Rokos Capital Management LLP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Rokos Capital Management LLP reported 62 stock positions worth $4.5 billion. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 27.1% of the portfolio, followed by Nvidia (NVDA, 6.5%) and Microsoft (MSFT, 6.5%). Compared with Q3 2024, it opened 24 new positions, sold out of 20, added to 16 and reduced 17. The biggest buy was a new position in Invesco QQQ Trust Series 1 (QQQ) and the biggest sale Microsoft (MSFT, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001666335
- Portfolio Value
- $4.5B (Q4 2024)
- SEC Filing
- 0001666335-25-000005 ↗ filed Feb 14, 2025
Holdings Value
Holdings 62 stocks · $4.5B
| QQQ Invesco QQQ Trust Series 1 | 27.08% | 2,363,153 | $1.2B | New |
| NVDA Nvidia Corp. | 6.53% | 2,168,101 | $291.4M | Add +80.3% |
| MSFT Microsoft Corp. | 6.51% | 689,399 | $290.6M | Reduce -13.1% |
| META Meta Platforms Inc. Class A | 6.15% | 468,765 | $274.5M | Add +263.1% |
| GS Goldman Sachs Group Inc. | 5.08% | 395,573 | $226.6M | New |
| AMZN Amazon.com Inc. | 4.86% | 987,528 | $216.7M | Reduce -15.3% |
| CRM Salesforce Inc. | 3.50% | 467,429 | $156.3M | Add +258.2% |
| AVGO Broadcom Inc. | 2.66% | 511,594 | $118.7M | Reduce -56.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.40% | 2,437,795 | $107.2M | Add +17.2% |
| MPWR Monolithic Power Systems Inc. | 2.40% | 180,844 | $107.1M | Add +136.3% |
| MS Morgan Stanley | 2.29% | 813,197 | $102.3M | New |
| DFS Discover Financial Services | 2.18% | 561,671 | $97.4M | New |
| GOOGL Alphabet Inc. Class A | 1.72% | 404,897 | $76.7M | Reduce -43.7% |
| CEG Constellation Energy | 1.71% | 341,154 | $76.3M | Add +34.0% |
| ORCL Oracle Corp. | 1.54% | 411,861 | $68.7M | New |
| VST Vistra Corp. | 1.50% | 484,586 | $66.8M | Reduce -19.4% |
| PANW Palo Alto Networks Inc. | 1.39% | 340,476 | $62.0M | No change |
| COHR Coherent Corp. | 1.32% | 621,926 | $58.9M | Add +52.5% |
| WDAY Workday Inc. Class A | 1.29% | 223,886 | $57.8M | Reduce -32.1% |
| ZS Zscaler Inc. | 1.16% | 285,974 | $51.6M | Reduce -13.0% |
| MRVL Marvell Technology Inc. | 1.13% | 456,544 | $50.4M | Add +2.6% |
| TER Teradyne Inc. | 1.12% | 397,513 | $50.1M | Add +33.4% |
| SWKS Skyworks Solutions Inc. | 1.10% | 553,122 | $49.0M | New |
| PEG Public Service Enterprise GP | 1.01% | 531,437 | $44.9M | Add +51.0% |
| MU Micron Technology Inc. | 0.98% | 517,303 | $43.5M | New |
| DDOG Datadog Inc. Class A | 0.96% | 300,000 | $42.9M | Add +293.6% |
| IWM iShares Russell 2000 ETF | 0.85% | 171,280 | $37.9M | New |
| ALAB Astera Labs Inc. | 0.76% | 256,032 | $33.9M | New |
| ALLY Ally Financial Inc. | 0.70% | 866,182 | $31.2M | No change |
| CRDO Credo Technology Group Holdi | 0.60% | 398,104 | $26.8M | Reduce -60.3% |
| NEM Newmont Corp. | 0.57% | 685,270 | $25.5M | No change |
| KGC Kinross Gold Corp. | 0.56% | 2,695,567 | $25.0M | Add +61.8% |
| TRP TC Energy Corp. | 0.56% | 534,304 | $24.9M | New |
| KRE SS SPDR S&P Regional Bank | 0.53% | 393,497 | $23.8M | Reduce -10.2% |
| ANET Arista Networks Inc. | 0.49% | 197,588 | $21.8M | New |
| CHKP Check Point Software Tech | 0.47% | 113,467 | $21.2M | New |
| LLY Eli Lilly & Co. | 0.43% | 24,816 | $19.2M | Reduce -63.3% |
| TAC Transalta Corp. | 0.39% | 1,240,900 | $17.5M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.37% | 264,998 | $16.5M | Reduce -62.3% |
| S Sentinelone Inc. Class A | 0.36% | 724,228 | $16.1M | New |
| FIVE Five Below | 0.36% | 152,618 | $16.0M | New |
| ECHO Echostar Corp. Class A | 0.32% | 623,200 | $14.3M | Add +135.3% |
| GFI Gold Fields Ltd.-Spons ADR | 0.26% | 876,053 | $11.6M | Add +62.1% |
| BMA Banco Macro SA-ADR | 0.24% | 112,514 | $10.9M | Reduce -51.5% |
| ONTO Onto Innovation Inc. | 0.23% | 61,703 | $10.3M | New |
| WDC Western Digital Corp. | 0.19% | 141,314 | $8.4M | New |
| AMD Advanced Micro Devices | 0.17% | 63,038 | $7.6M | Reduce -93.4% |
| WMT Walmart Inc. | 0.16% | 80,335 | $7.3M | New |
| INDV Indivior Ltd. | 0.14% | 500,032 | $6.2M | No change |
| MDB Mongodb Inc. | 0.13% | 25,823 | $6.0M | Add +35.3% |
| AU Anglogold Ashanti PLC | 0.12% | 241,200 | $5.6M | Add +71.4% |
| XHB SS SPDR S&P Homebldrs ETF | 0.12% | 51,815 | $5.4M | New |
| ESTC Elastic NV | 0.11% | 50,000 | $5.0M | New |
| ASHR Xtrackers Harvest Csi 300 CH | 0.10% | 174,863 | $4.6M | New |
| FSLR First Solar Inc. | 0.03% | 8,135 | $1.4M | New |
| TEAM Atlassian Corp. Class A | 0.03% | 4,979 | $1.2M | Reduce -98.5% |
| FXI iShares China Large-Cap ETF | 0.02% | 31,023 | $945K | Reduce -13.8% |
| APH Amphenol Corp. Class A | 0.01% | 9,554 | $664K | New |
| EWW iShares MSCI Mexico ETF | 0.01% | 10,590 | $496K | No change |
| XOP SS SPDR S&P Og Exp & Prod | 0.01% | 2,969 | $393K | Reduce -85.6% |
| LSCC Lattice Semiconductor Corp. | 0.01% | 6,394 | $362K | Reduce -96.9% |
| VZ Verizon Communications Inc. | 0.00% | 1,254 | $50K | New |
Options reported separately and not counted above: QQQ puts ($1.6B), IWM calls ($811.0M), EWZ calls ($695.0M), NVDA calls ($250.0M), GLD calls ($242.1M), IWM puts ($221.0M), GS calls ($194.9M), PDD puts ($129.5M), QQQ calls ($125.3M), XLF puts ($106.2M), IGV calls ($100.1M), XLF calls ($96.7M), and 30 more.
Other holdings (9): bonds, preferreds, convertibles and warrants · $140.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 56,058,092 | $59.5M | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 15,000,000 | $15.4M | New |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 15,000,000 | $14.5M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 15,000,000 | $14.1M | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 10,000,000 | $10.6M | New |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 10,000,000 | $10.4M | New |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 10,000,000 | $9.9M | New |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 3,767,000 | $3.9M | New |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 2,500,000 | $2.4M | New |
Total filed on the 13F, all lines: $4.6B.
Portfolio Sells Q3 2024 → Q4 2024
| MSFT Microsoft Corp. | Reduce -13.1% | 6.51% | −5.88 |
| AMD Advanced Micro Devices | Reduce -93.4% | 0.17% | −5.52 |
| AVGO Broadcom Inc. | Reduce -56.9% | 2.66% | −4.78 |
| ADBE Adobe Inc. | Sold out | 0.00% | −3.60 |
| AMZN Amazon.com Inc. | Reduce -15.3% | 4.86% | −3.04 |
| GOOGL Alphabet Inc. Class A | Reduce -43.7% | 1.72% | −2.62 |
| CIEN Ciena Corp. | Sold out | 0.00% | −2.58 |
| SMH Vaneck Semiconductor ETF | Sold out | 0.00% | −2.32 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −2.18 |
| TEAM Atlassian Corp. Class A | Reduce -98.5% | 0.03% | −1.92 |
| LLY Eli Lilly & Co. | Reduce -63.3% | 0.43% | −1.75 |
| WDAY Workday Inc. Class A | Reduce -32.1% | 1.29% | −1.64 |
| AAPL Apple Inc. | Sold out | 0.00% | −1.42 |
| VST Vistra Corp. | Reduce -19.4% | 1.50% | −1.10 |
| ZS Zscaler Inc. | Reduce -13.0% | 1.16% | −0.89 |
| MTZ Mastec Inc. | Sold out | 0.00% | −0.86 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.81 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.77 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.72 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -62.3% | 0.37% | −0.71 |
| ARMK Aramark | Sold out | 0.00% | −0.56 |
| CRDO Credo Technology Group Holdi | Reduce -60.3% | 0.60% | −0.52 |
| LSCC Lattice Semiconductor Corp. | Reduce -96.9% | 0.01% | −0.39 |
| SN Sharkninja Inc. | Sold out | 0.00% | −0.39 |
| KRE SS SPDR S&P Regional Bank | Reduce -10.2% | 0.53% | −0.37 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.33 |
| BMA Banco Macro SA-ADR | Reduce -51.5% | 0.24% | −0.29 |
| LUV Southwest Airlines Co. | Sold out | 0.00% | −0.19 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.18 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.18 |
| BLCO Bausch + Lomb Corp. | Sold out | 0.00% | −0.17 |
| SMFG Sumitomo Mitsui-Spons ADR | Sold out | 0.00% | −0.14 |
| XOP SS SPDR S&P Og Exp & Prod | Reduce -85.6% | 0.01% | −0.09 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Sold out | 0.00% | −0.06 |
| BBAR Bbva Argentina SA-ADR | Sold out | 0.00% | −0.02 |
| FXI iShares China Large-Cap ETF | Reduce -13.8% | 0.02% | −0.02 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| QQQ Invesco QQQ Trust Series 1 | New | 27.08% | +27.08 |
| GS Goldman Sachs Group Inc. | New | 5.08% | +5.08 |
| META Meta Platforms Inc. Class A | Add +263.1% | 6.15% | +3.47 |
| MS Morgan Stanley | New | 2.29% | +2.29 |
| CRM Salesforce Inc. | Add +258.2% | 3.50% | +2.20 |
| DFS Discover Financial Services | New | 2.18% | +2.18 |
| ORCL Oracle Corp. | New | 1.54% | +1.54 |
| NVDA Nvidia Corp. | Add +80.3% | 6.53% | +1.23 |
| SWKS Skyworks Solutions Inc. | New | 1.10% | +1.10 |
| MU Micron Technology Inc. | New | 0.98% | +0.98 |
| IWM iShares Russell 2000 ETF | New | 0.85% | +0.85 |
| ALAB Astera Labs Inc. | New | 0.76% | +0.76 |
| DDOG Datadog Inc. Class A | Add +293.6% | 0.96% | +0.64 |
| TRP TC Energy Corp. | New | 0.56% | +0.56 |
| ANET Arista Networks Inc. | New | 0.49% | +0.49 |
| CHKP Check Point Software Tech | New | 0.47% | +0.47 |
| TAC Transalta Corp. | New | 0.39% | +0.39 |
| S Sentinelone Inc. Class A | New | 0.36% | +0.36 |
| FIVE Five Below | New | 0.36% | +0.36 |
| ONTO Onto Innovation Inc. | New | 0.23% | +0.23 |
| WDC Western Digital Corp. | New | 0.19% | +0.19 |
| WMT Walmart Inc. | New | 0.16% | +0.16 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.12% | +0.12 |
| ESTC Elastic NV | New | 0.11% | +0.11 |
| ASHR Xtrackers Harvest Csi 300 CH | New | 0.10% | +0.10 |
| ECHO Echostar Corp. Class A | Add +135.3% | 0.32% | +0.08 |
| FSLR First Solar Inc. | New | 0.03% | +0.03 |
| APH Amphenol Corp. Class A | New | 0.01% | +0.01 |
| COHR Coherent Corp. | Add +52.5% | 1.32% | +0.00 |
| VZ Verizon Communications Inc. | New | 0.00% | +0.00 |
| KGC Kinross Gold Corp. | Add +61.8% | 0.56% | −0.01 |
| AU Anglogold Ashanti PLC | Add +71.4% | 0.12% | −0.01 |
| MRVL Marvell Technology Inc. | Add +2.6% | 1.13% | −0.04 |
| GFI Gold Fields Ltd.-Spons ADR | Add +62.1% | 0.26% | −0.04 |
| MDB Mongodb Inc. | Add +35.3% | 0.13% | −0.05 |
| PEG Public Service Enterprise GP | Add +51.0% | 1.01% | −0.14 |
| MPWR Monolithic Power Systems Inc. | Add +136.3% | 2.40% | −0.18 |
| TER Teradyne Inc. | Add +33.4% | 1.12% | −0.33 |
| BAC Bank of America Corp. | Add +17.2% | 2.40% | −0.60 |
| CEG Constellation Energy | Add +34.0% | 1.71% | −0.70 |
Options Activity Q3 2024 → Q4 2024
| QQQ Invesco QQQ Trust Series 1 | put | New | 3,049,900 | $1.6B |
| IWM iShares Russell 2000 ETF | call | Reduce -18.7% | 3,670,000 | $811.0M |
| EWZ iShares MSCI Brazil ETF | call | New | 30,883,771 | $695.0M |
| NVDA Nvidia Corp. | call | New | 1,860,396 | $250.0M |
| GLD SPDR Gold Shares | call | New | 1,000,000 | $242.1M |
| IWM iShares Russell 2000 ETF | put | Reduce -80.0% | 1,000,000 | $221.0M |
| GS Goldman Sachs Group Inc. | call | New | 340,225 | $194.9M |
| PDD PDD Holdings Inc. | put | New | 1,335,000 | $129.5M |
| QQQ Invesco QQQ Trust Series 1 | call | New | 245,000 | $125.3M |
| XLF SS Financial Select Sector | put | Reduce -36.3% | 2,197,300 | $106.2M |
| UBS UBS Group AG-Reg | call | Sold out | 3,300,000 | $101.8Mbefore exit |
| IGV iShares Expanded Tech-Softwa | call | New | 1,000,000 | $100.1M |
| SMH Vaneck Semiconductor ETF | put | Sold out | 400,000 | $98.1Mbefore exit |
| XLF SS Financial Select Sector | call | Reduce -11.1% | 2,000,000 | $96.7M |
| TSLA Tesla Inc. | call | Add +125.0% | 225,000 | $90.8M |
| XLE SS Energy Select Sector | call | Reduce -35.9% | 1,000,000 | $85.7M |
| XLE SS Energy Select Sector | put | Reduce -50.8% | 905,000 | $77.5M |
| ARKK ARK Innovation ETF | call | New | 1,340,000 | $76.1M |
| FXI iShares China Large-Cap ETF | call | Sold out | 2,200,000 | $69.9Mbefore exit |
| UBS UBS Group AG-Reg | put | Sold out | 2,200,000 | $67.9Mbefore exit |
| SMH Vaneck Semiconductor ETF | call | Reduce -50.0% | 275,000 | $66.6M |
| VST Vistra Corp. | call | New | 413,500 | $57.0M |
| KRE SS SPDR S&P Regional Bank | call | Reduce -61.4% | 900,000 | $54.3M |
| XLP SS Consumer Staples Sel Sect | put | New | 400,000 | $31.4M |
| XLP SS Consumer Staples Sel Sect | call | New | 400,000 | $31.4M |
| MS Morgan Stanley | call | New | 215,000 | $27.0M |
| GOOGL Alphabet Inc. Class A | put | New | 130,000 | $24.6M |
| GOOGL Alphabet Inc. Class A | call | New | 130,000 | $24.6M |
| AMD Advanced Micro Devices | put | New | 180,000 | $21.8M |
| AMD Advanced Micro Devices | call | New | 180,000 | $21.8M |
| CRM Salesforce Inc. | call | New | 62,500 | $20.9M |
| PG The Procter & Gamble Co. | put | New | 97,100 | $16.3M |
| PG The Procter & Gamble Co. | call | New | 97,100 | $16.3M |
| JBLU Jetblue Airways Corp. | put | New | 1,488,500 | $11.7M |
| VZ Verizon Communications Inc. | put | New | 280,000 | $11.2M |
| VZ Verizon Communications Inc. | call | New | 280,000 | $11.2M |
| TFC Truist Financial Corp. | call | New | 235,400 | $10.2M |
| TFC Truist Financial Corp. | put | New | 235,400 | $10.2M |
| RIVN Rivian Automotive Inc. Class A | put | New | 750,000 | $10.0M |
| UBER Uber Technologies Inc. | call | New | 165,000 | $10.0M |
| BNY Bank of New York Mellon Corp. | call | New | 128,700 | $9.9M |
| BNY Bank of New York Mellon Corp. | put | New | 128,700 | $9.9M |
| GGAL Grupo Financiero Galicia-ADR | put | New | 157,233 | $9.8M |
| BABA Alibaba Group Holding-SP ADR | call | Sold out | 55,000 | $5.8Mbefore exit |
| APH Amphenol Corp. Class A | put | New | 51,400 | $3.6M |
| APH Amphenol Corp. Class A | call | New | 51,400 | $3.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | Sold out | 120,378 | $98.6Mbefore exit |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 56,058,092 | $59.5M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | New | 15,000,000 | $15.4M |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | New | 15,000,000 | $14.5M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | New | 15,000,000 | $14.1M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 10,000,000 | $10.6M |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | New | 10,000,000 | $10.4M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | New | 10,000,000 | $9.9M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | New | 3,767,000 | $3.9M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | New | 2,500,000 | $2.4M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 134 | $8.0B | QQQ, GOOGL, NVDA, SNDK, C |
| Q1 2026 | 126 | $5.6B | GOOGL, AAPL, NVDA, META, XLV |
| Q4 2025 | 87 | $6.7B | GOOGL, QQQ, AVGO, AMZN, MSFT |
| Q3 2025 | 81 | $7.9B | NVDA, GOOGL, MSFT, QQQ, AMZN |
| Q2 2025 | 92 | $5.9B | MSFT, QQQ, AMZN, GS, META |
| Q1 2025 | 66 | $3.6B | AAPL, MSFT, AMZN, DFS, GS |
| Q4 2024 | 62 | $4.5B | QQQ, NVDA, MSFT, META, GS |
| Q3 2024 | 58 | $2.7B | MSFT, AMZN, AVGO, AMD, NVDA |
| Q2 2024 | 75 | $4.2B | AMZN, BAC, MU, MSFT, AVGO |
| Q1 2024Amended | 70 | $3.8B | IWM, QQQ, GOOG, META, MSFT |