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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 2 of 2

PositionWeight ↓ValueSharesChange on the quarterAction
Nvent Elec PLC
SHS · CUSIP G6700G107
0.2%$21m126,407
+$20m
+110,261 shares
Added
Select Sector SPDR TR
ST STR SVC ETF CALL · CUSIP 81369Y852
0.2%$21m200,000No earlier filingNew
Select Sector SPDR TR
ST STR SVC ETF PUT · CUSIP 81369Y852
0.2%$21m200,000No earlier filingNew
CVB Finl Corp
COM · CUSIP 126600105
0.2%$21m950,000
+$4.1m
+54,614 shares
Added
Airbnb Inc (ABNB)
COM CL A PUT · CUSIP 009066101
0.2%$21m143,400
+$2.8m
+100 shares
Added
Airbnb Inc (ABNB)
COM CL A CALL · CUSIP 009066101
0.2%$21m143,200
+$2.8m
+100 shares
Added
Dropbox Inc (DBX)
NOTE3/0 · CUSIP 26210CAD6
0.1%$20m20,000,000No earlier filingNew
iShares TR
IBOXX HI YD ETF · CUSIP 464288513
0.1%$20m250,000
-$491m
-6,170,000 shares
Trimmed
Roivant Sciences LTD (ROIV)
SHS · CUSIP G76279101
0.1%$18m517,621
+$15m
+401,019 shares
Added
Wec Energy Group Inc (WEC)
NOTE 4.375% 6/0 · CUSIP 92939UAP1
0.1%$18m15,000,000No earlier filingNew
Rocket Cos Inc
COM CL A · CUSIP 77311W101
0.1%$18m1,132,512
+$8.5m
+480,478 shares
Added
Topbuild Cor
COM · CUSIP 89055F103
0.1%$18m50,139
+$16m
+45,926 shares
Added
Roundhill ETF Trust
MEMORY ETF · CUSIP 77926X320
0.1%$18m237,290No earlier filingNew
Alibaba Group HLDG LTD
SPONSORED ADS · CUSIP 01609W102
0.1%$17m178,745
+$15m
+162,867 shares
Added
Norfolk Southn Corp
COM · CUSIP 655844108
0.1%$17m53,634
+$300k
-4,918 shares
Trimmed
Jazz Investments I LTD
NOTE 3.125% 9/1 · CUSIP 472145AH4
0.1%$17m10,000,000No earlier filingNew
Disney Walt Co
COM CALL · CUSIP 254687106
0.1%$17m174,100No earlier filingNew
Disney Walt Co
COM PUT · CUSIP 254687106
0.1%$17m174,100
+$2.2m
+20,000 shares
Added
Select Sector SPDR TR
ST STR TECHN ETF CALL · CUSIP 81369Y803
0.1%$17m87,400No earlier filingNew
Salesforce Inc (CRM)
COM · CUSIP 79466L302
0.1%$17m106,039
+$16m
+101,060 shares
Added
Southern Co
NOTE 4.500% 6/1 · CUSIP 842587DZ7
0.1%$17m15,000,000No earlier filingNew
Netflix Inc. (NFLX)
COM · CUSIP 64110L106
0.1%$17m231,722
-$60m
-579,820 shares
Trimmed
Popular Inc
COM NEW · CUSIP 733174700
0.1%$16m100,000No earlier filingNew
Astera Labs Inc (ALAB)
COM · CUSIP 04626A103
0.1%$16m33,091No earlier filingNew
Johnson & Johnson (JNJ)
COM · CUSIP 478160104
0.1%$16m62,412
+$11m
+43,981 shares
Added
Conocophillips (COP)
COM · CUSIP 20825C104
0.1%$16m152,190
-$25m
-153,812 shares
Trimmed
Eaton Corp PLC (ETN)
SHS · CUSIP G29183103
0.1%$16m37,610No earlier filingNew
Wec Energy Group Inc (WEC)
NOTE 3.375% 6/0 · CUSIP 92939UAT3
0.1%$16m15,000,000No earlier filingNew
Gilead Sciences Inc (GILD)
COM · CUSIP 375558103
0.1%$16m123,329
+$10m
+84,102 shares
Added
Pg&e Corp
NOTE 4.250%12/0 · CUSIP 69331CAL2
0.1%$15m15,000,000No earlier filingNew
Doordash Inc (DASH)
NOTE5/1 · CUSIP 25809KAB1
0.1%$15m15,000,000No earlier filingNew
Amkor Technology Inc (AMKR)
COM · CUSIP 031652100
0.1%$15m174,482
+$14m
+151,873 shares
Added
Vaneck ETF Trust
SEMICONDUCTR ETF CALL · CUSIP 92189F676
0.1%$15m22,300No earlier filingNew
Schwab Charles Corp
COM · CUSIP 808513105
0.1%$15m156,731
-$58m
-624,924 shares
Trimmed
Hilton Worldwide HLDGS Inc
COM · CUSIP 43300A203
0.1%$15m43,994
+$8.0m
+22,621 shares
Added
Kenvue Inc (KVUE)
COM · CUSIP 49177J102
0.1%$14m744,809
-$300k
-96,439 shares
Trimmed
Coinbase Global Inc (COIN)
COM CL A CALL · CUSIP 19260Q107
0.1%$14m94,000No earlier filingNew
Coinbase Global Inc (COIN)
COM CL A PUT · CUSIP 19260Q107
0.1%$14m94,000No earlier filingNew
Conocophillips (COP)
COM CALL · CUSIP 20825C104
0.1%$14m130,300No earlier filingNew
Conocophillips (COP)
COM PUT · CUSIP 20825C104
0.1%$14m130,300No earlier filingNew
Palo Alto Networks Inc (PANW)
COM CALL · CUSIP 697435105
0.1%$14m39,500No earlier filingNew
Wells Fargo & Co
COM · CUSIP 949746101
0.1%$13m155,867
+$9.1m
+107,422 shares
Added
Moderna Inc (MRNA)
COM · CUSIP 60770K107
0.1%$13m181,105
+$8.1m
+91,511 shares
Added
Wintrust Finl Corp
COM · CUSIP 97650W108
0.1%$13m78,625
+$12m
+76,761 shares
Added
Axos Financial Inc (AX)
COM · CUSIP 05465C100
0.1%$13m128,644
+$1.0m
-6,485 shares
Trimmed
Warner Bros Discovery Inc (WBD)
COM SER A · CUSIP 934423104
0.1%$12m460,731
+$4.0m
+152,353 shares
Added
Alphabet Inc
CAP STK CL C · CUSIP 02079K107
0.1%$12m34,247
-$2.7m
-17,347 shares
Trimmed
Echostar Corp (ECHO)
CL A · CUSIP 278768106
0.1%$12m117,896
+$7.3m
+78,033 shares
Added
Palantir Technologies Inc (PLTR)
CL A · CUSIP 69608A108
0.1%$12m102,164
-$100m
-689,082 shares
Trimmed
Ecopetrol S A (EC)
SPONSORED ADS · CUSIP 279158109
0.1%$12m828,314No earlier filingNew
Ypf Sociedad Anonima (YPF)
SPON ADR CL D · CUSIP 984245100
0.1%$12m258,000
+$3.8m
+93,000 shares
Added
Bridgebio Pharma Inc (BBIO)
COM · CUSIP 10806X102
0.1%$12m155,727
+$5.5m
+74,157 shares
Added
Quanta SVCS Inc
COM · CUSIP 74762E102
0.1%$12m16,079
+$3.0m
+402 shares
Added
Bank of Ny Mellon Corp
COM · CUSIP 064058100
0.1%$12m79,651
+$5.4m
+27,907 shares
Added
Dell Technologies Inc (DELL)
CL C · CUSIP 24703L202
0.1%$11m26,411
+$10m
+20,587 shares
Added
Bread Financial Holdings Inc
COM · CUSIP 018581108
0.1%$11m104,486
+$11m
+101,084 shares
Added
Alcoa Corp (AA)
COM CALL · CUSIP 013872106
0.1%$11m216,000No earlier filingNew
Firstenergy Corp (FE)
NOTE 3.875% 1/1 · CUSIP 337932AV9
0.1%$11m10,000,000No earlier filingNew
Ofg Bancorp (OFG)
COM · CUSIP 67103X102
0.1%$11m225,000No earlier filingNew
Firstenergy Corp (FE)
NOTE 3.625% 1/1 · CUSIP 337932AT4
0.1%$11m10,000,000No earlier filingNew
Unitedhealth Group Inc (UNH)
COM CALL · CUSIP 91324P102
0.1%$11m26,100No earlier filingNew
Fortinet Inc (FTNT)
COM CALL · CUSIP 34959E109
0.1%$11m70,500No earlier filingNew
Ralph Lauren Corp (RL)
CL A · CUSIP 751212101
0.1%$11m26,624
+$8.5m
+20,124 shares
Added
Space Exploration Techn Corp
CLASS A COM STK · CUSIP 84615Q103
0.1%$11m62,400No earlier filingNew
Mastercard Incorporated (MA)
CL A · CUSIP 57636Q104
0.1%$11m20,541
+$9.4m
+18,310 shares
Added
Fedex Corp (FDX)
COM · CUSIP 31428X106
0.1%$10m33,129
+$3.1m
+12,612 shares
Added
Northeast BK Portland Me
COM · CUSIP 66405S100
0.1%$10m78,242
+$1.9m
+3,042 shares
Added
Asml HLDG NV
N Y REGISTRY SHS CALL · CUSIP N07059210
0.1%$10m5,200
-$9.5m
-9,800 shares
Trimmed
Super Micro Computer Inc
7 DEP CM SR A WI · CUSIP 86800U500
0.1%$10m20,000,000No earlier filingNew
Hut 8 Corp (HUT)
COM · CUSIP 44812J104
0.1%$10m88,470
+$9.3m
+68,542 shares
Added
Vnet Group Inc (VNET)
SPONSORED ADS A · CUSIP 90138A103
0.1%$10m1,284,531
+$3.9m
+512,465 shares
Added
Freeport Mcmoran Inc (FCX)
CL B CALL · CUSIP 35671D857
0.1%$10m161,400No earlier filingNew
Cameco Corp (CCJ)
COM · CUSIP 13321L108
0.1%$10m99,799
-$7.6m
-62,746 shares
Trimmed
Coinbase Global Inc (COIN)
COM CL A · CUSIP 19260Q107
0.1%$10m68,096
-$32m
-185,589 shares
Trimmed
iShares Inc
MSCI CHILE ETF · CUSIP 464286640
0.1%$9.9m250,976No earlier filingNew
Columbia BKG Sys Inc
COM · CUSIP 197236102
0.1%$9.9m308,212
-$3.0m
-160,262 shares
Trimmed
Bank of Amer Corp
COM CALL · CUSIP 060505104
0.1%$9.9m173,200
+$3.4m
+38,000 shares
Added
Ultra Clean HLDGS Inc
COM · CUSIP 90385V107
0.1%$9.8m68,707
+$9.3m
+60,936 shares
Added
Roundhill ETF Trust
MEMORY ETF CALL · CUSIP 77926X320
0.1%$9.6m130,000No earlier filingNew
Nextera Energy Inc
UNIT 02/15/2029 · CUSIP 65339F655
0.1%$9.6m20,000,000No earlier filingNew
Vista Energy S.a.b. de C.v.
SPONSORED ADS · CUSIP 92837L109
0.1%$9.5m149,885
+$5.3m
+95,500 shares
Added
Carrier Global Corporation (CARR)
COM · CUSIP 14448C104
0.1%$9.5m129,967No earlier filingNew
Natera Inc (NTRA)
COM · CUSIP 632307104
0.1%$9.5m35,098
+$3.4m
+4,217 shares
Added
Spotify Technology S A (SPOT)
SHS CALL · CUSIP L8681T102
0.1%$9.5m20,900No earlier filingNew
Beacon Financial Corp. (BBT)
COM · CUSIP 084680107
0.1%$9.5m312,492
+$6.5m
+212,492 shares
Added
Sysco Corp (SYY)
COM · CUSIP 871829107
0.1%$9.5m113,411No earlier filingNew
Bristol-myers Squibb Co
COM · CUSIP 110122108
0.1%$9.4m163,962
-$900k
-6,549 shares
Trimmed
Broadcom Inc (AVGO)
COM CALL · CUSIP 11135F101
0.1%$9.4m25,000No earlier filingNew
Mastec Inc (MTZ)
COM · CUSIP 576323109
0.1%$9.4m22,609
-$20m
-72,060 shares
Trimmed
Diamondback Energy Inc (FANG)
COM CALL · CUSIP 25278X109
0.1%$9.4m53,300No earlier filingNew
Diamondback Energy Inc (FANG)
COM PUT · CUSIP 25278X109
0.1%$9.4m53,300No earlier filingNew
SPDR Series Trust
ST STR SP REGBNK CALL · CUSIP 78464A698
0.1%$9.4m125,100No earlier filingNew
Makemytrip Limited Mauritius
NOTE7/0 · CUSIP 56087FAD6
0.1%$9.3m10,000,000No earlier filingNew
PayPal HLDGS Inc
COM · CUSIP 70450Y103
0.1%$9.3m215,893
+$7.0m
+164,115 shares
Added
Nextpower Inc (NXT)
CLASS A COM · CUSIP 65290E101
0.1%$9.3m78,124
+$8.9m
+74,832 shares
Added
TD Synnex Corporation (SNX)
COM · CUSIP 87162W100
0.1%$9.2m34,509No earlier filingNew
Oreilly Automotive Inc
COM · CUSIP 67103H107
0.1%$9.1m99,004
+$6.8m
+73,953 shares
Added
JPMorgan Chase & Co
COM · CUSIP 46625H100
0.1%$9.0m27,599
-$2.5m
-11,717 shares
Trimmed
RBC Bearings Inc (RBC)
COM · CUSIP 75524B104
0.1%$9.0m13,995
+$7.7m
+11,520 shares
Added
Sitime Corp (SITM)
COM · CUSIP 82982T106
0.1%$8.8m11,812No 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