Brevan Howard Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Brevan Howard Capital Management LP reported 1,793 stock positions worth $6.9 billion. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 34.7% of the portfolio, followed by Microsoft (MSFT, 2.8%) and Alphabet Class A (GOOGL, 2.8%). Compared with Q2 2025, it opened 485 new positions, sold out of 410, added to 483 and reduced 824. The biggest buy was Meta Platforms Class A (META, shares +217%) and the biggest sale an exit from iShares Large Cap Deep Quart (IVVB).
- Most Recent 13F
- Q2 2026
- Location
- ST. HELIER, Y9
- CIK
- 0001512857
- Portfolio Value
- $6.9B (Q3 2025)
- SEC Filing
- 0000905148-25-004026 ↗ filed Nov 14, 2025
Holdings Value
Holdings 1,793 stocks · $6.9B
| IBIT iShares Bitcoin Trust ETF | 34.70% | 36,752,748 | $2.4B | Reduce -2.0% |
| MSFT Microsoft Corp. | 2.83% | 376,572 | $195.0M | Add +44.5% |
| GOOGL Alphabet Inc. Class A | 2.79% | 790,620 | $192.2M | Reduce -11.2% |
| META Meta Platforms Inc. Class A | 2.07% | 193,944 | $142.4M | Add +217.4% |
| NVDA Nvidia Corp. | 1.63% | 602,172 | $112.4M | Add +755.6% |
| GOOG Alphabet Inc. Class C | 1.55% | 437,044 | $106.4M | Add +32.9% |
| AAPL Apple Inc. | 1.43% | 386,334 | $98.4M | Add +115.7% |
| TSLA Tesla Inc. | 0.68% | 104,691 | $46.6M | Add +706.8% |
| INSM Insmed Inc. | 0.62% | 294,047 | $42.3M | Add +45.1% |
| FIX Comfort Systems USA Inc. | 0.58% | 48,062 | $39.7M | Add +190.3% |
| JPM JPMorgan Chase & Co. | 0.55% | 119,793 | $37.8M | Reduce -13.2% |
| ALAB Astera Labs Inc. | 0.53% | 186,984 | $36.6M | Add +151.1% |
| NEM Newmont Corp. | 0.52% | 423,603 | $35.7M | Add +162.6% |
| GLD SPDR Gold Shares | 0.48% | 93,000 | $33.1M | New |
| C Citigroup Inc. | 0.45% | 302,030 | $30.7M | Add +33.8% |
| EEM iShares MSCI Emerging Market | 0.43% | 554,190 | $29.6M | New |
| CME Cme Group Inc. | 0.41% | 105,580 | $28.5M | Reduce -39.6% |
| AMZN Amazon.com Inc. | 0.41% | 128,541 | $28.2M | Reduce -73.1% |
| AEM Agnico Eagle Mines Ltd. | 0.38% | 155,018 | $26.1M | New |
| NFLX Netflix Inc. | 0.30% | 17,060 | $20.5M | Add +30.7% |
| BABA Alibaba Group Holding-SP ADR | 0.30% | 114,105 | $20.4M | Add +337.9% |
| CIEN Ciena Corp. | 0.29% | 137,727 | $20.1M | Add +1845.8% |
| MSTR Strategy Inc. | 0.29% | 62,129 | $20.0M | Reduce -17.3% |
| GDX Vaneck Gold Miners ETF | 0.29% | 259,721 | $19.8M | Add +533.4% |
| WFC Wells Fargo & Co. | 0.29% | 236,401 | $19.8M | Reduce -32.0% |
| RCAT Red Cat Holdings Inc. | 0.29% | 1,907,122 | $19.7M | New |
| FYBR Frontier Communications Pare | 0.28% | 518,477 | $19.4M | Add +4.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.27% | 358,869 | $18.5M | Reduce -67.9% |
| GS Goldman Sachs Group Inc. | 0.26% | 22,080 | $17.6M | Reduce -53.8% |
| BIDU Baidu Inc. - Spon ADR | 0.25% | 130,505 | $17.2M | New |
| AVGO Broadcom Inc. | 0.24% | 51,013 | $16.8M | New |
| PLTR Palantir Technologies Inc. Class A | 0.24% | 91,251 | $16.6M | Reduce -90.3% |
| V Visa Inc. Class A | 0.24% | 48,161 | $16.4M | Reduce -29.8% |
| K Kellanova | 0.24% | 198,962 | $16.3M | Add +291.2% |
| IWV iShares Russell 3000 ETF | 0.23% | 41,937 | $15.8M | New |
| LLY Eli Lilly & Co. | 0.23% | 20,561 | $15.7M | Add +1.9% |
| JNJ Johnson & Johnson | 0.23% | 83,645 | $15.5M | Reduce -41.0% |
| CSCO Cisco Systems Inc. | 0.22% | 220,487 | $15.1M | Add +17.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.22% | 29,847 | $15.0M | Add +6.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.22% | 24,875 | $14.9M | New |
| XOM Exxon Mobil Corp. | 0.21% | 131,297 | $14.8M | Reduce -58.2% |
| B Barrick Mining Corp. | 0.21% | 444,016 | $14.8M | New |
| CRWV Coreweave Inc. Class A | 0.21% | 107,137 | $14.7M | New |
| SPR Spirit Aerosystems Hold Class A | 0.20% | 354,742 | $13.7M | Add +10.4% |
| UUUU Energy Fuels Inc. | 0.19% | 836,768 | $13.3M | New |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.19% | 380,394 | $13.1M | Add +41.3% |
| RDDT Reddit Inc. Class A | 0.17% | 51,073 | $11.7M | New |
| AMD Advanced Micro Devices | 0.17% | 71,490 | $11.6M | Add +463.4% |
| IONQ Ionq Inc. | 0.17% | 187,269 | $11.5M | New |
| PG The Procter & Gamble Co. | 0.17% | 74,710 | $11.5M | Reduce -51.0% |
| HD Home Depot Inc. | 0.16% | 27,359 | $11.1M | Reduce -13.5% |
| CASY Casey's General Stores Inc. | 0.16% | 19,501 | $11.0M | Add +5.6% |
| KEY Keycorp | 0.16% | 584,471 | $10.9M | Add +130.6% |
| CVNA Carvana Co. | 0.16% | 28,939 | $10.9M | Add +68.9% |
| PEP Pepsico Inc. | 0.15% | 75,670 | $10.6M | Reduce -59.1% |
| HBAN Huntington Bancshares Inc. | 0.15% | 613,111 | $10.6M | Reduce -23.0% |
| MO Altria Group Inc. | 0.15% | 159,349 | $10.5M | Reduce -17.6% |
| ETHA iShares Ethereum Trust ETF | 0.15% | 327,395 | $10.3M | Add +649.6% |
| UNP Union Pacific Corp. | 0.15% | 43,585 | $10.3M | Reduce -61.9% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.15% | 50,765 | $10.0M | Add +6.9% |
| PYPL PayPal Holdings Inc. | 0.14% | 148,530 | $10.0M | Reduce -22.6% |
| CPNG Coupang Inc. | 0.14% | 306,770 | $9.9M | Add +550.1% |
| QRVO Qorvo Inc. | 0.14% | 108,001 | $9.8M | Add +392.3% |
| VST Vistra Corp. | 0.14% | 50,146 | $9.8M | Add +711.8% |
| AFL Aflac Inc. | 0.14% | 87,319 | $9.8M | Reduce -64.4% |
| CMI Cummins Inc. | 0.14% | 23,069 | $9.7M | Add +89.9% |
| NB Niocorp Developments Ltd. | 0.14% | 1,450,542 | $9.7M | New |
| WMT Walmart Inc. | 0.14% | 93,268 | $9.6M | Reduce -68.7% |
| CMCSA Comcast Corp. Class A | 0.14% | 304,615 | $9.6M | Reduce -36.6% |
| LMT Lockheed Martin Corp. | 0.14% | 19,108 | $9.5M | Reduce -49.3% |
| PLD Prologis Inc. | 0.14% | 82,804 | $9.5M | Add +45.7% |
| SCHW Schwab (charles) Corp. | 0.14% | 97,931 | $9.3M | Reduce -26.1% |
| LRCX Lam Research Corp. | 0.13% | 67,703 | $9.1M | Reduce -43.0% |
| WBD Warner Bros Discovery Inc. | 0.13% | 458,385 | $9.0M | Reduce -56.9% |
| MELI MercadoLibre Inc. | 0.13% | 3,791 | $8.9M | Add +847.8% |
| HON Honeywell International Inc. | 0.13% | 41,984 | $8.8M | Reduce -44.1% |
| TRV The Travelers Cos Inc. | 0.13% | 31,512 | $8.8M | Add +99.2% |
| VRT Vertiv Holdings Co. Class A | 0.12% | 56,834 | $8.6M | Add +59.0% |
| PFE Pfizer Inc. | 0.12% | 336,462 | $8.6M | Reduce -3.1% |
| LNG Cheniere Energy Inc. | 0.12% | 36,215 | $8.5M | Reduce -22.0% |
| QCOM Qualcomm Inc. | 0.12% | 50,542 | $8.4M | Reduce -64.0% |
| SO The Southern Co. | 0.12% | 87,982 | $8.3M | Add +251.8% |
| ADI Analog Devices Inc. | 0.12% | 33,409 | $8.2M | Add +451.3% |
| FSLR First Solar Inc. | 0.12% | 37,173 | $8.2M | Add +96.2% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.12% | 200,249 | $8.1M | New |
| ECHO Echostar Corp. Class A | 0.12% | 105,750 | $8.1M | Add +693.4% |
| CMG Chipotle Mexican Grill Inc. | 0.12% | 202,562 | $7.9M | Add +52.8% |
| COP Conocophillips | 0.12% | 83,748 | $7.9M | Reduce -6.5% |
| MRK Merck & Co. Inc. | 0.11% | 93,117 | $7.8M | Reduce -79.3% |
| PM Philip Morris International | 0.11% | 47,969 | $7.8M | Reduce -45.6% |
| AXP American Express Co. | 0.11% | 23,416 | $7.8M | Add +7.5% |
| WDC Western Digital Corp. | 0.11% | 64,773 | $7.8M | Reduce -19.8% |
| GD General Dynamics Corp. | 0.11% | 22,804 | $7.8M | Reduce -45.0% |
| ROK Rockwell Automation Inc. | 0.11% | 22,166 | $7.7M | Add +170.4% |
| USFD US Foods Holding Corp. | 0.11% | 100,763 | $7.7M | Reduce -4.3% |
| PANW Palo Alto Networks Inc. | 0.11% | 37,889 | $7.7M | Add +15.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.11% | 70,439 | $7.7M | Add +73.8% |
| COIN Coinbase Global Inc. Class A | 0.11% | 22,639 | $7.6M | Reduce -52.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.11% | 52,562 | $7.6M | Reduce -69.9% |
| KBE SS SPDR S&P Bank ETF | 0.11% | 127,284 | $7.6M | New |
Options reported separately and not counted above: GOOG calls ($3.5B), PDD calls ($1.4B), META calls ($1.3B), MSFT calls ($1.2B), EEM calls ($1.1B), PDD puts ($883.1M), HYG puts ($699.2M), ASHR calls ($395.8M), COIN calls ($355.7M), LQD puts ($334.4M), LQD calls ($334.4M), BIDU calls ($328.5M), and 90 more.
Other holdings (8): bonds, preferreds, convertibles and warrants · $87.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 28,500,000 | $52.7M | Add +103.6% |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 9,500,000 | $9.4M | No change |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 4,000,000 | $8.0M | Reduce -33.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 7,500,000 | $7.1M | Reduce -25.0% |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 5,000,000 | $4.9M | New |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 3,023,000 | $2.9M | New |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 2,500,000 | $2.4M | Reduce -50.0% |
| BZFDW Buzzfeed Inc. -CW27 | *W EXP 12/03/202 | 603,324 | $36K | No change |
Total filed on the 13F, all lines: $7.0B.
Portfolio Sells Q2 2025 → Q3 2025
| IVVB iShares Large Cap Deep Quart | Sold out | 0.00% | −5.10 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −1.30 |
| PLTR Palantir Technologies Inc. Class A | Reduce -90.3% | 0.24% | −1.18 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −1.02 |
| AMZN Amazon.com Inc. | Reduce -73.1% | 0.41% | −0.75 |
| VCIT Vanguard Int-Term Corporate | Sold out | 0.00% | −0.69 |
| APH Amphenol Corp. Class A | Reduce -93.7% | 0.05% | −0.44 |
| TMUS T-Mobile US Inc. | Reduce -92.8% | 0.05% | −0.43 |
| HOOD Robinhood Markets Inc. Class A | Reduce -98.2% | 0.01% | −0.36 |
| CRM Salesforce Inc. | Reduce -86.0% | 0.06% | −0.33 |
| HES Hess Corp. | Sold out | 0.00% | −0.32 |
| BAC Bank of America Corp. | Reduce -67.9% | 0.27% | −0.32 |
| PGR Progressive Corp. | Reduce -87.2% | 0.06% | −0.32 |
| WELL Welltower Inc. | Sold out | 0.00% | −0.29 |
| MRK Merck & Co. Inc. | Reduce -79.3% | 0.11% | −0.28 |
| KR Kroger Co. | Reduce -95.3% | 0.02% | −0.28 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.25 |
| CAT Caterpillar Inc. | Reduce -89.4% | 0.05% | −0.24 |
| CI The Cigna Group | Reduce -96.5% | 0.01% | −0.24 |
| MA Mastercard Inc. Class A | Reduce -81.0% | 0.08% | −0.24 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.24 |
| FISV Fiserv Inc. | Reduce -69.5% | 0.09% | −0.22 |
| BKNG Booking Holdings Inc. | Reduce -93.5% | 0.02% | −0.22 |
| CVX Chevron Corp. | Reduce -76.4% | 0.11% | −0.21 |
| WMB Williams Cos Inc. | Reduce -79.7% | 0.07% | −0.19 |
| WMT Walmart Inc. | Reduce -68.7% | 0.14% | −0.18 |
| ADBE Adobe Inc. | Reduce -79.5% | 0.06% | −0.18 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.18 |
| AJG Arthur J Gallagher & Co. | Reduce -97.6% | 0.01% | −0.18 |
| SFM Sprouts Farmers Market Inc. | Reduce -88.1% | 0.02% | −0.17 |
| UNH Unitedhealth Group Inc. | Reduce -74.7% | 0.10% | −0.17 |
| AMAT Applied Materials Inc. | Reduce -91.7% | 0.02% | −0.16 |
| BA The Boeing Co. | Reduce -91.1% | 0.02% | −0.16 |
| XOM Exxon Mobil Corp. | Reduce -58.2% | 0.21% | −0.16 |
| AIT Applied Industrial Tech Inc. | Reduce -92.2% | 0.02% | −0.16 |
| CRS Carpenter Technology | Reduce -93.5% | 0.01% | −0.16 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.15 |
| EXE Expand Energy Corp. | Reduce -96.5% | 0.01% | −0.15 |
| AFL Aflac Inc. | Reduce -64.4% | 0.14% | −0.15 |
| UNP Union Pacific Corp. | Reduce -61.9% | 0.15% | −0.14 |
| ECL Ecolab Inc. | Reduce -82.8% | 0.04% | −0.14 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.14 |
| DELL Dell Technologies -C | Reduce -95.2% | 0.01% | −0.14 |
| MSCI MSCI Inc. | Reduce -88.3% | 0.02% | −0.14 |
| MGM MGM Resorts International | Reduce -88.3% | 0.02% | −0.14 |
| NDAQ Nasdaq Inc. | Reduce -82.4% | 0.04% | −0.13 |
| TJX TJX Companies Inc. | Reduce -69.9% | 0.11% | −0.13 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.13 |
| ODFL Old Dominion Freight Line | Reduce -84.4% | 0.03% | −0.12 |
| QCOM Qualcomm Inc. | Reduce -64.0% | 0.12% | −0.12 |
Portfolio Buys Q2 2025 → Q3 2025
| META Meta Platforms Inc. Class A | Add +217.4% | 2.07% | +1.57 |
| NVDA Nvidia Corp. | Add +755.6% | 1.63% | +1.51 |
| MSFT Microsoft Corp. | Add +44.5% | 2.83% | +1.40 |
| AAPL Apple Inc. | Add +115.7% | 1.43% | +1.02 |
| GOOG Alphabet Inc. Class C | Add +32.9% | 1.55% | +0.90 |
| TSLA Tesla Inc. | Add +706.8% | 0.68% | +0.63 |
| GLD SPDR Gold Shares | New | 0.48% | +0.48 |
| FIX Comfort Systems USA Inc. | Add +190.3% | 0.58% | +0.48 |
| ALAB Astera Labs Inc. | Add +151.1% | 0.53% | +0.46 |
| EEM iShares MSCI Emerging Market | New | 0.43% | +0.43 |
| NEM Newmont Corp. | Add +162.6% | 0.52% | +0.41 |
| INSM Insmed Inc. | Add +45.1% | 0.62% | +0.39 |
| AEM Agnico Eagle Mines Ltd. | New | 0.38% | +0.38 |
| RCAT Red Cat Holdings Inc. | New | 0.29% | +0.29 |
| CIEN Ciena Corp. | Add +1845.8% | 0.29% | +0.28 |
| GDX Vaneck Gold Miners ETF | Add +533.4% | 0.29% | +0.26 |
| BABA Alibaba Group Holding-SP ADR | Add +337.9% | 0.30% | +0.26 |
| BIDU Baidu Inc. - Spon ADR | New | 0.25% | +0.25 |
| AVGO Broadcom Inc. | New | 0.24% | +0.24 |
| C Citigroup Inc. | Add +33.8% | 0.45% | +0.23 |
| IWV iShares Russell 3000 ETF | New | 0.23% | +0.23 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.22% | +0.22 |
| B Barrick Mining Corp. | New | 0.21% | +0.21 |
| CRWV Coreweave Inc. Class A | New | 0.21% | +0.21 |
| UUUU Energy Fuels Inc. | New | 0.19% | +0.19 |
| K Kellanova | Add +291.2% | 0.24% | +0.19 |
| RDDT Reddit Inc. Class A | New | 0.17% | +0.17 |
| IONQ Ionq Inc. | New | 0.17% | +0.17 |
| AMD Advanced Micro Devices | Add +463.4% | 0.17% | +0.15 |
| ETHA iShares Ethereum Trust ETF | Add +649.6% | 0.15% | +0.14 |
| NB Niocorp Developments Ltd. | New | 0.14% | +0.14 |
| VST Vistra Corp. | Add +711.8% | 0.14% | +0.13 |
| CPNG Coupang Inc. | Add +550.1% | 0.14% | +0.13 |
| QRVO Qorvo Inc. | Add +392.3% | 0.14% | +0.12 |
| MELI MercadoLibre Inc. | Add +847.8% | 0.13% | +0.12 |
| KSA Ishrs MSCI Saudi Arabia ETF | New | 0.12% | +0.12 |
| ECHO Echostar Corp. Class A | Add +693.4% | 0.12% | +0.11 |
| KBE SS SPDR S&P Bank ETF | New | 0.11% | +0.11 |
| NET Cloudflare Inc. Class A | New | 0.11% | +0.11 |
| KEY Keycorp | Add +130.6% | 0.16% | +0.11 |
| KRE SS SPDR S&P Regional Bank | New | 0.11% | +0.11 |
| NFLX Netflix Inc. | Add +30.7% | 0.30% | +0.10 |
| ADI Analog Devices Inc. | Add +451.3% | 0.12% | +0.10 |
| CMI Cummins Inc. | Add +89.9% | 0.14% | +0.10 |
| SO The Southern Co. | Add +251.8% | 0.12% | +0.10 |
| CVNA Carvana Co. | Add +68.9% | 0.16% | +0.09 |
| DAL Delta Air Lines Inc. | Add +1986.3% | 0.10% | +0.09 |
| TEVA Teva Pharmaceutical-SP ADR | New | 0.09% | +0.09 |
| SLB SLB Ltd. | Add +41.3% | 0.19% | +0.09 |
| ARES Ares Management Corp. Class A | Add +935.2% | 0.10% | +0.09 |
Options Activity Q2 2025 → Q3 2025
| GOOG Alphabet Inc. Class C | call | Add +250.0% | 14,280,000 | $3.5B |
| PDD PDD Holdings Inc. | call | Add +2949.7% | 651,875 | $1.4B |
| META Meta Platforms Inc. Class A | call | Add +8.8% | 1,740,000 | $1.3B |
| MSFT Microsoft Corp. | call | Add +82.4% | 2,279,600 | $1.2B |
| EEM iShares MSCI Emerging Market | call | Add +150.9% | 19,950,000 | $1.1B |
| PDD PDD Holdings Inc. | put | Add +3866.7% | 416,500 | $883.1M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +7.7% | 8,611,800 | $699.2M |
| GOOGL Alphabet Inc. Class A | call | Sold out | 2,409,500 | $424.6Mbefore exit |
| ASHR Xtrackers Harvest Csi 300 CH | call | New | 12,000,000 | $395.8M |
| EEM iShares MSCI Emerging Market | put | Sold out | 7,400,000 | $357.0Mbefore exit |
| COIN Coinbase Global Inc. Class A | call | Add +841.1% | 1,054,000 | $355.7M |
| IWM iShares Russell 2000 ETF | put | Sold out | 1,571,000 | $339.0Mbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | call | New | 3,000,000 | $334.4M |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | Add +500.0% | 3,000,000 | $334.4M |
| BIDU Baidu Inc. - Spon ADR | call | Add +1562.1% | 2,493,100 | $328.5M |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -19.2% | 545,500 | $327.5M |
| GOOG Alphabet Inc. Class C | put | New | 1,200,000 | $292.3M |
| EWZ iShares MSCI Brazil ETF | call | Sold out | 8,660,000 | $249.8Mbefore exit |
| AEM Agnico Eagle Mines Ltd. | call | New | 1,440,000 | $242.5M |
| IBIT iShares Bitcoin Trust ETF | call | New | 3,200,500 | $208.0M |
| NVDA Nvidia Corp. | put | Add +1082.7% | 1,094,000 | $204.1M |
| GDX Vaneck Gold Miners ETF | call | New | 2,400,000 | $183.4M |
| GLD SPDR Gold Shares | put | New | 500,000 | $177.7M |
| B Barrick Mining Corp. | call | New | 5,400,000 | $177.3M |
| NEM Newmont Corp. | call | Add +2000.0% | 2,100,000 | $177.1M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | Sold out | 2,062,000 | $166.3Mbefore exit |
| FXI iShares China Large-Cap ETF | call | New | 4,000,000 | $164.6M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -37.5% | 200,000 | $133.2M |
| IBIT iShares Bitcoin Trust ETF | put | Add +400.0% | 2,000,000 | $130.0M |
| TSLA Tesla Inc. | call | Add +1037.6% | 215,000 | $95.6M |
| JPM JPMorgan Chase & Co. | call | Sold out | 328,500 | $95.2Mbefore exit |
| WFC Wells Fargo & Co. | call | Sold out | 1,175,400 | $94.7Mbefore exit |
| TLT iShares 20+ Year Treasury BD | put | New | 1,000,000 | $89.4M |
| FXI iShares China Large-Cap ETF | put | Sold out | 2,000,000 | $73.5Mbefore exit |
| IWM iShares Russell 2000 ETF | call | New | 300,000 | $72.6M |
| MSFT Microsoft Corp. | put | Reduce -49.0% | 127,400 | $66.0M |
| BABA Alibaba Group Holding-SP ADR | call | New | 355,000 | $63.4M |
| NVDA Nvidia Corp. | call | Add +77.2% | 324,875 | $60.6M |
| MS Morgan Stanley | call | Sold out | 394,200 | $55.5Mbefore exit |
| XLB SS Materials Select Sector | call | Sold out | 624,900 | $54.9Mbefore exit |
| BABA Alibaba Group Holding-SP ADR | put | New | 295,000 | $52.7M |
| BAC Bank of America Corp. | call | Sold out | 1,031,200 | $48.8Mbefore exit |
| GOOGL Alphabet Inc. Class A | put | New | 200,000 | $48.6M |
| GS Goldman Sachs Group Inc. | call | Sold out | 67,200 | $47.5Mbefore exit |
| XLE SS Energy Select Sector | call | Add +69.4% | 500,000 | $44.7M |
| PPLT Abrdn Physical Platinum SHRS | call | Sold out | 360,000 | $44.2Mbefore exit |
| LMT Lockheed Martin Corp. | call | New | 85,000 | $42.4M |
| AMZN Amazon.com Inc. | call | Reduce -96.0% | 180,000 | $39.5M |
| XLV SS Health Care Select Sector | put | Sold out | 267,100 | $36.0Mbefore exit |
| XLP SS Consumer Staples Sel Sect | put | Sold out | 400,000 | $32.4Mbefore exit |
Showing the first 50 of 130.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Add +103.6% | 28,500,000 | $52.7M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Reduce -33.3% | 4,000,000 | $8.0M |
| TRMD Torm PLC-A | SHS CL A · principal | Sold out | 451,555 | $7.5Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -25.0% | 7,500,000 | $7.1M |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | New | 5,000,000 | $4.9M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Sold out | 4,000,000 | $4.0Mbefore exit |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | New | 3,023,000 | $2.9M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Reduce -50.0% | 2,500,000 | $2.4M |
| RDAG Republic Digital Acquis Class A | USD CL A ORD SHS · principal | Sold out | 125,000 | $1.3Mbefore exit |
| DAAQ Digital Asset Acquisiti Class A | SHS CL A · principal | Sold out | 38,502 | $404Kbefore exit |
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 |