Top Institutional Investors

ZEGA Investments, LLC — 13F Holdings & Portfolio

CIK 2045703 · latest 13F-HR filed 2026-07-31

Backtest portfolio

ZEGA Investments, LLC manages $973.0M in 13F-reported U.S. long-equity assets across 730 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are AAPL (9.66%), HYBL (5.55%), SPY (4.97%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 39 new positions and exited 14; 102 existing positions rose in reported value and 42 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$973.0M

Long-equity book

Holdings
730

Distinct positions

Period
2026-06-30

Filed 2026-07-31

Q/Q Activity
+39 / −14 / ↑102 / ↓42

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
AAPL15.7% · -7%HYBL9.0% · +2%SPY8.1% · -9%NVDA6.0% · +6%COST4.1% · +15%ZHDG3.9% · -3%AMZN3.5% · +6%TSLA2.6% · +12%MSFT2.4% · +12%MU2.1% · +3109%XOM1.6% · +0%GOOGL1.5% · +47%SJNK1.4% · -1%SRLN1.3% · -0%AFL1.3% · 0%LLY1.3% · -15%META1.2% · -6%ABBV1.1% · -5%NVDL0.9% · +200%UNH0.8% · +9%GOOG0.6% · -28%V0.6% · 0%CAT0.6% · -6%ANET0.6% · +168%AVGO0.6% · -4%WMT0.5% · -5%QQQ0.5% · -1%PAVE0.5% · +57%BIGY0.5% · +39%SPTI0.5% · +23%NSC0.5% · 0%HD0.5% · +10%AMD0.5% · -27%CGDV0.4% · +18%ADP0.4% · newGRNJ0.4% · +43%JPM0.4% · -54%ABT0.4% · -10%MCK0.4% · +0%GLD0.4% · -6%SPYM0.4% · +24%SOXY0.4% · -15%SPYT0.3% · +2%XAR0.3% · +33%BRK.B0.3% · +5%IVV0.3% · -12%MAR0.3% · -9%ICOW0.3% · +31%JNJ0.3% · +18%BIL0.3% · +15%ITOT0.3% · -2%QQQM0.3% · +2%MSTI0.3% · +22%MMM0.3% · 0%RTX0.3% · +0%ORCL0.3% · +44%KO0.2% · +1%PH0.2% · -10%VLO0.2% · newWEC0.2% · new

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 57.4%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Dec 2, 2024.

Assets Under Management
$4.55B
Discretionary
$4.55B
Employees
16
Accounts
36
Address
3801 PGA BOULEVARD
SUITE 600
PALM BEACH GARDENS, FL 33410
Phone
(800) 380-9342
Website
Name Title / Status Ownership Type
MCDEVITT, JOHN, THOMAS ControlCHIEF COMPLIANCE OFFICER
since May 2024
Less than 5%Individual
MCGRATH, MICHAEL, SEAN ControlCHIEF OPERATING OFFICER
since Dec 2023
Less than 5%Individual
PESTRICHELLI, JOHN, ALEXANDER ControlCEO/ MANAGING DIRECTOR
since Mar 2011
75% or moreIndividual
Ownership & leadership changes · 8 filings with changes since Oct 18, 2013

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Nov 22, 2024 filing
  • No longer listedBROKAW, MICHAEL, MARK · MANAGING DIRECTOR OF TRADING · 10–25% · control person · listed since Jan 2023
May 16, 2024 filing
  • No longer listedGRANGER, JIM · CIO/CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2020
  • AddedMCDEVITT, JOHN, THOMAS · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 22, 2024 filing
  • AddedMCGRATH, MICHAEL, SEAN · CHIEF OPERATING OFFICER · Less than 5% · control person
  • ChangedBROKAW, MICHAEL, MARK · title CHIEF COMPLIANCE OFFICER → MANAGING DIRECTOR OF TRADING
  • ChangedGRANGER, JIM · title CIO → CIO/CHIEF COMPLIANCE OFFICER
Mar 10, 2023 filing
  • AddedGRANGER, JIM · CIO · Less than 5% · control person
  • ChangedBROKAW, MICHAEL, MARK · ownership 5–10% → 10–25%
Mar 30, 2022 filing
  • ChangedPESTRICHELLI, JOHN, ALEXANDER · title CO-MANAGING DIRECTOR → CEO/ MANAGING DIRECTOR
Jan 4, 2018 filing
  • ChangedPESTRICHELLI, JOHN, ALEXANDER · ownership 25–50% → 75% or more
Dec 13, 2017 filing
  • No longer listedFERBERT, WAYNE, PATRICK · CO-MANAGING DIRECTOR & CHIEF COMPLIANCE OFFICER · 25–50% · control person · listed since Mar 2011
  • AddedBROKAW, MICHAEL, MARK · CHIEF COMPLIANCE OFFICER · 5–10% · control person
Jun 17, 2016 filing
  • ChangedFERBERT, WAYNE, PATRICK · ownership 50–75% → 25–50%
  • ChangedPESTRICHELLI, JOHN, ALEXANDER · ownership 50–75% → 25–50%
Oct 18, 2013 filing (earliest on record)
  • ListedFERBERT, WAYNE, PATRICK · CO-MANAGING DIRECTOR & CHIEF COMPLIANCE OFFICER · 50–75% · control person
  • ListedPESTRICHELLI, JOHN, ALEXANDER · CO-MANAGING DIRECTOR · 50–75% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

ZEGA Investments, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 APPLE INC AAPL 037833100 $94.0M 9.66% 324,998 SH
2 SSGA ACTIVE TR HYBL 78470P846 $54.0M 5.55% 1,933,377 SH
3 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $48.4M 4.97% 64,796 SH
4 NVIDIA CORPORATION NVDA 67066G104 $36.0M 3.70% 179,783 SH
5 COSTCO WHOLESALE CORPORATION COST 22160K105 $24.7M 2.53% 26,358 SH
6 TIDAL TRUST I ZHDG 886364660 $23.6M 2.43% 1,002,872 SH
7 AMAZON COM INC AMZN 023135106 $21.1M 2.17% 88,567 SH
8 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $20.8M 2.14% 27,900 SH
9 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $16.7M 1.72% 22,400 SH
10 TESLA INC TSLA 88160R101 $15.8M 1.62% 37,452 SH
11 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $15.5M 1.59% 20,700 SH
12 MICROSOFT CORP MSFT 594918104 $14.2M 1.46% 38,149 SH
13 MICRON TECHNOLOGY INC MU 595112103 $12.4M 1.28% 10,750 SH
14 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $10.2M 1.04% 13,600 SH
15 EXXON MOBIL CORP XOM 30231G102 $9.7M 1.00% 71,190 SH
16 ALPHABET INC GOOGL 02079K305 $9.2M 0.95% 25,830 SH
17 SPDR SERIES TRUST SJNK 78468R408 $8.3M 0.86% 333,266 SH
18 SSGA ACTIVE ETF TR SRLN 78467V608 $8.1M 0.83% 199,821 SH
19 AFLAC INC AFL 001055102 $8.0M 0.82% 68,087 SH
20 ELI LILLY & CO LLY 532457108 $8.0M 0.82% 6,635 SH
21 META PLATFORMS INC META 30303M102 $7.5M 0.77% 13,246 SH
22 APPLE INC Call AAPL 037833100 $7.3M 0.76% 25,400 SH
23 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $7.3M 0.75% 9,800 SH
24 APPLE INC Call AAPL 037833100 $7.0M 0.72% 24,200 SH
25 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $6.6M 0.68% 8,800 SH
26 ABBVIE INC ABBV 00287Y109 $6.4M 0.66% 25,513 SH
27 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $6.2M 0.64% 8,300 SH
28 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $5.9M 0.61% 7,900 SH
29 GRANITESHARES ETF TR NVDL 38747R827 $5.7M 0.58% 190,401 SH
30 APPLE INC Call AAPL 037833100 $5.4M 0.55% 18,500 SH
31 UNITEDHEALTH GROUP INC UNH 91324P102 $5.1M 0.52% 12,243 SH
32 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $4.9M 0.51% 6,600 SH
33 INVESCO QQQ TR Put QQQ 46090E103 $4.8M 0.49% 6,500 SH
34 NVIDIA CORPORATION Call NVDA 67066G104 $4.4M 0.45% 22,100 SH
35 COSTCO WHOLESALE CORPORATION Call COST 22160K105 $4.3M 0.44% 4,600 SH
36 COSTCO WHOLESALE CORPORATION Call COST 22160K105 $4.2M 0.43% 4,500 SH
37 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $4.2M 0.43% 5,600 SH
38 ALPHABET INC GOOG 02079K107 $3.8M 0.39% 10,856 SH
39 VISA INC V 92826C839 $3.7M 0.38% 10,821 SH
40 CATERPILLAR INC CAT 149123101 $3.7M 0.38% 3,449 SH
41 ARISTA NETWORKS INC ANET 040413205 $3.5M 0.36% 20,760 SH
42 BROADCOM INC AVGO 11135F101 $3.5M 0.36% 9,303 SH
43 AFLAC INC Call AFL 001055102 $3.5M 0.36% 29,800 SH
44 AFLAC INC Call AFL 001055102 $3.5M 0.36% 29,600 SH
45 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $3.4M 0.35% 4,500 SH
46 AMAZON COM INC Call AMZN 023135106 $3.3M 0.34% 13,800 SH
47 WALMART INC WMT 931142103 $3.2M 0.33% 28,402 SH
48 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $3.2M 0.33% 4,300 SH
49 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $3.1M 0.32% 4,200 SH
50 INVESCO QQQ TR QQQ 46090E103 $3.0M 0.31% 4,079 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-07-31 $973.0M 730 0002045703-26-000001
2026-03-31 2026-05-11 $889.9M 299 0001172661-26-001641
2025-12-31 2026-01-27 $848.3M 173 0001172661-26-000317
2025-09-30 2025-10-27 $747.2M 157 0001172661-25-004437
Filer Information
Address
3801 PGA BOULEVARD
PALM BEACH GARDENS, FL 33410
Phone
(610) 368-1457
Filing Manager
ZEGA Investments, LLC
PALM BEACH GARDENS, FL
Signatory
john mcdevitt
CCO