Billionaire Israel Englander's 2 Biggest Bets Are on the S&P 500, and He Just Bought More

Billionaire investor Israel Englander, the founder of Millennium Management, has two of his largest investments in the iShares Core S&P 500 ETF and the State Street SPDR S&P 500 ETF Trust, both of which track the S&P 500 index. Millennium Management, the hedge fund Englander established in 1989, manages over $92 billion in assets across more than 3,800 holdings.

However, Englander believes that investing in such a broad index provides the best diversification at a low cost. In the second quarter, Millennium purchased an additional 1.5 million shares of the iShares Core S&P 500 ETF, bringing its total holding to 1.5 million shares, and bought 4.2 million shares of the SPDR S&P 500 ETF Trust, making it the fund's second-largest holding.