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← Brevan Howard Capital Management LP, its record

Brevan Howard Capital Management LP and AQR Capital Management LLC: where the books meet

At Q2 2026, at least 17% of the two 13F books was the same, across 181 stocks both listed, against 0.8% at Q2 2013. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.

Overlap by quarter
0%9%17%Q2 2013: 0.8%, 3 in bothQ3 2013: 2.0%, 4 in bothQ4 2013: 0.1%, 2 in bothQ1 2014: 0.0%, 0 in both14Q2 2014: 0.0%, 0 in bothQ3 2014: 0.0%, 0 in bothQ4 2014: 0.5%, 1 in bothQ1 2015: 0.0%, 0 in both15Q2 2015: 1.8%, 7 in bothQ3 2015: 0.0%, 0 in bothQ4 2015: 0.0%, 0 in bothQ1 2016: 0.0%, 0 in both16Q2 2016: under 0.1%, 1 in bothQ3 2016: 0.2%, 3 in bothQ4 2016: under 0.1%, 1 in bothQ1 2017: under 0.1%, 1 in both17Q2 2017: under 0.1%, 1 in bothQ3 2017: 0.4%, 4 in bothQ4 2020: 0.4%, 2 in bothQ1 2021: 0.1%, 1 in both21Q2 2021: 0.3%, 2 in bothQ3 2021: 0.3%, 2 in bothQ4 2021: 0.7%, 3 in bothQ1 2022: 0.8%, 7 in both22Q2 2022: 1.0%, 15 in bothQ3 2022: 1.0%, 18 in bothQ4 2022: 0.9%, 19 in bothQ1 2023: 1.3%, 23 in both23Q2 2023: 1.4%, 44 in bothQ3 2023: 1.1%, 126 in bothQ4 2023: 3.8%, 199 in bothQ1 2024: 4.2%, 183 in both24Q2 2024: 6.7%, 225 in bothQ3 2024: 7.4%, 219 in bothQ4 2024: 6.0%, 198 in bothQ1 2025: 11%, 191 in both25Q2 2025: 17%, 238 in bothQ3 2025: 9.9%, 210 in bothQ4 2025: 17%, 186 in bothQ1 2026: 17%, 190 in both26Q2 2026: 17%, 181 in both
  • Q2 2013: 0.8%, 3 in both
  • Q3 2013: 2.0%, 4 in both
  • Q4 2013: 0.1%, 2 in both
  • Q1 2014: 0.0%, 0 in both
  • Q2 2014: 0.0%, 0 in both
  • Q3 2014: 0.0%, 0 in both
  • Q4 2014: 0.5%, 1 in both
  • Q1 2015: 0.0%, 0 in both
  • Q2 2015: 1.8%, 7 in both
  • Q3 2015: 0.0%, 0 in both
  • Q4 2015: 0.0%, 0 in both
  • Q1 2016: 0.0%, 0 in both
  • Q2 2016: under 0.1%, 1 in both
  • Q3 2016: 0.2%, 3 in both
  • Q4 2016: under 0.1%, 1 in both
  • Q1 2017: under 0.1%, 1 in both
  • Q2 2017: under 0.1%, 1 in both
  • Q3 2017: 0.4%, 4 in both
  • Q4 2020: 0.4%, 2 in both
  • Q1 2021: 0.1%, 1 in both
  • Q2 2021: 0.3%, 2 in both
  • Q3 2021: 0.3%, 2 in both
  • Q4 2021: 0.7%, 3 in both
  • Q1 2022: 0.8%, 7 in both
  • Q2 2022: 1.0%, 15 in both
  • Q3 2022: 1.0%, 18 in both
  • Q4 2022: 0.9%, 19 in both
  • Q1 2023: 1.3%, 23 in both
  • Q2 2023: 1.4%, 44 in both
  • Q3 2023: 1.1%, 126 in both
  • Q4 2023: 3.8%, 199 in both
  • Q1 2024: 4.2%, 183 in both
  • Q2 2024: 6.7%, 225 in both
  • Q3 2024: 7.4%, 219 in both
  • Q4 2024: 6.0%, 198 in both
  • Q1 2025: 11%, 191 in both
  • Q2 2025: 17%, 238 in both
  • Q3 2025: 9.9%, 210 in both
  • Q4 2025: 17%, 186 in both
  • Q1 2026: 17%, 190 in both
  • Q2 2026: 17%, 181 in both

Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.

What the overlap is made of, Q2 2026

Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.

StockBrevan Howard Capital Management LPAQR Capital Management LLC
Apple Inc(AAPL)1.2%Added1.7%Added
Microsoft Corp(MSFT)1.2%Trimmed1.5%Added
Nvidia Corp(NVDA)1.0%Trimmed2.6%Added
Amazon.com Inc(AMZN)0.6%Added1.0%Added
Eli Lilly & Co(LLY)0.7%Added0.4%Added
Micron Technology Inc(MU)0.3%Trimmed1.5%Trimmed
Tesla Motors Inc(TSLA)0.3%Trimmed0.4%Added
SanDisk Corp(SNDK)0.4%Trimmed0.3%Trimmed
Advanced Micro Devices(AMD)0.9%Added0.3%Added
Chevron Corp(CVX)0.5%Added0.3%Added
T-mobile US Inc(TMUS)0.2%Added0.3%Added
Wal-mart Stores Inc(WMT)0.2%Added0.2%Trimmed
Citigroup Inc(C)0.2%Added0.3%Added
Berkshire Hathaway Inc-cl B(BRK-B)0.2%Added0.4%Added
Exxon Mobil Corp(XOM)0.2%Added0.2%Added
Bank Amer Corp(BAC)0.2%Added0.2%Added
Carpenter Technology Corp(CRS)0.2%Added0.3%Added
Meta Platforms Inc(META)0.2%Trimmed0.4%Added
Abbvie Inc(ABBV)0.2%Added0.2%Added
Goldman Sachs Group Inc(GS)0.3%Added0.2%Added

and 161 smaller ones

Moved different ways in Q2 2026

Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.

  • Nvidia Corp(NVDA)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
  • Microsoft Corp(MSFT)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
  • Alphabet(GOOG)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
  • Alphabet Inc-cl A(GOOGL)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
  • Centene Corp Del(CNC)Brevan Howard Capital Management LP added; AQR Capital Management LLC trimmed
  • GE Vernova Inc(GEV)Brevan Howard Capital Management LP sold out; AQR Capital Management LLC added
  • Lam Research Corp(LRCX)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
  • Intel Corp(INTC)Brevan Howard Capital Management LP added; AQR Capital Management LLC trimmed
  • Pg&E Corp(PCG)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
  • General Electric Co(GE)Brevan Howard Capital Management LP added; AQR Capital Management LLC trimmed
  • Tesla Motors Inc(TSLA)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
  • Meta Platforms Inc(META)Brevan Howard Capital Management LP trimmed; AQR Capital Management LLC added
Brevan Howard Capital Management LP: the recordAQR Capital Management LLC: the record

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