Brevan Howard Capital Management LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Brevan Howard Capital Management LP reported 955 stock positions worth $4.0 billion. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 34.7% of the portfolio, followed by iShares MSCI Emerging Market (EEM, 8.9%) and SS Financial Select Sector (XLF, 3.8%). Compared with Q3 2024, it opened 421 new positions, sold out of 504, added to 285 and reduced 244. The biggest buy was a new position in iShares Bitcoin Trust ETF (IBIT) and the biggest sale Nvidia (NVDA, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- ST. HELIER, Y9
- CIK
- 0001512857
- Portfolio Value
- $4.0B (Q4 2024)
- SEC Filing
- 0000905148-25-000632 ↗ filed Feb 14, 2025
Holdings Value
Holdings 955 stocks · $4.0B
| IBIT iShares Bitcoin Trust ETF | 34.69% | 25,567,302 | $1.4B | New |
| EEM iShares MSCI Emerging Market | 8.89% | 8,485,000 | $354.8M | Add +297.2% |
| XLF SS Financial Select Sector | 3.79% | 3,132,268 | $151.4M | New |
| ETHA iShares Ethereum Trust ETF | 2.36% | 3,644,490 | $94.2M | New |
| VIST Vista Energy Sab DE CV | 0.68% | 497,164 | $27.0M | Add +119.9% |
| MSFT Microsoft Corp. | 0.62% | 59,128 | $24.9M | Reduce -68.9% |
| CME Cme Group Inc. | 0.61% | 104,209 | $24.2M | Reduce -12.9% |
| COIN Coinbase Global Inc. Class A | 0.59% | 95,274 | $23.7M | Add +55.1% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.59% | 547,087 | $23.5M | Reduce -13.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.58% | 526,543 | $23.1M | Add +93.7% |
| PAM Pampa Energia SA-Spon ADR | 0.57% | 258,348 | $22.8M | Add +27.0% |
| GOOG Alphabet Inc. Class C | 0.54% | 112,938 | $21.5M | Reduce -38.9% |
| SUPV Grupo Supervielle SA-SP ADR | 0.49% | 1,295,497 | $19.7M | Add +585.5% |
| META Meta Platforms Inc. Class A | 0.47% | 32,024 | $18.8M | Reduce -41.4% |
| LLY Eli Lilly & Co. | 0.45% | 23,435 | $18.1M | Reduce -23.9% |
| CRM Salesforce Inc. | 0.41% | 48,764 | $16.3M | New |
| AVGO Broadcom Inc. | 0.41% | 70,118 | $16.3M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.39% | 246,651 | $15.5M | Add +64.6% |
| SCHW Schwab (charles) Corp. | 0.38% | 205,416 | $15.2M | Add +1043.2% |
| X United States Steel Corp. | 0.37% | 431,490 | $14.7M | Add +82.0% |
| HES Hess Corp. | 0.36% | 109,219 | $14.5M | Reduce -27.2% |
| MA Mastercard Inc. Class A | 0.36% | 27,354 | $14.4M | Add +116.8% |
| BMA Banco Macro SA-ADR | 0.36% | 145,761 | $14.4M | Add +83.0% |
| NTRA Natera Inc. | 0.36% | 90,522 | $14.3M | Add +859.3% |
| XOM Exxon Mobil Corp. | 0.36% | 131,941 | $14.2M | Reduce -19.0% |
| FYBR Frontier Communications Pare | 0.35% | 407,000 | $14.1M | New |
| CEG Constellation Energy | 0.35% | 63,064 | $14.1M | New |
| NFLX Netflix Inc. | 0.35% | 15,588 | $13.9M | Reduce -9.9% |
| WFC Wells Fargo & Co. | 0.33% | 187,203 | $13.1M | Reduce -33.7% |
| NOC Northrop Grumman Corp. | 0.33% | 27,935 | $13.1M | Add +215.3% |
| MDB Mongodb Inc. | 0.33% | 55,818 | $13.0M | Add +5298.3% |
| APP AppLovin Corp. Class A | 0.32% | 39,601 | $12.8M | New |
| BKNG Booking Holdings Inc. | 0.32% | 2,566 | $12.7M | Add +39.6% |
| C Citigroup Inc. | 0.31% | 173,601 | $12.2M | Add +53.3% |
| IBKR Interactive Brokers Gro Class A | 0.30% | 67,617 | $11.9M | New |
| ACI Albertsons Cos Inc. Class A | 0.30% | 601,541 | $11.8M | New |
| UAL United Airlines Holdings Inc. | 0.29% | 119,591 | $11.6M | New |
| GM General Motors Co. | 0.29% | 214,596 | $11.4M | Add +70.2% |
| AAL American Airlines Group Inc. | 0.28% | 651,129 | $11.3M | Reduce -25.1% |
| UNH Unitedhealth Group Inc. | 0.28% | 22,109 | $11.2M | Add +182.7% |
| VZ Verizon Communications Inc. | 0.28% | 278,429 | $11.1M | Add +33.7% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.28% | 578,405 | $11.1M | New |
| ZBRA Zebra Technologies Corp. Class A | 0.28% | 28,551 | $11.0M | Add +70.7% |
| EME Emcor Group Inc. | 0.27% | 23,816 | $10.8M | Add +151.9% |
| ANET Arista Networks Inc. | 0.27% | 97,763 | $10.8M | Add +536.1% |
| SUM Summit Materials Inc. Class A | 0.26% | 207,166 | $10.5M | New |
| GOOGL Alphabet Inc. Class A | 0.26% | 54,441 | $10.3M | Reduce -69.2% |
| DUK Duke Energy Corp. | 0.26% | 94,893 | $10.2M | Add +263.1% |
| CCK Crown Holdings Inc. | 0.26% | 123,510 | $10.2M | Add +1199.0% |
| NSC Norfolk Southern Corp. | 0.25% | 43,054 | $10.1M | Add +472.3% |
| LNG Cheniere Energy Inc. | 0.24% | 43,941 | $9.4M | New |
| RTX RTX Corp. | 0.23% | 80,230 | $9.3M | Add +1232.3% |
| CI The Cigna Group | 0.23% | 33,585 | $9.3M | Add +77.2% |
| SMCI Super Micro Computer Inc. | 0.23% | 303,809 | $9.3M | New |
| LRCX Lam Research Corp. | 0.23% | 127,753 | $9.2M | New |
| NFE New Fortress Energy Inc. | 0.23% | 600,000 | $9.1M | Add +1239.1% |
| BSX Boston Scientific Corp. | 0.22% | 97,340 | $8.7M | Add +196.3% |
| DHI D.R. Horton Inc. | 0.21% | 59,446 | $8.3M | Add +105.1% |
| MSI Motorola Solutions Inc. | 0.21% | 17,828 | $8.2M | Reduce -20.0% |
| MRK Merck & Co. Inc. | 0.21% | 82,648 | $8.2M | Add +633.5% |
| PYPL PayPal Holdings Inc. | 0.21% | 96,033 | $8.2M | Reduce -14.9% |
| FTNT Fortinet Inc. | 0.20% | 86,612 | $8.2M | Add +418.5% |
| BMY Bristol-Myers Squibb Co. | 0.20% | 142,886 | $8.1M | Add +289.8% |
| FWRD Forward Air Corp. | 0.20% | 250,000 | $8.1M | Add +1355.0% |
| WCC Wesco International Inc. | 0.20% | 44,491 | $8.1M | Add +37.3% |
| INTC Intel Corp. | 0.20% | 400,000 | $8.0M | Add +66.8% |
| STZ Constellation Brands Inc. Class A | 0.20% | 35,812 | $7.9M | New |
| JNPR Juniper Networks Inc. | 0.20% | 210,010 | $7.9M | Add +72.2% |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 0.19% | 515,917 | $7.8M | New |
| CORZ Core Scientific Inc. | 0.19% | 550,000 | $7.7M | Reduce -26.8% |
| MDY State Street SPDR S&P Midcap | 0.19% | 13,377 | $7.6M | Add +254.1% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.19% | 64,626 | $7.6M | New |
| WAB Wabtec Corp. | 0.19% | 39,847 | $7.6M | Add +70.6% |
| FOXA Fox Corp. Class A | 0.18% | 147,910 | $7.2M | Add +415.9% |
| IWM iShares Russell 2000 ETF | 0.18% | 32,247 | $7.1M | Reduce -25.5% |
| AFRM Affirm Holdings Inc. | 0.18% | 116,491 | $7.1M | New |
| EIX Edison International | 0.18% | 88,012 | $7.0M | Add +462.1% |
| NVDA Nvidia Corp. | 0.18% | 52,107 | $7.0M | Reduce -92.0% |
| PINS Pinterest Inc. Class A | 0.17% | 239,190 | $6.9M | New |
| TLN Talen Energy Corp. | 0.17% | 34,309 | $6.9M | New |
| LYFT LYFT Inc. Class A | 0.17% | 522,315 | $6.7M | Add +381.3% |
| CLS Celestica Inc. | 0.17% | 71,651 | $6.6M | New |
| COR Cencora Inc. | 0.16% | 28,843 | $6.5M | Add +408.4% |
| MSCI MSCI Inc. | 0.16% | 10,788 | $6.5M | Reduce -12.9% |
| ICE Intercontinental Exchange Inc. | 0.16% | 43,307 | $6.5M | Add +171.8% |
| XLB SS Materials Select Sector | 0.16% | 74,787 | $6.3M | New |
| EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR | 0.16% | 146,534 | $6.3M | New |
| AES AES Corp. | 0.15% | 480,606 | $6.2M | New |
| CTAS Cintas Corp. | 0.15% | 33,509 | $6.1M | Add +27.5% |
| SHW The Sherwin-Williams Co. | 0.15% | 17,994 | $6.1M | Reduce -14.4% |
| F Ford Motor Co. filed as FORD MTR CO | 0.15% | 614,292 | $6.1M | Reduce -49.9% |
| NEE Nextera Energy Inc. | 0.15% | 84,818 | $6.1M | New |
| HD Home Depot Inc. | 0.15% | 15,596 | $6.1M | Reduce -6.4% |
| MCK McKesson Corp. | 0.15% | 10,524 | $6.0M | Add +30.1% |
| UPS United Parcel Service Class B | 0.15% | 47,116 | $5.9M | Add +1242.7% |
| HCP Hashicorp Inc. Class A | 0.15% | 173,000 | $5.9M | Reduce -8.7% |
| PFE Pfizer Inc. | 0.15% | 222,421 | $5.9M | Add +167.0% |
| CMG Chipotle Mexican Grill Inc. | 0.15% | 97,657 | $5.9M | Add +0.1% |
| LPLA LPL Financial Holdings Inc. | 0.15% | 17,907 | $5.8M | Reduce -39.9% |
| CLF Cleveland-Cliffs Inc. | 0.15% | 618,048 | $5.8M | Add +505.4% |
Options reported separately and not counted above: XLF calls ($3.5B), EEM puts ($3.1B), XLF puts ($2.0B), MSFT calls ($963.8M), HYG calls ($369.7M), QQQ calls ($255.6M), XLU calls ($198.7M), GDX calls ($195.3M), SPY puts ($131.6M), XLV calls ($130.3M), BABA calls ($111.5M), IWM puts ($110.5M), and 18 more.
Other holdings (8): bonds, preferreds, convertibles and warrants · $50.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NIO INC (NIO 0.5 02/01/27) | NOTE 0.500% 2/0 · principal | 23,500,000 | $21.5M | No change |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 7,000,000 | $6.6M | Reduce -17.6% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 5,000,000 | $6.5M | New |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 7,500,000 | $5.4M | No change |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 5,000,000 | $4.8M | Add +150.0% |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 4,000,000 | $3.9M | Add +100.0% |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 2,000,000 | $1.4M | New |
| BZFDW Buzzfeed Inc. -CW27 | *W EXP 12/03/202 | 603,324 | $109K | Add +702.3% |
Total filed on the 13F, all lines: $4.0B.
Portfolio Sells Q3 2024 → Q4 2024
| NVDA Nvidia Corp. | Reduce -92.0% | 0.18% | −3.78 |
| MSFT Microsoft Corp. | Reduce -68.9% | 0.62% | −3.44 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −1.71 |
| GOOGL Alphabet Inc. Class A | Reduce -69.2% | 0.26% | −1.20 |
| META Meta Platforms Inc. Class A | Reduce -41.4% | 0.47% | −1.09 |
| GOOG Alphabet Inc. Class C | Reduce -38.9% | 0.54% | −1.00 |
| LLY Eli Lilly & Co. | Reduce -23.9% | 0.45% | −0.90 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.84 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.77 |
| JEPI JPMorgan Equity Premium Inco | Sold out | 0.00% | −0.75 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.72 |
| CME Cme Group Inc. | Reduce -12.9% | 0.61% | −0.71 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.67 |
| HES Hess Corp. | Reduce -27.2% | 0.36% | −0.65 |
| XOM Exxon Mobil Corp. | Reduce -19.0% | 0.36% | −0.59 |
| WDC Western Digital Corp. | Sold out | 0.00% | −0.53 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.52 |
| COST Costco Wholesale Corp. | Reduce -77.8% | 0.07% | −0.51 |
| GS Goldman Sachs Group Inc. | Reduce -91.2% | 0.03% | −0.50 |
| F Ford Motor Co. | Reduce -49.9% | 0.15% | −0.49 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −0.47 |
| WFC Wells Fargo & Co. | Reduce -33.7% | 0.33% | −0.46 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.46 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.44 |
| PGR Progressive Corp. | Reduce -80.7% | 0.04% | −0.43 |
| LMT Lockheed Martin Corp. | Reduce -66.9% | 0.06% | −0.38 |
| PH Parker Hannifin Corp. | Sold out | 0.00% | −0.36 |
| PM Philip Morris International | Reduce -82.3% | 0.03% | −0.35 |
| FCX Freeport-McMoran Inc. | Reduce -48.4% | 0.09% | −0.35 |
| TSLA Tesla Inc. | Reduce -76.8% | 0.07% | −0.34 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.33 |
| XBI SS SPDR S&P Biotech ETF | Reduce -69.5% | 0.05% | −0.31 |
| UNP Union Pacific Corp. | Reduce -52.9% | 0.09% | −0.31 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.31 |
| SPGI S&P Global Inc. | Sold out | 0.00% | −0.30 |
| IWM iShares Russell 2000 ETF | Reduce -25.5% | 0.18% | −0.30 |
| MSI Motorola Solutions Inc. | Reduce -20.0% | 0.21% | −0.29 |
| GE General Electric | Sold out | 0.00% | −0.29 |
| PHM Pultegroup Inc. | Reduce -51.5% | 0.06% | −0.27 |
| NFLX Netflix Inc. | Reduce -9.9% | 0.35% | −0.26 |
| RUN Sunrun Inc. | Reduce -86.9% | 0.01% | −0.26 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.25 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.25 |
| CORZ Core Scientific Inc. | Reduce -26.8% | 0.19% | −0.25 |
| SHW The Sherwin-Williams Co. | Reduce -14.4% | 0.15% | −0.25 |
| CSX CSX Corp. | Reduce -89.5% | 0.01% | −0.24 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.24 |
| MAR Marriott International Class A | Reduce -54.8% | 0.08% | −0.24 |
| ADBE Adobe Inc. | Reduce -14.1% | 0.14% | −0.23 |
| PYPL PayPal Holdings Inc. | Reduce -14.9% | 0.21% | −0.23 |
Portfolio Buys Q3 2024 → Q4 2024
| IBIT iShares Bitcoin Trust ETF | New | 34.69% | +34.69 |
| EEM iShares MSCI Emerging Market | Add +297.2% | 8.89% | +4.02 |
| XLF SS Financial Select Sector | New | 3.79% | +3.79 |
| ETHA iShares Ethereum Trust ETF | New | 2.36% | +2.36 |
| SUPV Grupo Supervielle SA-SP ADR | Add +585.5% | 0.49% | +0.43 |
| CRM Salesforce Inc. | New | 0.41% | +0.41 |
| AVGO Broadcom Inc. | New | 0.41% | +0.41 |
| FYBR Frontier Communications Pare | New | 0.35% | +0.35 |
| CEG Constellation Energy | New | 0.35% | +0.35 |
| SCHW Schwab (charles) Corp. | Add +1043.2% | 0.38% | +0.32 |
| APP AppLovin Corp. Class A | New | 0.32% | +0.32 |
| MDB Mongodb Inc. | Add +5298.3% | 0.33% | +0.31 |
| NTRA Natera Inc. | Add +859.3% | 0.36% | +0.30 |
| IBKR Interactive Brokers Gro Class A | New | 0.30% | +0.30 |
| ACI Albertsons Cos Inc. Class A | New | 0.30% | +0.30 |
| UAL United Airlines Holdings Inc. | New | 0.29% | +0.29 |
| BBAR Bbva Argentina SA-ADR | New | 0.28% | +0.28 |
| SUM Summit Materials Inc. Class A | New | 0.26% | +0.26 |
| LNG Cheniere Energy Inc. | New | 0.24% | +0.24 |
| SMCI Super Micro Computer Inc. | New | 0.23% | +0.23 |
| LRCX Lam Research Corp. | New | 0.23% | +0.23 |
| CCK Crown Holdings Inc. | Add +1199.0% | 0.26% | +0.21 |
| NFE New Fortress Energy Inc. | Add +1239.1% | 0.23% | +0.21 |
| STZ Constellation Brands Inc. Class A | New | 0.20% | +0.20 |
| ANET Arista Networks Inc. | Add +536.1% | 0.27% | +0.20 |
| RTX RTX Corp. | Add +1232.3% | 0.23% | +0.20 |
| IRS Irsa -SP ADR | New | 0.19% | +0.19 |
| TTD Trade Desk Inc./the Class A | New | 0.19% | +0.19 |
| VIST Vista Energy Sab DE CV | Add +119.9% | 0.68% | +0.18 |
| AFRM Affirm Holdings Inc. | New | 0.18% | +0.18 |
| PINS Pinterest Inc. Class A | New | 0.17% | +0.17 |
| TLN Talen Energy Corp. | New | 0.17% | +0.17 |
| FWRD Forward Air Corp. | Add +1355.0% | 0.20% | +0.17 |
| CLS Celestica Inc. | New | 0.17% | +0.17 |
| NSC Norfolk Southern Corp. | Add +472.3% | 0.25% | +0.16 |
| XLB SS Materials Select Sector | New | 0.16% | +0.16 |
| EDN Emp Distrib Y Comerc Nor-ADR | New | 0.16% | +0.16 |
| AES AES Corp. | New | 0.15% | +0.15 |
| NEE Nextera Energy Inc. | New | 0.15% | +0.15 |
| GWW WW Grainger Inc. | New | 0.14% | +0.14 |
| MRK Merck & Co. Inc. | Add +633.5% | 0.21% | +0.14 |
| FTNT Fortinet Inc. | Add +418.5% | 0.20% | +0.14 |
| BLCO Bausch + Lomb Corp. | New | 0.13% | +0.13 |
| BAH Booz Allen Hamilton Holdings | Add +2781.7% | 0.14% | +0.13 |
| UPS United Parcel Service Class B | Add +1242.7% | 0.15% | +0.13 |
| TGS Transportador Gas-ADR SP B | New | 0.12% | +0.12 |
| XRT SS SPDR S&P Retail ETF | New | 0.12% | +0.12 |
| FOXA Fox Corp. Class A | Add +415.9% | 0.18% | +0.12 |
| USFD US Foods Holding Corp. | New | 0.11% | +0.11 |
| LOMA Loma Negra Cia Ind-Spon ADR | New | 0.11% | +0.11 |
Options Activity Q3 2024 → Q4 2024
| XLF SS Financial Select Sector | call | Add +249.2% | 71,860,000 | $3.5B |
| EEM iShares MSCI Emerging Market | put | Add +56.1% | 73,565,700 | $3.1B |
| XLF SS Financial Select Sector | put | Add +21.1% | 41,112,500 | $2.0B |
| FXI iShares China Large-Cap ETF | call | Sold out | 52,750,000 | $1.7Bbefore exit |
| MSFT Microsoft Corp. | call | New | 2,286,700 | $963.8M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | Add +118.6% | 4,700,000 | $369.7M |
| XLI SS Industrial Select Sector | put | Sold out | 2,100,000 | $284.4Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -66.2% | 500,000 | $255.6M |
| XLU St Sr Utl SL SE SPDR ETF-Usd | call | New | 2,625,000 | $198.7M |
| GDX Vaneck Gold Miners ETF | call | New | 5,760,000 | $195.3M |
| XLP SS Consumer Staples Sel Sect | call | Sold out | 2,175,000 | $180.5Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +149.4% | 224,500 | $131.6M |
| XLV SS Health Care Select Sector | call | Reduce -5.7% | 947,300 | $130.3M |
| BABA Alibaba Group Holding-SP ADR | call | Add +73.0% | 1,315,000 | $111.5M |
| EEM iShares MSCI Emerging Market | call | Reduce -96.0% | 2,500,000 | $104.5M |
| XBI SS SPDR S&P Biotech ETF | call | Sold out | 1,000,000 | $98.8Mbefore exit |
| NEM Newmont Corp. | call | New | 2,520,000 | $93.8M |
| XLE SS Energy Select Sector | call | Sold out | 1,000,000 | $87.8Mbefore exit |
| EFA iShares MSCI Eafe ETF | put | Sold out | 840,000 | $70.2Mbefore exit |
| XLV SS Health Care Select Sector | put | Sold out | 434,000 | $66.8Mbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | Sold out | 550,000 | $62.1Mbefore exit |
| XLP SS Consumer Staples Sel Sect | put | Sold out | 684,500 | $56.8Mbefore exit |
| XLK SS Technology Select Sector | call | New | 220,000 | $51.2M |
| AMZN Amazon.com Inc. | call | New | 200,000 | $43.9M |
| XRT SS SPDR S&P Retail ETF | put | Reduce -9.6% | 520,000 | $41.4M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -77.8% | 500,000 | $39.3M |
| ASHR Xtrackers Harvest Csi 300 CH | call | New | 1,222,340 | $32.4M |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -88.5% | 59,000 | $30.2M |
| XLB SS Materials Select Sector | call | Sold out | 310,000 | $29.9Mbefore exit |
| BEKE Ke Holdings Inc.-ADR | call | Sold out | 1,500,000 | $29.9Mbefore exit |
| EMB iShares JP Morgan Usd Emergi | call | Sold out | 300,000 | $28.1Mbefore exit |
| JD Jd.com Inc.-ADR | call | Sold out | 600,000 | $24.0Mbefore exit |
| TLT iShares 20+ Year Treasury BD | put | New | 240,000 | $21.0M |
| INTC Intel Corp. | call | Reduce -4.8% | 1,000,000 | $20.1M |
| IWM iShares Russell 2000 ETF | call | Sold out | 83,300 | $18.4Mbefore exit |
| SMH Vaneck Semiconductor ETF | put | Sold out | 60,000 | $14.7Mbefore exit |
| XLI SS Industrial Select Sector | call | Sold out | 100,000 | $13.5Mbefore exit |
| JPM JPMorgan Chase & Co. | call | Sold out | 50,000 | $10.5Mbefore exit |
| SMH Vaneck Semiconductor ETF | call | Sold out | 40,000 | $9.8Mbefore exit |
| EWZ iShares MSCI Brazil ETF | put | Sold out | 300,000 | $8.8Mbefore exit |
| EWZ iShares MSCI Brazil ETF | call | Sold out | 300,000 | $8.8Mbefore exit |
| XLB SS Materials Select Sector | put | Reduce -45.3% | 82,000 | $6.9M |
| FXI iShares China Large-Cap ETF | put | Sold out | 200,000 | $6.4Mbefore exit |
| KWEB Kranesh Csi China Internet | put | Reduce -88.8% | 199,600 | $5.8M |
| FANG Diamondback Energy Inc. | call | Sold out | 25,000 | $4.3Mbefore exit |
| FANG Diamondback Energy Inc. | put | Sold out | 25,000 | $4.3Mbefore exit |
| GEO The Geo Group Inc. | call | Sold out | 325,000 | $4.2Mbefore exit |
| NFE New Fortress Energy Inc. | put | Sold out | 450,000 | $4.1Mbefore exit |
| BA The Boeing Co. | call | Reduce -86.6% | 23,000 | $4.1M |
| UAL United Airlines Holdings Inc. | put | Sold out | 65,000 | $3.7Mbefore exit |
Showing the first 50 of 65.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| BILIBILI INC (BILI 0.5 12/01/26) | NOTE 0.500%12/0 · principal | Sold out | 20,000,000 | $16.8Mbefore exit |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Reduce -17.6% | 7,000,000 | $6.6M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | New | 5,000,000 | $6.5M |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | Add +150.0% | 5,000,000 | $4.8M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Add +100.0% | 4,000,000 | $3.9M |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | Sold out | 7,000,000 | $2.7Mbefore exit |
| REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) | NOTE 1.750% 2/1 · principal | Sold out | 2,000,000 | $1.7Mbefore exit |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | New | 2,000,000 | $1.4M |
| WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | Sold out | 2,000,000 | $1.3Mbefore exit |
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | Sold out | 1,500,000 | $1.2Mbefore exit |
| IQ Iqiyi Inc.-ADR | SPONSORED ADS · principal | Sold out | 180,100 | $515Kbefore exit |
| BZFDW Buzzfeed Inc. -CW27 | *W EXP 12/03/202 | Add +702.3% | 603,324 | $109K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,888 | $6.8B | IVV, IBIT, AAPL, MSFT, KRE |
| Q1 2026 | 1,996 | $9.7B | IBIT, QQQ, HYG, NVDA, TSLA |
| Q4 2025 | 1,604 | $4.8B | FTKI, IBIT, GOOGL, GOOG, IVV |
| Q3 2025 | 1,793 | $6.9B | IBIT, MSFT, GOOGL, META, NVDA |
| Q2 2025 | 1,718 | $9.0B | IBIT, IVVB, GOOGL, MSFT, PLTR |
| Q1 2025 | 1,068 | $3.5B | IBIT, EEM, AAPL, NVDA, PFE |
| Q4 2024 | 955 | $4.0B | IBIT, EEM, XLF, ETHA, VIST |
| Q3 2024 | 1,038 | $2.0B | EEM, MSFT, NVDA, SPOT, META |
| Q2 2024 | 966 | $1.5B | HYG, AAPL, XLF, XOM, UNH |
| Q1 2024 | 910 | $1.1B | WDAY, PXD, CME, HES, AAPL |