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Hedge fund

Capula Management Ltd

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1557017

Reported value
$22.7bn
15% in companies we cover
Positions we cover
245
Largest BABA 1.4%
Copy, a year
+16.4%
S&P 500 +14.7%
Copy Sharpe ratio
0.66
S&P 500 0.63

How copying its 13F would have done

$10.0k$20.0k$40.0k 20172019202120232025 $42.4k$36.8k
CopyS&P 500 $10,000 copying Capula Management Ltd's filed holdings in companies we cover from April 28, 2017, 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 −38.0% (S&P 500 −31.8%); beta 0.80; alpha +4.0% a year (t = 0.93); last 12 months −6.8% against +12.1%.

Reported value by quarter

Capula Management Ltd: 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).
$0 $500B $1T Reported value, 2015-12-31: $23.7M Reported value, 2016-03-31: $39.8M Reported value, 2016-06-30: $123.9M Reported value, 2016-09-30: $130M Reported value, 2016-12-31: $52.1M Reported value, 2017-03-31: $90.3M Reported value, 2017-06-30: $45.4M Reported value, 2017-09-30: $28.4M Reported value, 2017-12-31: $5M Reported value, 2018-03-31: $5M Reported value, 2018-06-30: $72.1M Reported value, 2018-09-30: $154M Reported value, 2018-12-31: $121.5M Reported value, 2019-03-31: $9.5M Reported value, 2019-06-30: $23.9M Reported value, 2019-09-30: $276.8M Reported value, 2019-12-31: $186.7M Reported value, 2020-03-31: $611.5M Reported value, 2020-06-30: $260.4M Reported value, 2020-09-30: $101.2M Reported value, 2020-12-31: $353.4M Reported value, 2021-03-31: $479.4M Reported value, 2021-06-30: $551.5M Reported value, 2021-09-30: $1.3B Reported value, 2021-12-31: $1.4B Reported value, 2022-03-31: $360.4M Reported value, 2022-06-30: $712.3M Reported value, 2022-09-30: $814.1M Reported value, 2022-12-31: $965.8B Reported value, 2023-03-31: $1.2B Reported value, 2023-06-30: $830.9M Reported value, 2023-09-30: $1.5B Reported value, 2023-12-31: $1.6B Reported value, 2024-03-31: $3B Reported value, 2024-06-30: $8.9B Reported value, 2024-09-30: $8B Reported value, 2024-12-31: $14.6B Reported value, 2025-03-31: $13.5B Reported value, 2025-06-30: $8.1B Reported value, 2025-09-30: $13.4B Reported value, 2025-12-31: $15.4B Reported value, 2026-03-31: $11.4B Reported value, 2026-06-30: $22.7B 2015-12-31 2018-03-31 2020-06-30 2022-09-30 2026-06-30 $22.7B
View chart data
Period Reported value
2015-12-31 $23.7M
2016-03-31 $39.8M
2016-06-30 $123.9M
2016-09-30 $130M
2016-12-31 $52.1M
2017-03-31 $90.3M
2017-06-30 $45.4M
2017-09-30 $28.4M
2017-12-31 $5M
2018-03-31 $5M
2018-06-30 $72.1M
2018-09-30 $154M
2018-12-31 $121.5M
2019-03-31 $9.5M
2019-06-30 $23.9M
2019-09-30 $276.8M
2019-12-31 $186.7M
2020-03-31 $611.5M
2020-06-30 $260.4M
2020-09-30 $101.2M
2020-12-31 $353.4M
2021-03-31 $479.4M
2021-06-30 $551.5M
2021-09-30 $1.3B
2021-12-31 $1.4B
2022-03-31 $360.4M
2022-06-30 $712.3M
2022-09-30 $814.1M
2022-12-31 $965.8B
2023-03-31 $1.2B
2023-06-30 $830.9M
2023-09-30 $1.5B
2023-12-31 $1.6B
2024-03-31 $3B
2024-06-30 $8.9B
2024-09-30 $8B
2024-12-31 $14.6B
2025-03-31 $13.5B
2025-06-30 $8.1B
2025-09-30 $13.4B
2025-12-31 $15.4B
2026-03-31 $11.4B
2026-06-30 $22.7B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
BABAAlibaba Group Holding Ltd1.42%$320.9m3.34M+2818.9% Added
BABoeing0.91%$206.1m952.0K+13323.3% Added
WDCWestern Digital0.79%$179.0m280.3KNew
UBERUber0.70%$159.1m2.21M+44158.2% Added
INTCIntel0.65%$147.0m1.05M+1228.5% Added
PDDPDD Holdings Inc.0.64%$146.1m1.91M+10790.3% Added
WMTWalmart0.63%$142.0m1.25M+10700.1% Added
AVGOBroadcom0.52%$117.7m311.5K+731.1% Added
TSLATesla, Inc.0.50%$113.7m270.2K+442.4% Added
AMGNAmgen0.48%$108.7m300.1K+491808.2% Added
LINLinde plc0.46%$103.9m200.2K+435073.9% Added
CRDOCredo Technology Group Holding Ltd0.43%$96.5m354.9K+832.2% Added
MSTRStrategy Inc0.38%$87.1m1.00M+22397.4% Added
QCOMQualcomm0.34%$77.7m420.7K+2573.8% Added
KLACKLA Corporation0.30%$68.0m225.3K+13474.0% Added
NKENike, Inc.0.29%$65.7m1.60M+21875.7% Added
ADIAnalog Devices0.26%$59.7m150.4K+2197.8% Added
ULTAUlta Beauty0.26%$58.6m130.0KNew
KVUEKenvue0.26%$58.6m3.07M+36.5% Added
AAOIApplied Optoelectronics, Inc.0.25%$56.4m380.7KNew
SOFISoFi Technologies, Inc.0.24%$53.8m3.00MNew
AESAES Corporation0.23%$51.3m3.50M+41.6% Added
ECHOEchoStar0.23%$50.9m501.8KNew
PYPLPayPal0.22%$50.8m1.18M+65718.6% Added
AXONAxon Enterprise0.20%$44.8m80.0K+95138.1% Added
OGNOrganon & Co.0.18%$41.3m3.05MNew
NVDANVIDIA Corporation0.16%$37.1m185.6K−44.9% Reduced
VALValaris Ltd0.16%$37.1m510.9K+821.9% Added
GEVGE Vernova0.16%$35.6m30.3K+2118.7% Added
ANETArista Networks0.15%$34.0m200.0K+17352.0% Added
VRTVertiv0.15%$34.0m101.4KNew
HLTHilton Worldwide0.15%$33.3m100.8K+13880.2% Added
UPSUnited Parcel Service0.14%$32.3m300.2K+50182.1% Added
MARMarriott International0.12%$27.9m75.3K+9663.0% Added
PENPenumbra Inc0.12%$26.2m83.0K−18.5% Reduced
NSCNorfolk Southern0.11%$25.0m79.4K−45.2% Reduced
CEGConstellation Energy0.11%$24.1m96.9K+800.3% Added
COINCoinbase0.10%$23.4m160.1K+142802.7% Added
CDNSCadence Design Systems Inc0.09%$21.0m56.0K+946.0% Added
CLSCelestica Inc0.09%$20.4m56.0KNew
IBMIBM0.08%$17.7m63.0K+9627.8% Added
TXNMTxnm Energy Inc0.08%$17.5m307.6K+753.9% Added
ZSZscaler, Inc.0.08%$17.2m122.0KNew
LULULululemon Athletica0.08%$17.2m150.7KNew
PLTRPalantir Technologies Inc.0.07%$16.9m144.5K+567.7% Added
AAUCAllied Gold Corp0.07%$16.5m692.5K−30.9% Reduced
CZRCaesars Entertainment, Inc.0.07%$16.5m545.5K+1415.3% Added
BMNRBitmine Immersion Technologies, Inc.0.07%$16.0m1.20MNew
UNFUnifirst Corp0.06%$14.5m55.0KNew
BKNGBooking Holdings0.06%$13.9m78.1KNew
TECHBio-Techne0.05%$10.6m150.0KNew
HONHoneywell Technologies0.04%$9.1m40.7KNew
MSFTMicrosoft Corporation0.04%$9.1m24.4K−53.2% Reduced
AMZNAmazon0.03%$7.4m31.2K−65.9% Reduced
NWSANews Corp (Class A)0.03%$6.8m273.5K+61.4% Added
FERGFerguson Enterprises0.03%$6.8m28.5K−6.3% Reduced
METAMeta Platforms0.03%$6.7m11.9K−9.4% Reduced
AAPLApple Inc.0.03%$6.3m21.7K−56.9% Reduced
ROKURoku, Inc0.03%$6.1m44.0K+34.6% Added
LBTYKLiberty Global Ltd.0.03%$5.7m519.8K+147.4% Added
BACBank of America0.03%$5.6m98.6K+623.9% Added
RYAAYRyanair Holdings PLC0.02%$5.2m80.4KNew
UAAUnder Armour, Inc.0.02%$4.6m714.9K−4.6% Reduced
LENLennar0.02%$4.5m49.9K+84.5% Added
JHXJames Hardie Industries plc0.02%$4.5m170.6K−51.2% Reduced
GOOGLAlphabet Inc. (Class A)0.02%$4.4m12.3K−59.9% Reduced
PFEPfizer0.02%$4.1m170.2K+18225.6% Added
ALNYAlnylam Pharmaceuticals, Inc.0.02%$4.0m13.2K+0.7% Added
NETCloudflare, Inc.0.01%$3.5m14.1K+4.5% Added
BEBloom Energy0.01%$3.2m10.6KNew
AMKRAmkor Technology, Inc.0.01%$3.2m36.7KNew
RDDTReddit, Inc.0.01%$3.0m17.3K+84.6% Added
SHOPShopify Inc.0.01%$2.9m25.7K−24.7% Reduced
BNYBNY Mellon0.01%$2.2m15.4K+9240.0% Added
AFRMAffirm Holdings, Inc.0.01%$2.2m27.3K+20.0% Added
IOTSamsara Inc.0.01%$2.1m65.0K−12.5% Reduced
IMXIInternational Money Express, Inc.0.01%$2.0m140.0K−77.8% Reduced
CASYCasey's0.01%$1.9m2.4KNew
ZZillow Group, Inc.0.01%$1.9m60.3K+5.1% Added
BAMBrookfield Asset Management Ltd.0.01%$1.7m37.8K0.0%
COSTCostco0.01%$1.7m1.8K−15.9% Reduced
KMTKennametal Inc0.01%$1.5m43.7K+53.0% Added
ALABAstera Labs, Inc.0.01%$1.5m3.1K−86.7% Reduced
STRLSterling Infrastructure, Inc.0.01%$1.5m1.8KNew
NVTnVent Electric plc0.01%$1.3m7.4KNew
CRSCarpenter Technology Corp0.01%$1.2m2.0K−19.7% Reduced
NFLXNetflix0.01%$1.1m16.1K−2.7% Reduced
GSGoldman Sachs0.01%$1.1m1.1K+5214.3% Added
ATIATI Inc0.01%$1.1m5.6KNew
MTSIMacom Technology Solutions Holdings, Inc.0.01%$1.1m2.9KNew
QGENQiagen N.V.0.01%$1.1m27.8K0.0%
ASXASE Technology Holding Co., Ltd.0.00%$927,66720.6K−38.0% Reduced
MCDMcDonald's0.00%$862,0193.2K−52.6% Reduced
ABBVAbbVie0.00%$797,1953.2K−50.4% Reduced
SCHWCharles Schwab Corporation0.00%$746,8348.1K+27.7% Added
CPNGCoupang, Inc.0.00%$731,46842.1KNew
LLYLilly (Eli)0.00%$714,861596−83.0% Reduced
MUMicron Technology0.00%$696,037603−97.2% Reduced
CRWVCoreweave, Inc.0.00%$694,6907.0K−85.7% Reduced
NEENextEra Energy0.00%$650,7267.4K+8.3% Added
BSXBoston Scientific0.00%$649,67515.2KNew
TJXTJX Companies0.00%$600,8504.0K−52.1% Reduced
FIGFigma, Inc.0.00%$577,07131.9K0.0%
CCitigroup0.00%$566,6984.0K−4.9% Reduced
SNDKSandisk0.00%$566,159249−96.8% Reduced
YUMCYum China Holdings, Inc.0.00%$564,90513.8K+58.0% Added
BIDUBaidu, Inc.0.00%$559,4504.9K−68.0% Reduced
RACEFerrari N.V.0.00%$530,1411.4K−61.4% Reduced
SHELShell plc0.00%$528,7456.8KNew
EXCExelon0.00%$522,51611.2K−54.8% Reduced
ORLYO'Reilly Automotive0.00%$512,6645.6K−22.0% Reduced
AOSA. O. Smith0.00%$511,1688.2K+35.6% Added
CFGCitizens Financial Group0.00%$506,4667.2K+510.0% Added
TAT&T0.00%$492,82623.8KNew
LOWLowe's0.00%$491,2522.2K−68.1% Reduced
MAMastercard0.00%$485,352945−76.2% Reduced
ALLEAllegion0.00%$465,7243.3K+107.4% Added
JPMJPMorgan Chase0.00%$442,2231.4K−87.0% Reduced
TENBTenable Holdings, Inc.0.00%$439,46211.9K0.0%
ASMLAsml Holding NV0.00%$397,888200−92.1% Reduced
CVXChevron Corporation0.00%$386,3862.3K−55.7% Reduced
TCOMTrip.com Group Ltd0.00%$384,5769.7K−6.8% Reduced
PHParker Hannifin0.00%$384,402393−70.1% Reduced
HWMHowmet Aerospace0.00%$381,7811.4K−78.3% Reduced
CNACNA Financial Corp0.00%$378,6237.8K−48.2% Reduced
TTMITTM Technologies Inc0.00%$369,1782.0KNew
LNGCheniere Energy, Inc.0.00%$352,0611.5K−21.6% Reduced
PLDPrologis0.00%$348,2932.6K−49.6% Reduced
GEGE Aerospace0.00%$347,570930−74.2% Reduced
RCLRoyal Caribbean Group0.00%$346,7441.1K−60.3% Reduced
RLRalph Lauren Corporation0.00%$345,614861New
USBU.S. Bancorp0.00%$313,2345.2KNew
CCJCameco Corp0.00%$305,5803.0KNew
PGProcter & Gamble0.00%$298,4122.0K−78.3% Reduced
RMDResMed|0.00%$296,8021.5K+16.9% Added
VVisa Inc.0.00%$293,341855−89.3% Reduced
PNRPentair0.00%$288,3953.8K+17.4% Added
HDThe Home Depot0.00%$278,264789−92.5% Reduced
FNFabrinet0.00%$269,236479New
BEKEKE Holdings Inc.0.00%$259,47717.9K−35.2% Reduced
PWRQuanta Services0.00%$258,494359+348.8% Added
KOThe Coca-Cola Company0.00%$255,9193.1K+7772.5% Added
EVRGEvergy0.00%$255,7463.0K−33.1% Reduced
DEDeere & Company0.00%$253,098399−80.6% Reduced
VRTXVertex Pharmaceuticals0.00%$252,836509+106.1% Added
GDGeneral Dynamics0.00%$252,573713+1196.4% Added
IONQIonQ, Inc.0.00%$251,6004.7KNew
NTESNetease, Inc.0.00%$251,2832.0K−82.5% Reduced
UBSUBS Group AG0.00%$249,3865.0KNew
THCTenet Healthcare Corp0.00%$248,8161.3K+7.9% Added
CompanyBought (value)Shares
BABAAlibaba Group Holding Ltd$309.9m3.23M
BABoeing$204.5m944.9K
WDCWestern Digital$179.0m280.3K
UBERUber$158.8m2.20M
PDDPDD Holdings Inc.$144.7m1.90M
WMTWalmart$140.7m1.24M
INTCIntel$135.9m973.2K
AMGNAmgen$108.6m300.0K
LINLinde plc$103.9m200.1K
AVGOBroadcom$103.5m274.1K
TSLATesla, Inc.$92.7m220.4K
MSTRStrategy Inc$86.8m998.0K
CRDOCredo Technology Group Holding Ltd$86.2m316.9K
QCOMQualcomm$74.8m404.9K
KLACKLA Corporation$67.5m223.7K

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

CompanySold (value)Shares
NVDANVIDIA Corporation−$30.3m−151.2K
MUMicron Technology−$24.5m−21.2K
NSCNorfolk Southern−$20.6m−65.4K
SNDKSandisk−$16.9m−7.5K
MRVLMarvell Technology−$15.3m−51.3K
AMZNAmazon−$14.4m−60.3K
PPLPPL Corporation−$11.5m−450.0K
MSFTMicrosoft Corporation−$10.4m−27.8K
ALABAstera Labs, Inc.−$9.9m−20.4K
AAPLApple Inc.−$8.3m−28.7K
AMDAdvanced Micro Devices−$8.0m−13.8K
AAUCAllied Gold Corp−$7.4m−309.5K
IMXIInternational Money Express, Inc.−$7.1m−490.2K
GOOGLAlphabet Inc. (Class A)−$6.6m−18.4K
SNSharkninja, Inc.−$6.4m−60.0K

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

CompanyValue last quarterShares
PPLPPL Corporation$11.5m450.0K
SNSharkninja, Inc.$6.4m60.0K
TSMTaiwan Semiconductor Manufacturing Co LTD$6.1m18.0K
ZIMZIM Integrated Shipping Services Ltd.$5.4m206.4K
ALSNAllison Transmission Holdings Inc$3.9m33.7K
AVOMission Produce, Inc.$3.6m258.0K
ORCLOracle Corporation$3.1m21.0K
AXSAxis Capital Holdings LTD$3.0m29.7K
LAURLaureate Education, Inc.$2.9m81.9K
HUBSHubspot Inc$2.7m11.0K
RITMRithm Capital Corp.$2.6m272.7K
SNPSSynopsys Inc$2.6m6.5K
GTXGarrett Motion Inc.$2.5m137.0K
LAZLazard, Inc.$2.3m55.1K
CNQCanadian Natural Resources Ltd$2.3m48.0K
TXNTexas Instruments$2.2m11.4K
WTMWhite Mountains Insurance Group LTD$2.0m921
SPHRSphere Entertainment Co.$2.0m17.0K
BKVBKV Corp$2.0m68.6K
LYFTLyft, Inc.$2.0m147.1K
LIFLife360, Inc.$1.7m41.9K
LTHLife Time Group Holdings, Inc.$1.6m60.8K
CMICummins$1.6m3.0K
VSECVSE Corp$1.6m8.6K
NRGNRG Energy$1.5m10.0K
MPMP Materials Corp. / DE$1.4m29.5K
EQXEquinox Gold Corp.$1.4m70.0K
HUBBHubbell Incorporated$1.4m2.8K
FCXFreeport-McMoRan$1.3m22.9K
ETNEaton Corporation$1.3m3.8K
  • Technology31.8%
  • Consumer Discretionary24.4%
  • Industrials17.1%
  • Consumer Staples6.0%
  • Health Care5.8%
  • Financials4.8%
  • Materials3.7%
  • Utilities2.8%
  • Communication Services2.5%
  • Energy1.1%
  • Real Estate0.1%

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

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestApril 28, 2017 to November 2, 2026+16.4%+14.7%0.660.63−38.0%0.80
2018 onwardsJanuary 5, 2018 to November 2, 2026+17.8%+13.9%0.690.58−38.0%0.80
Last three yearsNovember 3, 2023 to November 2, 2026+22.3%+21.8%0.761.16−27.3%1.48
Last yearNovember 7, 2025 to November 2, 2026−4.5%+14.2%−0.350.84−16.8%1.16

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.