Rokos Capital Management LLP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 17, 2024), Rokos Capital Management LLP reported 70 stock positions worth $3.8 billion. Its top holding was iShares Russell 2000 ETF (IWM) at 8.5% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 6.8%) and Alphabet Class C (GOOG, 5.8%). Compared with Q4 2023, it opened 37 new positions, sold out of 17, added to 14 and reduced 14. The biggest buy was a new position in Alphabet Class C (GOOG) and the biggest sale Invesco QQQ Trust Series 1 (QQQ, shares −68%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001666335
Portfolio Value
$3.8B (Q1 2024)
SEC Filing
0001666335-24-000009 ↗ filed May 17, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $3.8B $3.8B Q1 2024 Q2 2024: $4.2B Q2 2024 Q3 2024: $2.7B Q3 2024 Q4 2024: $4.5B Q4 2024 Q1 2025: $3.6B Q1 2025 Q2 2025: $5.9B Q2 2025 Q3 2025: $7.9B Q3 2025 Q4 2025: $6.7B Q4 2025 Q1 2026: $5.6B Q1 2026 Q2 2026: $8.0B Q2 2026

Holdings 70 stocks · $3.8B
IWM iShares Russell 2000 ETF 8.49% 1,547,584 $325.5M Reduce -56.1%
QQQ Invesco QQQ Trust Series 1 6.81% 587,600 $260.9M Reduce -68.0%
GOOG Alphabet Inc. Class C 5.82% 1,467,127 $223.2M New
META Meta Platforms Inc. Class A 4.78% 377,551 $183.4M New
MSFT Microsoft Corp. 4.76% 433,928 $182.4M Add +171.7%
AAPL Apple Inc. 4.30% 961,403 $164.9M Reduce -33.2%
WFC Wells Fargo & Co. 3.96% 2,620,868 $151.9M Add +141.6%
MRVL Marvell Technology Inc. 3.54% 1,914,869 $135.8M Add +51.5%
NVDA Nvidia Corp. 3.51% 149,028 $134.5M Reduce -41.4%
XLE SS Energy Select Sector 3.25% 1,319,971 $124.6M Reduce -0.9%
CB Chubb Ltd. 3.01% 444,758 $115.3M Reduce -27.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 3.00% 3,031,291 $114.9M New
AMZN Amazon.com Inc. 2.95% 626,556 $112.9M Add +44.9%
INTC Intel Corp. 2.62% 2,275,318 $100.4M New
MU Micron Technology Inc. 2.56% 830,896 $98.0M Add +62.7%
LSCC Lattice Semiconductor Corp. 2.48% 1,212,878 $94.9M Add +1592.8%
WDAY Workday Inc. Class A 2.37% 332,986 $90.8M Add +332.4%
CIEN Ciena Corp. 1.97% 1,524,332 $75.4M Add +118.7%
LLY Eli Lilly & Co. 1.64% 80,576 $62.7M New
SNOW Snowflake Inc. 1.52% 360,187 $58.2M Add +234.1%
GDXJ Vaneck Junior Gold Miners 1.44% 1,422,147 $55.1M New
STZ Constellation Brands Inc. Class A 1.40% 197,627 $53.7M Add +54.4%
FTNT Fortinet Inc. 1.34% 750,231 $51.2M Add +12.9%
XLF SS Financial Select Sector 1.29% 1,176,000 $49.5M New
C Citigroup Inc. 1.18% 713,269 $45.1M New
JPM JPMorgan Chase & Co. 1.14% 218,431 $43.8M New
GS Goldman Sachs Group Inc. 1.08% 98,706 $41.2M New
MS Morgan Stanley 1.07% 437,819 $41.2M New
NTLA Intellia Therapeutics Inc. 1.05% 1,463,630 $40.2M No change
DDOG Datadog Inc. Class A 0.98% 303,499 $37.5M New
TEAM Atlassian Corp. Class A 0.93% 182,885 $35.7M Add +523.5%
ARWR Arrowhead Pharmaceuticals Inc. 0.92% 1,229,148 $35.2M No change
SPGI S&P Global Inc. 0.86% 77,514 $33.0M No change
MPWR Monolithic Power Systems Inc. 0.84% 47,329 $32.0M Reduce -57.3%
PANW Palo Alto Networks Inc. 0.83% 112,251 $31.9M New
CRM Salesforce Inc. 0.71% 90,667 $27.3M Add +71.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.69% 261,069 $26.5M New
EXPE Expedia Group Inc. 0.67% 185,233 $25.5M New
AMD Advanced Micro Devices 0.66% 139,735 $25.2M New
CRWD CrowdStrike Holdings Inc. Class A 0.56% 67,499 $21.6M New
BKLN Invesco Senior Loan ETF 0.55% 1,000,000 $21.1M New
MA Mastercard Inc. Class A 0.52% 41,511 $20.0M Reduce -52.3%
EWZ iShares MSCI Brazil ETF 0.52% 612,996 $19.9M Reduce -86.6%
URNM Sprott Uranium Miners ETF 0.47% 367,569 $18.1M New
ZS Zscaler Inc. 0.47% 92,814 $17.9M New
MDB Mongodb Inc. 0.42% 45,277 $16.2M No change
DKNG Draftkings Inc. Class A 0.41% 345,622 $15.7M New
LOW Lowe's Cos Inc. 0.38% 57,292 $14.6M Reduce -49.2%
GGAL Grupo Financiero Galicia-ADR 0.38% 572,752 $14.6M Add +58.7%
MAR Marriott International Class A 0.28% 42,380 $10.7M Reduce -7.5%
UEC Uranium Energy Corp. 0.27% 1,537,901 $10.4M New
CMG Chipotle Mexican Grill Inc. 0.27% 3,500 $10.2M New
BRBR Bellring Brands Inc. 0.26% 170,953 $10.1M New
MDGL Madrigal Pharmaceuticals Inc. 0.26% 37,762 $10.1M New
EWW iShares MSCI Mexico ETF 0.24% 131,390 $9.1M Reduce -80.7%
BHC Bausch Health Cos Inc. 0.19% 687,318 $7.3M Reduce -54.2%
AAL American Airlines Group Inc. 0.16% 410,000 $6.3M New
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 0.16% 317,574 $6.3M Reduce -13.8%
CCJ Cameco Corp. 0.16% 137,583 $6.0M New
BLCO Bausch + Lomb Corp. 0.15% 323,980 $5.6M New
SNAP Snap Inc. Class A 0.13% 417,821 $4.8M New
CRBU Caribou Biosciences Inc. 0.11% 840,630 $4.3M No change
TBBB BBB Foods Inc. Class A 0.09% 140,000 $3.3M New
RIG Transocean Ltd. 0.08% 495,000 $3.1M New
SDHC Smith Douglas Homes Corp. 0.05% 60,000 $1.8M New
ALAB Astera Labs Inc. 0.04% 20,000 $1.5M New
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 0.01% 58,990 $501K New
RDDT Reddit Inc. Class A 0.01% 7,500 $370K New
ON On Semiconductor 0.01% 4,450 $327K New
BMA Banco Macro SA-ADR 0.01% 6,147 $296K New

Options reported separately and not counted above: QQQ puts ($7.3B), QQQ calls ($4.7B), IWM calls ($1.2B), IWM puts ($778.3M), PDD puts ($165.7M), XLE calls ($151.0M), ITB puts ($144.8M), XLF puts ($117.9M), UBS calls ($102.5M), XLE puts ($94.4M), UBS puts ($68.4M), VKTX calls ($65.4M), and 6 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $66.9M (not counted above)
SecurityClassShares / PrincipalValueChange
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal 106,267,000$66.9MAdd +107.5%

Total filed on the 13F, all lines: $3.9B.

Portfolio Sells Q4 2023 → Q1 2024
QQQ Invesco QQQ Trust Series 1 Reduce -68.0% 6.81% −16.36
IWM iShares Russell 2000 ETF Reduce -56.1% 8.49% −13.33
EWZ iShares MSCI Brazil ETF Reduce -86.6% 0.52% −4.39
AAPL Apple Inc. Reduce -33.2% 4.30% −4.24
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −1.66
MPWR Monolithic Power Systems Inc. Reduce -57.3% 0.84% −1.32
CB Chubb Ltd. Reduce -27.6% 3.01% −1.27
EWW iShares MSCI Mexico ETF Reduce -80.7% 0.24% −1.19
PYPL PayPal Holdings Inc. Sold out 0.00% −0.95
MA Mastercard Inc. Class A Reduce -52.3% 0.52% −0.62
LOW Lowe's Cos Inc. Reduce -49.2% 0.38% −0.39
NVDA Nvidia Corp. Reduce -41.4% 3.51% −0.37
GDX Vaneck Gold Miners ETF Sold out 0.00% −0.33
ORLY O'reilly Automotive Inc. Sold out 0.00% −0.30
CNM Core & Main Inc. Class A Sold out 0.00% −0.25
CWAN Clearwater Analytics HDS-A Sold out 0.00% −0.22
XLE SS Energy Select Sector Reduce -0.9% 3.25% −0.19
BHC Bausch Health Cos Inc. Reduce -54.2% 0.19% −0.18
PR Permian Resources Corp. Class A Sold out 0.00% −0.15
HG Hamilton Insurance Grou Class B Sold out 0.00% −0.12
IAS Integral Ad Science Holding Sold out 0.00% −0.11
GTES Gates Industrial Corp. UK Ltd. Sold out 0.00% −0.10
PCG P G & E Corp. Sold out 0.00% −0.10
SNCY Sun Country Airlines Holding Sold out 0.00% −0.10
CRGX Cargo Therapeutics Inc. Sold out 0.00% −0.07
CABA Cabaletta Bio Inc. Sold out 0.00% −0.06
ASLE Aersale Corp. Sold out 0.00% −0.05
VIVID SEATS INC Sold out 0.00% −0.05
MAR Marriott International Class A Reduce -7.5% 0.28% −0.04
YPF YPF S.A.-Sponsored ADR Reduce -13.8% 0.16% −0.03
BIRK Birkenstock Holding PLC Sold out 0.00% −0.03

Portfolio Buys Q4 2023 → Q1 2024
GOOG Alphabet Inc. Class C New 5.82% +5.82
META Meta Platforms Inc. Class A New 4.78% +4.78
BAC Bank of America Corp. New 3.00% +3.00
MSFT Microsoft Corp. Add +171.7% 4.76% +2.91
INTC Intel Corp. New 2.62% +2.62
LSCC Lattice Semiconductor Corp. Add +1592.8% 2.48% +2.32
WFC Wells Fargo & Co. Add +141.6% 3.96% +2.32
WDAY Workday Inc. Class A Add +332.4% 2.37% +1.71
LLY Eli Lilly & Co. New 1.64% +1.64
GDXJ Vaneck Junior Gold Miners New 1.44% +1.44
XLF SS Financial Select Sector New 1.29% +1.29
MU Micron Technology Inc. Add +62.7% 2.56% +1.21
MRVL Marvell Technology Inc. Add +51.5% 3.54% +1.19
C Citigroup Inc. New 1.18% +1.18
JPM JPMorgan Chase & Co. New 1.14% +1.14
GS Goldman Sachs Group Inc. New 1.08% +1.08
MS Morgan Stanley New 1.07% +1.07
CIEN Ciena Corp. Add +118.7% 1.97% +1.00
DDOG Datadog Inc. Class A New 0.98% +0.98
AMZN Amazon.com Inc. Add +44.9% 2.95% +0.92
SNOW Snowflake Inc. Add +234.1% 1.52% +0.86
PANW Palo Alto Networks Inc. New 0.83% +0.83
TEAM Atlassian Corp. Class A Add +523.5% 0.93% +0.72
TJX TJX Companies Inc. New 0.69% +0.69
EXPE Expedia Group Inc. New 0.67% +0.67
AMD Advanced Micro Devices New 0.66% +0.66
CRWD CrowdStrike Holdings Inc. Class A New 0.56% +0.56
BKLN Invesco Senior Loan ETF New 0.55% +0.55
URNM Sprott Uranium Miners ETF New 0.47% +0.47
ZS Zscaler Inc. New 0.47% +0.47
STZ Constellation Brands Inc. Class A Add +54.4% 1.40% +0.45
DKNG Draftkings Inc. Class A New 0.41% +0.41
CRM Salesforce Inc. Add +71.9% 0.71% +0.28
UEC Uranium Energy Corp. New 0.27% +0.27
CMG Chipotle Mexican Grill Inc. New 0.27% +0.27
BRBR Bellring Brands Inc. New 0.26% +0.26
MDGL Madrigal Pharmaceuticals Inc. New 0.26% +0.26
GGAL Grupo Financiero Galicia-ADR Add +58.7% 0.38% +0.19
AAL American Airlines Group Inc. New 0.16% +0.16
CCJ Cameco Corp. New 0.16% +0.16
BLCO Bausch + Lomb Corp. New 0.15% +0.15
FTNT Fortinet Inc. Add +12.9% 1.34% +0.14
SNAP Snap Inc. Class A New 0.13% +0.13
TBBB BBB Foods Inc. Class A New 0.09% +0.09
RIG Transocean Ltd. New 0.08% +0.08
SDHC Smith Douglas Homes Corp. New 0.05% +0.05
ALAB Astera Labs Inc. New 0.04% +0.04
BBAR Bbva Argentina SA-ADR New 0.01% +0.01
RDDT Reddit Inc. Class A New 0.01% +0.01
ON On Semiconductor New 0.01% +0.01

Options Activity Q4 2023 → Q1 2024
QQQ Invesco QQQ Trust Series 1 put Add +193.4% 16,430,000 $7.3B
QQQ Invesco QQQ Trust Series 1 call Add +533.3% 10,640,000 $4.7B
IWM iShares Russell 2000 ETF call Reduce -13.8% 5,862,000 $1.2B
IWM iShares Russell 2000 ETF put Reduce -54.3% 3,700,000 $778.3M
GLD SPDR Gold Shares call Sold out 2,540,333 $485.7Mbefore exit
AAPL Apple Inc. put Sold out 2,290,700 $441.2Mbefore exit
GDXJ Vaneck Junior Gold Miners call Sold out 9,000,000 $341.2Mbefore exit
XLI SS Industrial Select Sector put Sold out 2,400,000 $273.5Mbefore exit
PDD PDD Holdings Inc. put New 1,425,000 $165.7M
XLE SS Energy Select Sector call New 1,600,000 $151.0M
ITB iShares U.S. Home Constructi put New 1,250,000 $144.8M
EWZ iShares MSCI Brazil ETF put Sold out 4,100,000 $143.3Mbefore exit
XLF SS Financial Select Sector put New 2,800,000 $117.9M
UBS UBS Group AG-Reg call Reduce -36.5% 3,300,000 $102.5M
XLE SS Energy Select Sector put New 1,000,000 $94.4M
XLP SS Consumer Staples Sel Sect call Sold out 1,200,000 $86.4Mbefore exit
EWW iShares MSCI Mexico ETF put Sold out 1,044,000 $70.8Mbefore exit
EWW iShares MSCI Mexico ETF call Sold out 1,044,000 $70.8Mbefore exit
VKTX Viking Therapeutics Inc. call New 797,900 $65.4M
FEZ State Street SPDR Euro Stoxx call Sold out 1,000,000 $47.8Mbefore exit
LLY Eli Lilly & Co. call New 40,000 $31.1M
MRVL Marvell Technology Inc. call New 350,000 $24.8M
MRVL Marvell Technology Inc. put New 350,000 $24.8M
TLT iShares 20+ Year Treasury BD call New 250,000 $23.7M
TLT iShares 20+ Year Treasury BD put New 250,000 $23.7M
GDX Vaneck Gold Miners ETF call New 550,000 $17.4M
LEN Lennar Corp. Class A put Sold out 100,000 $14.9Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2023 → Q1 2024
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Add +107.5% 106,267,000 $66.9M
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal Sold out 17,665,000 $11.1Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 134$8.0BQQQ, GOOGL, NVDA, SNDK, C
Q1 2026 126$5.6BGOOGL, AAPL, NVDA, META, XLV
Q4 2025 87$6.7BGOOGL, QQQ, AVGO, AMZN, MSFT
Q3 2025 81$7.9BNVDA, GOOGL, MSFT, QQQ, AMZN
Q2 2025 92$5.9BMSFT, QQQ, AMZN, GS, META
Q1 2025 66$3.6BAAPL, MSFT, AMZN, DFS, GS
Q4 2024 62$4.5BQQQ, NVDA, MSFT, META, GS
Q3 2024 58$2.7BMSFT, AMZN, AVGO, AMD, NVDA
Q2 2024 75$4.2BAMZN, BAC, MU, MSFT, AVGO
Q1 2024Amended 70$3.8BIWM, QQQ, GOOG, META, MSFT