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← Brevan Howard Capital Management LP, its record

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

At Q2 2026, at least 21% of the two 13F books was the same, across 144 stocks both listed, against 0.0% at Q4 2014. 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%10%21%Q4 2014: 0.0%, 0 in bothQ1 2015: 0.0%, 0 in both15Q2 2015: 0.4%, 2 in bothQ3 2015: 0.0%, 0 in bothQ4 2015: 0.3%, 1 in bothQ1 2016: under 0.1%, 1 in both16Q2 2016: 0.0%, 0 in bothQ3 2016: 1.1%, 5 in bothQ4 2016: 0.3%, 2 in bothQ1 2017: 0.5%, 1 in both17Q2 2017: 0.7%, 2 in bothQ3 2017: 2.8%, 14 in bothQ4 2020: 0.2%, 3 in bothQ1 2021: 0.5%, 4 in both21Q2 2021: 0.3%, 4 in bothQ3 2021: 0.3%, 3 in bothQ4 2021: 0.3%, 4 in bothQ1 2022: 0.7%, 5 in both22Q2 2022: 0.5%, 12 in bothQ3 2022: 1.5%, 18 in bothQ4 2022: 1.0%, 16 in bothQ1 2023: 1.6%, 25 in both23Q2 2023: 1.2%, 32 in bothQ3 2023: 0.8%, 82 in bothQ4 2023: 3.0%, 104 in bothQ1 2024: 2.9%, 82 in both24Q2 2024: 4.2%, 110 in bothQ3 2024: 5.5%, 122 in bothQ4 2024: 4.2%, 106 in bothQ1 2025: 7.5%, 111 in both25Q2 2025: 11%, 142 in bothQ3 2025: 7.3%, 137 in bothQ4 2025: 12%, 126 in bothQ1 2026: 12%, 146 in both26Q2 2026: 21%, 144 in both
  • Q4 2014: 0.0%, 0 in both
  • Q1 2015: 0.0%, 0 in both
  • Q2 2015: 0.4%, 2 in both
  • Q3 2015: 0.0%, 0 in both
  • Q4 2015: 0.3%, 1 in both
  • Q1 2016: under 0.1%, 1 in both
  • Q2 2016: 0.0%, 0 in both
  • Q3 2016: 1.1%, 5 in both
  • Q4 2016: 0.3%, 2 in both
  • Q1 2017: 0.5%, 1 in both
  • Q2 2017: 0.7%, 2 in both
  • Q3 2017: 2.8%, 14 in both
  • Q4 2020: 0.2%, 3 in both
  • Q1 2021: 0.5%, 4 in both
  • Q2 2021: 0.3%, 4 in both
  • Q3 2021: 0.3%, 3 in both
  • Q4 2021: 0.3%, 4 in both
  • Q1 2022: 0.7%, 5 in both
  • Q2 2022: 0.5%, 12 in both
  • Q3 2022: 1.5%, 18 in both
  • Q4 2022: 1.0%, 16 in both
  • Q1 2023: 1.6%, 25 in both
  • Q2 2023: 1.2%, 32 in both
  • Q3 2023: 0.8%, 82 in both
  • Q4 2023: 3.0%, 104 in both
  • Q1 2024: 2.9%, 82 in both
  • Q2 2024: 4.2%, 110 in both
  • Q3 2024: 5.5%, 122 in both
  • Q4 2024: 4.2%, 106 in both
  • Q1 2025: 7.5%, 111 in both
  • Q2 2025: 11%, 142 in both
  • Q3 2025: 7.3%, 137 in both
  • Q4 2025: 12%, 126 in both
  • Q1 2026: 12%, 146 in both
  • Q2 2026: 21%, 144 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 LPSquarepoint Ops LLC
iShares S&P 500(IVV)6.7%New6.6%Trimmed
Nvidia Corp(NVDA)1.0%Trimmed0.9%Added
Apple Inc(AAPL)1.2%Added0.9%Added
Microsoft Corp(MSFT)1.2%Trimmed0.8%Trimmed
Advanced Micro Devices(AMD)0.9%Added0.7%Added
Amazon.com Inc(AMZN)0.6%Added1.0%Added
SanDisk Corp(SNDK)0.4%Trimmed0.5%Trimmed
Chevron Corp(CVX)0.5%Added0.4%Added
Micron Technology Inc(MU)0.3%Trimmed0.6%Trimmed
Tesla Motors Inc(TSLA)0.3%Trimmed0.6%Trimmed
Eli Lilly & Co(LLY)0.7%Added0.3%Trimmed
Goldman Sachs Group Inc(GS)0.3%Added0.3%Trimmed
Wal-mart Stores Inc(WMT)0.2%Added0.5%Added
Berkshire Hathaway Inc-cl B(BRK-B)0.2%Added0.3%Added
Exxon Mobil Corp(XOM)0.2%Added0.4%Added
Meta Platforms Inc(META)0.2%Trimmed0.3%Added
T-mobile US Inc(TMUS)0.2%Added0.2%Trimmed
Alphabet Inc-cl A(GOOGL)0.2%Trimmed0.2%Trimmed
Electronic Arts Inc(EA)0.2%Trimmed0.2%Trimmed
Broadcom LTD(AVGO)0.2%Added0.4%Trimmed

and 124 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.

  • iShares S&P 500(IVV)Brevan Howard Capital Management LP started; Squarepoint Ops LLC trimmed
  • Nvidia Corp(NVDA)Brevan Howard Capital Management LP trimmed; Squarepoint Ops LLC added
  • Applied Matls Inc(AMAT)Brevan Howard Capital Management LP trimmed; Squarepoint Ops LLC added
  • Broadcom LTD(AVGO)Brevan Howard Capital Management LP added; Squarepoint Ops LLC trimmed
  • Meta Platforms Inc(META)Brevan Howard Capital Management LP trimmed; Squarepoint Ops LLC added
  • Eli Lilly & Co(LLY)Brevan Howard Capital Management LP added; Squarepoint Ops LLC trimmed
  • Goldman Sachs Group Inc(GS)Brevan Howard Capital Management LP added; Squarepoint Ops LLC trimmed
  • iShares Bitcoin Trust ETF(IBIT)Brevan Howard Capital Management LP trimmed; Squarepoint Ops LLC added
  • iShares(FXI)Brevan Howard Capital Management LP sold out; Squarepoint Ops LLC added
  • Palantir Technologies Inc(PLTR)Brevan Howard Capital Management LP trimmed; Squarepoint Ops LLC added
  • O Reilly Automotive Inc New(ORLY)Brevan Howard Capital Management LP added; Squarepoint Ops LLC trimmed
  • Taiwan Semiconductor MFG LTD(TSM)Brevan Howard Capital Management LP trimmed; Squarepoint Ops LLC added
Brevan Howard Capital Management LP: the recordSquarepoint Ops LLC: the record

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