What Rokos Capital Management LLP changed, 2018 to 2026
31 quarterly 13F filings, from Q4 2018 to Q2 2026, 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
$26.8bn
$36m at Q4 2018
Positions
194
10 at Q4 2018
Top ten weight
76%
100% at Q4 2018
Typical quarterly turnover
about 28%
Estimated from share changes
- Q4 2018: $36m
- Q1 2019: $122m
- Q2 2019: $23m
- Q3 2019: $168m
- Q4 2019: $448m
- Q1 2020: $1.2bn
- Q2 2020: $2.0bn
- Q3 2020: $5.9bn
- Q4 2020: $4.6bn
- Q1 2021: $6.7bn
- Q2 2021: $5.0bn
- Q3 2021: $4.7bn
- Q4 2021: $1.7bn
- Q1 2022: $2.1bn
- Q2 2022: $3.4bn
- Q3 2022: $3.4bn
- Q4 2022: $2.3bn
- Q1 2023: $1.4bn
- Q2 2023: $10.3bn
- Q3 2023: $13.8bn
- Q4 2023: $11.5bn
- Q1 2024: $19.0bn
- Q2 2024: $16.0bn
- Q3 2024: $6.2bn
- Q4 2024: $10.0bn
- Q1 2025: $9.7bn
- Q2 2025: $23.0bn
- Q3 2025: $23.3bn
- Q4 2025: $25.7bn
- Q1 2026: $13.2bn
- Q2 2026: $26.8bn
- Q4 2018: 100%
- Q1 2019: 82%
- Q2 2019: 100%
- Q3 2019: 100%
- Q4 2019: 100%
- Q1 2020: 100%
- Q2 2020: 100%
- Q3 2020: 93%
- Q4 2020: 67%
- Q1 2021: 61%
- Q2 2021: 58%
- Q3 2021: 63%
- Q4 2021: 85%
- Q1 2022: 66%
- Q2 2022: 61%
- Q3 2022: 62%
- Q4 2022: 70%
- Q1 2023: 64%
- Q2 2023: 79%
- Q3 2023: 75%
- Q4 2023: 78%
- Q1 2024: 81%
- Q2 2024: 74%
- Q3 2024: 59%
- Q4 2024: 58%
- Q1 2025: 54%
- Q2 2025: 66%
- Q3 2025: 65%
- Q4 2025: 70%
- Q1 2026: 57%
- Q2 2026: 76%
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 Q2 2026. The line is its reported value each quarter.
| Position | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Invesco QQQ Trust(QQQ) | Q3 2020 | $12.5bnQ2 2026 | $12.5bn | |
| Invesco QQQ Trust(QQQ) | Q2 2022 | $4.2bnQ2 2026 | $4.2bn | |
| Nvidia Corporation(NVDA) | Q4 2020 | $634mQ3 2025 | $569m | |
| iShares Russell 2000 ETF(IWM) | Q2 2023 | $5.0bnQ2 2025 | $547m | |
| Facebook Inc(META)Class A | Q1 2025 | $756mQ1 2026 | $471m | |
| Apple Inc(AAPL) | Q2 2025 | $469mQ2 2026 | $469m | |
| Ge Aerospace(GE) | Q2 2026 | $448mQ2 2026 | $448m | |
| Invesco QQQ Trust(QQQ) | Q2 2022 | $5.1bnQ2 2024 | $411m | |
| Alphabet Inc(GOOGL)Capital Stock Class A | Q4 2024 | $626mQ4 2025 | $364m | |
| Ge Aerospace(GE) | Q2 2026 | $299mQ2 2026 | $299m | |
| Alphabet Inc(GOOG)Capital Stock Class C | Q2 2026 | $283mQ2 2026 | $283m | |
| Goldman Sachs Group Inc(GS) | Q4 2024 | $249mQ2 2026 | $249m | |
| iShares IBOXX INV CP ETF(LQD) | Q3 2020 | $1.2bnQ3 2020 | Soldlast listed Q3 2020 | |
| Alibaba Group HLDG LTD(BABA)Sponsored ADS | Q2 2020 | $1.1bnQ4 2020 | Soldlast listed Q1 2026 | |
| iShares IBOXX INV CP ETF(LQD) | Q1 2020 | $981mQ1 2020 | Soldlast listed Q1 2020 | |
| iShares China Lg-capital ETF(FXI) | Q1 2022 | $782mQ3 2023 | Soldlast listed Q1 2025 | |
| Select Sector SPDR Shares Of Beneficial Interest Int-financial(XLF) | Q3 2020 | $774mQ3 2022 | Soldlast listed Q3 2022 | |
| iShares MSCI Emerging Markets ETF(EEM) | Q4 2022 | $745mQ2 2024 | Soldlast listed Q1 2026 | |
| iShares Russell 2000 ETF(IWM) | Q3 2023 | $708mQ4 2023 | Soldlast listed Q4 2024 | |
| iShares MSCI Brazil ETF(EWZ) | Q2 2022 | $695mQ4 2024 | Soldlast listed Q1 2026 |
Quarter by quarter
Q1 2020: $1.2bn across 7 positions
Against Q4 2019: 6 new, 0 added to, 0 trimmed, 8 sold out, across all 7 positions.
Turnover about 53% of the book, estimated from share changes at quarter-end prices.
Largest additions
No position grew this quarter.
Largest reductions
No position was cut this quarter.
Opened
- iShares IBOXX INV CP ETF (LQD)$981m
- Select Sector SPDR Shares Of Beneficial Interest Int-utils (XLU)$60m
- Select Sector SPDR Shares Of Beneficial Interest Healthcare (XLV)$48m
- Select Sector SPDR Shares Of Beneficial Interest Healthcare (XLV)$48m
- Select Sector SPDR Shares Of Beneficial Interest Cons Discretionary (XLY)$41m
- Select Sector SPDR Shares Of Beneficial Interest Cons Discretionary (XLY)$41m
Sold out
- iShares Inc (EWZ)was $104m
- iShares Trust (EEM)was $62m
- Select Sector SPDR Trustwas $55m
- Select Sector SPDR Trustwas $55m
- Select Sector SPDR Trustwas $51m
- Select Sector SPDR Trustwas $51m
- iShares Trustwas $47m
- iShares Trustwas $21m
Largest positions, Q1 2020
| Position | Value | Weight | On the quarter |
|---|---|---|---|
| iShares IBOXX INV CP ETF (LQD) | $981m | 80.4% | New |
| Select Sector SPDR Shares Of Beneficial Interest Int-utils (XLU) | $60m | 4.9% | New |
| Select Sector SPDR Shares Of Beneficial Interest Healthcare (XLV) | $48m | 3.9% | New |
| Select Sector SPDR Shares Of Beneficial Interest Healthcare (XLV) | $48m | 3.9% | New |
| Select Sector SPDR Shares Of Beneficial Interest Cons Discretionary (XLY) | $41m | 3.4% | New |
| Select Sector SPDR Shares Of Beneficial Interest Cons Discretionary (XLY) | $41m | 3.4% | New |
| Select Sector SPDR Shares Of Beneficial Interest Cons Staples (XLP) | $2.3m | 0.2% | Held |
The books most like this one
Among the managers whose filings are on file, at Q2 2026. 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 | |
|---|---|---|---|---|
| Fidelity (FMR LLC) | at least 8.6% | 71 | Compare | |
| Invesco Ltd | at least 8.5% | 74 | Compare | |
| AQR Capital Management LLC | at least 8.5% | 60 | Compare | |
| MFS Investment Management | at least 8.4% | 65 | Compare | |
| T. Rowe Price Associates Inc | at least 8.4% | 71 | Compare | |
| Man Group PLC | at least 8.2% | 62 | Compare | |
| Neuberger Berman Group LLC | at least 8.2% | 69 | Compare | |
| D. E. Shaw & Co. | at least 7.9% | 56 | 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 |
|---|---|---|---|---|
| Q2 2026 | Rokos Capital Management LLP | $26.8bn | 13F-HR | |
| Q1 2026 | Rokos Capital Management LLP | $13.2bn | 13F-HR | |
| Q4 2025 | Rokos Capital Management LLP | $25.7bn | 13F-HR | |
| Q3 2025 | Rokos Capital Management LLP | $23.3bn | 13F-HR | |
| Q2 2025 | Rokos Capital Management LLP | $23.0bn | 13F-HR | |
| Q1 2025 | Rokos Capital Management LLP | $9.7bn | 13F-HR | |
| Q4 2024 | Rokos Capital Management LLP | $10.0bn | 13F-HR | |
| Q3 2024 | Rokos Capital Management LLP | $6.2bn | 13F-HR | |
| Q2 2024 | Rokos Capital Management LLP | $16.0bn | 13F-HR | |
| Q1 2024 | Rokos Capital Management LLP | $19.0bn | 13F-HR | |
| Q4 2023 | Rokos Capital Management LLP | $11.5bn | 13F-HR | |
| Q3 2023 | Rokos Capital Management LLP | $13.8bn | 13F-HR | |
| Q2 2023 | Rokos Capital Management LLP | $10.3bn | 13F-HR | |
| Q1 2023 | Rokos Capital Management LLP | $1.4bn | 13F-HR | |
| Q4 2022 | Rokos Capital Management LLP | $2.3bn | 13F-HR | |
| Q3 2022 | Rokos Capital Management LLP | $3.4bn | 13F-HR | |
| Q2 2022 | Rokos Capital Management LLP | $3.4bn | 13F-HR | |
| Q1 2022 | Rokos Capital Management LLP | $2.1bn | 13F-HR | |
| Q4 2021 | Rokos Capital Management LLP | $1.7bn | 13F-HR | |
| Q3 2021 | Rokos Capital Management LLP | $4.7bn | 13F-HR | |
| Q2 2021 | Rokos Capital Management LLP | $5.0bn | 13F-HR | |
| Q1 2021 | Rokos Capital Management LLP | $6.7bn | 13F-HR | |
| Q4 2020 | Rokos Capital Management LLP | $4.6bn | 13F-HR | |
| Q3 2020 | Rokos Capital Management LLP | $5.9bn | 13F-HR | |
| Q2 2020 | Rokos Capital Management LLP | $2.0bn | 13F-HR | |
| Q1 2020 | Rokos Capital Management LLP | $1.2bn | 13F-HR | |
| Q4 2019 | Rokos Capital Management LLP | $448m | 13F-HR | |
| Q3 2019 | Rokos Capital Management LLP | $168m | 13F-HR | |
| Q2 2019 | Rokos Capital Management LLP | $23m | 13F-HR | |
| Q1 2019 | Rokos Capital Management LLP | $122m | 13F-HR | |
| Q4 2018 | Rokos Capital Management LLP | $36m | 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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