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← Brevan Howard Capital Management LP, its record

Brevan Howard Capital Management LP and Invesco Ltd: where the books meet

At Q2 2026, at least 17% of the two 13F books was the same, across 188 stocks both listed, against 2.6% 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%11%22%Q2 2013: 2.6%, 4 in bothQ3 2013: 2.5%, 6 in bothQ4 2013: 0.4%, 5 in bothQ1 2014: under 0.1%, 1 in both14Q2 2014: under 0.1%, 1 in bothQ3 2014: under 0.1%, 1 in bothQ4 2014: under 0.1%, 1 in bothQ1 2015: 0.2%, 2 in both15Q2 2015: 3.8%, 10 in bothQ3 2015: 0.1%, 1 in bothQ4 2015: 0.1%, 1 in bothQ1 2016: 0.1%, 1 in both16Q2 2016: under 0.1%, 1 in bothQ3 2016: 0.6%, 5 in bothQ4 2016: under 0.1%, 1 in bothQ1 2017: under 0.1%, 1 in both17Q2 2017: under 0.1%, 1 in bothQ3 2017: 0.3%, 4 in bothQ4 2020: 0.9%, 3 in bothQ1 2021: 0.1%, 2 in both21Q2 2021: 0.2%, 4 in bothQ3 2021: 0.1%, 2 in bothQ4 2021: 0.3%, 2 in bothQ1 2022: 0.3%, 7 in both22Q2 2022: 0.6%, 17 in bothQ3 2022: 0.9%, 20 in bothQ4 2022: 1.1%, 26 in bothQ1 2023: 1.7%, 33 in both23Q2 2023: 1.6%, 47 in bothQ3 2023: 1.2%, 126 in bothQ4 2023: 3.9%, 180 in bothQ1 2024: 4.2%, 178 in both24Q2 2024: 7.2%, 207 in bothQ3 2024: 7.6%, 204 in bothQ4 2024: 6.2%, 181 in bothQ1 2025: 11%, 189 in both25Q2 2025: 19%, 247 in bothQ3 2025: 11%, 235 in bothQ4 2025: 17%, 184 in bothQ1 2026: 22%, 192 in both26Q2 2026: 17%, 188 in both
  • Q2 2013: 2.6%, 4 in both
  • Q3 2013: 2.5%, 6 in both
  • Q4 2013: 0.4%, 5 in both
  • Q1 2014: under 0.1%, 1 in both
  • Q2 2014: under 0.1%, 1 in both
  • Q3 2014: under 0.1%, 1 in both
  • Q4 2014: under 0.1%, 1 in both
  • Q1 2015: 0.2%, 2 in both
  • Q2 2015: 3.8%, 10 in both
  • Q3 2015: 0.1%, 1 in both
  • Q4 2015: 0.1%, 1 in both
  • Q1 2016: 0.1%, 1 in both
  • Q2 2016: under 0.1%, 1 in both
  • Q3 2016: 0.6%, 5 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: 0.3%, 4 in both
  • Q4 2020: 0.9%, 3 in both
  • Q1 2021: 0.1%, 2 in both
  • Q2 2021: 0.2%, 4 in both
  • Q3 2021: 0.1%, 2 in both
  • Q4 2021: 0.3%, 2 in both
  • Q1 2022: 0.3%, 7 in both
  • Q2 2022: 0.6%, 17 in both
  • Q3 2022: 0.9%, 20 in both
  • Q4 2022: 1.1%, 26 in both
  • Q1 2023: 1.7%, 33 in both
  • Q2 2023: 1.6%, 47 in both
  • Q3 2023: 1.2%, 126 in both
  • Q4 2023: 3.9%, 180 in both
  • Q1 2024: 4.2%, 178 in both
  • Q2 2024: 7.2%, 207 in both
  • Q3 2024: 7.6%, 204 in both
  • Q4 2024: 6.2%, 181 in both
  • Q1 2025: 11%, 189 in both
  • Q2 2025: 19%, 247 in both
  • Q3 2025: 11%, 235 in both
  • Q4 2025: 17%, 184 in both
  • Q1 2026: 22%, 192 in both
  • Q2 2026: 17%, 188 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 LPInvesco Ltd
Apple Inc(AAPL)1.2%Added4.3%Added
Microsoft Corp(MSFT)1.2%Trimmed3.0%Added
Nvidia Corp(NVDA)1.0%Trimmed5.2%Added
Advanced Micro Devices(AMD)0.9%Added2.4%Added
Amazon.com Inc(AMZN)0.6%Added2.7%Added
SanDisk Corp(SNDK)0.4%Trimmed1.0%Added
Eli Lilly & Co(LLY)0.7%Added0.4%Added
Micron Technology Inc(MU)0.3%Trimmed3.3%Added
Tesla Motors Inc(TSLA)0.3%Trimmed1.8%Added
T-mobile US Inc(TMUS)0.2%Added0.4%Added
Wal-mart Stores Inc(WMT)0.2%Added1.3%Added
Goldman Sachs Group Inc(GS)0.3%Added0.2%Trimmed
Chevron Corp(CVX)0.5%Added0.2%Trimmed
Exxon Mobil Corp(XOM)0.2%Added0.2%Trimmed
Bank Amer Corp(BAC)0.2%Added0.3%Trimmed
Berkshire Hathaway Inc-cl B(BRK-B)0.2%Added0.2%Trimmed
Meta Platforms Inc(META)0.2%Trimmed1.7%Added
Citigroup Inc(C)0.2%Added0.2%Trimmed
Alphabet Inc-cl A(GOOGL)0.2%Trimmed2.6%Added
Costco Wholesale Coro(COST)0.2%Added1.0%Added

and 168 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; Invesco Ltd added
  • Micron Technology Inc(MU)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Microsoft Corp(MSFT)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Alphabet Inc-cl A(GOOGL)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Broadcom LTD(AVGO)Brevan Howard Capital Management LP added; Invesco Ltd trimmed
  • Alphabet(GOOG)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Tesla Motors Inc(TSLA)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Lam Research Corp(LRCX)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Meta Platforms Inc(META)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Applied Matls Inc(AMAT)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • SanDisk Corp(SNDK)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
  • Netflix Inc(NFLX)Brevan Howard Capital Management LP trimmed; Invesco Ltd added
Brevan Howard Capital Management LP: the recordInvesco Ltd: the record

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