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

0$5.0B$10.0B$15.0B$20.0B$25.0B Q1 2024: $3.0B Q1 2024 Q2 2024: $8.9B Q2 2024 Q3 2024: $8.0B Q3 2024 Q4 2024: $14.6B Q4 2024 Q1 2025: $13.5B Q1 2025 Q2 2025: $8.1B Q2 2025 Q3 2025: $13.4B Q3 2025 Q4 2025: $15.4B $15.4B Q4 2025 Q1 2026: $11.4B Q1 2026 Q2 2026: $22.6B Q2 2026

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
HOOD Robinhood Markets Inc. Class A 0.01% 14,689 $1.7M Add +816.9%
SLB SLB Ltd. filed as SLB LIMITED 0.01% 42,508 $1.6M Add +1501.0%
GDX Vaneck Gold Miners ETF 0.01% 18,760 $1.6M Reduce -60.2%
XLP SS Consumer Staples Sel Sect 0.01% 20,565 $1.6M New
JPM JPMorgan Chase & Co. 0.01% 4,798 $1.5M Reduce -44.5%
COST Costco Wholesale Corp. 0.01% 1,776 $1.5M Reduce -98.3%
SCCO Southern Copper Corp. 0.01% 10,513 $1.5M Reduce -53.7%
C Citigroup Inc. 0.01% 12,901 $1.5M Add +378.9%
ETN Eaton Corp. PLC 0.01% 4,594 $1.5M Add +278.4%
PANW Palo Alto Networks Inc. 0.01% 7,935 $1.5M Add +208.6%
SNAP Snap Inc. Class A 0.01% 177,104 $1.4M New
NCLH Norwegian Cruise Line Holdin 0.01% 61,169 $1.4M Reduce -14.4%
NET Cloudflare Inc. Class A 0.01% 6,864 $1.4M Reduce -5.6%
HD Home Depot Inc. 0.01% 3,928 $1.4M Reduce -8.7%
AMZN Amazon.com Inc. 0.01% 5,846 $1.3M Reduce -91.8%
CVNA Carvana Co. 0.01% 3,162 $1.3M Reduce -71.5%
CDTX Cidara Therapeutics Inc. 0.01% 6,000 $1.3M New
PM Philip Morris International 0.01% 8,036 $1.3M Add +151.2%
HPQ HP Inc. 0.01% 57,724 $1.3M New
QSR Restaurant Brands Intern 0.01% 18,794 $1.3M Reduce -80.7%
F Ford Motor Co. filed as FORD MTR CO 0.01% 95,870 $1.3M Add +87.0%
SEMR Semrush Holdings Inc. Class A 0.01% 94,690 $1.1M New
TECK Teck Resources Ltd.-CLS B 0.01% 16,439 $1.1M Add +23.7%
PFSI Pennymac Financial Services 0.01% 8,076 $1.1M New
STLA Stellantis NV 0.01% 110,216 $1.0M Add +368.1%
FLUT Flutter Entertainment PLC-Di 0.01% 4,453 $958K Reduce -45.1%
AMLP Alerian MLP ETF 0.01% 19,982 $940K Reduce -46.1%
ADT Adt Inc. 0.01% 114,416 $923K New
XBI SS SPDR S&P Biotech ETF 0.01% 7,324 $893K New
IWN iShares Russell 2000 Value E 0.01% 4,880 $884K New
HLT Hilton Worldwide Holdings Inc. 0.01% 3,071 $882K Add +19093.8%
ARES Ares Management Corp. Class A 0.01% 5,293 $856K New
AVGO Broadcom Inc. 0.01% 2,447 $847K Reduce -92.0%
ALAB Astera Labs Inc. 0.01% 5,042 $839K Add +192.3%
DVY iShares Select Dividend ETF 0.01% 5,889 $831K Reduce -87.0%
FIG Figma Inc. Class A 0.01% 21,435 $801K Add +16.3%
BMY Bristol-Myers Squibb Co. 0.01% 14,795 $798K Add +283.9%
HON Honeywell International Inc. 0.01% 4,025 $785K Add +30.6%
SIL Global X Silver Miners ETF 0.00% 8,678 $725K Reduce -1.0%
CCL Carnival Corp. 0.00% 23,608 $721K Add +57.4%
ASX Ase Technology Holding -ADR 0.00% 44,160 $711K Reduce -93.2%
SILJ Amplify Junior Silver Miners 0.00% 25,634 $709K Reduce -8.6%
RYAAY Ryanair Holdings PLC-SP ADR 0.00% 9,691 $700K Reduce -52.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.00% 12,688 $698K Reduce -79.8%
BYD Boyd Gaming Corp. 0.00% 7,980 $680K New
EQX Equinox Gold Corp. 0.00% 35,000 $675K New
ARM Arm Holdings PLC-ADR 0.00% 6,170 $674K Reduce -10.2%
ORCL Oracle Corp. 0.00% 3,205 $625K Reduce -43.6%
APH Amphenol Corp. Class A 0.00% 4,535 $613K Add +466.9%
CVX Chevron Corp. 0.00% 4,009 $611K Reduce -67.0%
PSA Public Storage 0.00% 2,300 $597K Add +109.8%
EQIX Equinix Inc. 0.00% 770 $590K Add +125.2%
GRAB Grab Holdings Ltd. Class A 0.00% 115,614 $577K Add +155.3%
SHW The Sherwin-Williams Co. 0.00% 1,709 $554K Add +50.8%
ACN Accenture PLC Class A 0.00% 2,053 $551K Reduce -8.6%
PG The Procter & Gamble Co. 0.00% 3,806 $545K Reduce -56.9%
GDXJ Vaneck Junior Gold Miners 0.00% 4,620 $526K Add +15.3%
O Realty Income Corp. 0.00% 9,149 $516K Add +80.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.00% 4,288 $498K New
EWM iShares MSCI Malaysia ETF 0.00% 18,090 $495K Add +24.1%
CAG Conagra Brands Inc. 0.00% 27,963 $484K Add +504.6%
SYY Sysco Corp. 0.00% 6,534 $481K Add +90.0%
ES Eversource Energy 0.00% 7,112 $479K Add +39.3%
GS Goldman Sachs Group Inc. 0.00% 544 $478K Reduce -34.4%
LBTYK Liberty Global Ltd. Class C 0.00% 43,029 $475K No change
T AT&T Inc. 0.00% 18,538 $460K Add +48.1%
V Visa Inc. Class A 0.00% 1,301 $456K Reduce -73.5%
INFY Infosys Ltd.-SP ADR 0.00% 25,220 $449K Reduce -74.9%
RL Ralph Lauren Corp. 0.00% 1,268 $448K New
GLW Corning Inc. 0.00% 5,111 $448K Add +81.6%
ABT Abbott Laboratories 0.00% 3,464 $434K Add +12.9%
FOLD Amicus Therapeutics Inc. 0.00% 30,000 $427K New
HUM Humana Inc. 0.00% 1,615 $414K New
CRM Salesforce Inc. 0.00% 1,547 $410K Reduce -34.2%
PLTR Palantir Technologies Inc. Class A 0.00% 2,294 $408K Reduce -78.6%
CMC Commercial Metals Co. 0.00% 5,772 $400K New
PEP Pepsico Inc. 0.00% 2,717 $390K Reduce -59.4%
LLY Eli Lilly & Co. 0.00% 353 $379K Reduce -80.6%
VZ Verizon Communications Inc. 0.00% 9,262 $377K Add +31.6%
MLM Martin Marietta Materials 0.00% 582 $362K New
SBUX Starbucks Corp. 0.00% 4,289 $361K Add +144.1%
ABBV Abbvie Inc. 0.00% 1,540 $352K Reduce -68.2%
CL Colgate-Palmolive Co. 0.00% 4,376 $346K Add +156.1%
JNJ Johnson & Johnson 0.00% 1,670 $346K Reduce -54.7%
NTAP Netapp Inc. 0.00% 3,153 $338K Add +39.0%
SYK Stryker Corp. 0.00% 939 $330K Add +123.0%
CZR Caesars Entertainment Inc. 0.00% 13,850 $324K Reduce -28.8%
MCD McDonald's Corp. 0.00% 1,047 $320K Reduce -40.5%
MGM MGM Resorts International 0.00% 8,585 $313K Reduce -12.8%
GDEN Golden Entertainment Inc. 0.00% 11,322 $308K Reduce -25.6%
KO The Coca-Cola Co. 0.00% 4,382 $306K Reduce -62.8%
VMC Vulcan Materials Co. 0.00% 1,067 $304K New
UPWK Upwork Inc. 0.00% 15,209 $301K Add +159.8%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.00% 3,031 $296K Add +61.2%
TXN Texas Instruments Inc. 0.00% 1,665 $289K Reduce -79.8%
MAR Marriott International Class A 0.00% 913 $283K Add +737.6%
KLAC KLA Corp. 0.00% 226 $275K Add +14.1%
SLV iShares Silver Trust 0.00% 4,219 $272K New
RMD Resmed Inc. 0.00% 1,128 $272K Add +77.6%
EXP Eagle Materials Inc. 0.00% 1,301 $269K New
MDT Medtronic PLC 0.00% 2,586 $248K Reduce -9.6%
SLG SL Green Realty Corp. 0.00% 5,377 $247K Add +95.5%
LITE Lumentum Holdings Inc. 0.00% 669 $247K New
THD iShares MSCI Thailand ETF 0.00% 4,108 $245K Reduce -4.1%
CW Curtiss-Wright Corp. 0.00% 443 $244K New
CASY Casey's General Stores Inc. 0.00% 440 $243K New
CHDN Churchill Downs Inc. 0.00% 2,125 $242K Reduce -24.2%
AMPL Amplitude Inc. Class A 0.00% 20,434 $237K New
SNDK Sandisk Corp. 0.00% 994 $236K New
RSG Republic Services Inc. 0.00% 1,112 $236K New
AMAT Applied Materials Inc. 0.00% 914 $235K Reduce -99.8%
IREN Iren Ltd. filed as IREN LIMITED 0.00% 6,174 $233K New
PENN Penn Entertainment Inc. 0.00% 15,598 $230K Reduce -5.6%
DE Deere & Co. 0.00% 493 $230K Add +18.8%
ASAN Asana Inc. Class A 0.00% 16,647 $228K New
DUK Duke Energy Corp. 0.00% 1,939 $227K Reduce -21.5%
EIX Edison International 0.00% 3,678 $221K New
VMI Valmont Industries 0.00% 546 $220K New
DVA Davita Inc. 0.00% 1,932 $219K Add +57.5%
NOW ServiceNow Inc. 0.00% 1,425 $218K Reduce -68.4%
Z Zillow Group Inc. Class C 0.00% 3,141 $214K Add +37.3%
PNR Pentair PLC 0.00% 2,056 $214K Add +21.9%
FRSH Freshworks Inc. Class A 0.00% 17,420 $213K New
RJF Raymond James Financial Inc. 0.00% 1,327 $213K Add +24.9%
CHWY Chewy Inc. Class A 0.00% 6,389 $211K Add +84.8%
KBR KBR Inc. 0.00% 5,248 $211K New
VIK Viking Holdings Ltd. 0.00% 2,923 $209K New
DKS Dick's Sporting Goods Inc. 0.00% 1,044 $207K Add +40.3%
KNF Knife River Corp. 0.00% 2,891 $203K New
MO Altria Group Inc. 0.00% 3,324 $192K New
DBX Dropbox Inc. Class A 0.00% 6,855 $191K Add +27.9%
ICE Intercontinental Exchange Inc. 0.00% 1,169 $189K Reduce -35.2%
BXP BXP Inc. 0.00% 2,734 $184K Add +34.7%
MSCI MSCI Inc. 0.00% 317 $182K Reduce -17.9%
PATH Uipath Inc. Class A 0.00% 11,078 $182K New
ADP Automatic Data Processing 0.00% 683 $176K Reduce -66.3%
PCG P G & E Corp. 0.00% 10,890 $175K New
MA Mastercard Inc. Class A 0.00% 294 $168K Reduce -88.6%
RCL Royal Caribbean Cruises Ltd. 0.00% 597 $167K New
MARA Mara Holdings Inc. 0.00% 18,450 $166K New
AES AES Corp. 0.00% 11,347 $163K Reduce -8.3%
PFE Pfizer Inc. 0.00% 6,472 $161K Reduce -8.7%
BRSL Brightstar Lottery PLC 0.00% 10,257 $159K Reduce -13.1%
MCK McKesson Corp. 0.00% 190 $156K Reduce -32.1%
BB Blackberry Ltd. 0.00% 39,673 $150K New
SO The Southern Co. 0.00% 1,601 $140K New
A Agilent Technologies Inc. 0.00% 1,006 $137K Reduce -32.4%
WM Waste Management Inc. 0.00% 613 $135K Add +354.1%
CTSH Cognizant Tech Solutions-A 0.00% 1,543 $128K New
APD Air Products & Chemicals Inc. 0.00% 511 $126K Add +51.6%
GE General Electric filed as GE AEROSPACE 0.00% 400 $123K Reduce -71.8%
LYFT LYFT Inc. Class A 0.00% 6,208 $120K Add +43.0%
LIN Linde PLC 0.00% 274 $117K Reduce -84.2%
GD General Dynamics Corp. 0.00% 336 $113K Reduce -17.2%
APA Apa Corp. 0.00% 4,536 $111K Reduce -7.3%
PGR Progressive Corp. 0.00% 486 $111K Reduce -76.8%
SRE Sempra 0.00% 1,251 $110K New
CTAS Cintas Corp. 0.00% 578 $109K Add +63.3%
M Macy's Inc. 0.00% 4,729 $104K Reduce -32.4%
PLD Prologis Inc. 0.00% 802 $102K Reduce -58.5%
INTU Intuit Inc. 0.00% 150 $99K Reduce -86.6%
TGT Target Corp. 0.00% 993 $97K Reduce -22.9%
BILL Bill Holdings Inc. 0.00% 1,776 $97K Reduce -1.6%
BSX Boston Scientific Corp. 0.00% 967 $92K Reduce -87.9%
RIOT Riot Platforms Inc. 0.00% 6,390 $81K New
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 1,015 $75K Reduce -86.4%
ADSK Autodesk Inc. 0.00% 252 $75K Reduce -80.3%
TMUS T-Mobile US Inc. 0.00% 367 $75K Reduce -92.2%
KWEB Kranesh Csi China Internet 0.00% 2,128 $72K Reduce -91.4%
NOC Northrop Grumman Corp. 0.00% 127 $72K New
AMT American Tower Corp. 0.00% 405 $71K Reduce -92.3%
GETY Getty Images Holdings Inc. 0.00% 52,328 $70K No change
BX Blackstone Inc. 0.00% 431 $66K Add +33.0%
APO Apollo Global Management Inc. 0.00% 453 $66K Reduce -25.1%
MDLZ Mondelez International Inc. Class A 0.00% 1,186 $64K Reduce -39.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.00% 243 $63K New
MET Metlife Inc. 0.00% 781 $62K Add +147.2%
DLR Digital Realty Trust Inc. 0.00% 393 $61K New
ITW Illinois Tool Works 0.00% 242 $60K Add +63.5%
KKR KKR & Co. Inc. 0.00% 466 $59K Reduce -15.4%
SPGI S&P Global Inc. 0.00% 102 $53K Reduce -96.4%
ZTS Zoetis Inc. 0.00% 355 $45K New
ORLY O'reilly Automotive Inc. 0.00% 486 $44K New
URI United Rentals Inc. 0.00% 53 $43K Reduce -90.4%
PAYX Paychex Inc. 0.00% 371 $42K Reduce -87.0%
ADBE Adobe Inc. 0.00% 111 $39K Reduce -94.2%
GSAT Globalstar Inc. 0.00% 621 $38K Reduce -61.9%
VST Vistra Corp. 0.00% 234 $38K New
DASH DoorDash Inc. Class A 0.00% 129 $29K New
WMB Williams Cos Inc. 0.00% 462 $28K Add +15300.0%
EOG EOG Resources Inc. 0.00% 252 $26K Reduce -92.9%
SNPS Synopsys Inc. 0.00% 52 $24K Reduce -62.0%
FCX Freeport-McMoran Inc. 0.00% 478 $24K Reduce -62.5%
CIEN Ciena Corp. 0.00% 96 $22K New
D Dominion Energy Inc. 0.00% 337 $20K New
FTNT Fortinet Inc. 0.00% 248 $20K New
CDNS Cadence Design SYS Inc. 0.00% 55 $17K New
PSX Phillips 66 0.00% 131 $17K New
WDAY Workday Inc. Class A 0.00% 54 $12K Reduce -72.2%
ECL Ecolab Inc. 0.00% 44 $12K Reduce -63.3%
AIG American International Group 0.00% 132 $11K Reduce -99.2%
INTC Intel Corp. 0.00% 289 $11K New
CSCO Cisco Systems Inc. 0.00% 127 $10K Reduce -98.8%
MMM 3M Co. 0.00% 60 $10K Reduce -23.1%
CME Cme Group Inc. 0.00% 35 $10K Reduce -80.1%
USB US Bancorp 0.00% 177 $9K Reduce -73.9%
PNC PNC Financial Services Group 0.00% 45 $9K Reduce -73.2%
BA The Boeing Co. 0.00% 41 $9K Reduce -95.6%
UNP Union Pacific Corp. 0.00% 34 $8K Reduce -93.7%
BLK BlackRock Inc. 0.00% 7 $7K Reduce -95.6%
TT Trane Technologies PLC 0.00% 12 $5K New
MCO Moody's Corp. 0.00% 4 $2K 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)
SecurityClassShares / PrincipalValueChange
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 12,500$12.6MNew
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 10,000$12.2MReduce -20.0%
NOVANTA INC (NOVT 6.5 11/01/28) UNIT 11/01/2028 220,000$6.2MNew
SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 221,990$5.6MNew
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 4,500$13KNew

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 294$22.6BIVV, SPY, BABA, BA, WDC
Q1 2026 403$11.4BIVV, SPY, CWAN, NVDA, FOLD
Q4 2025 312$15.4BVOO, SPY, IBIT, IVV, BABA
Q3 2025 308$13.4BIVV, SPY, IBIT, MSTR, UNH
Q2 2025 248$8.1BIVV, SPY, IBIT, QQQ, FBTC
Q1 2025 374$13.5BIVV, SPY, NVDA, MSTR, IBIT
Q4 2024 240$14.6BSPY, NVDA, IBIT, TLT, FBTC
Q3 2024 285$8.0BSPY, NVDA, IBIT, VOO, FBTC
Q2 2024 283$8.9BIVV, SPY, NVDA, AMZN, AAPL
Q1 2024 369$3.0BSPY, GOOGL, HYG, AMZN, QQQ