Capula Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Capula Management Ltd reported 312 stock positions worth $15.4 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 48.6% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 25.1%) and iShares Bitcoin Trust ETF (IBIT, 3.1%). Compared with Q3 2025, it opened 90 new positions, sold out of 86, added to 104 and reduced 113. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +1487852%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- Grand Cayman, E9
- CIK
- 0001557017
- Portfolio Value
- $15.4B (Q4 2025)
- SEC Filing
- 0001172661-26-000749 ↗ filed Feb 13, 2026
Holdings Value
Holdings 312 stocks · $15.4B
| VOO Vanguard S&P 500 ETF | 48.57% | 11,903,616 | $7.5B | Add +1487852.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 25.12% | 5,662,177 | $3.9B | Add +85.5% |
| IBIT iShares Bitcoin Trust ETF | 3.06% | 9,481,233 | $470.7M | Reduce -0.0% |
| IVV iShares Core S&P 500 ETF | 2.75% | 616,758 | $422.4M | Reduce -94.1% |
| BABA Alibaba Group Holding-SP ADR | 1.38% | 1,449,316 | $212.4M | Add +254.7% |
| ETHA iShares Ethereum Trust ETF | 1.35% | 9,227,427 | $207.0M | Add +4.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.31% | 681,074 | $201.7M | Add +66672.0% |
| UBER Uber Technologies Inc. | 1.20% | 2,265,665 | $185.1M | Add +119.4% |
| FBTC Fidelity Wise Origin Bitcoin | 1.05% | 2,112,794 | $161.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.83% | 405,922 | $127.1M | Add +987.3% |
| QCOM Qualcomm Inc. | 0.72% | 650,000 | $111.2M | Add +10237.1% |
| CAT Caterpillar Inc. | 0.63% | 170,000 | $97.4M | Add +31735.2% |
| XOM Exxon Mobil Corp. | 0.63% | 802,016 | $96.5M | Add +5061.6% |
| COIN Coinbase Global Inc. Class A | 0.63% | 426,257 | $96.4M | Reduce -15.0% |
| PYPL PayPal Holdings Inc. | 0.61% | 1,617,339 | $94.4M | Add +5557.6% |
| CEG Constellation Energy | 0.57% | 250,000 | $88.3M | Add +40616.6% |
| DELL Dell Technologies -C | 0.57% | 694,686 | $87.4M | Reduce -13.2% |
| AAPL Apple Inc. | 0.55% | 309,743 | $84.2M | Reduce -31.0% |
| FETH Fidelity Ethereum Fund | 0.40% | 2,074,703 | $61.4M | Reduce -4.6% |
| APP AppLovin Corp. Class A | 0.39% | 90,000 | $60.6M | Add +18118.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.33% | 100,017 | $50.3M | Reduce -55.6% |
| GOOG Alphabet Inc. Class C | 0.33% | 160,000 | $50.2M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.31% | 76,595 | $47.1M | Reduce -85.6% |
| WBD Warner Bros Discovery Inc. | 0.30% | 1,597,068 | $46.0M | New |
| TSLA Tesla Inc. | 0.30% | 102,134 | $45.9M | Reduce -7.8% |
| NVDA Nvidia Corp. | 0.29% | 242,496 | $45.2M | Add +224.7% |
| META Meta Platforms Inc. Class A | 0.27% | 63,654 | $42.0M | Add +537.8% |
| EXAS Exact Sciences Corp. | 0.27% | 413,170 | $42.0M | New |
| NKE Nike Inc. Class B | 0.27% | 642,610 | $40.9M | Reduce -63.3% |
| JD Jd.com Inc.-ADR | 0.25% | 1,330,000 | $38.2M | New |
| DAY Dayforce Inc. | 0.24% | 532,716 | $36.8M | Add +30.9% |
| EEM iShares MSCI Emerging Market | 0.24% | 662,118 | $36.2M | Reduce -55.1% |
| AMGN Amgen Inc. | 0.23% | 110,026 | $36.0M | Add +4996.2% |
| CYBR Cyberark Software Ltd./Israel | 0.23% | 79,291 | $35.4M | Add +9.6% |
| RNAM Avidity Biosciences Inc. | 0.18% | 389,566 | $28.1M | New |
| EA Electronic Arts Inc. | 0.18% | 132,150 | $27.0M | New |
| FYBR Frontier Communications Pare | 0.16% | 658,205 | $25.1M | Add +22.8% |
| SEE Sealed Air Corp. | 0.15% | 566,405 | $23.5M | New |
| SMCI Super Micro Computer Inc. | 0.15% | 785,000 | $23.0M | New |
| MSTR Strategy Inc. | 0.12% | 126,288 | $19.2M | Reduce -92.8% |
| AHL Aspen Insurance Holdings Class A | 0.11% | 445,997 | $16.5M | New |
| KVUE Kenvue Inc. | 0.11% | 945,618 | $16.3M | New |
| ASTS Ast Spacemobile Inc. | 0.11% | 223,243 | $16.2M | New |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.10% | 243,831 | $15.7M | New |
| FXI iShares China Large-Cap ETF | 0.10% | 382,000 | $14.6M | Add +645.9% |
| HOLX Hologic Inc. | 0.10% | 196,184 | $14.6M | New |
| NSC Norfolk Southern Corp. | 0.09% | 50,000 | $14.4M | New |
| DLTR Dollar Tree Inc. | 0.09% | 110,099 | $13.5M | New |
| SNOW Snowflake Inc. | 0.08% | 57,848 | $12.7M | New |
| SMH Vaneck Semiconductor ETF | 0.08% | 33,844 | $12.2M | Reduce -89.7% |
| NGD New Gold Inc. | 0.08% | 1,369,532 | $11.9M | New |
| MRVL Marvell Technology Inc. | 0.07% | 124,334 | $10.6M | Add +227.7% |
| VRT Vertiv Holdings Co. Class A | 0.07% | 62,511 | $10.1M | Add +136.6% |
| LOW Lowe's Cos Inc. | 0.07% | 41,628 | $10.0M | Add +884.8% |
| LVS Las Vegas Sands Corp. | 0.06% | 150,000 | $9.8M | New |
| LULU Lululemon Athletica Inc. | 0.05% | 40,000 | $8.3M | New |
| CFLT Confluent Inc. Class A | 0.05% | 247,073 | $7.5M | New |
| NWSA News Corp. Class A | 0.04% | 261,017 | $6.8M | Reduce -10.6% |
| LBRDK Liberty Broadband-C | 0.04% | 140,145 | $6.8M | Reduce -59.9% |
| WMT Walmart Inc. | 0.04% | 58,924 | $6.6M | Add +467.3% |
| FOX Fox Corp. Class B | 0.04% | 97,942 | $6.4M | No change |
| LNG Cheniere Energy Inc. | 0.04% | 32,140 | $6.2M | Add +27.8% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.03% | 13,181 | $5.2M | Add +91.4% |
| BAM Brookfield Asset Mgmt-A | 0.03% | 90,852 | $5.2M | Reduce -28.4% |
| EMB iShares JP Morgan Usd Emergi | 0.03% | 42,482 | $4.1M | Add +58.3% |
| PDD PDD Holdings Inc. | 0.03% | 34,442 | $3.9M | Add +3344.2% |
| BIIB Biogen Inc. | 0.02% | 21,295 | $3.7M | Add +108.6% |
| REVG Rev Group Inc. | 0.02% | 59,672 | $3.6M | New |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 0.02% | 260,000 | $3.4M | New |
| INDA iShares MSCI India ETF | 0.02% | 61,100 | $3.3M | No change |
| CMI Cummins Inc. | 0.02% | 6,274 | $3.2M | Add +30.0% |
| CDE Coeur Mining Inc. | 0.02% | 172,107 | $3.1M | New |
| NWE Northwestern Energy Group Inc. | 0.02% | 46,512 | $3.0M | Add +30.0% |
| CWAN Clearwater Analytics HDS-A | 0.02% | 124,360 | $3.0M | New |
| MS Morgan Stanley | 0.02% | 16,453 | $2.9M | Add +566.9% |
| RDDT Reddit Inc. Class A | 0.02% | 12,667 | $2.9M | Add +0.8% |
| CNA Cna Financial Corp. | 0.02% | 56,511 | $2.7M | Reduce -48.4% |
| DKNG Draftkings Inc. Class A | 0.02% | 77,931 | $2.7M | Add +67.2% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.02% | 21,451 | $2.7M | New |
| STE Steris PLC | 0.02% | 10,432 | $2.6M | Add +28.3% |
| HTO H2O America | 0.02% | 53,476 | $2.6M | Add +30.0% |
| CMCSA Comcast Corp. Class A | 0.02% | 92,534 | $2.6M | Add +416.4% |
| GL Globe Life Inc. | 0.02% | 18,208 | $2.5M | Add +30.0% |
| THG Hanover Insurance Group Inc./ | 0.02% | 13,434 | $2.5M | Add +30.0% |
| AFRM Affirm Holdings Inc. | 0.02% | 32,541 | $2.4M | Add +112.3% |
| AFG American Financial Group Inc. | 0.02% | 17,717 | $2.4M | Add +23.7% |
| ZM Zoom Communications Inc. | 0.01% | 26,662 | $2.3M | Add +197.6% |
| TRV The Travelers Cos Inc. | 0.01% | 7,835 | $2.3M | Add +30.0% |
| PLYM Plymouth Industrial REIT Inc. | 0.01% | 101,883 | $2.2M | New |
| UAL United Airlines Holdings Inc. | 0.01% | 19,748 | $2.2M | Add +21.6% |
| CRWV Coreweave Inc. Class A | 0.01% | 30,125 | $2.2M | Add +60.7% |
| MU Micron Technology Inc. | 0.01% | 7,084 | $2.0M | Add +83.7% |
| CPNG Coupang Inc. | 0.01% | 85,134 | $2.0M | New |
| SHOP Shopify Inc. Class A | 0.01% | 12,359 | $2.0M | Reduce -62.1% |
| PBR Petroleo Brasileiro-Spon ADR | 0.01% | 164,470 | $1.9M | New |
| NFLX Netflix Inc. | 0.01% | 20,039 | $1.9M | Reduce -28.8% |
| MSFT Microsoft Corp. | 0.01% | 3,771 | $1.8M | Reduce -85.3% |
| IWF iShares Russell 1000 Growth | 0.01% | 3,748 | $1.8M | New |
| XLV SS Health Care Select Sector | 0.01% | 10,981 | $1.7M | Add +2.7% |
| EB Eventbrite Inc. Class A | 0.01% | 378,096 | $1.7M | New |
Options reported separately and not counted above: BABA puts ($282.6M), SMH puts ($277.7M), IBM puts ($202.5M), GOOGL puts ($192.2M), QQQ calls ($190.4M), UBER puts ($185.7M), EEM calls ($168.6M), META puts ($164.2M), AAPL puts ($156.7M), NVDA puts ($115.8M), QCOM puts ($115.1M), XOM puts ($104.9M), and 481 more.
Other holdings (5): bonds, preferreds, convertibles and warrants · $36.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 12,500 | $12.6M | New |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 10,000 | $12.2M | Reduce -20.0% |
| NOVANTA INC (NOVT 6.5 11/01/28) | UNIT 11/01/2028 | 220,000 | $6.2M | New |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | 221,990 | $5.6M | New |
| XEROX HOLDINGS CORP (XRX 3.75 03/15/30) | NOTE 3.750% 3/1 · principal | 4,500 | $13K | New |
Total filed on the 13F, all lines: $15.4B.
Portfolio Sells Q3 2025 → Q4 2025
| IVV iShares Core S&P 500 ETF | Reduce -94.1% | 2.75% | −49.29 |
| MSTR Strategy Inc. | Reduce -92.8% | 0.12% | −4.09 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −2.47 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -85.6% | 0.31% | −2.07 |
| IBIT iShares Bitcoin Trust ETF | Reduce -0.0% | 3.06% | −1.53 |
| AMAT Applied Materials Inc. | Reduce -99.8% | 0.00% | −0.78 |
| SMH Vaneck Semiconductor ETF | Reduce -89.7% | 0.08% | −0.72 |
| COST Costco Wholesale Corp. | Reduce -98.3% | 0.01% | −0.70 |
| NKE Nike Inc. Class B | Reduce -63.3% | 0.27% | −0.64 |
| COIN Coinbase Global Inc. Class A | Reduce -15.0% | 0.63% | −0.63 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -55.6% | 0.33% | −0.52 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.37 |
| EEM iShares MSCI Emerging Market | Reduce -55.1% | 0.24% | −0.35 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.34 |
| AAPL Apple Inc. | Reduce -31.0% | 0.55% | −0.30 |
| DELL Dell Technologies -C | Reduce -13.2% | 0.57% | −0.28 |
| FETH Fidelity Ethereum Fund | Reduce -4.6% | 0.40% | −0.27 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.24 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.16 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.15 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.15 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.14 |
| ON On Semiconductor | Sold out | 0.00% | −0.13 |
| LBRDK Liberty Broadband-C | Reduce -59.9% | 0.04% | −0.12 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.12 |
| AMZN Amazon.com Inc. | Reduce -91.8% | 0.01% | −0.11 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −0.09 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.09 |
| MSFT Microsoft Corp. | Reduce -85.3% | 0.01% | −0.09 |
| BFH Bread Financial Holdings Inc. | Sold out | 0.00% | −0.08 |
| AVGO Broadcom Inc. | Reduce -92.0% | 0.01% | −0.07 |
| TSLA Tesla Inc. | Reduce -7.8% | 0.30% | −0.07 |
| CRH CRH PLC | Sold out | 0.00% | −0.06 |
| CIO City Office REIT Inc. | Sold out | 0.00% | −0.05 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.05 |
| MLNK Meridianlink Inc. | Sold out | 0.00% | −0.05 |
| ASX Ase Technology Holding -ADR | Reduce -93.2% | 0.00% | −0.05 |
| DVY iShares Select Dividend ETF | Reduce -87.0% | 0.01% | −0.04 |
| IVE iShares S&P 500 Value ETF | Sold out | 0.00% | −0.04 |
| QSR Restaurant Brands Intern | Reduce -80.7% | 0.01% | −0.04 |
| CWEN Clearway Energy Inc. Class C | Sold out | 0.00% | −0.03 |
| MRC MRC Global Inc. | Sold out | 0.00% | −0.03 |
| PRO Pros Holdings Inc. | Sold out | 0.00% | −0.03 |
| UAA Under Armour Inc. Class A | Sold out | 0.00% | −0.03 |
| BAM Brookfield Asset Mgmt-A | Reduce -28.4% | 0.03% | −0.02 |
| SHOP Shopify Inc. Class A | Reduce -62.1% | 0.01% | −0.02 |
| CVNA Carvana Co. | Reduce -71.5% | 0.01% | −0.02 |
| NWSA News Corp. Class A | Reduce -10.6% | 0.04% | −0.02 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.02 |
| CNA Cna Financial Corp. | Reduce -48.4% | 0.02% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | Add +1487852.0% | 48.57% | +48.57 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +85.5% | 25.12% | +9.97 |
| IBM Intl Business Machines Corp. | Add +66672.0% | 1.31% | +1.31 |
| BABA Alibaba Group Holding-SP ADR | Add +254.7% | 1.38% | +0.84 |
| GOOGL Alphabet Inc. Class A | Add +987.3% | 0.83% | +0.76 |
| QCOM Qualcomm Inc. | Add +10237.1% | 0.72% | +0.72 |
| CAT Caterpillar Inc. | Add +31735.2% | 0.63% | +0.63 |
| XOM Exxon Mobil Corp. | Add +5061.6% | 0.63% | +0.61 |
| PYPL PayPal Holdings Inc. | Add +5557.6% | 0.61% | +0.60 |
| CEG Constellation Energy | Add +40616.6% | 0.57% | +0.57 |
| UBER Uber Technologies Inc. | Add +119.4% | 1.20% | +0.45 |
| APP AppLovin Corp. Class A | Add +18118.6% | 0.39% | +0.39 |
| GOOG Alphabet Inc. Class C | New | 0.33% | +0.33 |
| WBD Warner Bros Discovery Inc. | New | 0.30% | +0.30 |
| EXAS Exact Sciences Corp. | New | 0.27% | +0.27 |
| JD Jd.com Inc.-ADR | New | 0.25% | +0.25 |
| AMGN Amgen Inc. | Add +4996.2% | 0.23% | +0.23 |
| META Meta Platforms Inc. Class A | Add +537.8% | 0.27% | +0.22 |
| NVDA Nvidia Corp. | Add +224.7% | 0.29% | +0.19 |
| RNAM Avidity Biosciences Inc. | New | 0.18% | +0.18 |
| EA Electronic Arts Inc. | New | 0.18% | +0.18 |
| SEE Sealed Air Corp. | New | 0.15% | +0.15 |
| SMCI Super Micro Computer Inc. | New | 0.15% | +0.15 |
| AHL Aspen Insurance Holdings Class A | New | 0.11% | +0.11 |
| KVUE Kenvue Inc. | New | 0.11% | +0.11 |
| ASTS Ast Spacemobile Inc. | New | 0.11% | +0.11 |
| AL Sumisho Air Lease Corp. | New | 0.10% | +0.10 |
| HOLX Hologic Inc. | New | 0.10% | +0.10 |
| NSC Norfolk Southern Corp. | New | 0.09% | +0.09 |
| DLTR Dollar Tree Inc. | New | 0.09% | +0.09 |
| SNOW Snowflake Inc. | New | 0.08% | +0.08 |
| FXI iShares China Large-Cap ETF | Add +645.9% | 0.10% | +0.08 |
| NGD New Gold Inc. | New | 0.08% | +0.08 |
| LVS Las Vegas Sands Corp. | New | 0.06% | +0.06 |
| LOW Lowe's Cos Inc. | Add +884.8% | 0.07% | +0.06 |
| LULU Lululemon Athletica Inc. | New | 0.05% | +0.05 |
| CFLT Confluent Inc. Class A | New | 0.05% | +0.05 |
| MRVL Marvell Technology Inc. | Add +227.7% | 0.07% | +0.04 |
| VRT Vertiv Holdings Co. Class A | Add +136.6% | 0.07% | +0.04 |
| WMT Walmart Inc. | Add +467.3% | 0.04% | +0.03 |
| DAY Dayforce Inc. | Add +30.9% | 0.24% | +0.03 |
| PDD PDD Holdings Inc. | Add +3344.2% | 0.03% | +0.02 |
| REVG Rev Group Inc. | New | 0.02% | +0.02 |
| JAMF Jamf Holding Corp. | New | 0.02% | +0.02 |
| CDE Coeur Mining Inc. | New | 0.02% | +0.02 |
| CWAN Clearwater Analytics HDS-A | New | 0.02% | +0.02 |
| SUI Sun Communities Inc. | New | 0.02% | +0.02 |
| MS Morgan Stanley | Add +566.9% | 0.02% | +0.02 |
| PLYM Plymouth Industrial REIT Inc. | New | 0.01% | +0.01 |
| FYBR Frontier Communications Pare | Add +22.8% | 0.16% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | call | Sold out | 4,000,000 | $445.9Mbefore exit |
| BABA Alibaba Group Holding-SP ADR | put | Add +71.6% | 1,928,000 | $282.6M |
| SMH Vaneck Semiconductor ETF | put | Add +84.6% | 771,100 | $277.7M |
| IBM Intl Business Machines Corp. | put | Add +10420.0% | 683,800 | $202.5M |
| GOOGL Alphabet Inc. Class A | put | Add +163.6% | 614,000 | $192.2M |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -70.3% | 310,000 | $190.4M |
| UBER Uber Technologies Inc. | put | Add +111.6% | 2,272,400 | $185.7M |
| EEM iShares MSCI Emerging Market | call | Add +168.1% | 3,082,600 | $168.6M |
| META Meta Platforms Inc. Class A | put | Add +323.9% | 248,800 | $164.2M |
| AAPL Apple Inc. | put | Reduce -25.6% | 576,300 | $156.7M |
| IWM iShares Russell 2000 ETF | put | Sold out | 587,000 | $142.0Mbefore exit |
| IWM iShares Russell 2000 ETF | call | Sold out | 545,000 | $131.9Mbefore exit |
| NVDA Nvidia Corp. | put | Reduce -32.9% | 620,900 | $115.8M |
| QCOM Qualcomm Inc. | put | Add +1447.1% | 673,000 | $115.1M |
| XOM Exxon Mobil Corp. | put | Add +896.7% | 872,100 | $104.9M |
| SLV iShares Silver Trust | put | Add +216.3% | 1,581,300 | $101.9M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 149,100 | $101.7M |
| CAT Caterpillar Inc. | put | Add +4822.9% | 172,300 | $98.7M |
| COIN Coinbase Global Inc. Class A | put | Reduce -19.3% | 427,000 | $96.6M |
| PYPL PayPal Holdings Inc. | put | Add +2634.5% | 1,610,600 | $94.0M |
| CEG Constellation Energy | put | Add +2995.2% | 256,900 | $90.8M |
| DELL Dell Technologies -C | put | Reduce -20.9% | 695,500 | $87.5M |
| TSLA Tesla Inc. | put | Reduce -13.3% | 189,400 | $85.2M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 1,000,000 | $81.2Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +86.9% | 109,500 | $74.7M |
| SMH Vaneck Semiconductor ETF | call | Reduce -13.2% | 197,700 | $71.2M |
| XHB SS SPDR S&P Homebldrs ETF | call | Sold out | 600,000 | $66.5Mbefore exit |
| APP AppLovin Corp. Class A | put | Add +4410.0% | 90,200 | $60.8M |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -88.7% | 98,000 | $60.2M |
| MSFT Microsoft Corp. | put | Reduce -45.4% | 116,300 | $56.2M |
| EEM iShares MSCI Emerging Market | put | Add +180.9% | 983,000 | $53.8M |
| BRK.B Berkshire Hathaway Inc. Class B | put | Reduce -55.6% | 100,000 | $50.3M |
| GOOG Alphabet Inc. Class C | put | New | 160,000 | $50.2M |
| BIDU Baidu Inc. - Spon ADR | put | Sold out | 350,000 | $46.1Mbefore exit |
| XME SS SPDR S&P Metals Mining | call | New | 400,000 | $41.4M |
| NKE Nike Inc. Class B | put | Reduce -63.4% | 645,300 | $41.1M |
| JD Jd.com Inc.-ADR | put | New | 1,330,000 | $38.2M |
| AMGN Amgen Inc. | put | Add +1600.0% | 115,600 | $37.8M |
| WBD Warner Bros Discovery Inc. | put | New | 1,254,400 | $36.2M |
| SLV iShares Silver Trust | call | Reduce -69.4% | 550,800 | $35.5M |
| AMZN Amazon.com Inc. | put | Reduce -54.5% | 139,100 | $32.1M |
| AVGO Broadcom Inc. | put | Reduce -56.3% | 77,400 | $26.8M |
| FXI iShares China Large-Cap ETF | call | Sold out | 600,000 | $24.7Mbefore exit |
| GLD SPDR Gold Shares | call | Reduce -60.0% | 60,000 | $23.8M |
| PANW Palo Alto Networks Inc. | put | Add +475.1% | 127,100 | $23.4M |
| ARKK ARK Innovation ETF | call | Reduce -25.0% | 300,000 | $23.1M |
| SMCI Super Micro Computer Inc. | put | New | 785,000 | $23.0M |
| SNOW Snowflake Inc. | put | Add +1004.3% | 103,800 | $22.8M |
| KWEB Kranesh Csi China Internet | call | Reduce -50.0% | 600,000 | $20.4M |
| BABA Alibaba Group Holding-SP ADR | call | Sold out | 114,000 | $20.4Mbefore exit |
Showing the first 50 of 499.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | New | 12,500 | $12.6M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Reduce -20.0% | 10,000 | $12.2M |
| NOVANTA INC (NOVT 6.5 11/01/28) | UNIT 11/01/2028 | New | 220,000 | $6.2M |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | New | 221,990 | $5.6M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Sold out | 2,000 | $3.7Mbefore exit |
| XEROX HOLDINGS CORP (XRX 3.75 03/15/30) | NOTE 3.750% 3/1 · principal | New | 4,500 | $13K |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | Sold out | 4,000 | $4Kbefore 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 | 294 | $22.6B | IVV, SPY, BABA, BA, WDC |
| Q1 2026 | 403 | $11.4B | IVV, SPY, CWAN, NVDA, FOLD |
| Q4 2025 | 312 | $15.4B | VOO, SPY, IBIT, IVV, BABA |
| Q3 2025 | 308 | $13.4B | IVV, SPY, IBIT, MSTR, UNH |
| Q2 2025 | 248 | $8.1B | IVV, SPY, IBIT, QQQ, FBTC |
| Q1 2025 | 374 | $13.5B | IVV, SPY, NVDA, MSTR, IBIT |
| Q4 2024 | 240 | $14.6B | SPY, NVDA, IBIT, TLT, FBTC |
| Q3 2024 | 285 | $8.0B | SPY, NVDA, IBIT, VOO, FBTC |
| Q2 2024 | 283 | $8.9B | IVV, SPY, NVDA, AMZN, AAPL |
| Q1 2024 | 369 | $3.0B | SPY, GOOGL, HYG, AMZN, QQQ |