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Capula Management Ltd 13F Holdings Tracker

Capula Management Ltd
High-turnover traderConcentrated strategyMomentum follower

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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Personality snowflake

Concentration
100
Portfolio Stability
100
Momentum/Contrarian
100
Sector conviction
60.32
Diversification
100
Sizing Uniformity
0

Recent moves

  • 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

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

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.

Macro & Fundamentals

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.

Blind Spots / Risks

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.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 474 holdings (of 1256 total)

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1IVVIshares Core S&p 500 ETFETF-Large Cap & Growth42.25%+40.13%+1374.64%
2SPYSs Spdr S&p 500 ETF Trust-usETF-Large Cap & Growth29.40%+9.17%+7.37%
3QQQInvesco Qqq Trust Series 1ETF-Tech2.53%+1.04%+27.35%
4TSLATesla INCStock-Consumer Disc2.38%+1.71%+200.48%
5NVDANvidia CORPStock-Tech1.95%+1.09%+70.30%
6IWMIshares Russell 2000 ETFETF-Small Cap1.62%+1.62%NEW
7FXIIshares China Large-cap ETFETF-Emerging Markets0.85%+0.71%+357.12%
8METAMeta Platforms Inc-class AStock-Comm Services0.82%-0.23%-36.42%
9AAPLApple INCStock-Tech0.54%-0.72%-67.39%
10AMZNAmazon.com INCStock-Consumer Disc0.54%+0.35%+120.38%
11MSFTMicrosoft CORPStock-Tech0.52%—+45.12%
12CWANClearwater Analytics Holdings, Inc.Stock-Tech0.45%+0.43%+2052.88%
13EEMIshares Msci Emerging MarketETF-Emerging Markets0.36%-0.94%-80.98%
14GOOGLAlphabet Inc-cl AStock-Comm Services0.35%-1.29%-83.61%
15AVGOBroadcom INCStock-Tech0.34%—+42.62%
16AM6Amicus Therapeutics INCStock-Other0.33%+0.33%+10538.70%
17AAUCAllied Gold CORPStock-Other0.31%+0.31%NEW
18LBRDKLiberty Broadband-cStock-Comm Services0.30%+0.27%+498.16%
19NSCNorfolk Southern CORPStock-Industrials0.30%—+189.50%
20KVUEKenvue INCStock-Consumer Staples0.28%—+137.67%
21SDASealed Air CORPStock-Consumer Disc0.27%—+62.20%
22VOOVanguard S&p 500 ETFETF-Large Cap & Growth0.27%-37.13%-99.46%
23SMHVaneck Semiconductor ETFETF-Other0.27%-1.54%-90.02%
24WBDWarner Bros Discovery INCStock-Comm Services0.26%-0.15%-53.35%
25AESAes CORPStock-Utilities0.25%+0.25%+5115.24%
26HO1Hologic INCStock-Other0.25%—+137.09%
27GTLSChart Industries INCStock-Industrials0.24%+0.24%NEW
28PENPenumbra INCStock-Healthcare0.24%+0.24%NEW
29AMATApplied Materials INCStock-Tech0.22%—-3.55%
30EAElectronic Arts INCStock-Comm Services0.21%—+12.07%
31KRESs Spdr S&p Regional BankETF-Other0.21%—-44.55%
32XLCSs Comm Select Sector SpdrETF-Other0.20%——
33EFAIshares Msci Eafe ETFETF-Other0.19%——
34K4FOnestream INCStock-Other0.18%——
35DBRGDigitalbridge Group INCStock-Financials0.18%——
36MASI*Masimo CORPStock-Other0.18%——
37KWEBKranesh Csi China InternetETF-Emerging Markets0.18%—+45.20%
38TSMTaiwan Semiconductor-sp AdrStock-Tech0.18%—+21.70%
39BABAAlibaba Group Holding-sp AdrStock-Consumer Disc0.17%-2.31%-94.43%
40GOOGAlphabet Inc-cl CStock-Comm Services0.17%-0.33%-74.52%
41PLTRPalantir Technologies Inc-aStock-Tech0.16%—+106.18%
42✓ Csg Systems International InStock-Other0.15%——
43EVRG 4.5 12-15-27Evergy INCStock-Utilities0.14%—+50.00%
44SNCYSun Country Airlines HoldingStock-Other0.14%——
45MUMicron Technology INCStock-Tech0.14%—+54.21%
46JPMJpmorgan Chase & CoStock-Financials0.14%—+17.99%
47PDDPdd Holdings INCStock-Consumer Disc0.12%—-28.40%
48BABA 0.5 06-01-31Alibaba Group HoldingStock-Consumer Disc0.12%——
49AMDAdvanced Micro DevicesStock-Tech0.12%—+37.15%
50IGVIshares Expanded Tech-softwaETF-Tech0.12%——
1–50 of 474

Holding changes this quarter

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).

Position changes disclosed by Capula Management Ltd for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1IVVIshares Core S&p 500 ETF+40.1%+1374.64%Add
2SPYSs Spdr S&p 500 ETF Trust-us+9.2%+7.37%Add
3TSLATesla INC+1.7%+200.48%Add
4NVDANvidia CORP+1.1%+70.30%Add
5QQQInvesco Qqq Trust Series 1+1%+27.35%Add
6FXIIshares China Large-cap ETF+0.7%+357.12%Add
7CWANClearwater Analytics Holdings, Inc.+0.4%+2052.88%Add
8AMZNAmazon.com INC+0.4%+120.38%Add
9AM6Amicus Therapeutics INC+0.3%+10538.70%Add
10LBRDKLiberty Broadband-c+0.3%+498.16%Add
11AESAes CORP+0.3%+5115.24%Add
12WBDWarner Bros Discovery INC-0.2%-53.35%Trim
13MSTRStrategy INC-0.2%-91.01%Trim
14METAMeta Platforms Inc-class A-0.2%-36.42%Trim
15SMCISuper Micro Computer INC-0.2%-99.29%Trim
16GOOGAlphabet Inc-cl C-0.3%-74.52%Trim
17AMGNAmgen INC-0.4%-98.91%Trim
18JDJd.com Inc-adr-0.4%-95.54%Trim
19NKENike INC -cl B-0.4%-97.69%Trim
20BRK-BBerkshire Hathaway Inc-cl B-0.5%-96.98%Trim
21APPApplovin Corp-class A-0.6%-93.10%Trim
22SLVIshares Silver Trust-0.7%-97.50%Trim
23AAPLApple INC-0.7%-67.39%Trim
24CEGConstellation Energy-0.8%-91.94%Trim
25DELLDell Technologies -c-0.9%-98.28%Trim
26EEMIshares Msci Emerging Market-0.9%-80.98%Trim
27XOMExxon Mobil CORP-0.9%-96.26%Trim
28PYPLPaypal Holdings INC-0.9%-99.81%Trim
29CATCaterpillar INC-1%-97.68%Trim
30COINCoinbase Global INC -class A-1%-99.20%Trim
31QCOMQualcomm INC-1.1%-95.47%Trim
32GOOGLAlphabet Inc-cl A-1.3%-83.61%Trim
33SMHVaneck Semiconductor ETF-1.5%-90.02%Trim
34UBERUber Technologies INC-1.8%-99.17%Trim
35IBMIntl Business Machines CORP-2%-99.63%Trim
36BABAAlibaba Group Holding-sp Adr-2.3%-94.43%Trim
37VOOVanguard S&p 500 ETF-37.1%-99.46%Trim
38IBITIshares Bitcoin Trust ETF—EXITSold out
39IWMIshares Russell 2000 ETF—NEWNew buy
40ETHAIshares Ethereum Trust ETF—EXITSold out
41FBTCFidelity Wise Origin Bitcoin—EXITSold out
42FETHFidelity Ethereum Fund—EXITSold out
43AAUCAllied Gold CORP—NEWNew buy
44EXKExact Sciences CORP—EXITSold out
45XMESs Spdr S&p Metals Mining—EXITSold out
46DAYDayforce INC—EXITSold out
47SNOWSnowflake INC—EXITSold out
48✓ Cyberark Software LTD—EXITSold out
49GTLSChart Industries INC—NEWNew buy
50PENPenumbra INC—NEWNew buy

FAQ

What is Capula Management Ltd and what type of investor is it?
Capula Management Ltd is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $14.1B, spread across 1256 disclosed positions.
What are Capula Management Ltd's largest equity positions?
Based on the latest 13F filing, Capula Management Ltd's top holdings by market value are: 1. Ishares Core S&p 500 ETF (IVV) — $5.9B (42.3%) 2. Ss Spdr S&p 500 ETF Trust-us (SPY) — $4.1B (29.4%) 3. Invesco Qqq Trust Series 1 (QQQ) — $356.2M (2.5%) 4. Tesla INC (TSLA) — $334.1M (2.4%) 5. Nvidia CORP (NVDA) — $274.7M (1.9%)
What changes did Capula Management Ltd make in its most recent portfolio filing?
In the latest reported quarter, Capula Management Ltd made 50 notable position adjustments: 4 new positions were initiated, 11 existing holdings were added to, 26 positions were partially reduced, and 9 were completely exited. The largest of these moves: 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)
What sectors does Capula Management Ltd focus on?
Capula Management Ltd is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 33.8% • Consumer Discretionary: 23.5% • Communication Services: 12.9% • Industrials: 6.8% • Financials: 6.0% • Utilities: 4.8%

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