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Eisler Capital Management Ltd
The positions Eisler Capital Management Ltd reported on its Form 13F for Q3 2025, the quarter ending 30 Sept 2025, filed on 13 Nov 2025. 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
$22.6bn
+$6.1bn on Q2 2025
Positions
820
14 new, 100 sold out
Top ten weight
48%
Spread across the book
Quarter
Q3 2025
Filed 13 Nov 2025
Read the Q3 2025 filing on sec.gov CIK 0002055810 · Multistrategy · United Kingdom
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$178m · 0.8%
- iShares TR$53m · 0.2%
- iShares TR$53m · 0.2%
- iShares Inc$48m · 0.2%
- Select Sector SPDR TR$23m · 0.1%
- iShares TR$21m · 0.1%
- Constellation Energy Corp (CEG)$16m · 0.1%
- iShares TR$16m · 0.1%
- iShares TR$16m · 0.1%
- United STS Oil FD LP$15m · 0.1%
- United STS Oil FD LP$15m · 0.1%
- Coinbase Global Inc (COIN)$14m · 0.1%
- and 2 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.
- Vanguard Index FDS$97m held before
- Hess Corp$46m held before
- Canadian Natl Ry Co$24m held before
- Synchrony Financial$23m held before
- Old Dominion Freight Line In$22m held before
- Grainger W W Inc$21m held before
- Equifax Inc (EFX)$20m held before
- Occidental Pete Corp$20m held before
- Skechers U S A Inc$18m held before
- Keycorp$17m held before
- Hubbell Inc (HUBB)$17m held before
- Standardaero Inc (SARO)$16m held before
- and 88 more.
Every reported position, Q3 2025
200 positions, sorted by weight · page 2 of 2
| Position | Weight ↑ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
Dell Technologies Inc (DELL) CL C PUT · CUSIP 24703L202 | 0.1% | $30m | 228,100 | +$2.2m +1,000 shares | Added |
Merck & Co Inc (MRK) COM CALL · CUSIP 58933Y105 | 0.1% | $30m | 362,200 | +$18m +212,600 shares | Added |
Ferrari N V (RACE) COM PUT · CUSIP N3167Y103 | 0.1% | $30m | 63,000 | +$16m +33,000 shares | Added |
Merck & Co Inc (MRK) COM PUT · CUSIP 58933Y105 | 0.1% | $31m | 365,900 | +$23m +277,300 shares | Added |
Prologis Inc. COM PUT · CUSIP 74340W103 | 0.1% | $31m | 268,100 | +$15m +117,400 shares | Added |
Marvell Technology Inc (MRVL) COM PUT · CUSIP 573874104 | 0.1% | $31m | 373,600 | +$18m +208,600 shares | Added |
Chevron Corp New (CVX) COM CALL · CUSIP 166764100 | 0.1% | $31m | 195,900 | +$2.6m -4,600 shares | Trimmed |
Uber Technologies Inc (UBER) COM PUT · CUSIP 90353T100 | 0.1% | $32m | 320,200 | +$1.4m -7,100 shares | Trimmed |
Costco WHSL Corp New COM CALL · CUSIP 22160K105 | 0.1% | $32m | 34,900 | -$12m -9,800 shares | Trimmed |
Micron Technology Inc (MU) COM CALL · CUSIP 595112103 | 0.1% | $33m | 196,300 | +$3.0m -44,700 shares | Trimmed |
Qualcomm Inc COM CALL · CUSIP 747525103 | 0.1% | $33m | 199,000 | -$3.8m -31,600 shares | Trimmed |
Salesforce Inc (CRM) COM PUT · CUSIP 79466L302 | 0.1% | $34m | 141,400 | -$3.0m +7,600 shares | Added |
Abbvie Inc (ABBV) COM CALL · CUSIP 00287Y109 | 0.2% | $34m | 161,100 | +$2.5m -9,000 shares | Trimmed |
Coca Cola Co (KO) COM PUT · CUSIP 191216100 | 0.2% | $35m | 531,400 | +$2.0m +63,500 shares | Added |
Select Sector SPDR TR TECHNOLOGY PUT · CUSIP 81369Y803 | 0.2% | $36m | 130,000 | +$16m +50,000 shares | Added |
Bank America Corp COM CALL · CUSIP 060505104 | 0.2% | $37m | 699,200 | +$3.2m -7,100 shares | Trimmed |
Alibaba Group HLDG LTD SPONSORED ADS PUT · CUSIP 01609W102 | 0.2% | $37m | 205,900 | +$25m +100,800 shares | Added |
Cisco Sys Inc COM PUT · CUSIP 17275R102 | 0.2% | $37m | 547,700 | -$1.3m -4,100 shares | Trimmed |
Schwab Charles Corp COM PUT · CUSIP 808513105 | 0.2% | $39m | 427,200 | -$2.0m -27,300 shares | Trimmed |
Kla Corp (KLAC) COM NEW PUT · CUSIP 482480100 | 0.2% | $41m | 38,100 | +$6.3m -100 shares | Trimmed |
Booking Holdings Inc (BKNG) COM PUT · CUSIP 09857L108 | 0.2% | $41m | 7,600 | -$8.8m -1,000 shares | Trimmed |
Capital One Finl Corp COM PUT · CUSIP 14040H105 | 0.2% | $42m | 185,800 | +$6.1m +19,100 shares | Added |
Verizon Communications Inc (VZ) COM PUT · CUSIP 92343V104 | 0.2% | $42m | 957,100 | +$13m +300,200 shares | Added |
Exxon Mobil Corp COM CALL · CUSIP 30231G102 | 0.2% | $43m | 371,600 | +$1.7m -7,200 shares | Trimmed |
iShares TR CHINA LG-CAP ETF PUT · CUSIP 464287184 | 0.2% | $45m | 1,100,000 | +$27m +600,000 shares | Added |
CVS Health Corp (CVS) COM PUT · CUSIP 126650100 | 0.2% | $46m | 604,400 | +$17m +193,100 shares | Added |
Texas Instrs Inc COM PUT · CUSIP 882508104 | 0.2% | $48m | 257,200 | -$8.6m -13,600 shares | Trimmed |
iShares Inc MSCI JPN ETF NEW PUT · CUSIP 46434G822 | 0.2% | $48m | 600,000 | No earlier filing | New |
Johnson & Johnson (JNJ) COM PUT · CUSIP 478160104 | 0.2% | $50m | 282,200 | +$18m +71,900 shares | Added |
Disney Walt Co COM PUT · CUSIP 254687106 | 0.2% | $51m | 443,300 | -$8.6m -35,800 shares | Trimmed |
Morgan Stanley COM NEW PUT · CUSIP 617446448 | 0.2% | $52m | 321,300 | +$13m +46,600 shares | Added |
Palo Alto Networks Inc (PANW) COM PUT · CUSIP 697435105 | 0.2% | $52m | 254,100 | +$30m +148,500 shares | Added |
Procter and Gamble Co COM PUT · CUSIP 742718109 | 0.2% | $53m | 345,000 | -$8.1m -38,500 shares | Trimmed |
Vaneck ETF Trust GOLD MINERS ETF PUT · CUSIP 92189F106 | 0.2% | $53m | 691,800 | +$17m +7,500 shares | Added |
iShares TR MSCI EMG MKT ETF CALL · CUSIP 464287234 | 0.2% | $53m | 1,000,000 | No earlier filing | New |
iShares TR MSCI EMG MKT ETF PUT · CUSIP 464287234 | 0.2% | $53m | 1,000,000 | No earlier filing | New |
Mastercard Incorporated (MA) CL A PUT · CUSIP 57636Q104 | 0.2% | $53m | 93,500 | +$7.7m +12,400 shares | Added |
SPDR Series Trust S&P REGL BKG PUT · CUSIP 78464A698 | 0.2% | $54m | 853,000 | +$11m +123,500 shares | Added |
Home Depot Inc (HD) COM CALL · CUSIP 437076102 | 0.2% | $55m | 131,500 | +$7.1m -200 shares | Trimmed |
Abbott Labs COM PUT · CUSIP 002824100 | 0.2% | $56m | 426,600 | -$400k +8,700 shares | Added |
JPMorgan Chase & Co. COM CALL · CUSIP 46625H100 | 0.3% | $59m | 185,500 | +$4.7m -100 shares | Trimmed |
Applied Matls Inc COM PUT · CUSIP 038222105 | 0.3% | $59m | 287,900 | +$12m +30,100 shares | Added |
Boeing Co COM PUT · CUSIP 097023105 | 0.3% | $61m | 278,800 | -$2.2m -21,400 shares | Trimmed |
Chevron Corp New (CVX) COM PUT · CUSIP 166764100 | 0.3% | $63m | 391,100 | +$15m +59,900 shares | Added |
Unitedhealth Group Inc (UNH) COM CALL · CUSIP 91324P102 | 0.3% | $63m | 183,900 | +$23m +55,200 shares | Added |
Ge Aerospace COM NEW PUT · CUSIP 369604301 | 0.3% | $65m | 217,000 | +$15m +20,900 shares | Added |
Palantir Technologies Inc (PLTR) CL A PUT · CUSIP 69608A108 | 0.3% | $66m | 365,600 | +$41m +179,100 shares | Added |
Wells Fargo Co New COM PUT · CUSIP 949746101 | 0.3% | $68m | 799,800 | +$6.4m +34,500 shares | Added |
Eli Lilly & Co (LLY) COM CALL · CUSIP 532457108 | 0.3% | $68m | 90,300 | +$14m +20,700 shares | Added |
Alphabet Inc CAP STK CL A CALL · CUSIP 02079K305 | 0.3% | $70m | 289,500 | +$15m -21,000 shares | Trimmed |
PDD Holdings Inc (PDD) SPONSORED ADS PUT · CUSIP 722304102 | 0.3% | $70m | 533,300 | +$47m +313,500 shares | Added |
Kraneshares Trust CSI CHI INTERNET CALL · CUSIP 500767306 | 0.3% | $73m | 1,711,500 | +$72m +1,703,700 shares | Added |
Intel Corp (INTC) COM PUT · CUSIP 458140100 | 0.3% | $73m | 2,176,200 | +$38m +631,700 shares | Added |
Oracle Corp COM PUT · CUSIP 68389X105 | 0.3% | $75m | 267,400 | +$43m +120,800 shares | Added |
Goldman Sachs Group Inc COM PUT · CUSIP 38141G104 | 0.3% | $75m | 93,600 | +$19m +13,600 shares | Added |
Kraneshares Trust CSI CHI INTERNET PUT · CUSIP 500767306 | 0.3% | $76m | 1,780,400 | +$74m +1,749,400 shares | Added |
Micron Technology Inc (MU) COM PUT · CUSIP 595112103 | 0.3% | $77m | 464,300 | -$15m -284,300 shares | Trimmed |
Qualcomm Inc COM PUT · CUSIP 747525103 | 0.4% | $83m | 499,000 | +$22m +120,900 shares | Added |
Bank America Corp COM PUT · CUSIP 060505104 | 0.4% | $90m | 1,717,700 | +$19m +226,300 shares | Added |
Home Depot Inc (HD) COM PUT · CUSIP 437076102 | 0.4% | $92m | 219,000 | +$18m +16,500 shares | Added |
Visa Inc (V) COM CL A PUT · CUSIP 92826C839 | 0.4% | $94m | 276,200 | +$12m +45,100 shares | Added |
UBS Group AG SHS PUT · CUSIP H42097107 | 0.4% | $95m | 2,325,000 | +$50m +1,000,000 shares | Added |
Citigroup Inc COM NEW PUT · CUSIP 172967424 | 0.4% | $96m | 927,100 | +$7.4m -109,800 shares | Trimmed |
Caterpillar Inc (CAT) COM PUT · CUSIP 149123101 | 0.4% | $96m | 228,900 | -$35m -107,800 shares | Trimmed |
Broadcom Inc (AVGO) COM CALL · CUSIP 11135F101 | 0.4% | $97m | 295,900 | +$12m -12,800 shares | Trimmed |
iShares Inc MSCI BRAZIL ETF PUT · CUSIP 464286400 | 0.4% | $100m | 3,225,100 | +$83m +2,644,700 shares | Added |
Abbvie Inc (ABBV) COM PUT · CUSIP 00287Y109 | 0.4% | $101m | 475,500 | +$52m +212,200 shares | Added |
Meta Platforms Inc (META) CL A CALL · CUSIP 30303M102 | 0.5% | $103m | 140,600 | -$2.9m -2,800 shares | Trimmed |
Eli Lilly & Co (LLY) COM PUT · CUSIP 532457108 | 0.5% | $103m | 136,700 | +$24m +34,700 shares | Added |
Amazon Com Inc (AMZN) COM CALL · CUSIP 023135106 | 0.5% | $106m | 486,000 | -$18m -78,100 shares | Trimmed |
Tesla Inc (TSLA) COM CALL · CUSIP 88160R101 | 0.5% | $108m | 245,100 | +$14m -52,000 shares | Trimmed |
Netflix Inc (NFLX) COM PUT · CUSIP 64110L106 | 0.5% | $113m | 93,400 | +$29m +30,800 shares | Added |
Exxon Mobil Corp COM PUT · CUSIP 30231G102 | 0.5% | $115m | 1,001,900 | +$28m +201,700 shares | Added |
Walmart Inc (WMT) COM PUT · CUSIP 931142103 | 0.5% | $119m | 1,150,000 | +$23m +176,500 shares | Added |
Costco WHSL Corp New COM PUT · CUSIP 22160K105 | 0.5% | $120m | 130,900 | -$23m -13,100 shares | Trimmed |
Unitedhealth Group Inc (UNH) COM PUT · CUSIP 91324P102 | 0.5% | $124m | 359,800 | +$49m +119,600 shares | Added |
Spdr S&P 500 Etf Tr TR UNIT CALL · CUSIP 78462F103 | 0.6% | $132m | 199,000 | -$172m -293,300 shares | Trimmed |
Berkshire Hathaway Inc Del CL B NEW PUT · CUSIP 084670702 | 0.8% | $177m | 355,900 | +$55m +104,800 shares | Added |
iShares TR 20 YR TR BD ETF PUT · CUSIP 464287432 | 0.8% | $178m | 2,000,000 | No earlier filing | New |
Microsoft Corp (MSFT) COM CALL · CUSIP 594918104 | 0.8% | $185m | 359,000 | -$34m -81,200 shares | Trimmed |
Alphabet Inc CAP STK CL C PUT · CUSIP 02079K107 | 0.9% | $197m | 807,500 | +$118m +359,300 shares | Added |
JPMorgan Chase & Co. COM PUT · CUSIP 46625H100 | 0.9% | $202m | 639,800 | +$30m +48,300 shares | Added |
Apple Inc (AAPL) COM CALL · CUSIP 037833100 | 1.0% | $224m | 883,700 | +$30m -63,900 shares | Trimmed |
Nvidia Corporation (NVDA) COM CALL · CUSIP 67066G104 | 1.2% | $263m | 1,415,100 | +$19m -131,500 shares | Trimmed |
Advanced Micro Devices Inc (AMD) COM PUT · CUSIP 007903107 | 1.2% | $274m | 1,700,200 | +$11m -152,600 shares | Trimmed |
iShares TR RUSSELL 2000 ETF CALL · CUSIP 464287655 | 1.2% | $282m | 1,171,600 | +$97m +312,800 shares | Added |
Spdr S&P 500 Etf Tr TR UNIT · CUSIP 78462F103 | 1.2% | $282m | 425,308 | +$220m +324,036 shares | Added |
Broadcom Inc (AVGO) COM PUT · CUSIP 11135F101 | 1.3% | $294m | 897,000 | +$70m +83,400 shares | Added |
Spdr S&P 500 Etf Tr TR UNIT PUT · CUSIP 78462F103 | 1.5% | $343m | 515,800 | +$143m +192,900 shares | Added |
Tesla Inc (TSLA) COM PUT · CUSIP 88160R101 | 1.6% | $362m | 818,600 | +$105m +9,900 shares | Added |
Invesco QQQ TR UNIT SER 1 CALL · CUSIP 46090E103 | 1.6% | $366m | 612,500 | +$107m +142,200 shares | Added |
Alphabet Inc CAP STK CL A PUT · CUSIP 02079K305 | 1.8% | $407m | 1,680,300 | +$160m +278,200 shares | Added |
Amazon Com Inc (AMZN) COM PUT · CUSIP 023135106 | 1.8% | $410m | 1,872,500 | +$63m +291,000 shares | Added |
Meta Platforms Inc (META) CL A PUT · CUSIP 30303M102 | 1.8% | $411m | 561,800 | +$66m +94,300 shares | Added |
Microsoft Corp (MSFT) COM PUT · CUSIP 594918104 | 4.2% | $951m | 1,846,700 | +$261m +459,000 shares | Added |
Apple Inc (AAPL) COM PUT · CUSIP 037833100 | 4.4% | $1.0bn | 3,959,300 | +$388m +960,500 shares | Added |
Invesco QQQ TR UNIT SER 1 PUT · CUSIP 46090E103 | 4.6% | $1.0bn | 1,754,400 | +$698m +1,117,600 shares | Added |
iShares TR RUSSELL 2000 ETF PUT · CUSIP 464287655 | 6.2% | $1.4bn | 5,831,700 | +$521m +1,739,400 shares | Added |
Nvidia Corporation (NVDA) COM PUT · CUSIP 67066G104 | 6.9% | $1.6bn | 8,366,700 | +$385m +968,800 shares | Added |
iShares TR CORE S&P500 ETF · CUSIP 464287200 | 15% | $3.3bn | 4,963,000 | +$2.6bn +3,850,500 shares | Added |
Every filing on file
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.
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