What Eisler Capital Management Ltd changed, 2021 to 2025
19 quarterly 13F filings, from Q1 2021 to Q3 2025, 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
$22.6bn
$1.2bn at Q1 2021
Positions
820
156 at Q1 2021
Top ten weight
48%
50% at Q1 2021
Typical quarterly turnover
about 24%
Estimated from share changes
- Q1 2021: $1.2bn
- Q2 2021: $1.8bn
- Q3 2021: $2.6bn
- Q4 2021: $2.0bn
- Q1 2022: $5.9bn
- Q2 2022: $3.1bn
- Q3 2022: $2.0bn
- Q4 2022: $2142bn
- Q1 2023: $10.1bn
- Q2 2023: $13.8bn
- Q3 2023: $15.9bn
- Q4 2023: $12.9bn
- Q1 2024: $11.9bn
- Q2 2024: $15.5bn
- Q3 2024: $21.7bn
- Q4 2024: $21.1bn
- Q1 2025: $14.3bn
- Q2 2025: $16.5bn
- Q3 2025: $22.6bn
- Q1 2021: 50%
- Q2 2021: 45%
- Q3 2021: 28%
- Q4 2021: 37%
- Q1 2022: 24%
- Q2 2022: 41%
- Q3 2022: 37%
- Q4 2022: 40%
- Q1 2023: 39%
- Q2 2023: 33%
- Q3 2023: 41%
- Q4 2023: 34%
- Q1 2024: 26%
- Q2 2024: 27%
- Q3 2024: 31%
- Q4 2024: 26%
- Q1 2025: 24%
- Q2 2025: 34%
- Q3 2025: 48%
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 Q3 2025. The line is its reported value each quarter.
| Position | Value over time | First listed | Largest | Q3 2025 |
|---|---|---|---|---|
| iShares Core S&P500 ETF(IVV) | Q4 2024 | $3.3bnQ3 2025 | $3.3bn | |
| Nvidia Corporation(NVDA) | Q1 2021 | $1.6bnQ3 2025 | $1.6bn | |
| iShares Russell 2000 ETF(IWM) | Q1 2021 | $1.9bnQ3 2023 | $1.4bn | |
| Invesco QQQ Trust(QQQ) | Q3 2022 | $1.0bnQ3 2025 | $1.0bn | |
| Apple Inc(AAPL) | Q2 2021 | $1.3bnQ3 2024 | $1.0bn | |
| Microsoft Corp(MSFT) | Q1 2021 | $951mQ3 2025 | $951m | |
| Facebook Inc(META)Class A | Q3 2021 | $411mQ3 2025 | $411m | |
| Amazon Com Inc(AMZN) | Q2 2021 | $474mQ3 2024 | $410m | |
| Alphabet Inc(GOOGL)Capital Stock Class A | Q3 2021 | $407mQ3 2025 | $407m | |
| Invesco QQQ Trust(QQQ) | Q4 2021 | $366mQ3 2025 | $366m | |
| Tesla Inc(TSLA) | Q1 2022 | $362mQ3 2025 | $362m | |
| Spdr S&P 500 Etf Trust(SPY) | Q1 2021 | $465mQ4 2024 | $343m | |
| Exxon Mobil CorpPUT | Q2 2022 | $139bnQ4 2022 | Soldlast listed Q4 2022 | |
| Alphabet IncPUT | Q2 2022 | $139bnQ4 2022 | Soldlast listed Q4 2022 | |
| JPMorgan Chase & CoPUT | Q2 2022 | $108bnQ4 2022 | Soldlast listed Q4 2022 | |
| Goldman Sachs Group IncPUT | Q2 2022 | $91.0bnQ4 2022 | Soldlast listed Q4 2022 | |
| UBS Group AGPUT | Q2 2022 | $83.8bnQ4 2022 | Soldlast listed Q4 2022 | |
| Invesco QQQ TRCall | Q2 2022 | $66.5bnQ4 2022 | Soldlast listed Q4 2022 | |
| Broadcom IncPUT | Q2 2022 | $58.7bnQ4 2022 | Soldlast listed Q4 2022 | |
| Alphabet IncCall | Q2 2022 | $58.2bnQ4 2022 | Soldlast listed Q4 2022 |
Quarter by quarter
Q3 2025: $22.6bn across 820 positions
Against Q2 2025: 156 new, 257 added to, 299 trimmed, 133 sold out, across all 820 positions.
Turnover about 14% of the book, estimated from share changes at quarter-end prices.
Largest additions
- iShares Core S&P500 ETF (IVV)+$2.6bn
- Invesco QQQ Trust (QQQ)+$698m
- iShares Russell 2000 ETF (IWM)+$521m
- Apple Inc (AAPL)+$388m
- Nvidia Corporation (NVDA)+$385m
- Microsoft Corp (MSFT)+$261m
- Spdr S&P 500 Etf Trust (SPY)+$220m
- Alphabet Inc (GOOGL)+$160m
Largest reductions
- Spdr S&P 500 Etf Trust (SPY)-$172m
- Apple Inc (AAPL)-$73m
- Caterpillar Inc (CAT)-$35m
- Microsoft Corp (MSFT)-$34m
- Citigroup Inc (C)-$30m
- Transdigm Group Inc (TDG)-$26m
- JPMorgan Chase & Co (JPM)-$25m
- Adobe Systems Incorporated (ADBE)-$25m
Opened
- iShares 20 Year Treasury Bond ETF (TLT)$178m
Sold out
- Vanguard Index Funds (VOO)was $97m
- Hess Corpwas $46m
- Canadian Natl Ry Co (CNI)was $24m
- Synchrony Financial (SYF)was $23m
- Old Dominion Freight Line In (ODFL)was $22m
- Grainger W W Inc (GWW)was $20m
- Equifax Inc (EFX)was $20m
- Occidental Pete Corp (OXY)was $20m
Largest positions, Q3 2025
The largest 25 of 820 reported positions; the largest 500 carry 99.1% of the reported value.
| Position | Value | Weight | On the quarter |
|---|---|---|---|
| iShares Core S&P500 ETF (IVV) | $3.3bn | 14.6% | Added |
| Nvidia Corporation (NVDA) | $1.6bn | 6.9% | Added |
| iShares Russell 2000 ETF (IWM) | $1.4bn | 6.2% | Added |
| Invesco QQQ Trust (QQQ) | $1.0bn | 4.6% | Added |
| Apple Inc (AAPL) | $1.0bn | 4.4% | Added |
| Microsoft Corp (MSFT) | $951m | 4.2% | Added |
| Facebook Inc (META) | $411m | 1.8% | Added |
| Amazon Com Inc (AMZN) | $410m | 1.8% | Added |
| Alphabet Inc (GOOGL) | $407m | 1.8% | Added |
| Invesco QQQ Trust (QQQ) | $366m | 1.6% | Added |
| Tesla Inc (TSLA) | $362m | 1.6% | Added |
| Spdr S&P 500 Etf Trust (SPY) | $343m | 1.5% | Added |
| Broadcom Inc (AVGO) | $294m | 1.3% | Added |
| Spdr S&P 500 Etf Trust (SPY) | $282m | 1.2% | Added |
| iShares Russell 2000 ETF (IWM) | $282m | 1.2% | Added |
| Advanced Micro Devices Inc (AMD) | $273m | 1.2% | Trimmed |
| Nvidia Corporation (NVDA) | $263m | 1.2% | Trimmed |
| Apple Inc (AAPL) | $224m | 1.0% | Trimmed |
| JPMorgan Chase & Co (JPM) | $202m | 0.9% | Added |
| Alphabet Inc (GOOG) | $197m | 0.9% | Added |
| Microsoft Corp (MSFT) | $185m | 0.8% | Trimmed |
| iShares 20 Year Treasury Bond ETF (TLT) | $178m | 0.8% | New |
| Berkshire Hathaway Inc Del (BRK-B) | $177m | 0.8% | Added |
| Spdr S&P 500 Etf Trust (SPY) | $132m | 0.6% | Trimmed |
| Unitedhealth Group Inc (UNH) | $124m | 0.5% | Added |
The books most like this one
Among the managers whose filings are on file, at Q3 2025. 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.
| Manager | Overlap | Stocks in both | Overlap over time | |
|---|---|---|---|---|
| Marshall Wace LLP | at least 16% | 61 | Compare | |
| Bridgewater Associates LP | at least 13% | 59 | Compare | |
| Verition Fund Management LLC | at least 7.1% | 64 | Compare | |
| Squarepoint Ops LLC | at least 7.0% | 56 | Compare | |
| Millennium Management LLC | at least 4.3% | 60 | Compare | |
| Schonfeld Strategic Advisors LLC | at least 3.7% | 63 | Compare | |
| AllianceBernstein LP | at least 3.3% | 79 | Compare | |
| Man Group PLC | at least 3.2% | 73 | Compare |
“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.
| Quarter | Filer | Book | Amended | Filing |
|---|---|---|---|---|
| Q3 2025 | Eisler Capital Management Ltd. | $22.6bn | 13F-HR | |
| Q2 2025 | Eisler Capital Management Ltd. | $16.5bn | 13F-HR | |
| Q1 2025 | Eisler Capital Management Ltd. | $14.3bn | 13F-HR | |
| Q4 2024 | Eisler Capital Management Ltd. | $21.1bn | 13F-HR | |
| Q3 2024 | Eisler Capital (UK) Ltd. | $21.7bn | 13F-HR | |
| Q2 2024 | Eisler Capital (UK) Ltd. | $15.5bn | 13F-HR | |
| Q1 2024 | Eisler Capital (UK) Ltd. | $11.9bn | 13F-HR | |
| Q4 2023 | Eisler Capital (UK) Ltd. | $12.9bn | 13F-HR | |
| Q3 2023 | Eisler Capital (UK) Ltd. | $15.9bn | 13F-HR | |
| Q2 2023 | Eisler Capital (UK) Ltd. | $13.8bn | 13F-HR | |
| Q1 2023 | Eisler Capital (UK) Ltd. | $10.1bn | 13F-HR | |
| Q4 2022 | Eisler Capital (UK) Ltd. | $2142bn | 13F-HR | |
| Q3 2022 | Eisler Capital (UK) Ltd. | $2.0bn | 13F-HR | |
| Q2 2022 | Eisler Capital (UK) Ltd. | $3.1bn | 13F-HR | |
| Q1 2022 | Eisler Capital (UK) Ltd. | $5.9bn | 13F-HR | |
| Q4 2021 | Eisler Capital (UK) Ltd. | $2.0bn | 13F-HR | |
| Q3 2021 | Eisler Capital (UK) Ltd. | $2.6bn | 13F-HR | |
| Q2 2021 | Eisler Capital (UK) Ltd. | $1.8bn | 13F-HR | |
| Q1 2021 | Eisler Capital (UK) Ltd. | $1.2bn | 13F-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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