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← Brevan Howard Capital Management LP, its record

Brevan Howard Capital Management LP and Neuberger Berman Group LLC: where the books meet

At Q2 2026, at least 18% of the two 13F books was the same, across 163 stocks both listed, against 1.5% 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%18%Q2 2013: 1.5%, 5 in bothQ3 2013: 1.8%, 4 in bothQ4 2013: 0.6%, 4 in bothQ1 2014: 0.4%, 1 in both14Q2 2014: 0.3%, 1 in bothQ3 2014: 0.4%, 1 in bothQ4 2014: 0.4%, 1 in bothQ1 2015: 0.5%, 1 in both15Q2 2015: 2.4%, 6 in bothQ3 2015: 0.5%, 1 in bothQ4 2015: 0.5%, 1 in bothQ1 2016: 0.5%, 1 in both16Q2 2016: 0.5%, 1 in bothQ3 2016: 1.0%, 2 in bothQ4 2016: 0.4%, 1 in bothQ1 2017: 0.4%, 1 in both17Q2 2017: 0.5%, 1 in bothQ3 2017: 1.0%, 5 in bothQ4 2020: 0.5%, 2 in bothQ1 2021: 0.7%, 3 in both21Q2 2021: 0.8%, 4 in bothQ3 2021: 0.7%, 4 in bothQ4 2021: 0.6%, 1 in bothQ1 2022: 0.7%, 4 in both22Q2 2022: 1.1%, 12 in bothQ3 2022: 1.6%, 20 in bothQ4 2022: 1.8%, 27 in bothQ1 2023: 2.2%, 35 in both23Q2 2023: 1.9%, 48 in bothQ3 2023: 1.1%, 102 in bothQ4 2023: 3.5%, 146 in bothQ1 2024: 3.8%, 141 in both24Q2 2024: 5.7%, 151 in bothQ3 2024: 6.8%, 169 in bothQ4 2024: 5.2%, 149 in bothQ1 2025: 8.9%, 141 in both25Q2 2025: 15%, 183 in bothQ3 2025: 9.1%, 169 in bothQ4 2025: 17%, 142 in bothQ1 2026: 18%, 156 in both26Q2 2026: 18%, 163 in both
  • Q2 2013: 1.5%, 5 in both
  • Q3 2013: 1.8%, 4 in both
  • Q4 2013: 0.6%, 4 in both
  • Q1 2014: 0.4%, 1 in both
  • Q2 2014: 0.3%, 1 in both
  • Q3 2014: 0.4%, 1 in both
  • Q4 2014: 0.4%, 1 in both
  • Q1 2015: 0.5%, 1 in both
  • Q2 2015: 2.4%, 6 in both
  • Q3 2015: 0.5%, 1 in both
  • Q4 2015: 0.5%, 1 in both
  • Q1 2016: 0.5%, 1 in both
  • Q2 2016: 0.5%, 1 in both
  • Q3 2016: 1.0%, 2 in both
  • Q4 2016: 0.4%, 1 in both
  • Q1 2017: 0.4%, 1 in both
  • Q2 2017: 0.5%, 1 in both
  • Q3 2017: 1.0%, 5 in both
  • Q4 2020: 0.5%, 2 in both
  • Q1 2021: 0.7%, 3 in both
  • Q2 2021: 0.8%, 4 in both
  • Q3 2021: 0.7%, 4 in both
  • Q4 2021: 0.6%, 1 in both
  • Q1 2022: 0.7%, 4 in both
  • Q2 2022: 1.1%, 12 in both
  • Q3 2022: 1.6%, 20 in both
  • Q4 2022: 1.8%, 27 in both
  • Q1 2023: 2.2%, 35 in both
  • Q2 2023: 1.9%, 48 in both
  • Q3 2023: 1.1%, 102 in both
  • Q4 2023: 3.5%, 146 in both
  • Q1 2024: 3.8%, 141 in both
  • Q2 2024: 5.7%, 151 in both
  • Q3 2024: 6.8%, 169 in both
  • Q4 2024: 5.2%, 149 in both
  • Q1 2025: 8.9%, 141 in both
  • Q2 2025: 15%, 183 in both
  • Q3 2025: 9.1%, 169 in both
  • Q4 2025: 17%, 142 in both
  • Q1 2026: 18%, 156 in both
  • Q2 2026: 18%, 163 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 LPNeuberger Berman Group LLC
iShares S&P 500(IVV)6.7%New1.3%Added
Apple Inc(AAPL)1.2%Added3.3%Added
Microsoft Corp(MSFT)1.2%Trimmed2.6%Trimmed
Nvidia Corp(NVDA)1.0%Trimmed4.1%Added
Eli Lilly & Co(LLY)0.7%Added1.4%Trimmed
Amazon.com Inc(AMZN)0.6%Added3.1%Added
Advanced Micro Devices(AMD)0.9%Added0.6%Trimmed
Micron Technology Inc(MU)0.3%Trimmed0.7%Trimmed
Chevron Corp(CVX)0.5%Added0.3%Trimmed
SanDisk Corp(SNDK)0.4%Trimmed0.3%Trimmed
Goldman Sachs Group Inc(GS)0.3%Added0.2%Added
T-mobile US Inc(TMUS)0.2%Added0.3%Trimmed
Wal-mart Stores Inc(WMT)0.2%Added0.4%Added
Abbvie Inc(ABBV)0.2%Added0.2%Added
Berkshire Hathaway Inc-cl B(BRK-B)0.2%Added0.6%Added
Exxon Mobil Corp(XOM)0.2%Added0.6%Trimmed
Bank Amer Corp(BAC)0.2%Added0.3%Trimmed
Robinhood Markets Inc(HOOD)0.2%Added0.2%Added
MKS Instruments Inc(MKSI)0.2%Added0.3%Trimmed
Tesla Motors Inc(TSLA)0.3%Trimmed0.2%Added

and 143 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; Neuberger Berman Group LLC added
  • Alphabet Inc-cl A(GOOGL)Brevan Howard Capital Management LP trimmed; Neuberger Berman Group LLC added
  • Alphabet(GOOG)Brevan Howard Capital Management LP trimmed; Neuberger Berman Group LLC added
  • JPMorgan Chase & Co(JPM)Brevan Howard Capital Management LP trimmed; Neuberger Berman Group LLC added
  • Eli Lilly & Co(LLY)Brevan Howard Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Broadcom LTD(AVGO)Brevan Howard Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Meta Platforms Inc(META)Brevan Howard Capital Management LP trimmed; Neuberger Berman Group LLC added
  • Visa Inc(V)Brevan Howard Capital Management LP added; Neuberger Berman Group LLC trimmed
  • General Electric Co(GE)Brevan Howard Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Intel Corp(INTC)Brevan Howard Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Advanced Micro Devices(AMD)Brevan Howard Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Williams Companies Inc(WMB)Brevan Howard Capital Management LP trimmed; Neuberger Berman Group LLC added
Brevan Howard Capital Management LP: the recordNeuberger Berman Group LLC: the record

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