MKP Capital Management, L.L.C. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), MKP Capital Management, L.L.C. reported 10 stock positions worth $2.5 billion . Its top holding was iShares Core S&P 500 ETF (IVV) at 52.0% of the portfolio, followed by Apple (AAPL, 14.2% ) and Amazon.com (AMZN, 10.1% ). Compared with Q2 2025, it opened 6 new positions, sold out of 4, added to 1 and reduced 2. The biggest buy was a new position in Apple (AAPL) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −12% ).
Location New York, NY
CIK 0001534949
Portfolio Value $2.5B (Q3 2025) Holdings 10 stocks · $2.5B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 IVV iShares Core S&P 500 ETF 1,939,406 $1.3B Reduce -11.6% AAPL Apple Inc. 1,390,000 $353.9M New AMZN Amazon.com Inc. 1,151,820 $252.9M Reduce -2.0% MSFT Microsoft Corp. 240,800 $124.7M Add +129.3% FXI iShares China Large-Cap ETF 2,924,346 $120.3M New TJX TJX Companies Inc. filed as TJX COS INC NEW 600,000 $86.7M New GOOGL Alphabet Inc. Class A 352,000 $85.6M New COF Capital One Financial Corp. 375,000 $79.7M New EWZ iShares MSCI Brazil ETF 2,220,000 $68.8M New PG The Procter & Gamble Co. 158,000 $24.3M No change
Options reported separately and not counted above: FXI calls ($64.2M), FXI puts ($20.9M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ IVV iShares Core S&P 500 ETF Reduce -11.6% 52.03% −17.92 BAC Bank of America Corp. Sold out 0.00% −4.16 HD Home Depot Inc. Sold out 0.00% −3.94 BSV Vanguard Short-Term Bond ETF Sold out 0.00% −3.92 AMZN Amazon.com Inc. Reduce -2.0% 10.14% −3.10 QCOM Qualcomm Inc. Sold out 0.00% −0.82
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ AAPL Apple Inc. New 14.19% +14.19 FXI iShares China Large-Cap ETF New 4.82% +4.82 TJX TJX Companies Inc. New 3.48% +3.48 GOOGL Alphabet Inc. Class A New 3.43% +3.43 COF Capital One Financial Corp. New 3.20% +3.20 EWZ iShares MSCI Brazil ETF New 2.76% +2.76 MSFT Microsoft Corp. Add +129.3% 5.00% +2.32
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ FXI iShares China Large-Cap ETF call New 1,560,000 $64.2M FXI iShares China Large-Cap ETF put New 509,200 $20.9M
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 22 $3.6B SPYM, IVV, JPM, RSP, BRK.B Q1 2026 19 $3.0B IVV, SPYM, BRK.B, AAPL, AMZN Q4 2025 22 $2.8B IVV, RSP, EEM, FXI, EWZ Q3 2025 10 $2.5B IVV, AAPL, AMZN, MSFT, FXI Q2 2025 8 $1.9B IVV, AMZN, BAC, HD, BSV Q1 2025 6 $1.6B IVV, XLF, AMZN, AAPL, NVDA Q4 2024 3 $2.0B IVV, ACWI, NVDA Q3 2024 6 $1.1B ACWI, XLF, AMZN, MSFT, GOOGL Q2 2024 14 $1.2B IVV, ACWI, GOOGL, AMZN, EWY Q1 2024 3 $885.6M ACWI, XLF, SPY