Many of the market’s most-watched investors manage a small portfolio of stocks. Warren Buffett, for instance, managed a portfolio of around 40 to 50 stocks for Berkshire Hathaway, and Greg Abel whittled that down to 29 positions in the 2026 first quarter. Bill Ackman of Pershing Square Capital Management aims for only eight to 12 stocks and has 12 as of the end of June.

Then there’s a completely different approach to investing management that involves thousands of stocks being traded frequently by large teams. That’s how Israel “Izzy” Englander operates the hedge fund Millennium Management.

The classic hedge fund

At the end of Q1, Millennium owned 5,622 stocks, which is around how many it has at any given time. However, the end number…