Brevan Howard Capital Management’s VanEck Semiconductor ETF SMH Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$7.71M	Buy	20,100 +13,257	+194%	+$5.26M	0.08%	157
2025 Q4	$2.48M	Buy	+6,843	New	+$2.4M	0.05%	410
2025 Q3	–	Sell	-5,060	Closed	-$1.41M	–	2271
2025 Q2	$1.41M	Buy	+5,060	New	+$1.17M	0.02%	906
2025 Q1	–	Sell	-9,723	Closed	-$2.35M	–	1444
2024 Q4	$2.35M	Buy	+9,723	New	+$2.41M	0.06%	263
2024 Q3	–	Sell	-41,786	Closed	-$10.2M	–	1429
2024 Q2	$10.9M	Sell	41,786 -42,811	-51%	-$10M	0.71%	45
2024 Q1	$19M	Buy	+84,597	New	+$17M	1.73%	31
2023 Q2	–	Sell	-124,000	Closed	-$16.3M	–	246
2023 Q1	$16.3M	Buy	124,000 +82,000	+195%	+$9.83M	3.59%	23
2022 Q4	$4.26M	Buy	+42,000	New	+$4.27M	1.24%	35
2021 Q1	–	Hold	0	–	–	–	68
2020 Q4	–	Hold	0	–	–	–	30
2014 Q3	–	Hold	0	–	–	–	18
2014 Q2	–	Hold	0	–	–	–	18