MKP Capital Management, L.L.C.

Name: MKP Capital Management, L.L.C. 13F holdings, Q4 2025
Creator: MKP Capital Management, L.L.C.
Published: 2026-02-10

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), MKP Capital Management, L.L.C. reported 22 stock positions worth $2.8 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 68.0% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 3.6%) and iShares MSCI Emerging Market (EEM, 3.2%). Compared with Q3 2025, it opened 16 new positions, sold out of 4, added to 2 and reduced 4. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +44%) and the biggest sale Apple (AAPL, shares −91%).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001534949
Portfolio Value: $2.8B (Q4 2025)
SEC Filing: 0001172661-26-000569 ↗ filed Feb 10, 2026

Holdings Value

Holdings 22 stocks · $2.8B


IVV iShares Core S&P 500 ETF	68.04%	2,790,672	$1.9B	Add +43.9%
RSP Invesco S&P 500 Equal Weight	3.56%	522,000	$100.0M	New
EEM iShares MSCI Emerging Market	3.24%	1,663,000	$91.0M	New
FXI iShares China Large-Cap ETF	3.11%	2,283,547	$87.4M	Reduce -21.9%
EWZ iShares MSCI Brazil ETF	2.59%	2,286,900	$72.7M	Add +3.0%
GOOGL Alphabet Inc. Class A	2.23%	200,000	$62.6M	Reduce -43.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP	2.15%	1,100,000	$60.5M	New
KRE SS SPDR S&P Regional Bank	1.72%	745,700	$48.3M	New
NCLH Norwegian Cruise Line Holdin	1.59%	2,000,000	$44.6M	New
C Citigroup Inc.	1.45%	350,000	$40.8M	New
MSFT Microsoft Corp.	1.38%	80,000	$38.7M	Reduce -66.8%
ITB iShares U.S. Home Constructi	1.34%	389,800	$37.5M	New
AAPL Apple Inc.	1.26%	130,000	$35.3M	Reduce -90.7%
NDAQ Nasdaq Inc.	1.21%	350,000	$34.0M	New
KWEB Kranesh Csi China Internet	1.08%	893,310	$30.4M	New
XLF SS Financial Select Sector	1.00%	511,340	$28.0M	New
HOOD Robinhood Markets Inc. Class A	0.81%	200,000	$22.6M	New
NFLX Netflix Inc.	0.67%	200,000	$18.8M	New
COO The Cooper Cos Inc.	0.58%	200,000	$16.4M	New
CTSH Cognizant Tech Solutions-A	0.44%	150,000	$12.4M	New
KBWB Invesco KBW Bank ETF	0.30%	100,000	$8.4M	New
OWL Blue Owl Capital Inc.	0.26%	494,639	$7.4M	New

Portfolio Sells Q3 2025 → Q4 2025


AAPL Apple Inc.	Reduce -90.7%	1.26%	−12.93
AMZN Amazon.com Inc.	Sold out	0.00%	−10.14
MSFT Microsoft Corp.	Reduce -66.8%	1.38%	−3.62
TJX TJX Companies Inc.	Sold out	0.00%	−3.48
COF Capital One Financial Corp.	Sold out	0.00%	−3.20
FXI iShares China Large-Cap ETF	Reduce -21.9%	3.11%	−1.71
GOOGL Alphabet Inc. Class A	Reduce -43.2%	2.23%	−1.20
PG The Procter & Gamble Co.	Sold out	0.00%	−0.97

Portfolio Buys Q3 2025 → Q4 2025


IVV iShares Core S&P 500 ETF	Add +43.9%	68.04%	+16.01
RSP Invesco S&P 500 Equal Weight	New	3.56%	+3.56
EEM iShares MSCI Emerging Market	New	3.24%	+3.24
BAC Bank of America Corp.	New	2.15%	+2.15
KRE SS SPDR S&P Regional Bank	New	1.72%	+1.72
NCLH Norwegian Cruise Line Holdin	New	1.59%	+1.59
C Citigroup Inc.	New	1.45%	+1.45
ITB iShares U.S. Home Constructi	New	1.34%	+1.34
NDAQ Nasdaq Inc.	New	1.21%	+1.21
KWEB Kranesh Csi China Internet	New	1.08%	+1.08
XLF SS Financial Select Sector	New	1.00%	+1.00
HOOD Robinhood Markets Inc. Class A	New	0.81%	+0.81
NFLX Netflix Inc.	New	0.67%	+0.67
COO The Cooper Cos Inc.	New	0.58%	+0.58
CTSH Cognizant Tech Solutions-A	New	0.44%	+0.44
KBWB Invesco KBW Bank ETF	New	0.30%	+0.30
OWL Blue Owl Capital Inc.	New	0.26%	+0.26
EWZ iShares MSCI Brazil ETF	Add +3.0%	2.59%	−0.17

Options Activity Q3 2025 → Q4 2025


FXI iShares China Large-Cap ETF	call	Sold out	1,560,000	$64.2Mbefore exit
FXI iShares China Large-Cap ETF	put	Sold out	509,200	$20.9Mbefore exit

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