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Brevan Howard Capital Management LP

The positions Brevan Howard Capital Management LP reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 14 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.

Reported book
$13.5bn
+$2.2bn on Q1 2026
Positions
2,030
96 new, 100 sold out
Top ten weight
29%
Spread across the book
Quarter
Q2 2026
Filed 14 Aug 2026
Read the Q2 2026 filing on sec.gov CIK 0001512857 · Macro
Reported book by quarter
$0$11.2bn$22.4bnQ3 24: $14.4bn$14.4bnQ3 24Q4 24: $15.6bn$15.6bnQ4 24Q1 25: $10.4bn$10.4bnQ1 25Q2 25: $17.3bn$17.3bnQ2 25Q3 25: $22.4bn$22.4bnQ3 25Q4 25: $9.2bn$9.2bnQ4 25Q1 26: $11.3bn$11.3bnQ1 26Q2 26: $13.5bn$13.5bnQ2 26
Largest positions, share of the book
iShares TR: 6.7%iShares TR6.7%Invesco QQQ TR: 3.6%Invesco QQQ TR3.6%iShares TR: 3.4%iShares TR3.4%iShares TR: 3.0%iShares TR3.0%iShares TR: 2.5%iShares TR2.5%iShares TR: 2.3%iShares TR2.3%Tesla Inc (TSLA): 2.0%Tesla Inc (TSLA)2.0%SPDR Series Trust: 1.9%SPDR Series Trust1.9%Tesla Inc (TSLA): 1.9%Tesla Inc (TSLA)1.9%iShares Bitcoin Trust ETF (IBIT): 1.8%iShares Bitcoin Trust E…1.8%

Opened this quarter

A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.

  • iShares TR$898m · 6.7%
  • Invesco QQQ TR$491m · 3.6%
  • iShares TR$461m · 3.4%
  • iShares TR$400m · 3.0%
  • Tesla Inc (TSLA)$264m · 2.0%
  • SPDR Series Trust$263m · 1.9%
  • Tesla Inc (TSLA)$254m · 1.9%
  • iShares Bitcoin Trust ETF (IBIT)$241m · 1.8%
  • iShares TR$240m · 1.8%
  • Nvidia Corporation (NVDA)$215m · 1.6%
  • iShares Bitcoin Trust ETF (IBIT)$176m · 1.3%
  • Nvidia Corporation (NVDA)$161m · 1.2%
  • and 84 more, in the table below.

Sold out of this quarter

Exits are valued at what the position was worth in the previous filing, because by this one it is gone.

  • iShares TR$217m held before
  • SPDR Gold TR$184m held before
  • iShares TR$76m held before
  • Vaneck ETF Trust$46m held before
  • Evergy Inc (EVRG)$34m held before
  • Snowflake Inc (SNOW)$30m held before
  • Technipfmc PLC (FTI)$29m held before
  • On Semiconductor Corp (ON)$17m held before
  • Firstenergy Corp (FE)$16m held before
  • Medline Inc (MDLN)$14m held before
  • Energy Fuels Inc (UUUU)$12m held before
  • Duke Energy Corp New$11m held before
  • and 88 more.

Every reported position, Q2 2026

200 positions, sorted by weight · page 1 of 2

PositionWeight ↓ValueSharesChange on the quarterAction
iShares TR
CORE S&P500 ETF · CUSIP 464287200
6.7%$898m1,202,676No earlier filingNew
Invesco QQQ TR
UNIT SER 1 CALL · CUSIP 46090E103
3.6%$491m667,200No earlier filingNew
iShares TR
20 YR TR BD ETF PUT · CUSIP 464287432
3.4%$461m5,335,000No earlier filingNew
iShares TR
IBOXX HI YD ETF PUT · CUSIP 464288513
3.0%$400m5,000,000No earlier filingNew
iShares TR
20 YR TR BD ETF CALL · CUSIP 464287432
2.5%$331m3,835,000
+$50m
+585,000 shares
Added
iShares TR
IBOXX INV CP ETF PUT · CUSIP 464287242
2.3%$306m2,805,000
+$6.2m
+55,000 shares
Added
Tesla Inc (TSLA)
COM PUT · CUSIP 88160R101
2.0%$264m626,800No earlier filingNew
SPDR Series Trust
ST STR SP REGBNK PUT · CUSIP 78464A698
1.9%$263m3,515,700No earlier filingNew
Tesla Inc (TSLA)
COM CALL · CUSIP 88160R101
1.9%$254m603,400No earlier filingNew
iShares Bitcoin Trust ETF (IBIT)
SHS BEN INT CALL · CUSIP 46438F101
1.8%$241m7,230,000No earlier filingNew
iShares TR
IBOXX INV CP ETF CALL · CUSIP 464287242
1.8%$240m2,200,000No earlier filingNew
iShares Bitcoin Trust ETF (IBIT)
SHS BEN INT · CUSIP 46438F101
1.8%$240m7,205,004
-$694m
-17,099,784 shares
Trimmed
Nvidia Corporation (NVDA)
COM CALL · CUSIP 67066G104
1.6%$215m1,074,175No earlier filingNew
Amazon Com Inc (AMZN)
COM CALL · CUSIP 023135106
1.6%$215m900,000
+$194m
+800,000 shares
Added
iShares Bitcoin Trust ETF (IBIT)
SHS BEN INT PUT · CUSIP 46438F101
1.3%$176m5,273,700No earlier filingNew
Apple Inc (AAPL)
COM · CUSIP 037833100
1.2%$169m583,127
+$130m
+431,560 shares
Added
Nvidia Corporation (NVDA)
COM PUT · CUSIP 67066G104
1.2%$161m805,700No earlier filingNew
Microsoft Corp (MSFT)
COM · CUSIP 594918104
1.2%$156m418,592
+$98m
-1,192,818 shares
Trimmed
SPDR Series Trust
ST STR SP REGBNK · CUSIP 78464A698
1.1%$148m1,978,054No earlier filingNew
Alphabet Inc
CAP STK CL A CALL · CUSIP 02079K305
1.1%$143m400,000No earlier filingNew
Nvidia Corporation (NVDA)
COM · CUSIP 67066G104
1.0%$132m657,548
-$372m
-2,302,880 shares
Trimmed
Advanced Micro Devices Inc (AMD)
COM · CUSIP 007903107
0.9%$126m217,647
+$125m
+208,161 shares
Added
Microsoft Corp (MSFT)
COM CALL · CUSIP 594918104
0.9%$125m333,805No earlier filingNew
Kraneshares Trust
CSI CHI INTERNET CALL · CUSIP 500767306
0.9%$117m4,770,000No earlier filingNew
PDD Holdings Inc (PDD)
SPONSORED ADS CALL · CUSIP 722304102
0.8%$103m84,600No earlier filingNew
Eli Lilly & Co (LLY)
COM · CUSIP 532457108
0.7%$93m77,094
+$77m
+59,975 shares
Added
Amazon Com Inc (AMZN)
COM · CUSIP 023135106
0.6%$83m348,404
+$68m
+274,764 shares
Added
Invesco QQQ TR
UNIT SER 1 PUT · CUSIP 46090E103
0.5%$74m100,000No earlier filingNew
Boeing Co
COM PUT · CUSIP 097023105
0.5%$71m326,800
+$70m
+321,300 shares
Added
Jd.com Inc
SPON ADS CL A CALL · CUSIP 47215P106
0.5%$69m2,735,600No earlier filingNew
Chevron Corporation (CVX)
COM · CUSIP 166764100
0.5%$67m404,553
+$47m
+307,368 shares
Added
iShares Inc
MSCI STH KOR ETF CALL · CUSIP 464286772
0.5%$63m310,000No earlier filingNew
Boeing Co
COM CALL · CUSIP 097023105
0.4%$59m271,300
+$58m
+264,943 shares
Added
SanDisk Corp (SNDK)
COM · CUSIP 80004C200
0.4%$58m25,408
-$26m
-106,151 shares
Trimmed
Crowdstrike HLDGS Inc
CL A CALL · CUSIP 22788C105
0.4%$58m75,400No earlier filingNew
Crowdstrike HLDGS Inc
CL A PUT · CUSIP 22788C105
0.4%$58m75,400No earlier filingNew
Bloom Energy Corp (BE)
COM CL A · CUSIP 093712107
0.4%$57m196,567
+$55m
+177,315 shares
Added
Select Sector SPDR TR
ST STR DISCR ETF · CUSIP 81369Y407
0.4%$57m482,681No earlier filingNew
Palantir Technologies Inc (PLTR)
CL A CALL · CUSIP 69608A108
0.4%$47m406,300No earlier filingNew
Micron Technology Inc (MU)
COM · CUSIP 595112103
0.3%$47m40,561
-$28m
-181,955 shares
Trimmed
Alphabet Inc
CAP STK CL A PUT · CUSIP 02079K305
0.3%$47m130,000No earlier filingNew
Tesla Inc (TSLA)
COM · CUSIP 88160R101
0.3%$46m109,058
-$372m
-1,014,817 shares
Trimmed
Palantir Technologies Inc (PLTR)
CL A PUT · CUSIP 69608A108
0.3%$45m387,300No earlier filingNew
Meta Platforms Inc (META)
CL A PUT · CUSIP 30303M102
0.3%$42m74,500No earlier filingNew
Meta Platforms Inc (META)
CL A CALL · CUSIP 30303M102
0.3%$41m72,100No earlier filingNew
Alibaba Group HLDG LTD
SPONSORED ADS CALL · CUSIP 01609W102
0.3%$40m417,100
+$11m
+183,800 shares
Added
Apple Inc (AAPL)
COM CALL · CUSIP 037833100
0.3%$39m135,000
+$24m
+75,000 shares
Added
Bank of Amer Corp
COM PUT · CUSIP 060505104
0.3%$38m673,200
+$32m
+538,000 shares
Added
Agnc Invt Corp
COM PUT · CUSIP 00123Q104
0.3%$38m3,500,000
-$57m
-6,024,200 shares
Trimmed
Schwab Charles Corp
COM PUT · CUSIP 808513105
0.3%$37m401,800No earlier filingNew
Goldman Sachs Group Inc
COM · CUSIP 38141G104
0.3%$37m36,298
+$34m
+32,456 shares
Added
Uber Technologies Inc (UBER)
COM PUT · CUSIP 90353T100
0.3%$36m502,000No earlier filingNew
Netflix Inc. (NFLX)
COM CALL · CUSIP 64110L106
0.3%$36m498,100No earlier filingNew
Alphabet Inc
CAP STK CL C CALL · CUSIP 02079K107
0.3%$35m100,000No earlier filingNew
Niocorp Devs LTD
COM NEW · CUSIP 654484609
0.3%$34m7,075,000
+$6.1m
+590,000 shares
Added
Select Sector SPDR TR
ST STR UTIL ETF CALL · CUSIP 81369Y886
0.3%$34m750,000No earlier filingNew
Select Sector SPDR TR
ST STR UTIL ETF PUT · CUSIP 81369Y886
0.3%$34m750,000No earlier filingNew
Uber Technologies Inc (UBER)
COM CALL · CUSIP 90353T100
0.3%$34m470,100No earlier filingNew
T-mobile US Inc
COM · CUSIP 872590104
0.2%$32m192,627
+$14m
+105,011 shares
Added
Cloudflare Inc (NET)
NOTE8/1 · CUSIP 18915MAC1
0.2%$32m25,000,000No earlier filingNew
iShares TR
ISHARES SEMICDTR CALL · CUSIP 464287523
0.2%$32m50,000No earlier filingNew
Alibaba Group HLDG LTD
NOTE 0.500% 6/0 · CUSIP 01609WBG6
0.2%$31m26,600,000No earlier filingNew
Walmart Inc (WMT)
COM · CUSIP 931142103
0.2%$31m269,063
+$13m
+124,568 shares
Added
Apple Inc (AAPL)
COM PUT · CUSIP 037833100
0.2%$30m105,000
+$15m
+45,000 shares
Added
Alibaba Group HLDG LTD
SPONSORED ADS PUT · CUSIP 01609W102
0.2%$30m312,000
+$1.3m
+78,800 shares
Added
Schwab Charles Corp
COM CALL · CUSIP 808513105
0.2%$30m320,100No earlier filingNew
Abbvie Inc (ABBV)
COM · CUSIP 00287Y109
0.2%$29m115,264
+$13m
+41,681 shares
Added
iShares TR
20 YR TR BD ETF · CUSIP 464287432
0.2%$28m323,830
-$210m
-2,426,170 shares
Trimmed
Micron Technology Inc (MU)
COM CALL · CUSIP 595112103
0.2%$28m24,200No earlier filingNew
Citigroup Inc
COM NEW · CUSIP 172967424
0.2%$28m196,119
+$12m
+55,749 shares
Added
Berkshire Hathaway Inc Del
CL B NEW · CUSIP 084670702
0.2%$27m53,556
+$18m
+36,046 shares
Added
Cisco Sys Inc
COM CALL · CUSIP 17275R102
0.2%$27m228,000No earlier filingNew
General MTRS Co
COM PUT · CUSIP 37045V100
0.2%$27m346,400No earlier filingNew
Robinhood MKTS Inc
COM CL A · CUSIP 770700102
0.2%$27m265,119
+$13m
+64,611 shares
Added
Exxon Mobil Corp
COM · CUSIP 30231G102
0.2%$27m194,607
+$6.3m
+75,157 shares
Added
Sterling Infrastructure Inc (STRL)
COM · CUSIP 859241101
0.2%$26m31,476
+$26m
+30,524 shares
Added
Bank of Amer Corp
COM · CUSIP 060505104
0.2%$26m463,648
+$18m
+284,724 shares
Added
MKS Inc. (MKSI)
COM · CUSIP 55306N104
0.2%$26m58,288
+$24m
+50,004 shares
Added
Carpenter Technology Corp (CRS)
COM · CUSIP 144285103
0.2%$26m41,535
+$22m
+31,987 shares
Added
Select Sector SPDR TR
ST STR MATER ETF CALL · CUSIP 81369Y100
0.2%$25m500,000No earlier filingNew
Select Sector SPDR TR
ST STR MATER ETF PUT · CUSIP 81369Y100
0.2%$25m500,000No earlier filingNew
Goldman Sachs Group Inc
COM PUT · CUSIP 38141G104
0.2%$25m25,000No earlier filingNew
Electronic Arts Inc
COM · CUSIP 285512109
0.2%$25m122,639
-$1.1m
-5,901 shares
Trimmed
Cyberark Software LTD
NOTE6/1 · CUSIP 23248VAD7
0.2%$25m15,000,000No earlier filingNew
Meta Platforms Inc (META)
CL A · CUSIP 30303M102
0.2%$25m43,649
-$91m
-165,173 shares
Trimmed
Centerpoint Energy Inc (CNP)
NOTE 4.250% 8/1 · CUSIP 15189TBD8
0.2%$24m20,000,000No earlier filingNew
Cardinal Health Inc (CAH)
COM · CUSIP 14149Y108
0.2%$24m101,388
+$21m
+87,082 shares
Added
Cme Group Inc (CME)
COM · CUSIP 12572Q105
0.2%$24m107,048
-$6.7m
+4,342 shares
Added
Macom Tech Solutions HLDGS I
COM · CUSIP 55405Y100
0.2%$24m61,932No earlier filingNew
Credo Technology Group Holdi
ORDINARY SHARES · CUSIP G25457105
0.2%$23m85,961
+$23m
+79,123 shares
Added
Flagstar Bank National Assoc
COM NEW · CUSIP 649445400
0.2%$23m1,559,228
+$23m
+1,544,802 shares
Added
Ati Inc (ATI)
COM · CUSIP 01741R102
0.2%$23m117,553
+$14m
+54,843 shares
Added
Netflix Inc. (NFLX)
COM PUT · CUSIP 64110L106
0.2%$23m324,100No earlier filingNew
Alphabet Inc
CAP STK CL A · CUSIP 02079K305
0.2%$23m63,194
-$700k
-17,790 shares
Trimmed
Woodward Inc (WWD)
COM · CUSIP 980745103
0.2%$22m52,661
+$11m
+21,950 shares
Added
Global PMTS Inc
NOTE 1.500% 3/0 · CUSIP 37940XAU6
0.2%$22m25,000,000No earlier filingNew
Costco Wholesale Corporation (COST)
COM · CUSIP 22160K105
0.2%$22m23,800
-$1.1m
+317 shares
Added
General MTRS Co
COM CALL · CUSIP 37045V100
0.2%$22m286,400No earlier filingNew
Broadcom Inc (AVGO)
COM · CUSIP 11135F101
0.2%$22m57,290
+$15m
+36,190 shares
Added
Pinnacle West Cap Corp
NOTE 4.750% 6/1 · CUSIP 723484AK7
0.2%$22m18,000,000No earlier filingNew

Every filing on file

QuarterPeriod endFiledBookPositionsTop 10Filing
Q2 202630 Jun 202614 Aug 2026$13.5bn2,03029%13F-HR
Q1 202631 Mar 202615 May 2026$11.3bn2,11440%13F-HR
Q4 202531 Dec 202517 Feb 2026$9.2bn1,71434%13F-HR
Q3 202530 Sept 202514 Nov 2025$22.4bn1,90359%13F-HR
Q2 202530 Jun 202514 Aug 2025$17.3bn1,81747%13F-HR
Q1 202531 Mar 202515 May 2025$10.4bn1,12273%13F-HR
Q4 202431 Dec 202414 Feb 2025$15.6bn99379%13F-HR
Q3 202430 Sept 202414 Nov 2024$14.4bn1,10675%13F-HR

Taking this into the room

Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.

A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.

Compare this against every other manager →How a hedge fund interview runs →

What this filing leaves out

A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.

The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.

Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More