Hedge fund

Capital Fund Management S.A.

13F for the quarter to June 30, 2026, filed August 13, 2026 · SEC CIK 1323645

Reported value: $14.0bn
Positions we cover: 874
Copy, a year: +13.8%
Copy Sharpe ratio: 0.70

How copying its 13F would have done

CopyS&P 500 $10,000 copying Capital Fund Management S.A.'s filed holdings in companies we cover from August 2, 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 −34.6% (S&P 500 −31.8%); beta 1.09; alpha −0.7% a year (t = −0.47); last 12 months +15.4% against +12.1%.

Reported value by quarter

Capital Fund Management S.A.: 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	$4.1B
2013-09-30	$3.8B
2013-12-31	$4.3B
2014-03-31	$3.6B
2014-06-30	$4.1B
2014-09-30	$3.5B
2014-12-31	$3.8B
2015-03-31	$3.9B
2015-06-30	$3.9B
2015-09-30	$4.5B
2015-12-31	$5.3B
2016-03-31	$5.8B
2016-06-30	$5.6B
2016-09-30	$5.6B
2016-12-31	$5.5B
2017-03-31	$5.9B
2017-06-30	$5.9B
2017-09-30	$6.1B
2017-12-31	$6.9B
2018-03-31	$6.5B
2018-06-30	$6.6B
2018-09-30	$6.5B
2018-12-31	$3.2B
2019-03-31	$4.5B
2019-06-30	$4.6B
2019-09-30	$4.4B
2019-12-31	$4.4B
2020-03-31	$2.8B
2020-06-30	$2.4T
2020-09-30	$3T
2020-12-31	$3.2T
2021-03-31	$2.9T
2021-06-30	$3.7T
2021-09-30	$3.8T
2021-12-31	$3.8T
2022-03-31	$3.8T
2022-06-30	$3.7T
2022-09-30	$4T
2022-12-31	$4.5T
2023-03-31	$5.1B
2023-06-30	$6.4B
2023-09-30	$7.4B
2023-12-31	$7.9B
2024-03-31	$8.2B
2024-06-30	$8.8B
2024-09-30	$9B
2024-12-31	$10.1B
2025-03-31	$7.8B
2025-06-30	$9.1B
2025-09-30	$10B
2025-12-31	$10.6B
2026-03-31	$11.2B
2026-06-30	$14B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
AMZNAmazon	1.85%	$258.6m	1.08M	+24.3% Added
AMDAdvanced Micro Devices	1.74%	$242.4m	417.3K	+50.1% Added
MSFTMicrosoft Corporation	1.72%	$240.6m	645.0K	−5.9% Reduced
CCitigroup	1.53%	$213.1m	1.52M	+36.8% Added
TSLATesla, Inc.	1.50%	$208.6m	496.0K	−25.2% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD	0.99%	$138.5m	290.0K	−45.2% Reduced
CRMSalesforce	0.97%	$135.4m	864.6K	+354.7% Added
UBERUber	0.93%	$129.8m	1.80M	+96.3% Added
HOODRobinhood Markets	0.88%	$123.1m	1.23M	+6.3% Added
CATCaterpillar Inc.	0.80%	$110.9m	104.1K	+29.5% Added
ABNBAirbnb	0.79%	$110.7m	773.5K	+38.7% Added
GEGE Aerospace	0.75%	$104.3m	279.1K	−42.7% Reduced
CVXChevron Corporation	0.73%	$102.0m	615.1K	−42.1% Reduced
INTCIntel	0.71%	$98.5m	705.7K	+960.9% Added
ASMLAsml Holding NV	0.70%	$98.3m	49.4K	−21.2% Reduced
AIGAmerican International Group	0.70%	$97.1m	1.30M	+15.0% Added
UALUnited Airlines Holdings	0.63%	$87.3m	641.6K	+102.3% Added
MDTMedtronic	0.62%	$86.0m	1.10M	+1683.1% Added
SMCISupermicro	0.60%	$84.5m	2.88M	+194.5% Added
JPMJPMorgan Chase	0.60%	$84.1m	256.8K	+29.1% Added
WFCWells Fargo	0.60%	$83.7m	1.01M	New
METAMeta Platforms	0.56%	$77.9m	138.3K	+55.4% Added
TMUST-Mobile US	0.55%	$76.6m	456.8K	+59.2% Added
WDCWestern Digital	0.55%	$76.5m	119.8K	+19.2% Added
DHRDanaher Corporation	0.54%	$76.0m	398.9K	+90.4% Added
ORLYO'Reilly Automotive	0.54%	$75.6m	821.1K	+360.5% Added
GILDGilead Sciences	0.54%	$75.2m	595.2K	+708.8% Added
MCKMcKesson	0.53%	$73.5m	97.2K	+59.9% Added
BACBank of America	0.49%	$68.7m	1.21M	+149.1% Added
MOAltria	0.48%	$67.7m	940.7K	−37.7% Reduced
CMCSAComcast	0.47%	$66.2m	2.70M	New
BSXBoston Scientific	0.45%	$63.4m	1.49M	−10.8% Reduced
CMECME Group	0.45%	$62.8m	284.5K	+373.9% Added
BBarrick Mining Corp	0.45%	$62.6m	1.70M	+86.0% Added
WDAYWorkday, Inc.	0.44%	$62.0m	506.3K	+1716.1% Added
NXPINXP Semiconductors	0.44%	$61.1m	217.3K	+223.2% Added
MMM3M	0.44%	$61.0m	376.5K	−3.5% Reduced
TDGTransDigm Group	0.43%	$59.8m	44.9K	+51.8% Added
CTSHCognizant	0.42%	$58.4m	1.51M	+614.4% Added
DOCUDocusign, Inc.	0.41%	$57.9m	1.30M	+37.1% Added
TELTE Connectivity	0.41%	$57.5m	285.1K	−3.0% Reduced
TGTTarget Corporation	0.41%	$57.2m	437.9K	+465.7% Added
STXSeagate Technology	0.41%	$56.6m	58.7K	New
SPOTSpotify Technology S.a.	0.40%	$55.1m	120.0K	+35.6% Added
SHOPShopify Inc.	0.39%	$55.0m	481.7K	+127.1% Added
PINSPinterest, Inc.	0.39%	$54.4m	2.59M	+157.7% Added
ADPAutomatic Data Processing	0.39%	$54.2m	242.1K	+43.4% Added
NOWServiceNow	0.39%	$53.8m	542.4K	+28.7% Added
CMGChipotle Mexican Grill	0.38%	$53.6m	1.58M	+190.3% Added
TEAMAtlassian Corp	0.38%	$53.1m	682.5K	+19.3% Added
PHParker Hannifin	0.38%	$52.8m	54.0K	+39.2% Added
ONON Semiconductor Corp	0.38%	$52.7m	558.0K	+33.4% Added
LRCXLam Research	0.38%	$52.6m	121.4K	−70.6% Reduced
KKRKKR & Co.	0.37%	$51.6m	562.3K	+113.9% Added
TWLOTwilio Inc	0.37%	$51.4m	249.0K	+36.7% Added
ALBAlbemarle Corporation	0.36%	$51.0m	377.5K	+1.4% Added
TXNTexas Instruments	0.36%	$50.7m	170.1K	+1380.0% Added
KEYSKeysight Technologies	0.36%	$50.2m	143.3K	+160.9% Added
EDConsolidated Edison	0.35%	$48.6m	439.6K	+4.3% Added
APHAmphenol	0.35%	$48.6m	275.7K	−4.3% Reduced
BEBloom Energy	0.35%	$48.6m	160.6K	−67.3% Reduced
LHXL3Harris	0.35%	$48.4m	166.6K	New
KLACKLA Corporation	0.35%	$48.4m	160.3K	+674.6% Added
FDXFedEx	0.34%	$48.1m	153.6K	+422.1% Added
ALNYAlnylam Pharmaceuticals, Inc.	0.34%	$46.9m	155.9K	+11.3% Added
GMGeneral Motors	0.33%	$46.5m	603.2K	+114.9% Added
LUVSouthwest Airlines	0.33%	$46.3m	900.9K	+266.3% Added
DGDollar General	0.33%	$46.1m	400.6K	+195.5% Added
CLSCelestica Inc	0.33%	$45.6m	125.0K	New
RSGRepublic Services	0.32%	$44.7m	209.8K	+203.3% Added
DXCMDexcom	0.32%	$44.5m	661.4K	+24.2% Added
VSXYVictoria's Secret & Co.	0.32%	$44.5m	533.1K	+108.7% Added
ECHOEchoStar	0.32%	$43.9m	433.0K	New
METMetLife	0.31%	$43.8m	517.5K	−11.8% Reduced
MUMicron Technology	0.31%	$42.8m	37.1K	−91.2% Reduced
HALHalliburton	0.31%	$42.6m	1.26M	+375.7% Added
SNDKSandisk	0.30%	$42.4m	18.7K	−90.2% Reduced
DDDuPont	0.30%	$41.8m	308.5K	New
AFLAflac	0.29%	$39.9m	340.4K	+85.1% Added
ISRGIntuitive Surgical	0.29%	$39.9m	100.3K	−30.0% Reduced
ABTAbbott Laboratories	0.28%	$39.8m	438.2K	+636.7% Added
BJBj's Wholesale Club Holdings, Inc.	0.28%	$39.7m	454.8K	+86.9% Added
ICEIntercontinental Exchange	0.28%	$39.6m	322.0K	New
GSGoldman Sachs	0.28%	$39.3m	38.9K	+116.6% Added
INCYIncyte	0.27%	$38.1m	336.3K	+7.8% Added
FOXAFox Corporation (Class A)	0.27%	$38.1m	730.0K	+116.8% Added
UNPUnion Pacific Corporation	0.27%	$37.3m	137.3K	+820.6% Added
STMStmicroelectronics N.V.	0.26%	$36.2m	483.3K	New
AEPAmerican Electric Power	0.26%	$36.0m	262.9K	−31.4% Reduced
VRTXVertex Pharmaceuticals	0.25%	$35.3m	71.1K	−42.2% Reduced
DHID. R. Horton	0.25%	$35.0m	214.9K	+28.1% Added
ULTAUlta Beauty	0.25%	$34.4m	76.3K	New
JEFJefferies Financial Group Inc.	0.25%	$34.4m	688.6K	+78.4% Added
LMNDLemonade, Inc.	0.25%	$34.3m	528.0K	+69.6% Added
GDDYGodaddy Inc.	0.24%	$34.2m	403.0K	+16.2% Added
HUBSHubspot Inc	0.24%	$34.2m	187.4K	+79.1% Added
WCNWaste Connections, Inc.	0.23%	$32.8m	197.0K	+51.1% Added
TTDTrade Desk, Inc.	0.23%	$32.8m	1.81M	+797.4% Added
SHELShell plc	0.23%	$32.6m	421.0K	+59.9% Added
CRSCarpenter Technology Corp	0.23%	$32.5m	52.7K	−3.9% Reduced
TMOThermo Fisher Scientific	0.23%	$32.4m	64.7K	+191.5% Added
VICIVici Properties	0.23%	$31.9m	1.20M	+72.0% Added
CFCF Industries	0.23%	$31.8m	294.1K	+549.8% Added
TPRTapestry, Inc.	0.23%	$31.7m	216.6K	+158.7% Added
DVNDevon Energy	0.22%	$31.1m	753.6K	−54.7% Reduced
LNGCheniere Energy, Inc.	0.22%	$30.8m	128.7K	+522.3% Added
EXEExpand Energy	0.22%	$30.7m	336.8K	+77.6% Added
ROKRockwell Automation	0.22%	$30.3m	61.2K	−16.2% Reduced
ADBEAdobe Inc.	0.21%	$29.8m	145.2K	−57.1% Reduced
AAAlcoa Corp	0.21%	$29.6m	566.8K	+281.6% Added
TSEMTower Semiconductor LTD	0.21%	$29.6m	113.4K	New
ULUnilever PLC	0.21%	$29.5m	491.0K	−24.5% Reduced
MCDMcDonald's	0.21%	$29.4m	108.7K	−48.9% Reduced
HRBH&R Block Inc	0.21%	$29.1m	765.4K	+185.2% Added
AEMAgnico Eagle Mines LTD	0.21%	$28.7m	185.3K	−30.3% Reduced
UTHRUnited Therapeutics Corp	0.21%	$28.7m	53.0K	+8.3% Added
EXELExelixis, Inc.	0.21%	$28.7m	527.2K	+9.9% Added
AFRMAffirm Holdings, Inc.	0.20%	$28.4m	348.6K	+48.3% Added
UPSTUpstart Holdings, Inc.	0.20%	$28.4m	801.0K	−5.4% Reduced
DECKDeckers Brands	0.20%	$28.4m	285.6K	−7.2% Reduced
MMacy's, Inc.	0.20%	$28.0m	1.19M	+145.2% Added
CTASCintas	0.20%	$28.0m	164.5K	−30.1% Reduced
FFord Motor Company	0.20%	$27.6m	1.98M	+143.7% Added
KOThe Coca-Cola Company	0.20%	$27.4m	336.7K	−52.3% Reduced
FTVFortive	0.20%	$27.2m	444.6K	New
MUSAMurphy USA Inc.	0.19%	$27.0m	50.2K	New
OTISOtis Worldwide	0.19%	$27.0m	376.7K	−36.4% Reduced
FSLRFirst Solar, Inc.	0.19%	$26.8m	113.5K	New
TOSTToast, Inc.	0.19%	$26.4m	949.1K	−3.4% Reduced
IONSIonis Pharmaceuticals Inc	0.19%	$26.1m	329.6K	+131.8% Added
BRBRBellring Brands, Inc.	0.19%	$25.9m	2.00M	+103.6% Added
XELXcel Energy	0.18%	$25.9m	322.2K	−15.4% Reduced
SCHWCharles Schwab Corporation	0.18%	$25.8m	279.6K	+142.1% Added
APDAir Products	0.18%	$25.8m	87.9K	+445.1% Added
PLNTPlanet Fitness, Inc.	0.18%	$25.6m	490.1K	+738.0% Added
CSGPCoStar Group	0.18%	$25.6m	902.7K	+1847.5% Added
SMRNuscale Power Corp	0.18%	$25.3m	2.52M	−28.9% Reduced
CIENCiena	0.18%	$25.3m	51.5K	+194.7% Added
SEDGSolaredge Technologies, Inc.	0.18%	$25.2m	431.9K	−33.5% Reduced
LITELumentum	0.18%	$25.2m	29.4K	New
OPENOpendoor Technologies Inc.	0.18%	$25.0m	5.42M	+140.7% Added
VEEVVeeva Systems Inc	0.18%	$24.9m	140.5K	−4.0% Reduced
ADSKAutodesk, Inc.	0.18%	$24.8m	127.4K	+296.5% Added
PRUPrudential Financial	0.18%	$24.5m	227.1K	+98.9% Added
ALKAlaska AIR Group, Inc.	0.17%	$24.5m	468.8K	+40.6% Added
WWDWoodward, Inc.	0.17%	$24.4m	57.5K	+186.7% Added
DTDynatrace, Inc.	0.17%	$24.4m	556.6K	+2.2% Added
UMCUnited Microelectronics Corp	0.17%	$24.4m	897.3K	+20.4% Added
HCAHCA Healthcare	0.17%	$24.4m	62.6K	New
LULULululemon Athletica	0.17%	$24.4m	213.3K	New

Company	Bought (value)	Shares
CRMSalesforce	$105.7m	674.5K
INTCIntel	$89.2m	639.1K
WFCWells Fargo	$83.7m	1.01M
MDTMedtronic	$81.2m	1.04M
AMDAdvanced Micro Devices	$80.9m	139.3K
CMCSAComcast	$66.2m	2.70M
GILDGilead Sciences	$65.9m	521.6K
UBERUber	$63.7m	882.1K
ORLYO'Reilly Automotive	$59.2m	642.8K
WDAYWorkday, Inc.	$58.6m	478.4K
CCitigroup	$57.3m	409.7K
STXSeagate Technology	$56.6m	58.7K
SMCISupermicro	$55.8m	1.90M
AMZNAmazon	$50.6m	212.3K
CTSHCognizant	$50.2m	1.30M

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

Company	Sold (value)	Shares
MUMicron Technology	−$441.3m	−382.3K
SNDKSandisk	−$391.9m	−172.4K
AAPLApple Inc.	−$303.7m	−1.05M
LLYLilly (Eli)	−$209.1m	−174.3K
LRCXLam Research	−$126.5m	−292.0K
TSMTaiwan Semiconductor Manufacturing Co LTD	−$114.4m	−239.6K
HUMHumana	−$101.2m	−254.8K
BEBloom Energy	−$99.9m	−329.9K
PLTRPalantir Technologies Inc.	−$95.7m	−654.5K
AMATApplied Materials	−$78.9m	−109.2K
GEGE Aerospace	−$77.6m	−207.6K
CVXChevron Corporation	−$74.2m	−447.5K
TSLATesla, Inc.	−$70.4m	−167.4K
GEVGE Vernova	−$69.9m	−80.1K
MRVLMarvell Technology	−$65.2m	−658.4K

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

Company	Value last quarter	Shares
PLTRPalantir Technologies Inc.	$95.7m	654.5K
GEVGE Vernova	$69.9m	80.1K
MRVLMarvell Technology	$65.2m	658.4K
SYKStryker Corporation	$52.4m	159.4K
VSTVistra Corp.	$39.3m	261.4K
COPConocoPhillips	$34.6m	262.5K
SESea Ltd	$33.1m	399.3K
MCOMoody's Corporation	$32.9m	75.5K
MAMastercard	$30.4m	60.8K
MELIMercadolibre Inc	$26.7m	15.4K
NRGNRG Energy	$26.5m	181.1K
ITWIllinois Tool Works	$25.9m	99.7K
EQTEQT Corporation	$24.5m	385.4K
GLWCorning Inc.	$22.7m	166.8K
FIXComfort Systems USA	$22.6m	16.4K
ROPRoper Technologies	$22.5m	63.5K
NVONovo Nordisk A S	$20.2m	549.4K
COSTCostco	$19.2m	19.3K
HSBCHsbc Holdings PLC	$17.9m	217.0K
MCHPMicrochip Technology Inc	$17.0m	262.7K
DASHDoorDash	$15.7m	104.5K
RBLXRoblox Corp	$15.6m	275.5K
ELVElevance Health	$15.5m	53.0K
VRSKVerisk Analytics, Inc.	$14.8m	78.0K
CRCLCircle Internet Group, Inc.	$13.9m	145.5K
PBRPetrobras - Petroleo Brasileiro SA	$13.3m	640.5K
PLPlanet Labs PBC	$12.9m	462.9K
ANETArista Networks	$11.8m	96.0K
ONTOOnto Innovation Inc.	$11.4m	55.8K
CCJCameco Corp	$11.1m	102.0K

Technology25.5%
Industrials15.0%
Financials14.7%
Consumer Discretionary13.2%
Health Care9.9%
Materials4.8%
Consumer Staples4.3%
Communication Services4.1%
Energy3.9%
Real Estate2.3%
Utilities2.2%

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 2, 2013 to November 2, 2026	+13.8%	+13.8%	0.70	0.76	−34.6%	1.09
2018 onwardsJanuary 5, 2018 to November 2, 2026	+12.8%	+13.9%	0.56	0.66	−34.6%	1.08
Last three yearsNovember 3, 2023 to November 2, 2026	+24.5%	+21.8%	1.19	1.16	−19.3%	1.03
Last yearNovember 7, 2025 to November 2, 2026	+17.5%	+14.2%	1.01	0.84	−8.1%	0.94

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.