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← Brevan Howard Capital Management LP, its record

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

At Q2 2026, at least 18% of the two 13F books was the same, across 118 stocks both listed, against 0.4% at Q4 2020. 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%Q4 2020: 0.4%, 5 in bothQ1 2021: 0.4%, 7 in both21Q2 2021: under 0.1%, 2 in bothQ3 2021: 0.2%, 5 in bothQ4 2021: 0.0%, 0 in bothQ1 2022: under 0.1%, 3 in both22Q2 2022: under 0.1%, 4 in bothQ3 2022: 0.6%, 8 in bothQ4 2022: 0.5%, 9 in bothQ1 2023: 1.0%, 13 in both23Q2 2023: 0.3%, 13 in bothQ3 2023: 0.6%, 35 in bothQ4 2023: 1.1%, 53 in bothQ1 2024: 1.2%, 41 in both24Q2 2024: 1.6%, 58 in bothQ3 2024: 2.4%, 68 in bothQ4 2024: 2.6%, 72 in bothQ1 2025: 5.1%, 76 in both25Q2 2025: 7.4%, 95 in bothQ3 2025: 6.2%, 94 in bothQ4 2025: 8.7%, 94 in bothQ1 2026: 10%, 116 in both26Q2 2026: 18%, 118 in both
  • Q4 2020: 0.4%, 5 in both
  • Q1 2021: 0.4%, 7 in both
  • Q2 2021: under 0.1%, 2 in both
  • Q3 2021: 0.2%, 5 in both
  • Q4 2021: 0.0%, 0 in both
  • Q1 2022: under 0.1%, 3 in both
  • Q2 2022: under 0.1%, 4 in both
  • Q3 2022: 0.6%, 8 in both
  • Q4 2022: 0.5%, 9 in both
  • Q1 2023: 1.0%, 13 in both
  • Q2 2023: 0.3%, 13 in both
  • Q3 2023: 0.6%, 35 in both
  • Q4 2023: 1.1%, 53 in both
  • Q1 2024: 1.2%, 41 in both
  • Q2 2024: 1.6%, 58 in both
  • Q3 2024: 2.4%, 68 in both
  • Q4 2024: 2.6%, 72 in both
  • Q1 2025: 5.1%, 76 in both
  • Q2 2025: 7.4%, 95 in both
  • Q3 2025: 6.2%, 94 in both
  • Q4 2025: 8.7%, 94 in both
  • Q1 2026: 10%, 116 in both
  • Q2 2026: 18%, 118 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 LPWalleye Capital LLC
iShares S&P 500(IVV)6.7%New17%Added
Microsoft Corp(MSFT)1.2%Trimmed0.8%Added
iShares Bitcoin Trust ETF(IBIT)1.8%Trimmed0.8%Added
Amazon.com Inc(AMZN)0.6%Added1.6%Trimmed
Apple Inc(AAPL)1.2%Added0.5%Trimmed
SanDisk Corp(SNDK)0.4%Trimmed0.4%Trimmed
Advanced Micro Devices(AMD)0.9%Added0.4%Trimmed
Micron Technology Inc(MU)0.3%Trimmed0.4%Added
Tesla Motors Inc(TSLA)0.3%Trimmed0.5%Added
Alibaba Group HLDG LTD0.2%New0.4%Added
Wal-mart Stores Inc(WMT)0.2%Added0.3%New
Goldman Sachs Group Inc(GS)0.3%Added0.2%Added
Robinhood Markets Inc(HOOD)0.2%Added0.3%Added
Meta Platforms Inc(META)0.2%Trimmed0.3%Trimmed
Credo Technology Group Holdi(CRDO)0.2%Added0.2%Added
Nvidia Corp(NVDA)1.0%Trimmed0.1%Trimmed
Cloudflare Inc0.2%New0.1%Trimmed
Eli Lilly & Co(LLY)0.7%Added0.1%Added
Eaton Corp(ETN)0.1%New0.2%Added
69331cal20.1%New0.2%Trimmed

and 98 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.

  • Amazon.com Inc(AMZN)Brevan Howard Capital Management LP added; Walleye Capital LLC trimmed
  • iShares Bitcoin Trust ETF(IBIT)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • Microsoft Corp(MSFT)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • JPMorgan Chase & Co(JPM)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • Apple Inc(AAPL)Brevan Howard Capital Management LP added; Walleye Capital LLC trimmed
  • Tesla Motors Inc(TSLA)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • Advanced Micro Devices(AMD)Brevan Howard Capital Management LP added; Walleye Capital LLC trimmed
  • Micron Technology Inc(MU)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • Caterpillar STK(CAT)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • McDonald's Corp(MCD)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • CVS Health Corp(CVS)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
  • Capital One Finl Corp(COF)Brevan Howard Capital Management LP trimmed; Walleye Capital LLC added
Brevan Howard Capital Management LP: the recordWalleye Capital LLC: the record

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