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Brevan Howard Capital Management LP
The positions Brevan Howard Capital Management LP reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 14 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
Reported book
$13.5bn
+$2.2bn on Q1 2026
Positions
2,030
96+ new, 629 sold out
Top ten weight
29%
Spread across the book
Quarter
Q2 2026
Filed 14 Aug 2026
Read the Q2 2026 filing on sec.gov CIK 0001512857 · Macro
Reported book is the quarter-end market value of the securities on the 13F, mostly US-listed long equity. It is not the manager’s assets under management: shorts, cash, leverage and most non-US or private holdings sit outside it.
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
- iShares Core S&P500 ETF (IVV)$898m · 6.7%
- Invesco QQQ Trust (QQQ)calls$491m · 3.6%
- iShares 20 Year Treasury Bond ETF (TLT)puts$461m · 3.4%
- iShares IBOXX High Yield ETF (HYG)puts$400m · 3.0%
- Tesla Inc (TSLA)puts$264m · 2.0%
- SPDR Series SP Regional Banks (KRE)puts$263m · 1.9%
- Tesla Inc (TSLA)calls$254m · 1.9%
- iShares Bitcoin Trust ETF (IBIT)calls$241m · 1.8%
- iShares IBOXX INV CP ETF (LQD)calls$240m · 1.8%
- Nvidia Corporation (NVDA)calls$215m · 1.6%
- iShares Bitcoin Trust ETF (IBIT)puts$176m · 1.3%
- Nvidia Corporation (NVDA)puts$161m · 1.2%
- and 84 more, in the table below.
Sold out of this quarter
Exits are valued at what the position was worth in the previous filing, because by this one it is gone.
- iShares Trust (FXI)$217m held before
- SPDR Gold Trust (GLD)$184m held before
- iShares Trust (EEM)$76m held before
- VanEck ETF Trust (GDX)$46m held before
- Evergy Inc (EVRG)$34m held before
- Snowflake Inc (SNOW)$30m held before
- Technipfmc PLC (FTI)$29m held before
- On Semiconductor Corp (ON)$17m held before
- Firstenergy Corp (FE)$16m held before
- Medline Inc (MDLN)$14m held before
- Energy Fuels Inc (UUUU)$12m held before
- Duke Energy Corp New$11m held before
- and 617 more.
Largest reported positions, Q2 2026
200 positions, sorted by weight · page 1 of 2
Showing the largest 200 reported positions, representing 77.1% of reported market value.
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| iShares Core S&P500 ETF (IVV) CUSIP 464287200 | 6.7% | $898m | 1,202,676 | No earlier filing | New |
| Invesco QQQ Trust (QQQ) calls · CUSIP 46090E103 | 3.6% | $491m | 667,200 | No earlier filing | New |
| iShares 20 Year Treasury Bond ETF (TLT) puts · CUSIP 464287432 | 3.4% | $461m | 5,335,000 | No earlier filing | New |
| iShares IBOXX High Yield ETF (HYG) puts · CUSIP 464288513 | 3.0% | $400m | 5,000,000 | No earlier filing | New |
| iShares 20 Year Treasury Bond ETF (TLT) calls · CUSIP 464287432 | 2.5% | $331m | 3,835,000 | +$50m +585,000 shares | Added |
| iShares IBOXX INV CP ETF (LQD) puts · CUSIP 464287242 | 2.3% | $306m | 2,805,000 | +$6.2m +55,000 shares | Added |
| Tesla Inc (TSLA) puts · CUSIP 88160R101 | 2.0% | $264m | 626,800 | No earlier filing | New |
| SPDR Series SP Regional Banks (KRE) puts · CUSIP 78464A698 | 1.9% | $263m | 3,515,700 | No earlier filing | New |
| Tesla Inc (TSLA) calls · CUSIP 88160R101 | 1.9% | $254m | 603,400 | No earlier filing | New |
| iShares Bitcoin Trust ETF (IBIT) calls · CUSIP 46438F101 | 1.8% | $241m | 7,230,000 | No earlier filing | New |
| iShares IBOXX INV CP ETF (LQD) calls · CUSIP 464287242 | 1.8% | $240m | 2,200,000 | No earlier filing | New |
| iShares Bitcoin Trust ETF (IBIT) CUSIP 46438F101 | 1.8% | $240m | 7,205,004 | -$694m -17,099,784 shares | Trimmed |
| Nvidia Corporation (NVDA) calls · CUSIP 67066G104 | 1.6% | $215m | 1,074,175 | No earlier filing | New |
| Amazon Com Inc (AMZN) calls · CUSIP 023135106 | 1.6% | $215m | 900,000 | +$194m +800,000 shares | Added |
| iShares Bitcoin Trust ETF (IBIT) puts · CUSIP 46438F101 | 1.3% | $176m | 5,273,700 | No earlier filing | New |
| Apple Inc (AAPL) CUSIP 037833100 | 1.2% | $169m | 583,127 | +$130m +431,560 shares | Added |
| Nvidia Corporation (NVDA) puts · CUSIP 67066G104 | 1.2% | $161m | 805,700 | No earlier filing | New |
| Microsoft Corp (MSFT) CUSIP 594918104 | 1.2% | $156m | 418,592 | +$98m -1,192,818 shares | Trimmed |
| SPDR Series SP Regional Banks (KRE) CUSIP 78464A698 | 1.1% | $148m | 1,978,054 | No earlier filing | New |
| Alphabet Inc (GOOGL) Capital Stock Class A · calls · CUSIP 02079K305 | 1.1% | $143m | 400,000 | No earlier filing | New |
| Nvidia Corporation (NVDA) CUSIP 67066G104 | 1.0% | $132m | 657,548 | -$372m -2,302,880 shares | Trimmed |
| Advanced Micro Devices Inc (AMD) CUSIP 007903107 | 0.9% | $126m | 217,647 | +$125m +208,161 shares | Added |
| Microsoft Corp (MSFT) calls · CUSIP 594918104 | 0.9% | $125m | 333,805 | No earlier filing | New |
| Kraneshares Trust (KWEB) CSI CHI Internet · calls · CUSIP 500767306 | 0.9% | $117m | 4,770,000 | No earlier filing | New |
| PDD Holdings Inc (PDD) Sponsored ADS · calls · CUSIP 722304102 | 0.8% | $103m | 84,600 | No earlier filing | New |
| Eli Lilly & Co (LLY) CUSIP 532457108 | 0.7% | $93m | 77,094 | +$77m +59,975 shares | Added |
| Amazon Com Inc (AMZN) CUSIP 023135106 | 0.6% | $83m | 348,404 | +$68m +274,764 shares | Added |
| Invesco QQQ Trust (QQQ) puts · CUSIP 46090E103 | 0.5% | $74m | 100,000 | No earlier filing | New |
| Boeing Co (BA) puts · CUSIP 097023105 | 0.5% | $71m | 326,800 | +$70m +321,300 shares | Added |
| Jd.com Inc (JD) Sponsored ADS Class A · calls · CUSIP 47215P106 | 0.5% | $69m | 2,735,600 | No earlier filing | New |
| Chevron Corporation (CVX) CUSIP 166764100 | 0.5% | $67m | 404,553 | +$47m +307,368 shares | Added |
| iShares MSCI South Korea ETF (EWY) calls · CUSIP 464286772 | 0.5% | $63m | 310,000 | No earlier filing | New |
| Boeing Co (BA) calls · CUSIP 097023105 | 0.4% | $59m | 271,300 | +$58m +264,943 shares | Added |
| SanDisk Corp (SNDK) CUSIP 80004C200 | 0.4% | $58m | 25,408 | -$26m -106,151 shares | Trimmed |
| Crowdstrike HLDGS Inc (CRWD) Class A · calls · CUSIP 22788C105 | 0.4% | $58m | 75,400 | No earlier filing | New |
| Crowdstrike HLDGS Inc (CRWD) Class A · puts · CUSIP 22788C105 | 0.4% | $58m | 75,400 | No earlier filing | New |
| Bloom Energy Corp (BE) Common Class A · CUSIP 093712107 | 0.4% | $57m | 196,567 | +$55m +177,315 shares | Added |
| Select Sector SPDR Discretionary ETF (XLY) CUSIP 81369Y407 | 0.4% | $57m | 482,681 | No earlier filing | New |
| Palantir Technologies Inc (PLTR) Class A · calls · CUSIP 69608A108 | 0.4% | $47m | 406,300 | No earlier filing | New |
| Micron Technology Inc (MU) CUSIP 595112103 | 0.3% | $47m | 40,561 | -$28m -181,955 shares | Trimmed |
| Alphabet Inc (GOOGL) Capital Stock Class A · puts · CUSIP 02079K305 | 0.3% | $47m | 130,000 | No earlier filing | New |
| Tesla Inc (TSLA) CUSIP 88160R101 | 0.3% | $46m | 109,058 | -$372m -1,014,817 shares | Trimmed |
| Palantir Technologies Inc (PLTR) Class A · puts · CUSIP 69608A108 | 0.3% | $45m | 387,300 | No earlier filing | New |
| Meta Platforms Inc (META) Class A · puts · CUSIP 30303M102 | 0.3% | $42m | 74,500 | No earlier filing | New |
| Meta Platforms Inc (META) Class A · calls · CUSIP 30303M102 | 0.3% | $41m | 72,100 | No earlier filing | New |
| Alibaba Group HLDG LTD (BABA) Sponsored ADS · calls · CUSIP 01609W102 | 0.3% | $40m | 417,100 | +$11m +183,800 shares | Added |
| Apple Inc (AAPL) calls · CUSIP 037833100 | 0.3% | $39m | 135,000 | +$24m +75,000 shares | Added |
| Bank of Amer Corp (BAC) puts · CUSIP 060505104 | 0.3% | $38m | 673,200 | +$32m +538,000 shares | Added |
| Agnc Invt Corp (AGNC) puts · CUSIP 00123Q104 | 0.3% | $38m | 3,500,000 | -$57m -6,024,200 shares | Trimmed |
| Schwab Charles Corp (SCHW) puts · CUSIP 808513105 | 0.3% | $37m | 401,800 | No earlier filing | New |
| Goldman Sachs Group Inc (GS) CUSIP 38141G104 | 0.3% | $37m | 36,298 | +$34m +32,456 shares | Added |
| Uber Technologies Inc (UBER) puts · CUSIP 90353T100 | 0.3% | $36m | 502,000 | No earlier filing | New |
| Netflix Inc. (NFLX) calls · CUSIP 64110L106 | 0.3% | $36m | 498,100 | No earlier filing | New |
| Alphabet Inc (GOOG) Capital Stock Class C · calls · CUSIP 02079K107 | 0.3% | $35m | 100,000 | No earlier filing | New |
| Niocorp Devs LTD (NB) CUSIP 654484609 | 0.3% | $34m | 7,075,000 | +$6.1m +590,000 shares | Added |
| Select Sector SPDR Utilities ETF (XLU) calls · CUSIP 81369Y886 | 0.3% | $34m | 750,000 | No earlier filing | New |
| Select Sector SPDR Utilities ETF (XLU) puts · CUSIP 81369Y886 | 0.3% | $34m | 750,000 | No earlier filing | New |
| Uber Technologies Inc (UBER) calls · CUSIP 90353T100 | 0.3% | $34m | 470,100 | No earlier filing | New |
| T-mobile US Inc (TMUS) CUSIP 872590104 | 0.2% | $32m | 192,627 | +$14m +105,011 shares | Added |
| Cloudflare Inc (NET) Note8/1 · CUSIP 18915MAC1 | 0.2% | $32m | 25,000,000 | No earlier filing | New |
| iShares Semiconductor (SOXX) calls · CUSIP 464287523 | 0.2% | $32m | 50,000 | No earlier filing | New |
| Alibaba Group HLDG LTD Note 0.500% 6/0 · CUSIP 01609WBG6 | 0.2% | $31m | 26,600,000 | No earlier filing | New |
| Walmart Inc (WMT) CUSIP 931142103 | 0.2% | $31m | 269,063 | +$13m +124,568 shares | Added |
| Apple Inc (AAPL) puts · CUSIP 037833100 | 0.2% | $30m | 105,000 | +$15m +45,000 shares | Added |
| Alibaba Group HLDG LTD (BABA) Sponsored ADS · puts · CUSIP 01609W102 | 0.2% | $30m | 312,000 | +$1.3m +78,800 shares | Added |
| Schwab Charles Corp (SCHW) calls · CUSIP 808513105 | 0.2% | $30m | 320,100 | No earlier filing | New |
| Abbvie Inc (ABBV) CUSIP 00287Y109 | 0.2% | $29m | 115,264 | +$13m +41,681 shares | Added |
| iShares 20 Year Treasury Bond ETF (TLT) CUSIP 464287432 | 0.2% | $28m | 323,830 | -$210m -2,426,170 shares | Trimmed |
| Micron Technology Inc (MU) calls · CUSIP 595112103 | 0.2% | $28m | 24,200 | No earlier filing | New |
| Citigroup Inc (C) CUSIP 172967424 | 0.2% | $28m | 196,119 | +$12m +55,749 shares | Added |
| Berkshire Hathaway Inc Del (BRK-B) Class B New · CUSIP 084670702 | 0.2% | $27m | 53,556 | +$18m +36,046 shares | Added |
| Cisco Sys Inc (CSCO) calls · CUSIP 17275R102 | 0.2% | $27m | 228,000 | No earlier filing | New |
| General MTRS Co (GM) puts · CUSIP 37045V100 | 0.2% | $27m | 346,400 | No earlier filing | New |
| Robinhood MKTS Inc (HOOD) Common Class A · CUSIP 770700102 | 0.2% | $27m | 265,119 | +$13m +64,611 shares | Added |
| Exxon Mobil Corp (XOM) CUSIP 30231G102 | 0.2% | $27m | 194,607 | +$6.3m +75,157 shares | Added |
| Sterling Infrastructure Inc (STRL) CUSIP 859241101 | 0.2% | $26m | 31,476 | +$26m +30,524 shares | Added |
| Bank of Amer Corp (BAC) CUSIP 060505104 | 0.2% | $26m | 463,648 | +$18m +284,724 shares | Added |
| MKS Inc. (MKSI) CUSIP 55306N104 | 0.2% | $26m | 58,288 | +$24m +50,004 shares | Added |
| Carpenter Technology Corp (CRS) CUSIP 144285103 | 0.2% | $26m | 41,535 | +$22m +31,987 shares | Added |
| Select Sector SPDR Mater ETF (XLB) calls · CUSIP 81369Y100 | 0.2% | $25m | 500,000 | No earlier filing | New |
| Select Sector SPDR Mater ETF (XLB) puts · CUSIP 81369Y100 | 0.2% | $25m | 500,000 | No earlier filing | New |
| Goldman Sachs Group Inc (GS) puts · CUSIP 38141G104 | 0.2% | $25m | 25,000 | No earlier filing | New |
| Electronic Arts Inc (EA) CUSIP 285512109 | 0.2% | $25m | 122,639 | -$1.1m -5,901 shares | Trimmed |
| Cyberark Software LTD Note6/1 · CUSIP 23248VAD7 | 0.2% | $25m | 15,000,000 | No earlier filing | New |
| Meta Platforms Inc (META) Class A · CUSIP 30303M102 | 0.2% | $25m | 43,649 | -$91m -165,173 shares | Trimmed |
| Centerpoint Energy Inc (CNP) Note 4.250% 8/1 · CUSIP 15189TBD8 | 0.2% | $24m | 20,000,000 | No earlier filing | New |
| Cardinal Health Inc (CAH) CUSIP 14149Y108 | 0.2% | $24m | 101,388 | +$21m +87,082 shares | Added |
| Cme Group Inc (CME) CUSIP 12572Q105 | 0.2% | $24m | 107,048 | -$6.7m +4,342 shares | Added |
| Macom Tech Solutions HLDGS I (MTSI) CUSIP 55405Y100 | 0.2% | $24m | 61,932 | No earlier filing | New |
| Credo Technology Group Holdi (CRDO) CUSIP G25457105 | 0.2% | $23m | 85,961 | +$23m +79,123 shares | Added |
| Flagstar Bank National Assoc (FLG) CUSIP 649445400 | 0.2% | $23m | 1,559,228 | +$23m +1,544,802 shares | Added |
| Ati Inc (ATI) CUSIP 01741R102 | 0.2% | $23m | 117,553 | +$14m +54,843 shares | Added |
| Netflix Inc. (NFLX) puts · CUSIP 64110L106 | 0.2% | $23m | 324,100 | No earlier filing | New |
| Alphabet Inc (GOOGL) Capital Stock Class A · CUSIP 02079K305 | 0.2% | $23m | 63,194 | -$700k -17,790 shares | Trimmed |
| Woodward Inc (WWD) CUSIP 980745103 | 0.2% | $22m | 52,661 | +$11m +21,950 shares | Added |
| Global PMTS Inc Note 1.500% 3/0 · CUSIP 37940XAU6 | 0.2% | $22m | 25,000,000 | No earlier filing | New |
| Costco Wholesale Corporation (COST) CUSIP 22160K105 | 0.2% | $22m | 23,800 | -$1.1m +317 shares | Added |
| General MTRS Co (GM) calls · CUSIP 37045V100 | 0.2% | $22m | 286,400 | No earlier filing | New |
| Broadcom Inc (AVGO) CUSIP 11135F101 | 0.2% | $22m | 57,290 | +$15m +36,190 shares | Added |
| Pinnacle West Cap Corp Note 4.750% 6/1 · CUSIP 723484AK7 | 0.2% | $22m | 18,000,000 | No earlier filing | New |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | 30 Jun 2026 | 14 Aug 2026 | $13.5bn | 2,030 | 29% | 13F-HR |
| Q1 2026 | 31 Mar 2026 | 15 May 2026 | $11.3bn | 2,114 | 40% | 13F-HR |
| Q4 2025 | 31 Dec 2025 | 17 Feb 2026 | $9.2bn | 1,714 | 34% | 13F-HR |
| Q3 2025 | 30 Sept 2025 | 14 Nov 2025 | $22.4bn | 1,903 | 59% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 14 Aug 2025 | $17.3bn | 1,817 | 47% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 15 May 2025 | $10.4bn | 1,122 | 73% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 14 Feb 2025 | $15.6bn | 993 | 79% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 14 Nov 2024 | $14.4bn | 1,106 | 75% | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
You have read the book. Now have a view on one name
Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More
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