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← Brevan Howard Capital Management LP, its record

Brevan Howard Capital Management LP and Marshall Wace LLP: where the books meet

At Q2 2026, at least 22% of the two 13F books was the same, across 146 stocks both listed, against 1.1% 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: 1.1%, 4 in bothQ1 2014: 0.2%, 2 in both14Q2 2014: 0.3%, 1 in bothQ3 2014: 0.3%, 2 in bothQ4 2014: 0.0%, 0 in bothQ1 2015: 0.9%, 1 in both15Q2 2015: 2.5%, 7 in bothQ3 2015: 0.2%, 1 in bothQ4 2015: 0.0%, 0 in bothQ1 2016: 1.2%, 2 in both16Q2 2016: 1.7%, 2 in bothQ3 2016: 0.3%, 4 in bothQ4 2016: under 0.1%, 1 in bothQ1 2017: 0.0%, 0 in both17Q2 2017: under 0.1%, 1 in bothQ3 2017: 10%, 14 in bothQ4 2020: 1.5%, 7 in bothQ1 2021: 1.1%, 7 in both21Q2 2021: 1.0%, 4 in bothQ3 2021: 0.5%, 4 in bothQ4 2021: under 0.1%, 1 in bothQ1 2022: 0.6%, 8 in both22Q2 2022: 0.6%, 13 in bothQ3 2022: 1.1%, 17 in bothQ4 2022: 1.4%, 23 in bothQ1 2023: 1.9%, 32 in both23Q2 2023: 1.6%, 43 in bothQ3 2023: 1.2%, 97 in bothQ4 2023: 2.9%, 129 in bothQ1 2024: 3.5%, 129 in both24Q2 2024: 4.5%, 133 in bothQ3 2024: 6.0%, 162 in bothQ4 2024: 5.2%, 160 in bothQ1 2025: 8.5%, 140 in both25Q2 2025: 13%, 170 in bothQ3 2025: 8.1%, 152 in bothQ4 2025: 16%, 155 in bothQ1 2026: 16%, 177 in both26Q2 2026: 22%, 146 in both
  • Q2 2013: 1.1%, 4 in both
  • Q1 2014: 0.2%, 2 in both
  • Q2 2014: 0.3%, 1 in both
  • Q3 2014: 0.3%, 2 in both
  • Q4 2014: 0.0%, 0 in both
  • Q1 2015: 0.9%, 1 in both
  • Q2 2015: 2.5%, 7 in both
  • Q3 2015: 0.2%, 1 in both
  • Q4 2015: 0.0%, 0 in both
  • Q1 2016: 1.2%, 2 in both
  • Q2 2016: 1.7%, 2 in both
  • Q3 2016: 0.3%, 4 in both
  • Q4 2016: under 0.1%, 1 in both
  • Q1 2017: 0.0%, 0 in both
  • Q2 2017: under 0.1%, 1 in both
  • Q3 2017: 10%, 14 in both
  • Q4 2020: 1.5%, 7 in both
  • Q1 2021: 1.1%, 7 in both
  • Q2 2021: 1.0%, 4 in both
  • Q3 2021: 0.5%, 4 in both
  • Q4 2021: under 0.1%, 1 in both
  • Q1 2022: 0.6%, 8 in both
  • Q2 2022: 0.6%, 13 in both
  • Q3 2022: 1.1%, 17 in both
  • Q4 2022: 1.4%, 23 in both
  • Q1 2023: 1.9%, 32 in both
  • Q2 2023: 1.6%, 43 in both
  • Q3 2023: 1.2%, 97 in both
  • Q4 2023: 2.9%, 129 in both
  • Q1 2024: 3.5%, 129 in both
  • Q2 2024: 4.5%, 133 in both
  • Q3 2024: 6.0%, 162 in both
  • Q4 2024: 5.2%, 160 in both
  • Q1 2025: 8.5%, 140 in both
  • Q2 2025: 13%, 170 in both
  • Q3 2025: 8.1%, 152 in both
  • Q4 2025: 16%, 155 in both
  • Q1 2026: 16%, 177 in both
  • Q2 2026: 22%, 146 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 LPMarshall Wace LLP
iShares S&P 500(IVV)6.7%New24%Added
Apple Inc(AAPL)1.2%Added2.1%Added
Microsoft Corp(MSFT)1.2%Trimmed1.0%Trimmed
Nvidia Corp(NVDA)1.0%Trimmed1.4%Trimmed
Advanced Micro Devices(AMD)0.9%Added1.8%Added
Amazon.com Inc(AMZN)0.6%Added1.8%Added
Bloom Energy Corp(BE)0.4%Added0.4%Added
SanDisk Corp(SNDK)0.4%Trimmed0.4%Trimmed
Micron Technology Inc(MU)0.3%Trimmed1.2%Added
Tesla Motors Inc(TSLA)0.3%Trimmed0.7%Added
Chevron Corp(CVX)0.5%Added0.3%Trimmed
Eli Lilly & Co(LLY)0.7%Added0.3%Trimmed
T-mobile US Inc(TMUS)0.2%Added0.3%Trimmed
Wal-mart Stores Inc(WMT)0.2%Added0.2%Added
Abbvie Inc(ABBV)0.2%Added0.6%Added
Citigroup Inc(C)0.2%Added0.2%Added
Robinhood Markets Inc(HOOD)0.2%Added0.3%Added
Exxon Mobil Corp(XOM)0.2%Added0.3%Added
Bank Amer Corp(BAC)0.2%Added0.6%Added
Meta Platforms Inc(META)0.2%Trimmed0.4%Trimmed

and 126 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.

  • Micron Technology Inc(MU)Brevan Howard Capital Management LP trimmed; Marshall Wace LLP added
  • Tesla Motors Inc(TSLA)Brevan Howard Capital Management LP trimmed; Marshall Wace LLP added
  • Hilton Worldwide(HLT)Brevan Howard Capital Management LP added; Marshall Wace LLP trimmed
  • JPMorgan Chase & Co(JPM)Brevan Howard Capital Management LP trimmed; Marshall Wace LLP added
  • Broadcom LTD(AVGO)Brevan Howard Capital Management LP added; Marshall Wace LLP trimmed
  • Chevron Corp(CVX)Brevan Howard Capital Management LP added; Marshall Wace LLP trimmed
  • Eli Lilly & Co(LLY)Brevan Howard Capital Management LP added; Marshall Wace LLP trimmed
  • Uber Technologies Inc(UBER)Brevan Howard Capital Management LP trimmed; Marshall Wace LLP added
  • Parker Hannifin STK(PH)Brevan Howard Capital Management LP trimmed; Marshall Wace LLP added
  • T-mobile US Inc(TMUS)Brevan Howard Capital Management LP added; Marshall Wace LLP trimmed
  • Intel Corp(INTC)Brevan Howard Capital Management LP added; Marshall Wace LLP trimmed
  • Netflix Inc(NFLX)Brevan Howard Capital Management LP trimmed; Marshall Wace LLP added
Brevan Howard Capital Management LP: the recordMarshall Wace LLP: the record

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