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Asset Manager ← All Institutions

Brevan Howard Capital Management LP

Q4 2025 · Filed 2026-02-17
Market Value
$4.7B
-31.0%
Holdings
2,158
-3
New Purchases
399
Added To
509
Closed
581
Reduced
666
Top 10 Concentration
33.2%
Turnover
45.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
FTKI 9.58% 0.00% +9.58% $452M
IVV 2.37% 0.00% +2.37% $112M
WMT 2.07% 0.14% +1.93% $98M
GOOG 3.19% 1.56% +1.64% $151M
AVGO 1.56% 0.25% +1.31% $73M
B 1.38% 0.22% +1.17% $65M
ORCL 1.05% 0.03% +1.02% $49M
BABA 1.17% 0.30% +0.87% $55M
GOOGL 3.65% 2.81% +0.84% $172M
LQD 0.74% 0.00% +0.74% $35M
COHR 0.72% 0.06% +0.66% $34M
TSLA 1.31% 0.68% +0.63% $62M
SNDK 0.62% 0.00% +0.62% $29M
BAC 0.83% 0.27% +0.56% $39M
LITE 0.53% 0.00% +0.52% $25M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IBIT 5.84% 34.91% -29.07% $275M
MSFT 0.10% 2.85% -2.75% $5M
META 0.03% 2.08% -2.05% $1M
INSM 0.00% 0.62% -0.62% $0
FIX 0.03% 0.58% -0.55% $2M
ALAB 0.00% 0.53% -0.53% $0
GLD 0.01% 0.48% -0.47% $394K
EEM 0.00% 0.43% -0.43% $0
AEM 0.00% 0.38% -0.38% $0
RCAT 0.00% 0.29% -0.28% $202K
MSTR 0.03% 0.29% -0.26% $1M
CIEN 0.04% 0.29% -0.25% $2M
K 0.00% 0.24% -0.24% $0
IWV 0.00% 0.23% -0.23% $0
V 0.03% 0.24% -0.21% $1M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 60 $1.3B 27.5%
Large Cap 638 $1.9B 39.9%
Mid Cap 768 $741M 15.7%
Small Cap 612 $305M 6.5%
Micro Cap 80 $490M 10.4%

Portfolio Analytics

Avg Market Cap
$39.9B
Median Market Cap
$4.4B
Avg P/E
33.7
Median P/E
21.0
Avg Dividend Yield
0.02%
Avg Beta
1.11
# Stocks
2,123
# ETFs / Funds
35

Top Holdings (2,158 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 FTKI 9.58% 57,081,120 $452M $7.92 +57,081,120 NEW
2 IBIT 5.84% 5,548,758 $275M $49.65 -$2.1B -31,203,990 -84.9%
3 GOOGL 3.65% 549,884 $172M $313.00 -$20M -240,736 -30.4%
4 GOOG 3.19% 480,053 $151M $313.80 $44M +43,009 +9.8%
5 IVV 2.37% 162,970 $112M $687.34 +162,970 NEW
6 WMT 2.07% 875,623 $98M $111.41 $88M +782,355 +838.8%
7 NVDA 1.99% 504,152 $94M $186.50 -$18M -98,020 -16.3%
8 AAPL 1.58% 274,033 $74M $271.86 -$24M -112,301 -29.1%
9 AVGO 1.56% 211,631 $73M $347.00 $57M +160,618 +314.9%
10 B 1.38% 1,499,501 $65M $43.55 $51M +1,055,485 +237.7%
11 TSLA 1.31% 137,164 $62M $449.72 $15M +32,473 +31.0%
12 BABA 1.17% 379,350 $55M $145.79 $35M +265,245 +232.5%
13 ORCL 1.05% 252,175 $49M $195.90 $47M +244,883 +3358.2%
14 NEM 0.86% 404,407 $40M $99.85 $5M -19,196 -4.5%
15 BAC 0.83% 712,959 $39M $55.00 $21M +354,090 +98.7%
16 JPM 0.76% 111,236 $36M $322.22 -$2M -8,557 -7.1%
17 LQD 0.74% 315,000 $35M $110.19 +315,000 NEW
18 COHR 0.72% 184,303 $34M $184.57 $30M +143,355 +350.1%
19 C 0.71% 285,999 $33M $116.69 $3M -16,031 -5.3%
20 CME 0.65% 111,950 $31M $273.08 $2M +6,370 +6.0%
21 SNDK 0.62% 123,362 $29M $237.38 $29M +121,353 +6040.5%
22 LITE 0.53% 67,356 $25M $368.59 $25M +65,358 +3271.2%
23 GDX 0.50% 272,053 $24M $87.02 $4M +12,332 +4.8%
24 AMZN 0.48% 97,543 $23M $230.82 -$6M -30,998 -24.1%
25 EA 0.44% 102,000 $21M $204.33 $14M +66,587 +188.0%
26 AA 0.44% 387,491 $21M $53.14 $19M +331,036 +586.4%
27 FYBR 0.42% 525,494 $20M $38.07 $643K +7,017 +1.4%
28 LLY 0.42% 18,562 $20M $1,077.61 $4M -1,999 -9.7%
29 BSX 0.41% 200,756 $19M $95.65 $12M +126,912 +171.9%
30 TBBK 0.37% 259,460 $18M $67.52 $17M +255,948 +7287.8%
31 NSC 0.35% 58,018 $17M $288.72 $12M +42,605 +276.4%
32 SF 0.35% 130,145 $16M $125.22 $14M +110,358 +557.7%
33 REGN 0.33% 19,985 $15M $771.87 $12M +14,745 +281.4%
34 BMY 0.32% 276,233 $15M $53.94 $12M +203,575 +280.2%
35 PAM 0.31% 165,940 $15M $87.71 $8M +64,387 +63.4%
36 GILD 0.30% 114,639 $14M $122.74 $12M +94,482 +468.7%
37 MRVL 0.30% 164,807 $14M $84.98 $13M +149,957 +1009.8%
38 TLT 0.30% 160,000 $14M $87.16 +160,000 NEW
39 QQQ 0.29% 22,000 $14M $614.31 -$1M -2,875 -11.6%
40 BBIO 0.28% 173,523 $13M $75.93 $10M +121,105 +231.0%
41 MRK 0.28% 124,146 $13M $105.26 $5M +31,029 +33.3%
42 CCB 0.27% 110,000 $13M $114.59 +110,000 NEW
43 NOW 0.27% 81,760 $13M $153.19 $11M +80,496 +6368.4%
44 BIIB 0.26% 71,017 $12M $175.99 $8M +37,506 +111.9%
45 TSM 0.26% 40,871 $12M $305.60 $9M +29,904 +272.7%
46 VIST 0.26% 250,045 $12M $48.82 $10M +174,247 +229.9%
47 PPTA 0.26% 492,200 $12M $24.52 $11M +438,600 +818.3%
48 BIDU 0.25% 92,203 $12M $129.56 -$5M -38,302 -29.4%
49 PG 0.25% 82,703 $12M $143.31 $373K +7,993 +10.7%
50 KEY 0.25% 561,580 $12M $20.64 $667K -22,891 -3.9%
51 JNJ 0.24% 55,022 $11M $206.95 -$4M -28,623 -34.2%
52 CW 0.23% 20,000 $11M $551.27 $4M +7,455 +59.4%
53 SNDX 0.23% 515,129 $11M $21.01 $9M +390,554 +313.5%
54 VRT 0.23% 66,451 $11M $162.01 $2M +9,617 +16.9%
55 NFLX 0.22% 112,561 $11M $93.76 -$10M +95,501 +559.8%
56 SLB 0.22% 273,903 $11M $38.38 -$3M -106,491 -28.0%
57 BLK 0.22% 9,776 $10M $1,070.34 $6M +5,574 +132.7%
58 AFL 0.22% 93,951 $10M $110.27 $606K +6,632 +7.6%
59 GS 0.22% 11,706 $10M $879.00 -$7M -10,374 -47.0%
60 TFC 0.22% 207,141 $10M $49.21 $6M +110,131 +113.5%
61 SOFI 0.21% 383,874 $10M $26.18 $7M +256,435 +201.2%
62 CHTR 0.21% 47,739 $10M $208.75 $6M +31,851 +200.5%
63 WFC 0.21% 106,245 $10M $93.78 -$10M -130,156 -55.1%
64 TTD 0.21% 259,224 $10M $37.96 $9M +243,441 +1542.4%
65 COLB 0.21% 350,000 $10M $27.95 +350,000 NEW
66 RL 0.21% 27,378 $10M $353.61 $6M +16,549 +152.8%
67 ISRG 0.20% 17,025 $10M $566.36 $5M +6,037 +54.9%
68 NBN 0.20% 92,107 $10M $103.93 +92,107 NEW
69 CASY 0.19% 16,283 $9M $552.71 -$2M -3,218 -16.5%
70 CCJ 0.19% 96,225 $9M $92.25 $6M +58,541 +155.3%
71 BNC 0.19% 1,373,643 $9M $6.42 $6M +987,698 +255.9%
72 CSCO 0.18% 112,512 $9M $77.03 -$6M -107,975 -49.0%
73 FBK 0.18% 154,018 $9M $55.80 +154,018 NEW
74 PYPL 0.18% 145,734 $9M $58.38 -$1M -2,796 -1.9%
75 AAL 0.18% 550,670 $8M $15.33 $4M +166,021 +43.2%
76 CFG 0.18% 143,954 $8M $58.41 $4M +67,835 +89.1%
77 CASH 0.17% 115,505 $8M $71.00 $8M +112,526 +3777.3%
78 NTRA 0.17% 35,328 $8M $230.97 $7M +29,409 +496.9%
79 PLTR 0.17% 45,354 $8M $177.75 -$9M -45,897 -50.3%
80 ASTS 0.17% 110,546 $8M $72.63 +110,546 NEW
81 ABCB 0.17% 107,588 $8M $74.27 $5M +61,867 +135.3%
82 CDW 0.17% 58,533 $8M $136.20 $7M +51,759 +764.1%
83 PFE 0.17% 315,190 $8M $24.90 -$725K -21,272 -6.3%
84 DHR 0.16% 32,948 $8M $228.92 $7M +29,639 +895.7%
85 FCNCA 0.16% 3,500 $8M $2,146.18 $6M +2,770 +379.4%
86 CNC 0.16% 181,558 $7M $41.15 $4M +86,535 +91.1%
87 CNOB 0.16% 283,923 $7M $26.22 +283,923 NEW
88 SII 0.16% 75,000 $7M $98.37 +75,000 NEW
89 LPLA 0.16% 20,583 $7M $357.17 $5M +13,385 +185.9%
90 YPF 0.15% 202,258 $7M $36.16 $6M +145,831 +258.4%
91 SYY 0.15% 98,377 $7M $73.69 $4M +64,040 +186.5%
92 ABC 0.15% 21,433 $7M $337.75 $6M +17,683 +471.6%
93 T 0.15% 291,383 $7M $24.84 $1M +80,062 +37.9%
94 SGI 0.15% 78,442 $7M $89.81 $758K +3,897 +5.2%
95 MMC 0.15% 37,970 $7M $185.52 $694K +6,462 +20.5%
96 AZO 0.15% 2,054 $7M $3,391.50 $4M +1,262 +159.3%
97 CMI 0.15% 13,639 $7M $510.45 -$3M -9,430 -40.9%
98 PEP 0.15% 48,461 $7M $143.52 -$4M -27,209 -36.0%
99 ABNB 0.15% 50,808 $7M $135.72 $389K -2,780 -5.2%
100 LVS 0.15% 105,856 $7M $65.09 $312K -16,441 -13.4%

Options Breakdown

98 Calls $2.0B Call Value 43 Puts $1.9B Put Value 0.93 P/C Ratio

Top Calls

SymbolSharesValueStatus
IBIT 8,058,800 $400M
LQD 3,000,000 $331M
QQQ 378,000 $232M
PDD 101,000 $183M
BAC 2,350,000 $129M NEW
TLT 1,000,000 $87M
XHB 660,000 $68M
BIDU 445,800 $58M
ASHR 1,575,000 $52M
HYG 500,000 $40M NEW

Top Puts

SymbolSharesValueStatus
NVDA 2,068,000 $386M
HYG 4,403,200 $355M
LQD 2,600,000 $286M
IBIT 5,000,000 $248M
PDD 96,000 $174M
BABA 613,000 $89M
TLT 1,000,000 $87M
AGNCZ 5,500,000 $59M
XLU 1,300,000 $55M NEW
SNOW 131,300 $29M

New Positions

SymbolValue% Port
FTKI $452M 9.58%
IVV $112M 2.37%
LQD $35M 0.74%
TLT $14M 0.30%
CCB $13M 0.27%
COLB $10M 0.21%
NBN $10M 0.20%
FBK $9M 0.18%
ASTS $8M 0.17%
CNOB $7M 0.16%
SII $7M 0.16%
YNDX $7M 0.14%
AMTB $6M 0.13%
FTNT $6M 0.13%
GPCR $6M 0.13%

Sold Out Positions

SymbolValue% Port
ABM —%
CCS —%
BDX —%
APAM —%
ATEN —%
ACI —%
RH —%
ARMK —%
ED —%
LYV —%
ALSN —%
AIZ —%
ASX —%
EMN —%
MC —%
View SEC EDGAR Filings for Brevan Howard Capital Management LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms