CIK: 0001557017
Total reported value
$14.1B
Reporting period: 2026-03-31 · Number of holdings: 1256
Capula Management Ltd disclosed 1256 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.1B and a quarterly turnover rate of 124.6%.
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Capula Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.267 — mathematically equivalent to about 4 equally-sized positions, well below its 1256 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 11.22), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 19% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add IVV
+1374.6% $5.5B
Trim VOO
-99.5% -$7.4B
Add SPY
+7.4% $96.8M
Trim BABA
-94.4% -$471.5M
Trim IBM
-99.6% -$403.6M
Trim UBER
-99.2% -$368.5M
Capula is not hunting Alpha; it is executing a wholesale capital rotation from a fragmented multi-position portfolio into a solitary, oversized S&P 500 index bet. This is a deliberate shift from active stock selection to passive macro exposure, pricing in a regime of index-driven returns and diminishing opportunity in active bets.
The macro cycle bet embedded in these flows is a full-throated conviction that the US large-cap equity market, as represented by the S&P 500, is the only game worth playing. By simultaneously dumping exposure to China (BABA), Bitcoin (IBIT), semiconductors (SMH), and mega-cap tech (GOOGL, IBM, UBER), Capula is pricing in a regime where all other asset classes and sectors will underperform. The opposing thesis is that this is a crowded, momentum-fueled bet at stretched valuations, vulnerable to a violent rotation into value, small caps, or international markets if the single-factor US index trade unwinds.
The structural vulnerability in this portfolio is the extreme position concentration in one ETF—IVV at 42% weight turns 474 holdings into a one-decision portfolio. Capula has no diversification, no hedging, and no contrarian positions to buffer against a US equity correction. This is not a smart-beta or factor-tilted book; it is a purity bet on the market factor, making it acutely exposed to a single macro scenario and a potential liquidity trap if the IVV position needs to be unwound in size.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 1256 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 42.25% | +40.13% | +1374.64% | |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 29.40% | +9.17% | +7.37% | |
| 3 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 2.53% | +1.04% | +27.35% | |
| 4 | TSLA | Tesla INC | Stock-Consumer Disc | 2.38% | +1.71% | +200.48% | |
| 5 | NVDA | Nvidia CORP | Stock-Tech | 1.95% | +1.09% | +70.30% | |
| 6 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 1.62% | +1.62% | NEW | |
| 7 | FXI | Ishares China Large-cap ETF | ETF-Emerging Markets | 0.85% | +0.71% | +357.12% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.82% | -0.23% | -36.42% | |
| 9 | AAPL | Apple INC | Stock-Tech | 0.54% | -0.72% | -67.39% | |
| 10 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.54% | +0.35% | +120.38% | |
| 11 | MSFT | Microsoft CORP | Stock-Tech | 0.52% | — | +45.12% | |
| 12 | CWAN | Clearwater Analytics Holdings, Inc. | Stock-Tech | 0.45% | +0.43% | +2052.88% | |
| 13 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.36% | -0.94% | -80.98% | |
| 14 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.35% | -1.29% | -83.61% | |
| 15 | AVGO | Broadcom INC | Stock-Tech | 0.34% | — | +42.62% | |
| 16 | AM6 | Amicus Therapeutics INC | Stock-Other | 0.33% | +0.33% | +10538.70% | |
| 17 | AAUC | Allied Gold CORP | Stock-Other | 0.31% | +0.31% | NEW | |
| 18 | LBRDK | Liberty Broadband-c | Stock-Comm Services | 0.30% | +0.27% | +498.16% | |
| 19 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.30% | — | +189.50% | |
| 20 | KVUE | Kenvue INC | Stock-Consumer Staples | 0.28% | — | +137.67% | |
| 21 | SDA | Sealed Air CORP | Stock-Consumer Disc | 0.27% | — | +62.20% | |
| 22 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.27% | -37.13% | -99.46% | |
| 23 | SMH | Vaneck Semiconductor ETF | ETF-Other | 0.27% | -1.54% | -90.02% | |
| 24 | WBD | Warner Bros Discovery INC | Stock-Comm Services | 0.26% | -0.15% | -53.35% | |
| 25 | AES | Aes CORP | Stock-Utilities | 0.25% | +0.25% | +5115.24% | |
| 26 | HO1 | Hologic INC | Stock-Other | 0.25% | — | +137.09% | |
| 27 | GTLS | Chart Industries INC | Stock-Industrials | 0.24% | +0.24% | NEW | |
| 28 | PEN | Penumbra INC | Stock-Healthcare | 0.24% | +0.24% | NEW | |
| 29 | AMAT | Applied Materials INC | Stock-Tech | 0.22% | — | -3.55% | |
| 30 | EA | Electronic Arts INC | Stock-Comm Services | 0.21% | — | +12.07% | |
| 31 | KRE | Ss Spdr S&p Regional Bank | ETF-Other | 0.21% | — | -44.55% | |
| 32 | XLC | Ss Comm Select Sector Spdr | ETF-Other | 0.20% | — | — | |
| 33 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.19% | — | — | |
| 34 | K4F | Onestream INC | Stock-Other | 0.18% | — | — | |
| 35 | DBRG | Digitalbridge Group INC | Stock-Financials | 0.18% | — | — | |
| 36 | MASI* | Masimo CORP | Stock-Other | 0.18% | — | — | |
| 37 | KWEB | Kranesh Csi China Internet | ETF-Emerging Markets | 0.18% | — | +45.20% | |
| 38 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.18% | — | +21.70% | |
| 39 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.17% | -2.31% | -94.43% | |
| 40 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.17% | -0.33% | -74.52% | |
| 41 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.16% | — | +106.18% | |
| 42 | ✓ | Csg Systems International In | Stock-Other | 0.15% | — | — | |
| 43 | EVRG 4.5 12-15-27 | Evergy INC | Stock-Utilities | 0.14% | — | +50.00% | |
| 44 | SNCY | Sun Country Airlines Holding | Stock-Other | 0.14% | — | — | |
| 45 | MU | Micron Technology INC | Stock-Tech | 0.14% | — | +54.21% | |
| 46 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.14% | — | +17.99% | |
| 47 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 0.12% | — | -28.40% | |
| 48 | BABA 0.5 06-01-31 | Alibaba Group Holding | Stock-Consumer Disc | 0.12% | — | — | |
| 49 | AMD | Advanced Micro Devices | Stock-Tech | 0.12% | — | +37.15% | |
| 50 | IGV | Ishares Expanded Tech-softwa | ETF-Tech | 0.12% | — | — |
Performance for Q3 2026
+5.7%
Performance Last 4 Quarters
+9.3%
Based on 48% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1256 | $14.1B | 100 | |
| 2025-12-31 | 960 | $20.0B | 100 | |
| 2025-09-30 | 913 | $20.1B | 82 | |
| 2025-06-30 | 715 | $10.8B | 0 | |
| 2025-03-31 | 860 | $18.0B | 100 | |
| 2024-12-31 | 479 | $17.2B | 0 | |
| 2024-09-30 | 528 | $9.9B | 0 | |
| 2024-06-30 | 466 | $12.2B | 0 | |
| 2024-03-31 | 544 | $4.2B | 0 | |
| 2023-12-31 | 303 | $2.5B | 0 | |
| 2023-09-30 | 554 | $4.8B | 0 | |
| 2023-06-30 | 442 | $4.1B | 0 | |
| 2023-03-31 | 858 | $8.3B | 0 | |
| 2022-12-31 | 766 | $7.4B | 0 | |
| 2022-09-30 | 653 | $7.4B | 0 | |
| 2022-06-30 | 350 | $5.9B | 0 | |
| 2022-03-31 | 300 | $7.0B | 0 | |
| 2021-12-31 | 187 | $4.7B | 0 | |
| 2021-09-30 | 1005 | $8.1B | 0 | |
| 2021-06-30 | 869 | $6.2B | 90 | |
| 2021-03-31 | 568 | $5.1B | 100 | |
| 2020-12-31 | 292 | $2.0B | 100 | |
| 2020-09-30 | 137 | $785.3M | 100 | |
| 2020-06-30 | 300 | $2.8B | 88 | |
| 2020-03-31 | 355 | $2.8B | 92 | |
| 2019-12-31 | 371 | $4.7B | 53 | |
| 2019-09-30 | 301 | $4.7B | 100 | |
| 2019-06-30 | 103 | $485.6M | 100 | |
| 2019-03-31 | 7 | $75.0M | 100 | |
| 2018-12-31 | 13 | $585.7M | 71 | |
| 2018-09-30 | 14 | $1.2B | 60 | |
| 2018-06-30 | 12 | $620.7M | 100 | |
| 2018-03-31 | 11 | $668.6M | 83 | |
| 2017-12-31 | 7 | $588.6M | 20 | |
| 2017-09-30 | 4 | $481.0M | 18 | |
| 2017-06-30 | 5 | $403.0M | 89 | |
| 2017-03-31 | 8 | $616.1M | 100 | |
| 2016-12-31 | 10 | $184.4M | 100 | |
| 2016-09-30 | 17 | $45.9B | 0 | |
| 2016-06-30 | 6 | $24.3B | 0 | |
| 2016-03-31 | 5 | $11.0B | 0 | |
| 2015-12-31 | 10 | $13.9B | 0 |
Capula Management Ltd's most significant position changes for 2026-03-31: Sold out: Ishares Bitcoin Trust ETF (IBIT); New buy: Ishares Russell 2000 ETF (IWM); Sold out: Ishares Ethereum Trust ETF (ETHA); Sold out: Fidelity Wise Origin Bitcoin (FBTC); Sold out: Fidelity Ethereum Fund (FETH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | +40.1% | +1374.64% | Add |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | +9.2% | +7.37% | Add |
| 3 | TSLA | Tesla INC | +1.7% | +200.48% | Add |
| 4 | NVDA | Nvidia CORP | +1.1% | +70.30% | Add |
| 5 | QQQ | Invesco Qqq Trust Series 1 | +1% | +27.35% | Add |
| 6 | FXI | Ishares China Large-cap ETF | +0.7% | +357.12% | Add |
| 7 | CWAN | Clearwater Analytics Holdings, Inc. | +0.4% | +2052.88% | Add |
| 8 | AMZN | Amazon.com INC | +0.4% | +120.38% | Add |
| 9 | AM6 | Amicus Therapeutics INC | +0.3% | +10538.70% | Add |
| 10 | LBRDK | Liberty Broadband-c | +0.3% | +498.16% | Add |
| 11 | AES | Aes CORP | +0.3% | +5115.24% | Add |
| 12 | WBD | Warner Bros Discovery INC | -0.2% | -53.35% | Trim |
| 13 | MSTR | Strategy INC | -0.2% | -91.01% | Trim |
| 14 | META | Meta Platforms Inc-class A | -0.2% | -36.42% | Trim |
| 15 | SMCI | Super Micro Computer INC | -0.2% | -99.29% | Trim |
| 16 | GOOG | Alphabet Inc-cl C | -0.3% | -74.52% | Trim |
| 17 | AMGN | Amgen INC | -0.4% | -98.91% | Trim |
| 18 | JD | Jd.com Inc-adr | -0.4% | -95.54% | Trim |
| 19 | NKE | Nike INC -cl B | -0.4% | -97.69% | Trim |
| 20 | BRK-B | Berkshire Hathaway Inc-cl B | -0.5% | -96.98% | Trim |
| 21 | APP | Applovin Corp-class A | -0.6% | -93.10% | Trim |
| 22 | SLV | Ishares Silver Trust | -0.7% | -97.50% | Trim |
| 23 | AAPL | Apple INC | -0.7% | -67.39% | Trim |
| 24 | CEG | Constellation Energy | -0.8% | -91.94% | Trim |
| 25 | DELL | Dell Technologies -c | -0.9% | -98.28% | Trim |
| 26 | EEM | Ishares Msci Emerging Market | -0.9% | -80.98% | Trim |
| 27 | XOM | Exxon Mobil CORP | -0.9% | -96.26% | Trim |
| 28 | PYPL | Paypal Holdings INC | -0.9% | -99.81% | Trim |
| 29 | CAT | Caterpillar INC | -1% | -97.68% | Trim |
| 30 | COIN | Coinbase Global INC -class A | -1% | -99.20% | Trim |
| 31 | QCOM | Qualcomm INC | -1.1% | -95.47% | Trim |
| 32 | GOOGL | Alphabet Inc-cl A | -1.3% | -83.61% | Trim |
| 33 | SMH | Vaneck Semiconductor ETF | -1.5% | -90.02% | Trim |
| 34 | UBER | Uber Technologies INC | -1.8% | -99.17% | Trim |
| 35 | IBM | Intl Business Machines CORP | -2% | -99.63% | Trim |
| 36 | BABA | Alibaba Group Holding-sp Adr | -2.3% | -94.43% | Trim |
| 37 | VOO | Vanguard S&p 500 ETF | -37.1% | -99.46% | Trim |
| 38 | IBIT | Ishares Bitcoin Trust ETF | — | EXIT | Sold out |
| 39 | IWM | Ishares Russell 2000 ETF | — | NEW | New buy |
| 40 | ETHA | Ishares Ethereum Trust ETF | — | EXIT | Sold out |
| 41 | FBTC | Fidelity Wise Origin Bitcoin | — | EXIT | Sold out |
| 42 | FETH | Fidelity Ethereum Fund | — | EXIT | Sold out |
| 43 | AAUC | Allied Gold CORP | — | NEW | New buy |
| 44 | EXK | Exact Sciences CORP | — | EXIT | Sold out |
| 45 | XME | Ss Spdr S&p Metals Mining | — | EXIT | Sold out |
| 46 | DAY | Dayforce INC | — | EXIT | Sold out |
| 47 | SNOW | Snowflake INC | — | EXIT | Sold out |
| 48 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 49 | GTLS | Chart Industries INC | — | NEW | New buy |
| 50 | PEN | Penumbra INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-03 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-17 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2021-02-03 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2017-04-26 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2017-04-26 | Amendment | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2017-04-26 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-05-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2017-04-26 | Amendment | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
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