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← Brevan Howard Capital Management LP, its record

Brevan Howard Capital Management LP and Bridgewater Associates LP: where the books meet

At Q2 2026, at least 19% of the two 13F books was the same, across 159 stocks both listed, against 0.2% 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%13%25%Q2 2013: 0.2%, 6 in bothQ3 2013: 0.3%, 6 in bothQ4 2013: 3.1%, 5 in bothQ1 2014: 7.0%, 2 in both14Q2 2014: 4.5%, 2 in bothQ3 2014: 4.8%, 1 in bothQ4 2014: 25%, 2 in bothQ1 2015: 0.0%, 0 in both15Q2 2015: 0.0%, 0 in bothQ3 2015: 0.0%, 0 in bothQ4 2015: 0.0%, 0 in bothQ1 2016: 2.2%, 1 in both16Q2 2016: 2.7%, 1 in bothQ3 2016: 0.2%, 3 in bothQ4 2016: under 0.1%, 1 in bothQ1 2017: under 0.1%, 1 in both17Q2 2017: 1.6%, 3 in bothQ3 2017: 3.4%, 3 in bothQ4 2020: 1.3%, 2 in bothQ1 2021: under 0.1%, 1 in both21Q2 2021: 0.5%, 1 in bothQ3 2021: 1.5%, 2 in bothQ4 2021: 0.6%, 1 in bothQ1 2022: 0.8%, 7 in both22Q2 2022: 0.7%, 13 in bothQ3 2022: 1.2%, 14 in bothQ4 2022: 1.3%, 12 in bothQ1 2023: 1.9%, 21 in both23Q2 2023: 1.2%, 30 in bothQ3 2023: 0.8%, 107 in bothQ4 2023: 2.9%, 169 in bothQ1 2024: 3.0%, 159 in both24Q2 2024: 4.8%, 188 in bothQ3 2024: 5.6%, 172 in bothQ4 2024: 4.1%, 165 in bothQ1 2025: 7.9%, 171 in both25Q2 2025: 11%, 184 in bothQ3 2025: 8.4%, 186 in bothQ4 2025: 14%, 157 in bothQ1 2026: 15%, 176 in both26Q2 2026: 19%, 159 in both
  • Q2 2013: 0.2%, 6 in both
  • Q3 2013: 0.3%, 6 in both
  • Q4 2013: 3.1%, 5 in both
  • Q1 2014: 7.0%, 2 in both
  • Q2 2014: 4.5%, 2 in both
  • Q3 2014: 4.8%, 1 in both
  • Q4 2014: 25%, 2 in both
  • Q1 2015: 0.0%, 0 in both
  • Q2 2015: 0.0%, 0 in both
  • Q3 2015: 0.0%, 0 in both
  • Q4 2015: 0.0%, 0 in both
  • Q1 2016: 2.2%, 1 in both
  • Q2 2016: 2.7%, 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: 1.6%, 3 in both
  • Q3 2017: 3.4%, 3 in both
  • Q4 2020: 1.3%, 2 in both
  • Q1 2021: under 0.1%, 1 in both
  • Q2 2021: 0.5%, 1 in both
  • Q3 2021: 1.5%, 2 in both
  • Q4 2021: 0.6%, 1 in both
  • Q1 2022: 0.8%, 7 in both
  • Q2 2022: 0.7%, 13 in both
  • Q3 2022: 1.2%, 14 in both
  • Q4 2022: 1.3%, 12 in both
  • Q1 2023: 1.9%, 21 in both
  • Q2 2023: 1.2%, 30 in both
  • Q3 2023: 0.8%, 107 in both
  • Q4 2023: 2.9%, 169 in both
  • Q1 2024: 3.0%, 159 in both
  • Q2 2024: 4.8%, 188 in both
  • Q3 2024: 5.6%, 172 in both
  • Q4 2024: 4.1%, 165 in both
  • Q1 2025: 7.9%, 171 in both
  • Q2 2025: 11%, 184 in both
  • Q3 2025: 8.4%, 186 in both
  • Q4 2025: 14%, 157 in both
  • Q1 2026: 15%, 176 in both
  • Q2 2026: 19%, 159 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 LPBridgewater Associates LP
iShares S&P 500(IVV)6.7%New9.2%Added
Microsoft Corp(MSFT)1.2%Trimmed1.1%Trimmed
Nvidia Corp(NVDA)1.0%Trimmed3.2%Trimmed
Advanced Micro Devices(AMD)0.9%Added1.3%Trimmed
Amazon.com Inc(AMZN)0.6%Added2.0%Trimmed
Apple Inc(AAPL)1.2%Added0.4%Trimmed
Eli Lilly & Co(LLY)0.7%Added0.4%Added
Micron Technology Inc(MU)0.3%Trimmed0.6%Trimmed
Citigroup Inc(C)0.2%Added0.3%Trimmed
Bank Amer Corp(BAC)0.2%Added0.2%Trimmed
Meta Platforms Inc(META)0.2%Trimmed0.3%Trimmed
G25457105(CRDO)0.2%Added0.2%Trimmed
Alphabet Inc-cl A(GOOGL)0.2%Trimmed1.9%Trimmed
Broadcom LTD(AVGO)0.2%Added2.0%Trimmed
G6700g107(NVT)0.2%Added0.2%Trimmed
Cardinal Health Inc(CAH)0.2%Added0.1%Added
144285103(CRS)0.2%Added0.1%Added
733174700(BPOP)0.1%New0.2%Trimmed
Exxon Mobil Corp(XOM)0.2%Added0.1%New
Wal-mart Stores Inc(WMT)0.2%Added0.1%Added

and 139 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.

  • Broadcom LTD(AVGO)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • Amazon.com Inc(AMZN)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • Advanced Micro Devices(AMD)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • Johnson & Johnson(JNJ)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • Apple Inc(AAPL)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • Amphenol Corp-cl A(APH)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • CSX Corp(CSX)Brevan Howard Capital Management LP started; Bridgewater Associates LP trimmed
  • Pg&e Corp(PCG)Brevan Howard Capital Management LP trimmed; Bridgewater Associates LP added
  • Citigroup Inc(C)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • FMC Technologies(FTI)Brevan Howard Capital Management LP sold out; Bridgewater Associates LP added
  • Bank Amer Corp(BAC)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
  • Bloom Energy Corp(BE)Brevan Howard Capital Management LP added; Bridgewater Associates LP trimmed
Brevan Howard Capital Management LP: the recordBridgewater Associates LP: the record

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