia Business School adjunct professor, and co-manager of Gotham Asset Management with Robert Goldstein.

How did Greenblatt build Gotham Capital?

He started Gotham Capital in 1985 with $7 million. The fund concentrated on special situations such as corporate spinoffs and restructurings before returning outside investors' capital in 1995.

What is Joel Greenblatt's magic formula?

The method ranks companies on two ideas: buying businesses at a high earnings yield and favoring companies with a high return on invested capital. Greenblatt introduced it in The Little Book That Beats the Market.

What was Gotham Capital's historical return?

Wikipedia reports a 50 percent annualized return from 1985 through 1994 after expenses but before the general partner's incentive allocation, or about 30 percent after all fees. Those are historical Gotham Capital figures, not the return of the current 13F holdings shown here.

What is the Value Investors Club?

Greenblatt and John Petry created it as a forum where approved members exchange value and special-situation ideas. Membership is capped at 250 people.

Where did Joel Greenblatt study?

He earned a bachelor's degree from the Wharton School in 1979 and an MBA in 1980. He later studied law at Stanford for one year before pursuing finance.

Does Joel Greenblatt still teach at Columbia?

Yes. The current biography describes him as an adjunct professor at Columbia Business School.

Are these Greenblatt's personal holdings or a list of magic-formula stocks?

Neither. They are Gotham Asset Management's disclosed 13F positions. The filing does not identify Greenblatt's personal account or say that every holding came from the public magic-formula screen.

How can a reader study Greenblatt's approach?

His books explain the valuation methods. This page adds a separate view of Gotham's reported holdings and changes, but the delayed filing cannot reproduce the firm's long-and-short portfolios or its complete decision process.