The Misconception
Susquehanna International Group filed Q4 2025 with $868B in 13F assets — the 10th largest filer in the US. If you're building a portfolio analysis tool or doing quant research, this looks like a massive institutional bet on NVDA, SPY, TSLA, META, AAPL, MSFT.
It's not. And misreading it will break your signal.
What Susquehanna Actually Is
SIG is a market maker and options specialist. Their 13F holdings are not directional bets — they're:
- Delta hedges — Long equity positions offset against short options
- Market-making inventory — Stock held to facilitate customer orders
- ETF arbitrage positions — ETF creation/redemption mechanics
The Data Structure Problem
The SEC's 13F form doesn't distinguish between:
- A hedge fund buying 1M shares of NVDA as a long-term bet
- A market maker holding 1M shares of NVDA to delta-hedge their options book
Both file identical Form 13F entries.
How to Filter Market Makers in Your Data
# Identify likely market makers by breadth and options activity
def is_likely_market_maker(filer):
position_count = len(filer.holdings)
options_ratio = filer.options_value / filer.total_value
return position_count > 5000 or options_ratio > 0.4
The Right Mental Model
For quant research using 13F data:
- Include: Hedge funds, mutual funds, pension funds, sovereign wealth funds
- Exclude or weight differently: Market makers (Citadel, SIG, Two Sigma, Virtu)
- Check: business model before reading position changes as signals
Full analysis:
Originally published at 13finsight.com
Top comments (0)