Quadrature Capital Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Quadrature Capital Ltd reported 1,217 stock positions worth $9.8 billion. Its top holding was Advanced Micro Devices (AMD) at 3.0% of the portfolio, followed by Unitedhealth (UNH, 3.0%) and Micron Technology (MU, 2.4%). Compared with Q3 2025, it opened 757 new positions, sold out of 534, added to 259 and reduced 198. The biggest buy was a new position in Unitedhealth (UNH) and the biggest sale an exit from Nvidia (NVDA).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001651424
Portfolio Value
$9.8B (Q4 2025)
SEC Filing
0001651424-26-000002 ↗ filed Feb 17, 2026

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $5.9B Q1 2024 Q2 2024: $6.0B Q2 2024 Q3 2024: $4.4B Q3 2024 Q4 2024: $5.0B Q4 2024 Q1 2025: $4.5B Q1 2025 Q2 2025: $5.8B Q2 2025 Q3 2025: $8.5B Q3 2025 Q4 2025: $9.8B $9.8B Q4 2025 Q1 2026: $8.4B Q1 2026 Q2 2026: $11.7B Q2 2026

Holdings 1,217 stocks · $9.8B
AMD Advanced Micro Devices 3.03% 1,384,898 $296.6M Add +91.5%
UNH Unitedhealth Group Inc. 2.97% 882,161 $291.2M New
MU Micron Technology Inc. 2.40% 822,996 $234.9M Add +5.7%
LLY Eli Lilly & Co. 2.37% 215,864 $232.0M Add +86.3%
CNI Canadian Natl Railway Co. 2.29% 2,261,305 $223.9M Add +30.0%
SNDK Sandisk Corp. 2.03% 839,507 $199.3M Add +123.5%
ASML ASML Holding NV-NY Reg SHS 2.00% 183,199 $196.0M Add +253.1%
GEV GE Vernova Inc. 1.80% 269,679 $176.3M Add +627.9%
TSLA Tesla Inc. 1.69% 367,065 $165.1M Reduce -28.0%
STLA Stellantis NV 1.61% 14,225,570 $158.0M Reduce -4.8%
NFLX Netflix Inc. 1.60% 1,669,122 $156.5M Reduce -27.8%
TSM Taiwan Semiconductor-SP ADR 1.53% 494,492 $150.3M New
BKNG Booking Holdings Inc. 1.45% 26,602 $142.5M Add +31.1%
AEM Agnico Eagle Mines Ltd. 1.45% 838,500 $142.4M Add +106.4%
LMT Lockheed Martin Corp. 1.43% 289,738 $140.1M Add +447.6%
NOW ServiceNow Inc. 1.39% 887,299 $135.9M New
GOOG Alphabet Inc. Class C 1.34% 418,302 $131.3M Add +103.8%
MELI MercadoLibre Inc. 1.27% 61,787 $124.5M Add +51.1%
CRM Salesforce Inc. 1.22% 451,367 $119.6M Add +570.9%
AMZN Amazon.com Inc. 1.20% 511,062 $118.0M New
MSTR Strategy Inc. 1.17% 756,266 $114.9M New
TD Toronto-Dominion Bank 1.16% 1,207,849 $114.0M Reduce -50.7%
PLTR Palantir Technologies Inc. Class A 1.12% 615,287 $109.4M Reduce -63.5%
IREN Iren Ltd. filed as IREN LIMITED 1.11% 2,870,637 $108.4M Add +1022.2%
JPM JPMorgan Chase & Co. 1.09% 330,165 $106.4M Add +266.1%
ENB Enbridge Inc. 1.08% 2,206,300 $105.7M Add +337.7%
B Barrick Mining Corp. 1.06% 2,375,751 $103.6M Reduce -40.4%
BCE Bce Inc. 1.03% 4,228,659 $101.0M New
ADBE Adobe Inc. 0.98% 273,082 $95.6M Add +31.4%
COST Costco Wholesale Corp. 0.95% 107,724 $92.9M New
KWEB Kranesh Csi China Internet 0.93% 2,688,631 $91.5M Add +13.1%
TLT iShares 20+ Year Treasury BD 0.89% 1,004,367 $87.5M New
SAP Sap SE-Sponsored ADR 0.85% 344,191 $83.6M Add +224.4%
EWJ iShares MSCI Japan ETF 0.82% 992,110 $80.1M Add +1593.2%
BLK BlackRock Inc. 0.82% 74,786 $80.0M Add +736.8%
FISV Fiserv Inc. 0.81% 1,185,114 $79.6M Add +147.5%
SPOT Spotify Technology SA 0.74% 124,470 $72.3M Add +42.6%
MFC Manulife Financial Corp. 0.69% 1,863,300 $67.7M Reduce -56.0%
PFE Pfizer Inc. 0.69% 2,703,836 $67.3M New
LIN Linde PLC 0.69% 157,738 $67.3M New
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.67% 507,782 $66.0M New
NVR NVR Inc. 0.67% 9,002 $65.6M New
CLS Celestica Inc. 0.67% 221,096 $65.4M Add +36.1%
SU Suncor Energy Inc. 0.67% 1,469,349 $65.3M New
V Visa Inc. Class A 0.65% 180,854 $63.4M Add +112.7%
CEG Constellation Energy 0.63% 174,491 $61.6M New
NVO Novo-Nordisk A/S-Spons ADR 0.61% 1,176,933 $59.9M New
SHOP Shopify Inc. Class A 0.59% 357,700 $57.7M New
BMNR Bitmine Immersion Technologi 0.59% 2,112,167 $57.3M Add +9331.0%
TGT Target Corp. 0.58% 582,423 $56.9M Add +447.8%
SE Sea Ltd.-ADR 0.57% 438,260 $55.9M Add +468.3%
F Ford Motor Co. filed as FORD MTR CO 0.56% 4,178,258 $54.8M Add +62.7%
URI United Rentals Inc. 0.55% 66,924 $54.2M New
BRK.B Berkshire Hathaway Inc. Class B 0.53% 103,849 $52.2M Add +802.9%
TRI Thomson Reuters Corp. 0.50% 372,700 $49.2M Add +2105.3%
LULU Lululemon Athletica Inc. 0.50% 236,795 $49.2M New
RGTI Rigetti Computing Inc. 0.50% 2,205,943 $48.9M Add +167.3%
ITA iShares U.S. Aerospace & Def 0.48% 219,883 $47.2M Add +102.0%
VST Vistra Corp. 0.47% 287,286 $46.3M New
GE General Electric filed as GE AEROSPACE 0.47% 149,232 $46.0M Add +1260.2%
CRCL Circle Internet Group Inc. 0.47% 576,499 $45.7M Add +60.5%
ACN Accenture PLC Class A 0.44% 159,974 $42.9M Reduce -67.8%
RKLB Rocket Lab Corp. 0.44% 613,226 $42.8M Add +56.8%
ABNB Airbnb Inc. Class A 0.40% 291,745 $39.6M New
RACE Ferrari NV 0.40% 105,693 $39.6M Reduce -32.0%
BTG B2GOLD Corp. 0.38% 8,190,760 $36.9M Add +398.8%
BA The Boeing Co. 0.37% 168,677 $36.6M Reduce -12.6%
BBJP JPMorgan Betabuilders Japan 0.36% 536,708 $35.4M Add +986.9%
UAL United Airlines Holdings Inc. 0.35% 305,389 $34.1M New
APP AppLovin Corp. Class A 0.34% 49,484 $33.3M New
ARKK ARK Innovation ETF 0.33% 422,604 $32.5M Reduce -6.9%
REMX Vaneck Rar Earth ND STG-Usdi 0.33% 434,493 $32.1M Add +104.2%
EDV Vanguard Extended Dur Treas 0.32% 489,400 $31.8M New
KMB Kimberly-Clark Corp. 0.32% 314,600 $31.7M New
MS Morgan Stanley 0.32% 175,784 $31.2M Add +1586.8%
AAL American Airlines Group Inc. 0.31% 1,992,222 $30.5M Add +60.2%
BABA Alibaba Group Holding-SP ADR 0.31% 206,606 $30.3M New
XLY SS Consumer Disc Select Sect 0.30% 248,060 $29.6M Add +1231.7%
QBTS D-Wave Quantum Inc. 0.30% 1,120,802 $29.3M New
VRT Vertiv Holdings Co. Class A 0.29% 176,669 $28.6M New
GM General Motors Co. 0.29% 349,222 $28.4M Add +232.1%
ETN Eaton Corp. PLC 0.29% 88,859 $28.3M New
DHI D.R. Horton Inc. 0.28% 190,728 $27.5M New
MSI Motorola Solutions Inc. 0.28% 71,441 $27.4M New
FNV Franco-Nevada Corp. 0.28% 130,600 $27.1M New
IONQ Ionq Inc. 0.26% 570,797 $25.6M Reduce -21.0%
APLD Applied Digital Corp. 0.25% 1,015,481 $24.9M New
PG The Procter & Gamble Co. 0.25% 173,036 $24.8M Add +4327.7%
CRWV Coreweave Inc. Class A 0.25% 341,219 $24.4M Reduce -76.5%
MCHI iShares MSCI China ETF 0.25% 400,784 $24.1M Add +102.0%
CAH Cardinal Health Inc. 0.24% 115,861 $23.8M New
EWZ iShares MSCI Brazil ETF 0.24% 738,901 $23.5M New
AMLP Alerian MLP ETF 0.23% 476,492 $22.4M Add +709.1%
ANET Arista Networks Inc. 0.23% 170,693 $22.4M New
ESLT Elbit Systems Ltd. 0.22% 38,121 $22.0M Add +129.6%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 0.22% 133,495 $21.9M Reduce -36.9%
TNA Dir Dai SML Ca Bul 3X Et-Usd 0.22% 481,318 $21.9M New
SHLD Global X Defense Tech ETF 0.22% 330,671 $21.4M Reduce -17.2%
ARGX Argenx SE - ADR 0.22% 25,399 $21.4M Reduce -49.8%
REGN Regeneron Pharmaceuticals 0.22% 27,611 $21.3M Reduce -54.8%

Show all 1,217 holdings

Portfolio Sells Q3 2025 → Q4 2025
NVDA Nvidia Corp. Sold out 0.00% −3.33
HOOD Robinhood Markets Inc. Class A Sold out 0.00% −3.05
RY Royal Bank of Canada Reduce -98.8% 0.04% −3.01
PLTR Palantir Technologies Inc. Class A Reduce -63.5% 1.12% −2.53
CRWV Coreweave Inc. Class A Reduce -76.5% 0.25% −2.11
AAPL Apple Inc. Reduce -99.8% 0.00% −1.84
META Meta Platforms Inc. Class A Sold out 0.00% −1.84
NFLX Netflix Inc. Reduce -27.8% 1.60% −1.68
MSFT Microsoft Corp. Sold out 0.00% −1.55
AVGO Broadcom Inc. Sold out 0.00% −1.29
GLD SPDR Gold Shares Sold out 0.00% −1.18
TD Toronto-Dominion Bank Reduce -50.7% 1.16% −1.16
UNP Union Pacific Corp. Sold out 0.00% −1.07
ACN Accenture PLC Class A Reduce -67.8% 0.44% −1.01
TSLA Tesla Inc. Reduce -28.0% 1.69% −1.00
HCA HCA Healthcare Inc. Reduce -86.6% 0.13% −0.88
MFC Manulife Financial Corp. Reduce -56.0% 0.69% −0.87
INTC Intel Corp. Sold out 0.00% −0.84
COIN Coinbase Global Inc. Class A Sold out 0.00% −0.83
KGC Kinross Gold Corp. Reduce -86.6% 0.12% −0.82
CAT Caterpillar Inc. Sold out 0.00% −0.82
SOXX iShares Semiconductor ETF Reduce -95.6% 0.04% −0.81
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.80
VRTX Vertex Pharmaceuticals Inc. Reduce -99.1% 0.01% −0.69
NIO Nio Inc. - ADR Reduce -99.5% 0.00% −0.69
SMH Vaneck Semiconductor ETF Reduce -87.8% 0.08% −0.61
SOFI Sofi Technologies Inc. Reduce -88.9% 0.06% −0.58
XAR SS SPDR S&P Aerospace Def Reduce -95.1% 0.02% −0.52
B Barrick Mining Corp. Reduce -40.4% 1.06% −0.49
RACE Ferrari NV Reduce -32.0% 0.40% −0.48
SLV iShares Silver Trust Sold out 0.00% −0.48
SCHW Schwab (charles) Corp. Sold out 0.00% −0.47
UBER Uber Technologies Inc. Sold out 0.00% −0.47
CVNA Carvana Co. Sold out 0.00% −0.41
SQQQ Proshares TR Sold out 0.00% −0.39
AMT American Tower Corp. Reduce -59.3% 0.18% −0.38
IAG Iamgold Corp. Reduce -87.6% 0.06% −0.35
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.35
OUNZ Vaneck Merk Gold ETF Sold out 0.00% −0.30
PDD PDD Holdings Inc. Reduce -78.0% 0.06% −0.30
GLDM SPDR Gold Minishares Trust Sold out 0.00% −0.30
MCK McKesson Corp. Sold out 0.00% −0.30
TFII Tfi International Inc. Sold out 0.00% −0.29
ARKW ARK Next Generation Technolo Sold out 0.00% −0.27
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −0.26
IONQ Ionq Inc. Reduce -21.0% 0.26% −0.26
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.26
TMUS T-Mobile US Inc. Reduce -95.0% 0.01% −0.26
AAAU Goldman Sachs Physical Gold Sold out 0.00% −0.26
ELV Elevance Health Inc. Reduce -54.8% 0.19% −0.26

Portfolio Buys Q3 2025 → Q4 2025
UNH Unitedhealth Group Inc. New 2.97% +2.97
AMD Advanced Micro Devices Add +91.5% 3.03% +1.64
SNDK Sandisk Corp. Add +123.5% 2.03% +1.54
TSM Taiwan Semiconductor-SP ADR New 1.53% +1.53
GEV GE Vernova Inc. Add +627.9% 1.80% +1.53
ASML ASML Holding NV-NY Reg SHS Add +253.1% 2.00% +1.41
NOW ServiceNow Inc. New 1.39% +1.39
LLY Eli Lilly & Co. Add +86.3% 2.37% +1.32
AMZN Amazon.com Inc. New 1.20% +1.20
MSTR Strategy Inc. New 1.17% +1.17
LMT Lockheed Martin Corp. Add +447.6% 1.43% +1.12
CRM Salesforce Inc. Add +570.9% 1.22% +1.03
BCE Bce Inc. New 1.03% +1.03
IREN Iren Ltd. Add +1022.2% 1.11% +0.96
COST Costco Wholesale Corp. New 0.95% +0.95
TLT iShares 20+ Year Treasury BD New 0.89% +0.89
MU Micron Technology Inc. Add +5.7% 2.40% +0.86
ENB Enbridge Inc. Add +337.7% 1.08% +0.78
EWJ iShares MSCI Japan ETF Add +1593.2% 0.82% +0.76
JPM JPMorgan Chase & Co. Add +266.1% 1.09% +0.75
GOOG Alphabet Inc. Class C Add +103.8% 1.34% +0.75
BLK BlackRock Inc. Add +736.8% 0.82% +0.69
PFE Pfizer Inc. New 0.69% +0.69
LIN Linde PLC New 0.69% +0.69
BMO Bank of Montreal New 0.67% +0.67
NVR NVR Inc. New 0.67% +0.67
SU Suncor Energy Inc. New 0.67% +0.67
AEM Agnico Eagle Mines Ltd. Add +106.4% 1.45% +0.64
CEG Constellation Energy New 0.63% +0.63
NVO Novo-Nordisk A/S-Spons ADR New 0.61% +0.61
SHOP Shopify Inc. Class A New 0.59% +0.59
BMNR Bitmine Immersion Technologi Add +9331.0% 0.59% +0.57
URI United Rentals Inc. New 0.55% +0.55
SAP Sap SE-Sponsored ADR Add +224.4% 0.85% +0.52
LULU Lululemon Athletica Inc. New 0.50% +0.50
VST Vistra Corp. New 0.47% +0.47
TRI Thomson Reuters Corp. Add +2105.3% 0.50% +0.47
TGT Target Corp. Add +447.8% 0.58% +0.47
BRK.B Berkshire Hathaway Inc. Class B Add +802.9% 0.53% +0.46
GE General Electric Add +1260.2% 0.47% +0.43
SE Sea Ltd.-ADR Add +468.3% 0.57% +0.41
ABNB Airbnb Inc. Class A New 0.40% +0.40
UAL United Airlines Holdings Inc. New 0.35% +0.35
CNI Canadian Natl Railway Co. Add +30.0% 2.29% +0.35
APP AppLovin Corp. Class A New 0.34% +0.34
EDV Vanguard Extended Dur Treas New 0.32% +0.32
KMB Kimberly-Clark Corp. New 0.32% +0.32
BBJP JPMorgan Betabuilders Japan Add +986.9% 0.36% +0.32
BABA Alibaba Group Holding-SP ADR New 0.31% +0.31
V Visa Inc. Class A Add +112.7% 0.65% +0.30

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,542$11.7BAMD, INTC, ASML, STX, AMZN
Q1 2026 1,313$8.4BASML, UNH, GLD, SAP, MU
Q4 2025 1,217$9.8BAMD, UNH, MU, LLY, CNI
Q3 2025 993$8.5BPLTR, NVDA, NFLX, HOOD, RY
Q2 2025 999$5.8BNVDA, AAPL, UNH, MSFT, NFLX
Q1 2025 1,032$4.5BCNI, AVGO, META, CNQ, XLB
Q4 2024 984$5.0BMETA, NVDA, TSLA, RACE, GOOG
Q3 2024 925$4.4BTD, MSFT, SHOP, META, CNI
Q2 2024 1,088$6.0BAAPL, CNI, AVGO, AMZN, COST
Q1 2024 1,172$5.9BTSLA, AMD, ADBE, MSFT, AZO