Capital Markets Trading UK LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 20, 2026), Capital Markets Trading UK LLP reported 73 stock positions worth $82.8 million. Its top holding was Vaneck Gold Miners ETF (GDX) at 8.2% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 6.3%) and Intel (INTC, 6.2%). Compared with Q3 2025, it opened 20 new positions, sold out of 25, added to 25 and reduced 28. The biggest buy was Vaneck Gold Miners ETF (GDX, shares +232%) and the biggest sale Microsoft (MSFT, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001719165
- Portfolio Value
- $82.8M (Q4 2025)
- SEC Filing
- 0001719165-26-000003 ↗ filed Feb 20, 2026
Holdings Value
Holdings 73 stocks · $82.8M
| GDX Vaneck Gold Miners ETF | 8.23% | 79,519 | $6.8M | Add +232.1% |
| PBR Petroleo Brasileiro-Spon ADR | 6.30% | 440,351 | $5.2M | Add +99.0% |
| INTC Intel Corp. | 6.24% | 140,194 | $5.2M | Add +50.6% |
| TSLA Tesla Inc. | 5.21% | 9,590 | $4.3M | Add +871.6% |
| AVGO Broadcom Inc. | 4.93% | 11,794 | $4.1M | Add +17.3% |
| GOOG Alphabet Inc. Class C | 4.35% | 11,485 | $3.6M | Reduce -22.9% |
| EWZ iShares MSCI Brazil ETF | 3.46% | 90,299 | $2.9M | Add +58.3% |
| AAL American Airlines Group Inc. | 3.28% | 177,001 | $2.7M | New |
| VZ Verizon Communications Inc. | 2.68% | 54,405 | $2.2M | Add +96.1% |
| WMT Walmart Inc. | 2.50% | 18,553 | $2.1M | Add +3.1% |
| BA The Boeing Co. | 2.36% | 8,994 | $2.0M | Add +69.9% |
| CAT Caterpillar Inc. | 2.31% | 3,338 | $1.9M | Reduce -18.6% |
| TEVA Teva Pharmaceutical-SP ADR | 2.25% | 59,601 | $1.9M | Reduce -40.3% |
| XPEV Xpeng Inc. - ADR | 2.22% | 90,823 | $1.8M | Add +229.1% |
| NIO Nio Inc. - ADR | 2.12% | 344,976 | $1.8M | Add +34.3% |
| ORCL Oracle Corp. | 1.88% | 7,988 | $1.6M | Add +57.0% |
| V Visa Inc. Class A | 1.60% | 3,787 | $1.3M | New |
| NCLH Norwegian Cruise Line Holdin | 1.58% | 58,454 | $1.3M | Add +13.7% |
| MU Micron Technology Inc. | 1.32% | 3,837 | $1.1M | Reduce -35.7% |
| DELL Dell Technologies -C | 1.32% | 8,690 | $1.1M | Add +38.0% |
| AXP American Express Co. | 1.28% | 2,875 | $1.1M | Add +48.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.16% | 1,403 | $957K | Add +144.0% |
| CRM Salesforce Inc. | 1.15% | 3,609 | $956K | Reduce -12.6% |
| MSFT Microsoft Corp. | 1.14% | 1,960 | $948K | Reduce -88.5% |
| FXI iShares China Large-Cap ETF | 1.14% | 24,624 | $943K | Add +29.4% |
| KWEB Kranesh Csi China Internet | 1.08% | 26,248 | $894K | New |
| UAL United Airlines Holdings Inc. | 1.05% | 7,795 | $872K | Reduce -79.7% |
| FSLR First Solar Inc. | 1.02% | 3,230 | $844K | New |
| LI Li Auto Inc. - ADR | 1.01% | 49,563 | $839K | New |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.97% | 50,744 | $800K | Add +75.3% |
| ASML ASML Holding NV-NY Reg SHS | 0.95% | 735 | $786K | New |
| SE Sea Ltd.-ADR | 0.88% | 5,687 | $725K | Add +24.8% |
| SHOP Shopify Inc. Class A | 0.87% | 4,469 | $719K | Reduce -38.6% |
| B Barrick Mining Corp. | 0.83% | 15,859 | $691K | Reduce -67.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.83% | 2,329 | $690K | Reduce -23.3% |
| GOOGL Alphabet Inc. Class A | 0.82% | 2,160 | $676K | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.79% | 5,787 | $658K | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.79% | 1,390 | $652K | Add +96.0% |
| MRVL Marvell Technology Inc. | 0.79% | 7,659 | $651K | New |
| HD Home Depot Inc. | 0.74% | 1,781 | $613K | Reduce -5.8% |
| GRAB Grab Holdings Ltd. Class A | 0.72% | 119,618 | $597K | Add +224.3% |
| PLTR Palantir Technologies Inc. Class A | 0.69% | 3,234 | $575K | Reduce -42.9% |
| C Citigroup Inc. | 0.69% | 4,905 | $572K | Reduce -84.6% |
| ARM Arm Holdings PLC-ADR | 0.69% | 5,212 | $570K | Add +9.7% |
| OXY Occidental Petroleum Corp. | 0.68% | 13,723 | $564K | Add +159.4% |
| MELI MercadoLibre Inc. | 0.64% | 264 | $532K | New |
| VST Vistra Corp. | 0.59% | 3,052 | $492K | New |
| NKE Nike Inc. Class B | 0.58% | 7,520 | $479K | Reduce -35.9% |
| XLE SS Energy Select Sector | 0.54% | 9,937 | $444K | New |
| QCOM Qualcomm Inc. | 0.50% | 2,414 | $413K | Reduce -63.0% |
| JPM JPMorgan Chase & Co. | 0.50% | 1,280 | $412K | Add +21.9% |
| ABNB Airbnb Inc. Class A | 0.49% | 2,980 | $404K | Reduce -4.8% |
| PANW Palo Alto Networks Inc. | 0.48% | 2,164 | $399K | Reduce -22.1% |
| VALE Vale SA-SP ADR | 0.48% | 30,251 | $394K | Reduce -87.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.46% | 1,267 | $385K | New |
| AMZN Amazon.com Inc. | 0.45% | 1,623 | $375K | Reduce -28.1% |
| PDD PDD Holdings Inc. | 0.45% | 3,250 | $369K | New |
| CVX Chevron Corp. | 0.44% | 2,414 | $368K | New |
| SOFI Sofi Technologies Inc. | 0.42% | 13,142 | $344K | Reduce -81.8% |
| PYPL PayPal Holdings Inc. | 0.38% | 5,321 | $311K | New |
| SMCI Super Micro Computer Inc. | 0.37% | 10,598 | $310K | Add +126.1% |
| NFLX Netflix Inc. | 0.33% | 2,957 | $277K | Reduce -65.0% |
| SCHW Schwab (charles) Corp. | 0.31% | 2,571 | $257K | Reduce -11.1% |
| META Meta Platforms Inc. Class A | 0.31% | 383 | $253K | Reduce -93.0% |
| HOOD Robinhood Markets Inc. Class A | 0.29% | 2,093 | $237K | New |
| CSCO Cisco Systems Inc. | 0.28% | 3,032 | $234K | Reduce -5.0% |
| GM General Motors Co. | 0.28% | 2,852 | $232K | New |
| GLD SPDR Gold Shares | 0.27% | 555 | $220K | New |
| SMH Vaneck Semiconductor ETF | 0.26% | 609 | $219K | Reduce -85.9% |
| FCX Freeport-McMoran Inc. | 0.26% | 4,258 | $216K | Reduce -93.1% |
| TGT Target Corp. | 0.26% | 2,209 | $216K | Reduce -92.7% |
| LULU Lululemon Athletica Inc. | 0.25% | 996 | $207K | New |
| LLY Eli Lilly & Co. | 0.25% | 189 | $203K | Reduce -67.8% |
Options reported separately and not counted above: MICROSOFT CORP calls ($448.3M), MICROSOFT CORP puts ($374.5M), MICRON TECHNOLOGY INC puts ($248.2M), ADVANCED MICRO DEVICES INC puts ($188.2M), TAIWAN SEMICONDUCTOR MANUFAC puts ($175.4M), INTEL CORP puts ($166.5M), VANECK ETF TRUST puts ($151.4M), BROADCOM INC puts ($140.8M), AMAZON COM INC calls ($131.9M), NVIDIA CORPORATION puts ($115.8M), AMAZON COM INC puts ($115.3M), MICRON TECHNOLOGY INC calls ($102.2M), and 220 more.
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -88.5% | 1.14% | −7.88 |
| META Meta Platforms Inc. Class A | Reduce -93.0% | 0.31% | −3.79 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −2.73 |
| UAL United Airlines Holdings Inc. | Reduce -79.7% | 1.05% | −2.73 |
| C Citigroup Inc. | Reduce -84.6% | 0.69% | −2.62 |
| TGT Target Corp. | Reduce -92.7% | 0.26% | −2.49 |
| VALE Vale SA-SP ADR | Reduce -87.7% | 0.48% | −2.24 |
| FCX Freeport-McMoran Inc. | Reduce -93.1% | 0.26% | −2.21 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −1.97 |
| CCL Carnival Corp. | Sold out | 0.00% | −1.84 |
| SOFI Sofi Technologies Inc. | Reduce -81.8% | 0.42% | −1.54 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −1.37 |
| SMH Vaneck Semiconductor ETF | Reduce -85.9% | 0.26% | −1.18 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −1.01 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.91 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.88 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.87 |
| B Barrick Mining Corp. | Reduce -67.0% | 0.83% | −0.77 |
| NFLX Netflix Inc. | Reduce -65.0% | 0.33% | −0.70 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.66 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.64 |
| AIG American International Group | Sold out | 0.00% | −0.63 |
| QCOM Qualcomm Inc. | Reduce -63.0% | 0.50% | −0.61 |
| ZM Zoom Communications Inc. | Sold out | 0.00% | −0.56 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −0.48 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.47 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.47 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.44 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.38 |
| PLTR Palantir Technologies Inc. Class A | Reduce -42.9% | 0.69% | −0.36 |
| SNAP Snap Inc. Class A | Sold out | 0.00% | −0.36 |
| XYZ Block Inc. | Sold out | 0.00% | −0.34 |
| NKE Nike Inc. Class B | Reduce -35.9% | 0.58% | −0.26 |
| ETSY Etsy Inc. | Sold out | 0.00% | −0.25 |
| AFRM Affirm Holdings Inc. | Sold out | 0.00% | −0.24 |
| SHOP Shopify Inc. Class A | Reduce -38.6% | 0.87% | −0.24 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.23 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.22 |
| ON On Semiconductor | Sold out | 0.00% | −0.22 |
| LLY Eli Lilly & Co. | Reduce -67.8% | 0.25% | −0.21 |
| F Ford Motor Co. | Sold out | 0.00% | −0.12 |
| PANW Palo Alto Networks Inc. | Reduce -22.1% | 0.48% | −0.10 |
| AMZN Amazon.com Inc. | Reduce -28.1% | 0.45% | −0.05 |
| HD Home Depot Inc. | Reduce -5.8% | 0.74% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -23.3% | 0.83% | −0.04 |
| SCHW Schwab (charles) Corp. | Reduce -11.1% | 0.31% | +0.03 |
| CSCO Cisco Systems Inc. | Reduce -5.0% | 0.28% | +0.06 |
| ABNB Airbnb Inc. Class A | Reduce -4.8% | 0.49% | +0.10 |
| CRM Salesforce Inc. | Reduce -12.6% | 1.15% | +0.15 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -40.3% | 2.25% | +0.18 |
Portfolio Buys Q3 2025 → Q4 2025
| GDX Vaneck Gold Miners ETF | Add +232.1% | 8.23% | +6.36 |
| TSLA Tesla Inc. | Add +871.6% | 5.21% | +4.76 |
| PBR Petroleo Brasileiro-Spon ADR | Add +99.0% | 6.30% | +3.44 |
| AAL American Airlines Group Inc. | New | 3.28% | +3.28 |
| INTC Intel Corp. | Add +50.6% | 6.24% | +3.05 |
| EWZ iShares MSCI Brazil ETF | Add +58.3% | 3.46% | +1.66 |
| V Visa Inc. Class A | New | 1.60% | +1.60 |
| XPEV Xpeng Inc. - ADR | Add +229.1% | 2.22% | +1.56 |
| AVGO Broadcom Inc. | Add +17.3% | 4.93% | +1.54 |
| VZ Verizon Communications Inc. | Add +96.1% | 2.68% | +1.43 |
| BA The Boeing Co. | Add +69.9% | 2.36% | +1.19 |
| KWEB Kranesh Csi China Internet | New | 1.08% | +1.08 |
| FSLR First Solar Inc. | New | 1.02% | +1.02 |
| LI Li Auto Inc. - ADR | New | 1.01% | +1.01 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.95% | +0.95 |
| GOOGL Alphabet Inc. Class A | New | 0.82% | +0.82 |
| DIS The Walt Disney Co. | New | 0.79% | +0.79 |
| MRVL Marvell Technology Inc. | New | 0.79% | +0.79 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +144.0% | 1.16% | +0.76 |
| MELI MercadoLibre Inc. | New | 0.64% | +0.64 |
| AXP American Express Co. | Add +48.8% | 1.28% | +0.63 |
| WMT Walmart Inc. | Add +3.1% | 2.50% | +0.60 |
| VST Vistra Corp. | New | 0.59% | +0.59 |
| XLE SS Energy Select Sector | New | 0.54% | +0.54 |
| GRAB Grab Holdings Ltd. Class A | Add +224.3% | 0.72% | +0.49 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.46% | +0.46 |
| PDD PDD Holdings Inc. | New | 0.45% | +0.45 |
| CVX Chevron Corp. | New | 0.44% | +0.44 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +96.0% | 0.79% | +0.43 |
| OXY Occidental Petroleum Corp. | Add +159.4% | 0.68% | +0.43 |
| ORCL Oracle Corp. | Add +57.0% | 1.88% | +0.42 |
| DELL Dell Technologies -C | Add +38.0% | 1.32% | +0.41 |
| BEKE Ke Holdings Inc.-ADR | Add +75.3% | 0.97% | +0.40 |
| PYPL PayPal Holdings Inc. | New | 0.38% | +0.38 |
| FXI iShares China Large-Cap ETF | Add +29.4% | 1.14% | +0.34 |
| HOOD Robinhood Markets Inc. Class A | New | 0.29% | +0.29 |
| NCLH Norwegian Cruise Line Holdin | Add +13.7% | 1.58% | +0.28 |
| GM General Motors Co. | New | 0.28% | +0.28 |
| GLD SPDR Gold Shares | New | 0.27% | +0.27 |
| LULU Lululemon Athletica Inc. | New | 0.25% | +0.25 |
| JPM JPMorgan Chase & Co. | Add +21.9% | 0.50% | +0.16 |
| SMCI Super Micro Computer Inc. | Add +126.1% | 0.37% | +0.14 |
| NIO Nio Inc. - ADR | Add +34.3% | 2.12% | +0.12 |
| SE Sea Ltd.-ADR | Add +24.8% | 0.88% | +0.04 |
| ARM Arm Holdings PLC-ADR | Add +9.7% | 0.69% | +0.00 |
Options Activity Q3 2025 → Q4 2025
| MICROSOFT CORP | call | Reduce -11.1% | 927,000 | $448.3M |
| MICROSOFT CORP | put | Reduce -20.4% | 774,300 | $374.5M |
| MICRON TECHNOLOGY INC | put | Reduce -12.4% | 869,500 | $248.2M |
| ADVANCED MICRO DEVICES INC | put | Add +57.7% | 878,900 | $188.2M |
| TAIWAN SEMICONDUCTOR MANUFAC | put | Add +12.2% | 577,200 | $175.4M |
| INTEL CORP | put | Add +34.4% | 4,512,500 | $166.5M |
| VANECK ETF TRUST | put | Add +30.1% | 1,765,700 | $151.4M |
| BROADCOM INC | put | Reduce -43.0% | 406,700 | $140.8M |
| AMAZON COM INC | call | Add +103.3% | 571,400 | $131.9M |
| NVIDIA CORPORATION | put | Reduce -69.8% | 620,700 | $115.8M |
| AMAZON COM INC | put | Add +17.6% | 499,400 | $115.3M |
| MICRON TECHNOLOGY INC | call | Add +8.0% | 358,200 | $102.2M |
| INTEL CORP | call | Add +11.4% | 2,769,600 | $102.2M |
| ISHARES INC | call | Add +143.1% | 2,877,100 | $91.4M |
| CATERPILLAR INC | put | Add +574.4% | 145,000 | $83.1M |
| ADVANCED MICRO DEVICES INC | call | Reduce -14.3% | 385,200 | $82.5M |
| ALPHABET INC | put | Add +7.5% | 259,400 | $81.2M |
| TESLA INC | put | Reduce -48.2% | 169,500 | $76.2M |
| BOEING CO | put | Reduce -8.3% | 346,800 | $75.3M |
| TESLA INC | call | Add +97.3% | 166,300 | $74.8M |
| SHOPIFY INC | put | Add +11.4% | 438,800 | $70.6M |
| NIO INC | put | Add +8.2% | 13,389,200 | $68.3M |
| CATERPILLAR INC | call | Add +65.5% | 116,700 | $66.9M |
| SNOWFLAKE INC | put | Reduce -8.0% | 304,600 | $66.8M |
| META PLATFORMS INC | put | Add +4.1% | 97,000 | $64.0M |
| TAIWAN SEMICONDUCTOR MANUFAC | call | Reduce -36.2% | 206,300 | $62.7M |
| SHOPIFY INC | call | Add +0.3% | 388,200 | $62.5M |
| PDD HOLDINGS INC | put | Add +152.7% | 521,800 | $59.2M |
| META PLATFORMS INC | call | Reduce -14.9% | 89,400 | $59.0M |
| VALE S A | call | Reduce -27.8% | 4,485,300 | $58.4M |
| VANECK ETF TRUST | call | Reduce -23.8% | 634,100 | $54.4M |
| SNOWFLAKE INC | call | Reduce -2.6% | 235,500 | $51.7M |
| ISHARES INC | put | Add +123.3% | 1,591,100 | $50.5M |
| ORACLE CORP | put | Add +962.8% | 254,000 | $49.5M |
| MARVELL TECHNOLOGY INC | put | Reduce -13.3% | 578,200 | $49.1M |
| CARNIVAL CORP | put | Reduce -18.0% | 1,546,700 | $47.2M |
| ELI LILLY & CO | call | Reduce -3.4% | 43,100 | $46.3M |
| ALPHABET INC | call | Reduce -20.5% | 147,300 | $46.1M |
| LULULEMON ATHLETICA INC | put | Reduce -20.5% | 211,600 | $44.0M |
| FREEPORT MCMORAN INC | call | Add +81.3% | 859,200 | $43.6M |
| AMERICAN AIRLINES GROUP INC | put | Reduce -8.1% | 2,815,600 | $43.2M |
| BOEING CO | call | Add +63.0% | 197,600 | $42.9M |
| FORD MTR CO | put | Add +24.8% | 3,224,600 | $42.3M |
| WELLS FARGO & CO | put | Add +0.6% | 453,800 | $42.3M |
| AIRBNB INC | call | Add +6.6% | 306,400 | $41.6M |
| ARM HOLDINGS PLC | put | Add +12.8% | 372,600 | $40.7M |
| BROADCOM INC | call | Reduce -46.7% | 116,800 | $40.4M |
| UNITED AIRLS HLDGS INC | put | Add +59.3% | 357,400 | $40.0M |
| UNITEDHEALTH GROUP INC | put | Add +142.1% | 115,700 | $38.2M |
| LULULEMON ATHLETICA INC | call | Add +44.2% | 182,400 | $37.9M |
Showing the first 50 of 236.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 87 | $139.9M | SMH, FCX, EWZ, NVDA, MSFT |
| Q1 2026 | 77 | $111.2M | EWZ, SPY, FCX, TEVA, PBR |
| Q4 2025Amended | 73 | $82.8M | GDX, PBR, INTC, TSLA, AVGO |
| Q3 2025 | 78 | $97.9M | MSFT, META, UAL, GOOG, AVGO |
| Q2 2025 | 73 | $88.0M | TSLA, MSFT, C, TEVA, EWZ |
| Q1 2025 | 83 | $87.7M | PBR, MSFT, NIO, FCX, C |
| Q4 2024 | 73 | $168.7M | MSFT, TEVA, FUTU, IBIT, MU |
| Q3 2024 | 87 | $108.1M | NEM, TEVA, FUTU, BILI, ASML |
| Q2 2024 | 78 | $136.1M | WFC, TEVA, PBR, C, AAPL |
| Q1 2024 | 76 | $137.9M | C, WFC, PBR, VALE, F |