Rokos Capital Management LLP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Rokos Capital Management LLP reported 66 stock positions worth $3.6 billion . Its top holding was Apple (AAPL) at 9.8% of the portfolio, followed by Microsoft (MSFT, 9.4% ) and Amazon.com (AMZN, 8.8% ). Compared with Q4 2024, it opened 32 new positions, sold out of 28, added to 13 and reduced 13. The biggest buy was a new position in Apple (AAPL) and the biggest sale an exit from Invesco QQQ Trust Series 1 (QQQ).
Location LONDON, X0
CIK 0001666335
Portfolio Value $3.6B (Q1 2025) Holdings 66 stocks · $3.6B 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 Q4 2024 AAPL Apple Inc. 1,576,501 $349.8M New MSFT Microsoft Corp. 895,635 $335.8M Add +29.9% AMZN Amazon.com Inc. 1,655,134 $314.8M Add +67.6% DFS Discover Financial Services 1,712,342 $292.5M Add +204.9% GS Goldman Sachs Group Inc. 481,375 $262.8M Add +21.7% NVDA Nvidia Corp. 2,031,492 $219.7M Reduce -6.3% BAC Bank of America Corp. filed as BANK AMERICA CORP 3,809,714 $159.0M Add +56.3% GOOGL Alphabet Inc. Class A 943,004 $145.8M Add +132.9% META Meta Platforms Inc. Class A 251,586 $144.9M Reduce -46.3% MS Morgan Stanley 1,190,229 $138.8M Add +46.4% AVGO Broadcom Inc. 822,806 $137.6M Add +60.8% HII Huntington Ingalls Industrie 385,617 $78.7M New MPWR Monolithic Power Systems Inc. 129,357 $75.0M Reduce -28.5% VST Vistra Corp. 505,625 $59.4M Add +4.3% TSLA Tesla Inc. 222,490 $57.6M New DDOG Datadog Inc. Class A 573,567 $56.9M Add +91.2% ZS Zscaler Inc. 285,974 $56.7M No change CEG Constellation Energy 265,875 $53.6M Reduce -22.1% MU Micron Technology Inc. 604,619 $52.5M Add +16.9% NTRA Natera Inc. 306,533 $43.4M New COHR Coherent Corp. 621,926 $40.3M No change LMT Lockheed Martin Corp. 81,845 $36.5M New NOC Northrop Grumman Corp. 67,935 $34.8M New RTX RTX Corp. 242,267 $32.1M New TLN Talen Energy Corp. 150,701 $30.1M New MRVL Marvell Technology Inc. 456,544 $28.1M No change WDAY Workday Inc. Class A 101,815 $23.8M Reduce -54.5% KRE SS SPDR S&P Regional Bank 370,077 $21.0M Reduce -6.0% EWZ iShares MSCI Brazil ETF 750,000 $19.4M New GFI Gold Fields Ltd.-Spons ADR 876,053 $19.4M No change TER Teradyne Inc. 232,156 $19.2M Reduce -41.6% KGC Kinross Gold Corp. 1,351,594 $17.0M Reduce -49.9% ALC Alcon Inc. filed as ALCON AG 159,472 $15.1M New TSM Taiwan Semiconductor-SP ADR 90,118 $15.0M New GEV GE Vernova Inc. 45,740 $14.0M New S Sentinelone Inc. Class A 724,228 $13.2M No change NOW ServiceNow Inc. 15,582 $12.4M New INTU Intuit Inc. 18,119 $11.1M New AMLP Alerian MLP ETF 189,814 $9.9M New ECHO Echostar Corp. Class A 368,306 $9.4M Reduce -40.9% CIEN Ciena Corp. 154,190 $9.3M New AU Anglogold Ashanti PLC 241,200 $9.0M No change TAC Transalta Corp. 768,235 $7.2M Reduce -38.1% TEAM Atlassian Corp. Class A 31,531 $6.7M Add +533.3% INTC Intel Corp. 289,953 $6.6M New TMO Thermo Fisher Scientific Inc. 13,084 $6.5M New CHWY Chewy Inc. Class A 190,900 $6.2M New NRG NRG Energy Inc. 64,050 $6.1M New GGAL Grupo Financiero Galicia-ADR 109,759 $6.0M Reduce -58.6% XLE SS Energy Select Sector 58,093 $5.4M New VRT Vertiv Holdings Co. Class A 65,615 $4.7M New PLTR Palantir Technologies Inc. Class A 55,809 $4.7M New ASHR Xtrackers Harvest Csi 300 CH 174,863 $4.6M No change ROKU Roku Inc. 54,690 $3.9M New CAT Caterpillar Inc. 10,558 $3.5M New BMA Banco Macro SA-ADR 37,683 $2.8M Reduce -66.5% USB US Bancorp 66,269 $2.8M New WFC Wells Fargo & Co. 24,045 $1.7M New SCHW Schwab (charles) Corp. 20,524 $1.6M New TFC Truist Financial Corp. 24,702 $1.0M New APH Amphenol Corp. Class A 11,392 $747K Add +19.2% PINS Pinterest Inc. Class A 23,768 $737K New EWW iShares MSCI Mexico ETF 10,590 $539K No change FXI iShares China Large-Cap ETF 10,966 $393K Reduce -64.7% SNAP Snap Inc. Class A 11,101 $97K New GME Gamestop Corp. Class A 310 $7K New
Options reported separately and not counted above: IWM puts ($1.1B), IWM calls ($881.7M), QQQ puts ($749.6M), QQQ calls ($468.5M), CRM calls ($387.7M), NVDA calls ($363.3M), MSFT calls ($238.5M), GEV calls ($225.2M), EWZ calls ($148.7M), BABA calls ($107.1M), ARKK calls ($95.0M), IGV calls ($89.0M), and 61 more.
Other holdings (10): bonds, preferreds, convertibles and warrants · $35.8M (not counted above) Security Class Shares / Principal Value Change NICE LTD (NICEIT 0 09/15/25) NOTE 9/1 · principal 15,000 $14.6M New LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 9,000 $12.6M New STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 8,000 $8.4M Reduce -99.9% ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 32,273 $36K Reduce -99.9% SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 15,000 $15K Reduce -99.6% WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 15,000 $15K Reduce -99.9% AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal 10,000 $10K Reduce -99.9% ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 9,000 $9K New XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 7,614 $4K New SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 1,500 $1K New
Total filed on the 13F, all lines: $3.6B.
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −27.08 CRM Salesforce Inc. Sold out 0.00% −3.50 META Meta Platforms Inc. Class A Reduce -46.3% 4.07% −2.08 ORCL Oracle Corp. Sold out 0.00% −1.54 PANW Palo Alto Networks Inc. Sold out 0.00% −1.39 SWKS Skyworks Solutions Inc. Sold out 0.00% −1.10 PEG Public Service Enterprise GP Sold out 0.00% −1.01 IWM iShares Russell 2000 ETF Sold out 0.00% −0.85 ALAB Astera Labs Inc. Sold out 0.00% −0.76 ALLY Ally Financial Inc. Sold out 0.00% −0.70 WDAY Workday Inc. Class A Reduce -54.5% 0.67% −0.63 CRDO Credo Technology Group Holdi Sold out 0.00% −0.60 TER Teradyne Inc. Reduce -41.6% 0.54% −0.58 NEM Newmont Corp. Sold out 0.00% −0.57 TRP TC Energy Corp. Sold out 0.00% −0.56 ANET Arista Networks Inc. Sold out 0.00% −0.49 CHKP Check Point Software Tech Sold out 0.00% −0.47 LLY Eli Lilly & Co. Sold out 0.00% −0.43 FIVE Five Below Sold out 0.00% −0.36 NVDA Nvidia Corp. Reduce -6.3% 6.17% −0.36 MPWR Monolithic Power Systems Inc. Reduce -28.5% 2.11% −0.29 ONTO Onto Innovation Inc. Sold out 0.00% −0.23 CEG Constellation Energy Reduce -22.1% 1.51% −0.21 GGAL Grupo Financiero Galicia-ADR Reduce -58.6% 0.17% −0.20 TAC Transalta Corp. Reduce -38.1% 0.20% −0.19 WDC Western Digital Corp. Sold out 0.00% −0.19 AMD Advanced Micro Devices Sold out 0.00% −0.17 BMA Banco Macro SA-ADR Reduce -66.5% 0.08% −0.16 WMT Walmart Inc. Sold out 0.00% −0.16 INDV Indivior Ltd. Sold out 0.00% −0.14 MDB Mongodb Inc. Sold out 0.00% −0.13 XHB SS SPDR S&P Homebldrs ETF Sold out 0.00% −0.12 ESTC Elastic NV Sold out 0.00% −0.11 KGC Kinross Gold Corp. Reduce -49.9% 0.48% −0.08 ECHO Echostar Corp. Class A Reduce -40.9% 0.26% −0.06 FSLR First Solar Inc. Sold out 0.00% −0.03 FXI iShares China Large-Cap ETF Reduce -64.7% 0.01% −0.01 XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.01 LSCC Lattice Semiconductor Corp. Sold out 0.00% −0.01 VZ Verizon Communications Inc. Sold out 0.00% −0.00 KRE SS SPDR S&P Regional Bank Reduce -6.0% 0.59% +0.06
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ AAPL Apple Inc. New 9.83% +9.83 DFS Discover Financial Services Add +204.9% 8.22% +6.03 AMZN Amazon.com Inc. Add +67.6% 8.84% +3.99 MSFT Microsoft Corp. Add +29.9% 9.43% +2.92 GOOGL Alphabet Inc. Class A Add +132.9% 4.09% +2.38 GS Goldman Sachs Group Inc. Add +21.7% 7.38% +2.31 HII Huntington Ingalls Industrie New 2.21% +2.21 BAC Bank of America Corp. Add +56.3% 4.47% +2.06 TSLA Tesla Inc. New 1.62% +1.62 MS Morgan Stanley Add +46.4% 3.90% +1.61 NTRA Natera Inc. New 1.22% +1.22 AVGO Broadcom Inc. Add +60.8% 3.87% +1.21 LMT Lockheed Martin Corp. New 1.03% +1.03 NOC Northrop Grumman Corp. New 0.98% +0.98 RTX RTX Corp. New 0.90% +0.90 TLN Talen Energy Corp. New 0.85% +0.85 DDOG Datadog Inc. Class A Add +91.2% 1.60% +0.64 EWZ iShares MSCI Brazil ETF New 0.55% +0.55 MU Micron Technology Inc. Add +16.9% 1.47% +0.50 ALC Alcon Inc. New 0.42% +0.42 TSM Taiwan Semiconductor-SP ADR New 0.42% +0.42 GEV GE Vernova Inc. New 0.39% +0.39 NOW ServiceNow Inc. New 0.35% +0.35 INTU Intuit Inc. New 0.31% +0.31 AMLP Alerian MLP ETF New 0.28% +0.28 CIEN Ciena Corp. New 0.26% +0.26 INTC Intel Corp. New 0.18% +0.18 TMO Thermo Fisher Scientific Inc. New 0.18% +0.18 CHWY Chewy Inc. Class A New 0.17% +0.17 NRG NRG Energy Inc. New 0.17% +0.17 VST Vistra Corp. Add +4.3% 1.67% +0.17 TEAM Atlassian Corp. Class A Add +533.3% 0.19% +0.16 XLE SS Energy Select Sector New 0.15% +0.15 VRT Vertiv Holdings Co. Class A New 0.13% +0.13 PLTR Palantir Technologies Inc. Class A New 0.13% +0.13 ROKU Roku Inc. New 0.11% +0.11 CAT Caterpillar Inc. New 0.10% +0.10 USB US Bancorp New 0.08% +0.08 WFC Wells Fargo & Co. New 0.05% +0.05 SCHW Schwab (charles) Corp. New 0.05% +0.05 TFC Truist Financial Corp. New 0.03% +0.03 PINS Pinterest Inc. Class A New 0.02% +0.02 APH Amphenol Corp. Class A Add +19.2% 0.02% +0.01 SNAP Snap Inc. Class A New 0.00% +0.00 GME Gamestop Corp. Class A New 0.00% +0.00
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Add +447.0% 5,470,000 $1.1B IWM iShares Russell 2000 ETF call Add +20.4% 4,420,000 $881.7M QQQ Invesco QQQ Trust Series 1 put Reduce -47.5% 1,600,000 $749.6M QQQ Invesco QQQ Trust Series 1 call Add +308.2% 1,000,000 $468.5M CRM Salesforce Inc. call Add +2212.0% 1,445,000 $387.7M NVDA Nvidia Corp. call Add +80.6% 3,360,396 $363.3M GLD SPDR Gold Shares call Sold out 1,000,000 $242.1Mbefore exit MSFT Microsoft Corp. call New 636,000 $238.5M GEV GE Vernova Inc. call New 737,000 $225.2M EWZ iShares MSCI Brazil ETF call Reduce -81.4% 5,750,000 $148.7M PDD PDD Holdings Inc. put Sold out 1,335,000 $129.5Mbefore exit BABA Alibaba Group Holding-SP ADR call New 810,000 $107.1M ARKK ARK Innovation ETF call Add +49.3% 2,000,000 $95.0M XLE SS Energy Select Sector call Sold out 1,000,000 $85.7Mbefore exit XLF SS Financial Select Sector call Reduce -25.0% 1,500,000 $74.7M SMH Vaneck Semiconductor ETF call Sold out 275,000 $66.6Mbefore exit ASHR Xtrackers Harvest Csi 300 CH call New 2,500,000 $66.5M GS Goldman Sachs Group Inc. call Reduce -64.7% 120,000 $65.5M EEM iShares MSCI Emerging Market put New 1,500,000 $65.5M EEM iShares MSCI Emerging Market call New 1,500,000 $65.5M XLE SS Energy Select Sector put Reduce -30.9% 625,000 $58.4M KRE SS SPDR S&P Regional Bank call Sold out 900,000 $54.3Mbefore exit TSLA Tesla Inc. call Reduce -33.3% 150,000 $38.8M FXI iShares China Large-Cap ETF call New 1,000,000 $35.8M XLF SS Financial Select Sector put Reduce -77.2% 500,000 $24.9M GOOGL Alphabet Inc. Class A put Sold out 130,000 $24.6Mbefore exit GOOGL Alphabet Inc. Class A call Sold out 130,000 $24.6Mbefore exit XOP SS SPDR S&P Og Exp & Prod put Sold out 180,000 $23.8Mbefore exit AMD Advanced Micro Devices call Sold out 180,000 $21.8Mbefore exit AMD Advanced Micro Devices put Sold out 180,000 $21.8Mbefore exit EWZ iShares MSCI Brazil ETF put New 750,000 $19.4M JPM JPMorgan Chase & Co. call New 75,100 $18.4M JPM JPMorgan Chase & Co. put New 75,100 $18.4M CAT Caterpillar Inc. put New 52,500 $17.3M CAT Caterpillar Inc. call New 52,500 $17.3M PG The Procter & Gamble Co. put Sold out 97,100 $16.3Mbefore exit PG The Procter & Gamble Co. call Sold out 97,100 $16.3Mbefore exit BAC Bank of America Corp. put New 369,000 $15.4M BAC Bank of America Corp. call New 369,000 $15.4M FCX Freeport-McMoran Inc. call New 400,000 $15.1M NEE Nextera Energy Inc. put New 210,000 $14.9M NEE Nextera Energy Inc. call New 210,000 $14.9M WFC Wells Fargo & Co. put New 200,000 $14.3M WFC Wells Fargo & Co. call New 200,000 $14.3M SCHW Schwab (charles) Corp. put New 178,800 $14.0M SCHW Schwab (charles) Corp. call New 178,800 $14.0M AMZN Amazon.com Inc. call New 65,000 $12.4M AMZN Amazon.com Inc. put New 65,000 $12.4M MS Morgan Stanley call Reduce -51.4% 104,600 $12.2M MS Morgan Stanley put New 104,600 $12.2M
Showing the first 50 of 89.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Sold out 15,000,000 $15.4Mbefore exit NICE LTD (NICEIT 0 09/15/25) NOTE 9/1 · principal New 15,000 $14.6M AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Sold out 15,000,000 $14.1Mbefore exit LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal New 9,000 $12.6M COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Sold out 10,000,000 $10.6Mbefore exit STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Reduce -99.9% 8,000 $8.4M DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal Sold out 2,500,000 $2.4Mbefore exit ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Reduce -99.9% 32,273 $36K SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal Reduce -99.6% 15,000 $15K WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal Reduce -99.9% 15,000 $15K AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal Reduce -99.9% 10,000 $10K ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal New 9,000 $9K XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal New 7,614 $4K SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal New 1,500 $1K
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 2024 Amended 70 $3.8B IWM, QQQ, GOOG, META, MSFT