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← Brevan Howard Capital Management LP, latest filing

What Brevan Howard Capital Management LP changed, 2013 to 2026

41 quarterly 13F filings, from Q2 2013 to Q2 2026, each read from the filing itself. A quarter is compared only with the quarter before it, so a quarter with no filing is a gap in the record, not a sale.

Reported book

$13.5bn

$573m at Q2 2013

Positions

2,030

29 at Q2 2013

Top ten weight

29%

87% at Q2 2013

Typical quarterly turnover

about 32%

Estimated from share changes

Reported book by quarter
$0$11bn$22bnQ2 2013: $573mQ3 2013: $214mQ4 2013: $288mQ1 2014: $207m14Q2 2014: $216mQ3 2014: $288mQ4 2014: $180mQ1 2015: $277m15Q2 2015: $324mQ3 2015: $198mQ4 2015: $198mQ1 2016: $1.3bn16Q2 2016: $913mQ3 2016: $1.2bnQ4 2016: $34mQ1 2017: $21m17Q2 2017: $20mQ3 2017: $43mQ4 2020: $499mQ1 2021: $681m21Q2 2021: $365mQ3 2021: $770mQ4 2021: $138mQ1 2022: $1.9bn22Q2 2022: $2.4bnQ3 2022: $2.7bnQ4 2022: $3.0bnQ1 2023: $3.8bn23Q2 2023: $4.8bnQ3 2023: $7.8bnQ4 2023: $8.2bnQ1 2024: $11.1bn24Q2 2024: $11.2bnQ3 2024: $14.4bnQ4 2024: $15.6bnQ1 2025: $10.4bn25Q2 2025: $17.3bnQ3 2025: $22.4bnQ4 2025: $9.2bnQ1 2026: $11.3bn26Q2 2026: $13.5bn
  • Q2 2013: $573m
  • Q3 2013: $214m
  • Q4 2013: $288m
  • Q1 2014: $207m
  • Q2 2014: $216m
  • Q3 2014: $288m
  • Q4 2014: $180m
  • Q1 2015: $277m
  • Q2 2015: $324m
  • Q3 2015: $198m
  • Q4 2015: $198m
  • Q1 2016: $1.3bn
  • Q2 2016: $913m
  • Q3 2016: $1.2bn
  • Q4 2016: $34m
  • Q1 2017: $21m
  • Q2 2017: $20m
  • Q3 2017: $43m
  • Q4 2020: $499m
  • Q1 2021: $681m
  • Q2 2021: $365m
  • Q3 2021: $770m
  • Q4 2021: $138m
  • Q1 2022: $1.9bn
  • Q2 2022: $2.4bn
  • Q3 2022: $2.7bn
  • Q4 2022: $3.0bn
  • Q1 2023: $3.8bn
  • Q2 2023: $4.8bn
  • Q3 2023: $7.8bn
  • Q4 2023: $8.2bn
  • Q1 2024: $11.1bn
  • Q2 2024: $11.2bn
  • Q3 2024: $14.4bn
  • Q4 2024: $15.6bn
  • Q1 2025: $10.4bn
  • Q2 2025: $17.3bn
  • Q3 2025: $22.4bn
  • Q4 2025: $9.2bn
  • Q1 2026: $11.3bn
  • Q2 2026: $13.5bn
Share of the book in the ten largest positions
0%50%100%Q2 2013: 87%Q3 2013: 61%Q4 2013: 83%Q1 2014: 94%14Q2 2014: 94%Q3 2014: 95%Q4 2014: 100%Q1 2015: 81%15Q2 2015: 59%Q3 2015: 80%Q4 2015: 99%Q1 2016: 99%16Q2 2016: 100%Q3 2016: 99%Q4 2016: 100%Q1 2017: 100%17Q2 2017: 100%Q3 2017: 75%Q4 2020: 80%Q1 2021: 58%21Q2 2021: 69%Q3 2021: 89%Q4 2021: 90%Q1 2022: 95%22Q2 2022: 91%Q3 2022: 90%Q4 2022: 86%Q1 2023: 78%23Q2 2023: 80%Q3 2023: 89%Q4 2023: 80%Q1 2024: 80%24Q2 2024: 77%Q3 2024: 75%Q4 2024: 79%Q1 2025: 73%25Q2 2025: 47%Q3 2025: 59%Q4 2025: 34%Q1 2026: 40%26Q2 2026: 29%
  • Q2 2013: 87%
  • Q3 2013: 61%
  • Q4 2013: 83%
  • Q1 2014: 94%
  • Q2 2014: 94%
  • Q3 2014: 95%
  • Q4 2014: 100%
  • Q1 2015: 81%
  • Q2 2015: 59%
  • Q3 2015: 80%
  • Q4 2015: 99%
  • Q1 2016: 99%
  • Q2 2016: 100%
  • Q3 2016: 99%
  • Q4 2016: 100%
  • Q1 2017: 100%
  • Q2 2017: 100%
  • Q3 2017: 75%
  • Q4 2020: 80%
  • Q1 2021: 58%
  • Q2 2021: 69%
  • Q3 2021: 89%
  • Q4 2021: 90%
  • Q1 2022: 95%
  • Q2 2022: 91%
  • Q3 2022: 90%
  • Q4 2022: 86%
  • Q1 2023: 78%
  • Q2 2023: 80%
  • Q3 2023: 89%
  • Q4 2023: 80%
  • Q1 2024: 80%
  • Q2 2024: 77%
  • Q3 2024: 75%
  • Q4 2024: 79%
  • Q1 2025: 73%
  • Q2 2025: 47%
  • Q3 2025: 59%
  • Q4 2025: 34%
  • Q1 2026: 40%
  • Q2 2026: 29%

The positions that defined it

Every position that was ever among the 25 largest: when it first appeared, when it was largest, and where it stands in Q2 2026. The line is its reported value each quarter.

PositionValue over timeFirst listedLargestQ2 2026
iShares S&P 500 Core S&P500 ETF(IVV)Q4 2025$898mQ2 2026$898m
Invesco QQQ Trust(QQQ)Q1 2023$1.3bnQ2 2024$491m
iShares 20 Yr Treas Year Treasury Bond ETF(TLT)Q3 2023$461mQ2 2026$461m
iShares IBOXX High Yield ETF(HYG)Q1 2021$1.3bnQ1 2024$400m
iShares 20 Yr Treas Year Treasury Bond ETF(TLT)Q4 2022$865mQ3 2023$331m
iShares IBOXX INV CP ETF(LQD)Q2 2021$379mQ3 2022$306m
Tesla Motors Inc(TSLA)Q2 2024$264mQ2 2026$264m
SPDR Series SP Regional Banks(KRE)Q2 2026$263mQ2 2026$263m
Tesla Motors Inc(TSLA)Q2 2025$254mQ2 2026$254m
iShares Bitcoin Trust ETF(IBIT)Q3 2025$400mQ4 2025$241m
iShares IBOXX INV CP ETF(LQD)Q2 2022$334mQ3 2025$240m
iShares Bitcoin Trust ETF(IBIT)Q4 2024$2.4bnQ3 2025$240m
Select Sector SPDR Financial(XLF)Q3 2023$3.5bnQ4 2024Soldlast listed Q1 2025
iShares MSCI Emerging Markets ETF(EEM)Q3 2014$3.4bnQ1 2025Soldlast listed Q1 2026
iShares MSCI Emerging Markets ETF(EEM)Q1 2014$3.1bnQ4 2024Soldlast listed Q1 2026
Select Sector SPDR Financial(XLF)Q3 2023$2.0bnQ4 2024Soldlast listed Q4 2024
iShares China Lg-capital ETF(FXI)Q1 2021$1.7bnQ3 2024Soldlast listed Q3 2025
Spdr S&P 500 Etf Trust(SPY)Q2 2013$1.1bnQ3 2016Soldlast listed Q3 2025
Financial Select Sector SPDRQ4 2023$1.1bnQ4 2023Soldlast listed Q4 2023
iShares Iboxx H/y Corp Bond High Yield ETFQ2 2023$1.0bnQ2 2023Soldlast listed Q2 2023

Quarter by quarter

2026Q1Q2
2025Q1Q2Q3Q4
2024Q1Q2Q3Q4
2023Q1Q2Q3Q4
2022Q1Q2Q3Q4
2021Q1Q2Q3Q4
2020Q4
2017Q1Q2Q3
2016Q1Q2Q3Q4
2015Q1Q2Q3Q4
2014Q1Q2Q3Q4
2013Q2Q3Q4

Q3 2024: $14.4bn across 1,106 positions

Against Q2 2024: 497 new, 306 added to, 298 trimmed, 395 sold out, across all 1,106 positions.

Turnover about 21% of the book, estimated from share changes at quarter-end prices.

Largest additions

  • iShares China Lg-capital ETF (FXI)+$1.6bn
  • iShares MSCI Emerging Markets ETF (EEM)+$1.0bn
  • Select Sector SPDR Financial (XLF)+$360m
  • iShares MSCI Emerging Markets ETF (EEM)+$258m
  • Select Sector SPDR Energy (XLE)+$75m
  • Invesco QQQ Trust (QQQ)+$53m
  • iShares Russell 2000 ETF (IWM)+$39m
  • Spotify Technology SA (SPOT)+$31m

Largest reductions

  • Invesco QQQ Trust (QQQ)-$531m
  • Select Sector SPDR Financial (XLF)-$411m
  • iShares IBOXX High Yield ETF (HYG)-$120m
  • Spdr S&P 500 Etf Trust (SPY)-$112m
  • VanEck Vectors Semiconductor (SMH)-$105m
  • iShares China Lg-capital ETF (FXI)-$77m
  • iShares IBOXX High Yield ETF (HYG)-$71m
  • iShares Russell 2000 ETF (IWM)-$42m

Opened

  • Select Sector SPDR Industrial (XLI)$284m
  • SPDR S&P Biotech ETF (XBI)$99m
  • iShares MSCI Emerging Markets ETF (EEM)$98m
  • Microsoft Corp (MSFT)$82m
  • Alibaba Group Holding (BABA)$81m
  • Nvidia Corp (NVDA)$80m
  • iShares Msci Eafe Index ETF (EFA)$70m
  • iShares IBOXX INV CP ETF (LQD)$62m

Sold out

  • Apple Inc (AAPL)was $50m
  • Dbx Etf Trust (ASHR)was $39m
  • iShares 20 Yr Treas (TLT)was $37m
  • Boeing Cowas $34m
  • Super Micro Computer Incwas $21m
  • Caterpillar STK (CAT)was $18m
  • SPDR Series Trust (XME)was $18m
  • Conocophillips (COP)was $14m

Largest positions, Q3 2024

The largest 25 of 1,106 reported positions; the largest 500 carry 98.3% of the reported value.

PositionValueWeightOn the quarter
iShares MSCI Emerging Markets ETF (EEM)$2.9bn20.2%Added
iShares MSCI Emerging Markets ETF (EEM)$2.2bn15.0%Added
iShares China Lg-capital ETF (FXI)$1.7bn11.7%Added
Select Sector SPDR Financial (XLF)$1.5bn10.7%Added
Select Sector SPDR Financial (XLF)$933m6.5%Trimmed
Invesco QQQ Trust (QQQ)$722m5.0%Trimmed
Select Sector SPDR Industrial (XLI)$284m2.0%New
Invesco QQQ Trust (QQQ)$250m1.7%Added
iShares IBOXX High Yield ETF (HYG)$181m1.3%Trimmed
Consumer Staples SPDR Shares Of Beneficial Interest Cons (XLP)$181m1.3%Trimmed
iShares IBOXX High Yield ETF (HYG)$173m1.2%Trimmed
Health Care Select Secto Shares Of Beneficial Interest Heathcare (XLV)$155m1.1%Trimmed
iShares Russell 2000 ETF (IWM)$110m0.8%Added
SPDR S&P Biotech ETF (XBI)$99m0.7%New
iShares MSCI Emerging Markets ETF (EEM)$98m0.7%New
Select Sector SPDR Energy (XLE)$88m0.6%Added
Microsoft Corp (MSFT)$82m0.6%New
Alibaba Group Holding (BABA)$81m0.6%New
Nvidia Corp (NVDA)$80m0.6%New
iShares Msci Eafe Index ETF (EFA)$70m0.5%New
Health Care Select Secto Shares Of Beneficial Interest Heathcare (XLV)$67m0.5%Trimmed
iShares IBOXX INV CP ETF (LQD)$62m0.4%New
KraneShares CSI China Internet ETF CHI (KWEB)$60m0.4%New
Consumer Staples SPDR Shares Of Beneficial Interest Cons (XLP)$57m0.4%Trimmed
Spdr S&P 500 Etf Trust (SPY)$52m0.4%Trimmed

The books most like this one

Among the managers whose filings are on file, at Q2 2026. Overlap is the share of the two books that is the same: for every stock both list, the smaller of its two weights, added up. Two books can overlap because both own the largest companies; it says nothing about whether the managers agree.

ManagerOverlapStocks in bothOverlap over time
Marshall Wace LLPat least 22%146Compare
Squarepoint Ops LLCat least 21%144Compare
Bridgewater Associates LPat least 19%159Compare
Walleye Capital LLCat least 18%118Compare
Neuberger Berman Group LLCat least 18%163Compare
Schonfeld Strategic Advisors LLCat least 17%122Compare
Invesco Ltdat least 17%188Compare
AQR Capital Management LLCat least 17%181Compare

“At least” where either manager has more positions than are read each quarter: a stock both hold below that range is not counted.

The filings behind it

Every quarter above is one 13F holdings report, with any amendment the filer made to it applied in the order it was filed. Where the reporting entity changed, each quarter keeps the filer that actually reported it.

QuarterFilerBookAmendedFiling
Q2 2026Brevan Howard Capital Management LP$13.5bn13F-HR
Q1 2026Brevan Howard Capital Management LP$11.3bn13F-HR
Q4 2025Brevan Howard Capital Management LP$9.2bn13F-HR
Q3 2025Brevan Howard Capital Management LP$22.4bn13F-HR
Q2 2025Brevan Howard Capital Management LP$17.3bn13F-HR
Q1 2025Brevan Howard Capital Management LP$10.4bn13F-HR
Q4 2024Brevan Howard Capital Management LP$15.6bn13F-HR
Q3 2024Brevan Howard Capital Management LP$14.4bn13F-HR
Q2 2024Brevan Howard Capital Management LP$11.2bn13F-HR
Q1 2024Brevan Howard Capital Management LP$11.1bn13F-HR
Q4 2023Brevan Howard Capital Management LP$8.2bn13F-HR
Q3 2023Brevan Howard Capital Management LP$7.8bn13F-HR
Q2 2023Brevan Howard Capital Management LP$4.8bn13F-HR
Q1 2023Brevan Howard Capital Management LP$3.8bn13F-HR
Q4 2022Brevan Howard Capital Management LP$3.0bn13F-HR
Q3 2022Brevan Howard Capital Management LP$2.7bn13F-HR
Q2 2022Brevan Howard Capital Management LP$2.4bn13F-HR
Q1 2022Brevan Howard Capital Management LP$1.9bn13F-HR
Q4 2021Brevan Howard Capital Management LP$138m13F-HR
Q3 2021Brevan Howard Capital Management LP$770m13F-HR
Q2 2021Brevan Howard Capital Management LP$365m13F-HR
Q1 2021Brevan Howard Capital Management LP$681m13F-HR
Q4 2020Brevan Howard Capital Management LP$499m13F-HR
Q3 2017Brevan Howard Capital Management LP$43m13F-HR
Q2 2017Brevan Howard Capital Management LP$20m13F-HR
Q1 2017Brevan Howard Capital Management LP$21m13F-HR
Q4 2016Brevan Howard Capital Management LP$34m13F-HR
Q3 2016Brevan Howard Capital Management LP$1.2bn13F-HR
Q2 2016Brevan Howard Capital Management LP$913m13F-HR
Q1 2016Brevan Howard Capital Management LP$1.3bn13F-HR
Q4 2015Brevan Howard Capital Management LP$198m13F-HR
Q3 2015Brevan Howard Capital Management LP$198m13F-HR
Q2 2015Brevan Howard Capital Management LP$324m13F-HR
Q1 2015Brevan Howard Capital Management LP$277m13F-HR
Q4 2014Brevan Howard Capital Management LP$180m13F-HR
Q3 2014Brevan Howard Capital Management LP$288m13F-HR
Q2 2014Brevan Howard Capital Management LP$216m13F-HR
Q1 2014Brevan Howard Capital Management LP$207m13F-HR
Q4 2013Brevan Howard Capital Management LP$288m13F-HR
Q3 2013Brevan Howard Capital Management LP$214m13F-HR
Q2 2013Brevan Howard Capital Management LP$573m13F-HR

Reading this record

A 13F lists US-listed long equity and options at the quarter end, filed up to 45 days later. It shows what was held, not when it was bought or at what price, and nothing short. Where a quarter lists only the largest positions, a name missing from it may still be held below that range; the counts of what was opened and sold always cover the whole filing.

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