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Rokos Capital Management LLP

The positions Rokos Capital Management LLP 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
$26.8bn
+$13.6bn on Q1 2026
Positions
194
97 new, 54 sold out
Top ten weight
76%
Concentrated
Quarter
Q2 2026
Filed 14 Aug 2026
Read the Q2 2026 filing on sec.gov CIK 0001666335 · Macro · United Kingdom

Reported book is the quarter-end market value of the securities on the 13F, mostly US-listed long equity. It is not the manager’s assets under management: shorts, cash, leverage and most non-US or private holdings sit outside it.

Reported book by quarter
$0$13.4bn$26.8bnQ3 24: $6.2bn$6.2bnQ3 24Q4 24: $10.0bn$10.0bnQ4 24Q1 25: $9.7bn$9.7bnQ1 25Q2 25: $23.0bn$23.0bnQ2 25Q3 25: $23.3bn$23.3bnQ3 25Q4 25: $25.7bn$25.7bnQ4 25Q1 26: $13.2bn$13.2bnQ1 26Q2 26: $26.8bn$26.8bnQ2 26
Every quarter since Q4 2018: what Rokos Capital Management LLP bought, cut and sold →
Largest positions, share of the book
QQQ puts · Invesco QQQ Trust: 47%QQQ puts · Invesco QQQ …47%QQQ · Invesco QQQ Trust: 16%QQQ · Invesco QQQ Trust16%NVDA puts · Nvidia Corporation: 2.1%NVDA puts · Nvidia Corp…2.1%IWM calls · iShares Russell 2000 ETF: 2.0%IWM calls · iShares Rus…2.0%META puts · Meta Platforms Inc: 1.8%META puts · Meta Platfo…1.8%AAPL calls · Apple Inc: 1.7%AAPL calls · Apple Inc1.7%GE puts · Ge Aerospace: 1.7%GE puts · Ge Aerospace1.7%QQQ calls · Invesco QQQ Trust: 1.5%QQQ calls · Invesco QQQ…1.5%GOOGL puts · Alphabet Inc: 1.4%GOOGL puts · Alphabet I…1.4%GE calls · Ge Aerospace: 1.1%GE calls · Ge Aerospace1.1%

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.

  • Invesco QQQ Trust (QQQ)$4.2bn · 16%
  • Apple Inc (AAPL)calls$469m · 1.7%
  • Ge Aerospace (GE)puts$448m · 1.7%
  • Alphabet Inc (GOOGL)Capital Stock Class A · puts$364m · 1.4%
  • Ge Aerospace (GE)calls$299m · 1.1%
  • Alphabet Inc (GOOG)Capital Stock Class C · calls$283m · 1.1%
  • Goldman Sachs Group Inc (GS)calls$249m · 0.9%
  • Advanced Micro Devices Inc (AMD)calls$218m · 0.8%
  • Alphabet Inc (GOOGL)Capital Stock Class A · calls$214m · 0.8%
  • Capital One Finl Corp (COF)calls$193m · 0.7%
  • Citigroup Inc (C)calls$105m · 0.4%
  • Arista Networks Inc (ANET)$74m · 0.3%
  • and 85 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 Trust (EEM)$559m held before
  • SPDR Series Trust (KRE)$398m held before
  • Select Sector SPDR Trust (XLP)$215m held before
  • Select Sector SPDR Trust (XLV)$152m held before
  • Invesco Exchange Traded FD T (RSP)$135m held before
  • iShares Inc (EWZ)$131m held before
  • Honeywell Intl Inc (HON)$94m held before
  • SPDR Series Trust (XBI)$84m held before
  • Alibaba Group HLDG LTD (BABA)$79m held before
  • Lockheed Martin Corp (LMT)$62m held before
  • Select Sector SPDR Trust (XLY)$61m held before
  • L3harris Technologies Inc (LHX)$60m held before
  • and 42 more.

Every reported position, Q2 2026

194 positions, sorted by weight · page 1 of 2

PositionWeight ↓ValueSharesChange on the quarterAction
Invesco QQQ Trust (QQQ)
puts · CUSIP 46090E103
47%$12.5bn16,953,400
+$10.8bn
+13,973,000 shares
Added
Invesco QQQ Trust (QQQ)
CUSIP 46090E103
16%$4.2bn5,719,724No earlier filingNew
Nvidia Corporation (NVDA)
puts · CUSIP 67066G104
2.1%$569m2,846,300
+$32m
-233,700 shares
Trimmed
iShares Russell 2000 ETF (IWM)
calls · CUSIP 464287655
2.0%$547m1,820,700
+$532m
+1,760,000 shares
Added
Meta Platforms Inc (META)
Class A · puts · CUSIP 30303M102
1.8%$472m837,000
-$285m
-484,300 shares
Trimmed
Apple Inc (AAPL)
calls · CUSIP 037833100
1.7%$469m1,620,000No earlier filingNew
Ge Aerospace (GE)
puts · CUSIP 369604301
1.7%$448m1,200,000No earlier filingNew
Invesco QQQ Trust (QQQ)
calls · CUSIP 46090E103
1.5%$411m558,400
-$1.4bn
-2,497,000 shares
Trimmed
Alphabet Inc (GOOGL)
Capital Stock Class A · puts · CUSIP 02079K305
1.4%$364m1,020,000No earlier filingNew
Ge Aerospace (GE)
calls · CUSIP 369604301
1.1%$299m800,000No earlier filingNew
Alphabet Inc (GOOG)
Capital Stock Class C · calls · CUSIP 02079K107
1.1%$283m800,000No earlier filingNew
Goldman Sachs Group Inc (GS)
calls · CUSIP 38141G104
0.9%$249m246,000No earlier filingNew
Oracle Corp (ORCL)
puts · CUSIP 68389X105
0.9%$243m1,656,800
-$700k
0 shares
Held
Oracle Corp (ORCL)
calls · CUSIP 68389X105
0.9%$243m1,656,800
-$700k
0 shares
Held
Advanced Micro Devices Inc (AMD)
calls · CUSIP 007903107
0.8%$218m374,910No earlier filingNew
Alphabet Inc (GOOGL)
Capital Stock Class A · calls · CUSIP 02079K305
0.8%$214m600,000No earlier filingNew
Alphabet Inc (GOOGL)
Capital Stock Class A · CUSIP 02079K305
0.7%$199m557,702
-$742m
-2,714,391 shares
Trimmed
Capital One Finl Corp (COF)
calls · CUSIP 14040H105
0.7%$193m960,000No earlier filingNew
Nvidia Corporation (NVDA)
CUSIP 67066G104
0.7%$190m949,132
-$134m
-907,927 shares
Trimmed
SanDisk Corp (SNDK)
CUSIP 80004C200
0.6%$165m72,771
+$129m
+15,708 shares
Added
Citigroup Inc (C)
CUSIP 172967424
0.6%$152m1,085,285
+$32m
+30,242 shares
Added
Apple Inc (AAPL)
CUSIP 037833100
0.5%$136m468,632
-$248m
-1,044,112 shares
Trimmed
Meta Platforms Inc (META)
Class A · CUSIP 30303M102
0.4%$113m201,190
-$64m
-108,129 shares
Trimmed
Applied Matls Inc (AMAT)
CUSIP 038222105
0.4%$106m146,184
+$60m
+11,091 shares
Added
Citigroup Inc (C)
calls · CUSIP 172967424
0.4%$105m750,000No earlier filingNew
Nvidia Corporation (NVDA)
calls · CUSIP 67066G104
0.4%$105m525,000
+$70m
+325,000 shares
Added
Microsoft Corp (MSFT)
CUSIP 594918104
0.4%$104m279,213
+$103m
+275,947 shares
Added
Lam Research Corp (LRCX)
CUSIP 512807306
0.4%$103m237,269
+$47m
-22,652 shares
Trimmed
Tesla Inc (TSLA)
puts · CUSIP 88160R101
0.4%$100m237,100
+$12m
0 shares
Held
Norfolk Southn Corp (NSC)
CUSIP 655844108
0.4%$99m314,671
+$60m
+178,236 shares
Added
Broadcom Inc (AVGO)
CUSIP 11135F101
0.4%$98m260,115
+$25m
+23,415 shares
Added
Amazon Com Inc (AMZN)
CUSIP 023135106
0.4%$95m397,840
+$84m
+347,241 shares
Added
Golar LNG LTD (GLNG)
CUSIP G9456A100
0.3%$90m1,797,559
+$26m
+628,398 shares
Added
Tesla Inc (TSLA)
calls · CUSIP 88160R101
0.3%$90m212,900
+$1.4m
-24,200 shares
Trimmed
Palantir Technologies Inc (PLTR)
Class A · calls · CUSIP 69608A108
0.3%$86m738,900
+$22m
+298,700 shares
Added
Pg&e Corp (PCG)
CUSIP 69331C108
0.3%$76m4,531,771
+$23m
+1,491,167 shares
Added
Arista Networks Inc (ANET)
CUSIP 040413205
0.3%$74m434,152No earlier filingNew
Eqt Corp (EQT)
CUSIP 26884L109
0.3%$71m1,340,046
-$40m
-400,469 shares
Trimmed
Expand Energy Corporation (EXE)
CUSIP 165167735
0.2%$63m688,699
-$32m
-173,869 shares
Trimmed
Ciena Corp (CIEN)
CUSIP 171779309
0.2%$62m127,045
+$37m
+60,585 shares
Added
Micron Technology Inc (MU)
CUSIP 595112103
0.2%$62m53,644
-$3.5m
-139,595 shares
Trimmed
Honeywell Aerospace Inc (HONA)
CUSIP 43849R105
0.2%$62m279,404No earlier filingNew
Lumentum HLDGS Inc (LITE)
CUSIP 55024U109
0.2%$61m71,577
-$20m
-44,016 shares
Trimmed
Darling Ingredients Inc (DAR)
CUSIP 237266101
0.2%$58m1,053,323
+$32m
+645,321 shares
Added
Gxo Logistics Incorporated (GXO)
CUSIP 36262G101
0.2%$56m1,110,869
+$35m
+699,896 shares
Added
Honeywell Intl Inc (HON)
CUSIP 438516205
0.2%$53m237,512No earlier filingNew
Crowdstrike HLDGS Inc (CRWD)
Class A · calls · CUSIP 22788C105
0.2%$48m62,300No earlier filingNew
Tesla Inc (TSLA)
CUSIP 88160R101
0.2%$47m111,476
+$20m
+40,354 shares
Added
NIKE Inc (NKE)
Class B · puts · CUSIP 654106103
0.2%$45m1,100,000No earlier filingNew
Ally Finl Inc (ALLY)
CUSIP 02005N100
0.2%$45m973,466No earlier filingNew
Teradyne Inc (TER)
CUSIP 880770102
0.2%$44m91,693
+$14m
-11,277 shares
Trimmed
Mosaic Co (MOS)
calls · CUSIP 61945C103
0.2%$43m2,050,000No earlier filingNew
Fluor Corp (FLR)
calls · CUSIP 343412102
0.2%$43m825,000No earlier filingNew
Coherent Corp (COHR)
CUSIP 19247G107
0.1%$40m101,561
-$19m
-144,396 shares
Trimmed
Purecycle Technologies Inc (PCT)
CUSIP 74623V103
0.1%$40m4,927,873
+$33m
+3,479,089 shares
Added
KKR & Co Inc (KKR)
CUSIP 48251W104
0.1%$39m421,705No earlier filingNew
Western Digital Corp (WDC)
CUSIP 958102105
0.1%$38m59,993
-$15m
-138,467 shares
Trimmed
Seagate Technology Hldngs PL (STX)
CUSIP G7997R103
0.1%$38m39,320
-$11m
-86,171 shares
Trimmed
Nu HLDGS LTD (NU)
Ordinary Shares Class A · CUSIP G6683N103
0.1%$38m2,810,589No earlier filingNew
Natera Inc (NTRA)
CUSIP 632307104
0.1%$37m137,049
-$11m
-105,853 shares
Trimmed
Meta Platforms Inc (META)
Class A · calls · CUSIP 30303M102
0.1%$37m65,300
-$147m
-256,000 shares
Trimmed
iShares Russell 2000 ETF (IWM)
puts · CUSIP 464287655
0.1%$36m120,700
+$21m
+60,000 shares
Added
Amazon Com Inc (AMZN)
calls · CUSIP 023135106
0.1%$36m150,000No earlier filingNew
Ati Inc (ATI)
CUSIP 01741R102
0.1%$36m180,935
+$24m
+100,592 shares
Added
Nu HLDGS LTD (NU)
Ordinary Shares Class A · calls · CUSIP G6683N103
0.1%$33m2,500,000No earlier filingNew
Delta Air Lines Inc (DAL)
CUSIP 247361702
0.1%$33m353,744
-$4.4m
-211,218 shares
Trimmed
Valero Energy Corp (VLO)
CUSIP 91913Y100
0.1%$32m124,563
-$14m
-62,007 shares
Trimmed
Vistra Corp (VST)
CUSIP 92840M102
0.1%$32m202,530
-$13m
-94,868 shares
Trimmed
TTM Technologies Inc (TTMI)
CUSIP 87305R109
0.1%$31m166,379
+$18m
+32,610 shares
Added
Ulta Beauty Inc (ULTA)
CUSIP 90384S303
0.1%$31m67,584No earlier filingNew
Transalta Corp (TAC)
CUSIP 89346D107
0.1%$29m2,061,847
-$1.6m
-231,222 shares
Trimmed
Advanced Micro Devices Inc (AMD)
CUSIP 007903107
0.1%$28m48,651No earlier filingNew
Snowflake Inc (SNOW)
CUSIP 833445109
0.1%$27m107,699No earlier filingNew
Ge Vernova Inc (GEV)
calls · CUSIP 36828A101
0.1%$27m23,000
+$17m
+11,000 shares
Added
MP Materials Corp (MP)
Common Class A · CUSIP 553368101
0.1%$27m477,535
+$200k
-72,671 shares
Trimmed
Sherwin Williams Co (SHW)
CUSIP 824348106
0.1%$25m73,507No earlier filingNew
Space Exploration Techn Corp (SPCX)
Class A Common Stock · CUSIP 84615Q103
0.1%$24m140,014No earlier filingNew
Intel Corp (INTC)
CUSIP 458140100
0.1%$24m169,689No earlier filingNew
Amer Sports Inc (AS)
CUSIP G0260P102
0.1%$21m616,279No earlier filingNew
Corteva Inc (CTVA)
CUSIP 22052L104
0.1%$21m245,571
+$17m
+195,571 shares
Added
Crowdstrike HLDGS Inc (CRWD)
Class A · puts · CUSIP 22788C105
0.1%$20m26,400No earlier filingNew
Boston Scientific Corp (BSX)
calls · CUSIP 101137107
0.1%$20m460,000
+$19m
+443,800 shares
Added
SLB Limited (SLB)
CUSIP 806857108
0.1%$19m415,613
-$16m
-272,989 shares
Trimmed
Fabrinet (FN)
CUSIP G3323L100
0.1%$19m34,027
-$13m
-26,870 shares
Trimmed
Halliburton Co (HAL)
CUSIP 406216101
0.1%$19m562,079
-$16m
-328,839 shares
Trimmed
Select Sector SPDR Industrial ETF (XLI)
puts · CUSIP 81369Y704
0.1%$19m100,000No earlier filingNew
Select Sector SPDR Industrial ETF (XLI)
calls · CUSIP 81369Y704
0.1%$19m100,000No earlier filingNew
Alcoa Corp (AA)
calls · CUSIP 013872106
0.1%$18m350,000No earlier filingNew
Cameco Corp (CCJ)
CUSIP 13321L108
0.1%$18m174,584No earlier filingNew
Select Sector SPDR Energy ETF (XLE)
puts · CUSIP 81369Y506
0.1%$17m320,000No earlier filingNew
Sylvamo Corp (SLVM)
CUSIP 871332102
0.1%$17m448,997
+$6.2m
+193,326 shares
Added
Century Alum Co (CENX)
CUSIP 156431108
0.1%$16m355,002
-$9.3m
-81,686 shares
Trimmed
Deutsche BK AG (DB)
Namen AKT · CUSIP D18190898
0.1%$16m473,688
+$12m
+345,123 shares
Added
KBR Inc (KBR)
CUSIP 48242W106
0.1%$16m458,352
+$13m
+388,504 shares
Added
Select Sector SPDR Mater ETF (XLB)
calls · CUSIP 81369Y100
0.1%$16m310,000No earlier filingNew
Applied Matls Inc (AMAT)
calls · CUSIP 038222105
0.1%$15m21,000
+$8.0m
0 shares
Held
Applied Matls Inc (AMAT)
puts · CUSIP 038222105
0.1%$15m21,000
+$8.0m
0 shares
Held
Walmart Inc (WMT)
CUSIP 931142103
0.1%$15m132,792
-$4.9m
-27,789 shares
Trimmed
Flowserve Corp (FLS)
CUSIP 34354P105
0.1%$15m201,393
+$10m
+137,892 shares
Added
Celanese Corp Del (CE)
CUSIP 150870103
0.1%$15m320,489No earlier filingNew

Every filing on file

QuarterPeriod endFiledBookPositionsTop 10Filing
Q2 202630 Jun 202614 Aug 2026$26.8bn19476%13F-HR
Q1 202631 Mar 202615 May 2026$13.2bn17657%13F-HR
Q4 202531 Dec 202513 Feb 2026$25.7bn15170%13F-HR
Q3 202530 Sept 202514 Nov 2025$23.3bn15765%13F-HR
Q2 202530 Jun 202514 Aug 2025$23.0bn19566%13F-HR
Q1 202531 Mar 202515 May 2025$9.7bn14954%13F-HR
Q4 202431 Dec 202414 Feb 2025$10.0bn11358%13F-HR
Q3 202430 Sept 202414 Nov 2024$6.2bn7459%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.

You have read the book. Now have a view on one name

Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.

Comps ExplorerValue any holding above against its peer setEvery other managerWho else owns it, and who was buying last quarterDeal tapeWhat a buyer paid for a whole company in the sectorHedge fund interviewsHow the room runs, and the stock pitch it wants

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