Hedge fund

Brevan Howard Capital Management LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1512857

Reported value: $6.8bn
Positions we cover: 1,785
Copy, a year: +8.1%
Copy Sharpe ratio: 0.37

How copying its 13F would have done

CopyS&P 500 $10,000 copying Brevan Howard Capital Management LP's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −41.9% (S&P 500 −31.8%); beta 0.89; alpha −2.7% a year (t = −0.56); last 12 months +11.4% against +12.1%.

Reported value by quarter

Brevan Howard Capital Management LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2013-06-30	$91.6M
2013-09-30	$61.7M
2013-12-31	$207.3M
2014-03-31	$144.4M
2014-06-30	$127.4M
2014-09-30	$237.7M
2014-12-31	$170.2M
2015-03-31	$160.7M
2015-06-30	$301.6M
2015-09-30	$198.4M
2015-12-31	$198.1M
2016-03-31	$207.7M
2016-06-30	$35.2M
2016-09-30	$102.3M
2016-12-31	$33.9M
2017-03-31	$12.2M
2017-06-30	$19.7M
2017-09-30	$43.5M
2020-12-31	$172.2M
2021-03-31	$150.5M
2021-06-30	$119.7M
2021-09-30	$164.7M
2021-12-31	$113.9M
2022-03-31	$132.9M
2022-06-30	$136.7M
2022-09-30	$247.4M
2022-12-31	$315.7B
2023-03-31	$398.2M
2023-06-30	$490.2M
2023-09-30	$281.8M
2023-12-31	$935.1M
2024-03-31	$1.1B
2024-06-30	$1.5B
2024-09-30	$2B
2024-12-31	$4B
2025-03-31	$3.5B
2025-06-30	$9B
2025-09-30	$6.9B
2025-12-31	$4.8B
2026-03-31	$9.7B
2026-06-30	$6.8B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	2.50%	$168.7m	583.1K	+284.7% Added
MSFTMicrosoft Corporation	2.31%	$156.1m	418.6K	−74.0% Reduced
NVDANVIDIA Corporation	1.95%	$131.6m	657.5K	−77.8% Reduced
AMDAdvanced Micro Devices	1.87%	$126.4m	217.6K	+2194.4% Added
LLYLilly (Eli)	1.37%	$92.5m	77.1K	+350.3% Added
AMZNAmazon	1.23%	$83.0m	348.4K	+373.1% Added
CVXChevron Corporation	0.99%	$67.1m	404.6K	+316.3% Added
SNDKSandisk	0.85%	$57.8m	25.4K	−80.7% Reduced
BEBloom Energy	0.84%	$57.1m	196.6K	+921.0% Added
MUMicron Technology	0.69%	$46.8m	40.6K	−81.8% Reduced
TSLATesla, Inc.	0.68%	$45.9m	109.1K	−90.3% Reduced
GSGoldman Sachs	0.54%	$36.8m	36.3K	+844.8% Added
NBNiocorp Developments LTD	0.50%	$34.1m	7.08M	+9.1% Added
TMUST-Mobile US	0.48%	$32.3m	192.6K	+119.9% Added
WMTWalmart	0.45%	$30.5m	269.1K	+86.2% Added
ABBVAbbVie	0.43%	$29.0m	115.3K	+56.6% Added
CCitigroup	0.41%	$27.7m	196.1K	+39.7% Added
HOODRobinhood Markets	0.39%	$26.6m	265.1K	+32.2% Added
STRLSterling Infrastructure, Inc.	0.39%	$26.4m	31.5K	+3206.3% Added
BACBank of America	0.39%	$26.4m	463.6K	+159.1% Added
MKSIMKS Inc	0.38%	$25.9m	58.3K	+603.6% Added
CRSCarpenter Technology Corp	0.38%	$25.6m	41.5K	+335.0% Added
METAMeta Platforms	0.36%	$24.6m	43.6K	−79.1% Reduced
CAHCardinal Health	0.36%	$24.1m	101.4K	+608.7% Added
CMECME Group	0.35%	$23.6m	107.0K	+4.2% Added
MTSIMacom Technology Solutions Holdings, Inc.	0.35%	$23.6m	61.9K	New
CRDOCredo Technology Group Holding Ltd	0.35%	$23.4m	86.0K	+1157.1% Added
FLGFlagstar Bank, National Association	0.34%	$23.3m	1.56M	+10708.5% Added
ATIATI Inc	0.34%	$23.2m	117.6K	+87.5% Added
GOOGLAlphabet Inc. (Class A)	0.33%	$22.6m	63.2K	−22.0% Reduced
WWDWoodward, Inc.	0.33%	$22.4m	52.7K	+71.5% Added
COSTCostco	0.33%	$22.3m	23.8K	+1.3% Added
AVGOBroadcom	0.32%	$21.6m	57.3K	+171.5% Added
NVTnVent Electric plc	0.32%	$21.4m	126.4K	+682.9% Added
CVBFCVB Financial Corp	0.32%	$21.4m	950.0K	+6.1% Added
ROIVRoivant Sciences Ltd.	0.27%	$18.3m	517.6K	+343.9% Added
RKTRocket Companies, Inc.	0.26%	$17.8m	1.13M	+73.7% Added
BABAAlibaba Group Holding Ltd	0.25%	$17.1m	178.7K	+1025.7% Added
NSCNorfolk Southern	0.25%	$16.9m	53.6K	−8.4% Reduced
CRMSalesforce	0.25%	$16.6m	106.0K	+2029.7% Added
NFLXNetflix	0.24%	$16.5m	231.7K	−71.4% Reduced
BPOPPopular, Inc.	0.24%	$16.4m	100.0K	New
ALABAstera Labs, Inc.	0.24%	$16.0m	33.1K	New
JNJJohnson & Johnson	0.23%	$15.9m	62.4K	+238.6% Added
COPConocoPhillips	0.23%	$15.8m	152.2K	−50.3% Reduced
ETNEaton Corporation	0.23%	$15.8m	37.6K	New
GILDGilead Sciences	0.23%	$15.6m	123.3K	+214.4% Added
AMKRAmkor Technology, Inc.	0.22%	$14.7m	174.5K	+671.7% Added
SCHWCharles Schwab Corporation	0.21%	$14.5m	156.7K	−79.9% Reduced
HLTHilton Worldwide	0.21%	$14.5m	44.0K	+105.8% Added
KVUEKenvue	0.21%	$14.2m	744.8K	−11.5% Reduced
WFCWells Fargo	0.19%	$13.0m	155.9K	+221.7% Added
MRNAModerna	0.19%	$12.7m	181.1K	+102.1% Added
WTFCWintrust Financial Corp	0.19%	$12.6m	78.6K	+4118.1% Added
AXAxos Financial, Inc.	0.18%	$12.5m	128.6K	−4.8% Reduced
ECHOEchoStar	0.18%	$12.0m	117.9K	+195.8% Added
PLTRPalantir Technologies Inc.	0.18%	$11.9m	102.2K	−87.1% Reduced
BBIOBridgebio Pharma, Inc.	0.17%	$11.6m	155.7K	+90.9% Added
PWRQuanta Services	0.17%	$11.6m	16.1K	+2.6% Added
BNYBNY Mellon	0.17%	$11.5m	79.7K	+53.9% Added
DELLDell Technologies	0.17%	$11.4m	26.4K	+353.5% Added
BFHBread Financial Holdings, Inc.	0.17%	$11.3m	104.5K	+2971.3% Added
OFGOFG Bancorp	0.16%	$11.0m	225.0K	New
RLRalph Lauren Corporation	0.16%	$10.7m	26.6K	+309.6% Added
SPCXSpace Exploration Technologies Corp	0.16%	$10.7m	62.4K	New
MAMastercard	0.16%	$10.5m	20.5K	+820.7% Added
FDXFedEx	0.15%	$10.4m	33.1K	+61.5% Added
HUTHut 8 Corp.	0.15%	$10.2m	88.5K	+343.9% Added
VNETVnet Group, Inc.	0.15%	$10.2m	1.28M	+66.4% Added
CCJCameco Corp	0.15%	$10.0m	99.8K	−38.6% Reduced
COINCoinbase	0.15%	$10.0m	68.1K	−73.2% Reduced
COLBColumbia Banking System, Inc.	0.15%	$9.9m	308.2K	−34.2% Reduced
UCTTUltra Clean Holdings, Inc.	0.14%	$9.8m	68.7K	+784.1% Added
CARRCarrier Global	0.14%	$9.5m	130.0K	New
NTRANatera, Inc.	0.14%	$9.5m	35.1K	+13.7% Added
BBTBeacon Financial Corp	0.14%	$9.5m	312.5K	+212.5% Added
SYYSysco	0.14%	$9.5m	113.4K	New
BMYBristol Myers Squibb	0.14%	$9.4m	164.0K	−3.8% Reduced
MTZMastec Inc	0.14%	$9.4m	22.6K	−76.1% Reduced
PYPLPayPal	0.14%	$9.3m	215.9K	+317.0% Added
NXTNextpower Inc.	0.14%	$9.3m	78.1K	+2273.1% Added
SNXTD Synnex Corp	0.14%	$9.2m	34.5K	New
ORLYO'Reilly Automotive	0.14%	$9.1m	99.0K	+295.2% Added
JPMJPMorgan Chase	0.13%	$9.0m	27.6K	−29.8% Reduced
VRTXVertex Pharmaceuticals	0.13%	$8.8m	17.6K	+459.1% Added
GDSGDS Holdings Ltd	0.13%	$8.7m	295.6K	New
PHParker Hannifin	0.13%	$8.7m	8.9K	−27.0% Reduced
CDECoeur Mining, Inc.	0.13%	$8.6m	525.1K	+241.9% Added
QCOMQualcomm	0.12%	$8.4m	45.5K	New
GEGE Aerospace	0.12%	$8.4m	22.5K	+39.6% Added
WMBWilliams Companies	0.12%	$8.4m	112.8K	−23.8% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD	0.12%	$8.3m	17.4K	−73.5% Reduced
INTCIntel	0.12%	$8.3m	59.3K	+601.2% Added
FERGFerguson Enterprises	0.12%	$8.2m	34.8K	+90.2% Added
ISRGIntuitive Surgical	0.12%	$8.2m	20.7K	+682.3% Added
MODModine Manufacturing Co	0.12%	$8.1m	30.5K	+915.6% Added
HIGThe Hartford	0.12%	$8.1m	61.4K	+212.7% Added
CCBCoastal Financial Corp	0.12%	$8.1m	105.0K	−19.2% Reduced
PPTAPerpetua Resources Corp.	0.12%	$8.1m	390.8K	−68.1% Reduced
MPWRMonolithic Power Systems, Inc.	0.12%	$8.0m	5.8K	+1594.4% Added
UNMUnum Group	0.12%	$8.0m	89.2K	+228.7% Added
FANGDiamondback Energy	0.12%	$8.0m	45.3K	−54.8% Reduced
UNHUnitedHealth Group	0.12%	$7.9m	19.1K	+0.3%
PLPlanet Labs PBC	0.12%	$7.9m	239.4K	+47.0% Added
AXSMAxsome Therapeutics, Inc.	0.12%	$7.8m	31.9K	New
CCLCarnival Corporation	0.11%	$7.6m	266.8K	New
PATHUipath, Inc.	0.11%	$7.6m	699.9K	+167.7% Added
MCDMcDonald's	0.11%	$7.5m	27.8K	−70.0% Reduced
TJXTJX Companies	0.11%	$7.5m	49.3K	−1.9% Reduced
CNCCentene Corporation	0.11%	$7.5m	116.3K	+4.7% Added
SFBSServisfirst Bancshares, Inc.	0.11%	$7.5m	86.0K	−49.4% Reduced
CIENCiena	0.11%	$7.4m	15.2K	+17.3% Added
SNPSSynopsys Inc	0.11%	$7.4m	16.7K	+180.1% Added
BANCBanc Of California, Inc.	0.11%	$7.4m	363.4K	+645.5% Added
EXEExpand Energy	0.11%	$7.4m	81.0K	+42.1% Added
GMGeneral Motors	0.11%	$7.4m	95.8K	−89.5% Reduced
DFTXDefinium Therapeutics, Inc.	0.11%	$7.4m	156.8K	−25.9% Reduced
ENSGEnsign Group, Inc	0.11%	$7.3m	45.5K	New
FCXFreeport-McMoRan	0.11%	$7.2m	115.2K	−57.1% Reduced
CATCaterpillar Inc.	0.11%	$7.1m	6.7K	−22.3% Reduced
AMATApplied Materials	0.10%	$7.1m	9.8K	−70.0% Reduced
LRCXLam Research	0.10%	$6.9m	16.1K	−73.2% Reduced
SJMThe J.M. Smucker Company	0.10%	$6.9m	61.2K	−8.1% Reduced
PGProcter & Gamble	0.10%	$6.9m	47.0K	+461.5% Added
AIGAmerican International Group	0.10%	$6.9m	92.3K	+92.8% Added
SHWSherwin-Williams	0.10%	$6.9m	19.9K	+44.9% Added
AMGNAmgen	0.10%	$6.8m	18.8K	+267.0% Added
SNDXSyndax Pharmaceuticals Inc	0.10%	$6.8m	309.1K	+50.9% Added
FISFidelity National Information Services	0.10%	$6.7m	172.9K	+61.3% Added
NBHCNational Bank Holdings Corp	0.10%	$6.7m	150.0K	New
ARIApollo Commercial Real Estate Finance, Inc.	0.10%	$6.6m	614.3K	+101.4% Added
HIIHuntington Ingalls Industries	0.10%	$6.5m	23.2K	+636.6% Added
ADBEAdobe Inc.	0.10%	$6.5m	31.6K	+20.9% Added
COFCapital One	0.10%	$6.5m	32.2K	−44.9% Reduced
MRKMerck & Co.	0.10%	$6.4m	50.0K	−9.1% Reduced
ARMKAramark	0.10%	$6.4m	112.7K	+1636.9% Added
ROLRollins, Inc.	0.09%	$6.4m	152.9K	+151.1% Added
DISThe Walt Disney Company	0.09%	$6.3m	65.8K	−74.1% Reduced
SWKStanley Black & Decker	0.09%	$6.3m	66.7K	−3.9% Reduced
CPRTCopart	0.09%	$6.2m	219.0K	+29.2% Added
ELVElevance Health	0.09%	$6.2m	15.9K	−4.9% Reduced
DHRDanaher Corporation	0.09%	$6.0m	31.6K	+46.6% Added
SPXCSPX Technologies, Inc.	0.09%	$6.0m	24.5K	New
NTNXNutanix, Inc.	0.09%	$6.0m	117.2K	+15.0% Added
TTWOTake TWO Interactive Software Inc	0.09%	$6.0m	23.9K	+91.6% Added
FTNTFortinet	0.09%	$6.0m	38.8K	+48.2% Added
UBERUber	0.09%	$5.9m	82.2K	−92.6% Reduced
GLWCorning Inc.	0.09%	$5.9m	23.2K	−62.7% Reduced
NRGNRG Energy	0.09%	$5.9m	40.5K	+92.9% Added
SEICSEI Investments Co	0.09%	$5.8m	66.5K	New

Company	Bought (value)	Shares
AAPLApple Inc.	$124.9m	431.6K
AMDAdvanced Micro Devices	$120.9m	208.2K
LLYLilly (Eli)	$71.9m	60.0K
AMZNAmazon	$65.5m	274.8K
BEBloom Energy	$51.5m	177.3K
CVXChevron Corporation	$50.9m	307.4K
GSGoldman Sachs	$32.9m	32.5K
STRLSterling Infrastructure, Inc.	$25.6m	30.5K
MTSIMacom Technology Solutions Holdings, Inc.	$23.6m	61.9K
FLGFlagstar Bank, National Association	$23.1m	1.54M
MKSIMKS Inc	$22.2m	50.0K
CRDOCredo Technology Group Holding Ltd	$21.5m	79.1K
CAHCardinal Health	$20.7m	87.1K
CRSCarpenter Technology Corp	$19.7m	32.0K
NVTnVent Electric plc	$18.7m	110.3K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
NVDANVIDIA Corporation	−$460.8m	−2.30M
MSFTMicrosoft Corporation	−$444.9m	−1.19M
TSLATesla, Inc.	−$426.8m	−1.01M
PDDPDD Holdings Inc.	−$295.1m	−180.5K
SNDKSandisk	−$241.4m	−106.2K
MUMicron Technology	−$210.0m	−182.0K
CRWDCrowdStrike	−$107.3m	−140.6K
BABoeing	−$105.6m	−488.0K
METAMeta Platforms	−$93.0m	−165.2K
PLTRPalantir Technologies Inc.	−$80.4m	−689.1K
UBERUber	−$74.7m	−1.03M
GMGeneral Motors	−$62.8m	−814.4K
SCHWCharles Schwab Corporation	−$58.0m	−624.9K
MRVLMarvell Technology	−$48.1m	−161.4K
ORCLOracle Corporation	−$42.0m	−286.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
PDDPDD Holdings Inc.	$295.1m	180.5K
FTITechnipFMC plc	$28.9m	417.7K
CSCOCisco	$17.2m	221.1K
UUUUEnergy Fuels Inc	$12.2m	668.8K
NBISNebius Group N.V.	$10.3m	99.4K
SIISprott Inc.	$9.8m	70.0K
HBMHudbay Minerals Inc.	$7.8m	374.8K
OPENOpendoor Technologies Inc.	$7.7m	1.65M
BBDBank Bradesco	$7.6m	2.15M
VZLAVizsla Silver Corp.	$7.5m	2.30M
BHFBrighthouse Financial, Inc.	$7.2m	120.8K
ONDSOndas Inc.	$6.7m	746.1K
TIGOMillicom International Cellular SA	$6.3m	84.4K
GEVGE Vernova	$6.3m	7.2K
ESLTElbit Systems LTD	$6.3m	7.6K
SUNBSunbelt Rentals Holdings, Inc.	$6.1m	93.7K
SYNASynaptics Inc	$5.4m	77.0K
FFord Motor Company	$5.2m	451.9K
FROGJfrog Ltd	$5.0m	106.6K
LNCLincoln National Corp	$4.7m	132.4K
CHRWC.H. Robinson	$4.7m	28.3K
PAASPAN American Silver Corp	$4.6m	84.4K
AUGOAura Minerals Inc.	$4.6m	56.4K
BDXBecton Dickinson	$4.5m	28.8K
HSICHenry Schein	$4.5m	61.4K
AXTIAXT Inc	$4.3m	75.0K
MCHPMicrochip Technology Inc	$4.2m	65.5K
LOBLive Oak Bancshares, Inc.	$4.1m	125.0K
TAPMolson Coors Beverage Co	$4.0m	93.6K
FLSFlowserve Corp	$3.9m	53.1K

Technology28.4%
Financials16.0%
Industrials13.9%
Health Care12.4%
Consumer Discretionary9.4%
Energy4.4%
Materials4.1%
Consumer Staples4.0%
Communication Services3.7%
Utilities2.2%
Real Estate1.4%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 16, 2013 to November 2, 2026	+8.1%	+14.1%	0.37	0.78	−41.9%	0.89
2018 onwardsJanuary 5, 2018 to November 2, 2026	+5.7%	+13.9%	0.24	0.66	−41.9%	0.88
Last three yearsNovember 3, 2023 to November 2, 2026	+19.4%	+21.8%	0.88	1.16	−20.4%	1.06
Last yearNovember 7, 2025 to November 2, 2026	+12.9%	+14.2%	0.63	0.84	−8.9%	1.10

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.