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Brevan Howard Capital Management Portfolio holdings

AUM $13.5B
1-Year Est. Return 44.56%
This Fund
S&P 500
This Quarter Est. Return
+6.05%
1 Year Est. Return
+44.56%
3 Year Est. Return
+147.62%
5 Year Est. Return
+116.32%
10 Year Est. Return
–
AUM
$9.16B
AUM Growth
-$13.2B
Cap. Flow
-$1.33B
Cap. Flow %
-14.51%
Top 10 Hldgs %
34.38%
Holding
2,371
New
451
Increased
532
Reduced
695
Closed
657

Top Buys

Rank Stock Value
1
FTKI
First Trust Small Cap BuyWrite Income ETF
FTKI
+$1.07B
2
IVV icon
iShares Core S&P 500 ETF
IVV
+$111M
3
WMT icon
Walmart Inc
WMT
+$84M
4
ORCL icon
Oracle
ORCL
+$58.3M
5
AVGO icon
Broadcom
AVGO
+$57.4M

Top Sells

Rank Stock Value
1
IBIT icon
iShares Bitcoin Trust
IBIT
+$1.77B
2
MSFT icon
Microsoft
MSFT
+$184M
3
META icon
Meta Platforms (Facebook)
META
+$128M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$68.8M
5
FIX icon
Comfort Systems
FIX
+$42.8M

Sector Composition

Rank Sector Weight
1 Miscellaneous 58.35%
2 Technology 8.09%
3 Financials 7.11%
4 Healthcare 5.24%
5 Communication Services 5.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FTKI
1
First Trust Small Cap BuyWrite Income ETF
FTKI
$25.8M
$452M 4.93%
+57,081,120
New +$1.07B
IBIT icon
2
CALL
iShares Bitcoin Trust
IBIT
$60.9B
$400M 4.37%
8,058,800
+4,858,300
+152% +$276M
NVDA icon
3
PUT
NVIDIA
NVDA
$5.4T
$386M 4.21%
2,068,000
+974,000
+89% +$181M
HYG icon
4
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.4B
$355M 3.88%
4,403,200
-4,208,600
-49% -$339M
LQD icon
5
CALL
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.2B
$331M 3.61%
3,000,000
– –
LQD icon
6
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.2B
$286M 3.13%
2,600,000
-400,000
-13% -$44.5M
IBIT icon
7
iShares Bitcoin Trust
IBIT
$60.9B
$275M 3.01%
5,548,758
-31,203,990
-85% -$1.77B
IBIT icon
8
PUT
iShares Bitcoin Trust
IBIT
$60.9B
$248M 2.71%
5,000,000
+3,000,000
+150% +$170M
QQQ icon
9
CALL
Invesco QQQ Trust
QQQ
$489B
$232M 2.54%
378,000
-167,500
-31% -$103M
PDD icon
10
CALL
Pinduoduo
PDD
$112B
$183M 2%
101,000
-550,875
-85% -$68.4M
PDD icon
11
PUT
Pinduoduo
PDD
$112B
$174M 1.9%
96,000
-320,500
-77% -$39.8M
GOOGL icon
12
Alphabet (Google) Class A
GOOGL
$4.04T
$172M 1.88%
549,884
-240,736
-30% -$68.8M
GOOG icon
13
Alphabet (Google) Class C
GOOG
$4.02T
$151M 1.64%
480,053
+43,009
+10% +$12.3M
BAC icon
14
CALL
Bank of America
BAC
$438B
$129M 1.41%
+2,350,000
New +$124M
IVV icon
15
iShares Core S&P 500 ETF
IVV
$866B
$112M 1.22%
+162,970
New +$111M
WMT icon
16
Walmart Inc
WMT
$840B
$97.6M 1.07%
875,623
+782,355
+839% +$84M
NVDA icon
17
NVIDIA
NVDA
$5.4T
$94M 1.03%
504,152
-98,020
-16% -$18.2M
BABA icon
18
PUT
Alibaba
BABA
$272B
$89.4M 0.98%
613,000
+318,000
+108% +$51.8M
TLT icon
19
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$46.9B
$87.2M 0.95%
1,000,000
– –
TLT icon
20
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.9B
$87.2M 0.95%
1,000,000
– –
AAPL icon
21
Apple
AAPL
$4.6T
$74.5M 0.81%
274,033
-112,301
-29% -$30.1M
AVGO icon
22
Broadcom
AVGO
$1.73T
$73.4M 0.8%
211,631
+160,618
+315% +$57.4M
XHB icon
23
CALL
State Street SPDR S&P Homebuilders ETF
XHB
$1.36B
$68M 0.74%
660,000
+510,000
+340% +$54.2M
B
24
Barrick Mining
B
$73.4B
$65.3M 0.71%
1,499,501
+1,055,485
+238% +$39.6M
TSLA icon
25
Tesla
TSLA
$1.45T
$61.7M 0.67%
137,164
+32,473
+31% +$14.4M
1
2 3 4 5

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DWM
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BGC
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VIA
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Fundsmith LLP
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MSV
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PFSRSONJ
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Brevan Howard Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Brevan Howard Capital Management held 2,371 positions worth $9.16B, down 59% from $22.4B the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Brevan Howard Capital Management withdrew a net $1.33B in Q4 2025, closing 657 positions and reducing 695 holdings. Its most notable exit was Insmed, an estimated $42.3M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 58% of assets, down from 81% a quarter earlier, followed by Technology and Financials.

Against the trend, Brevan Howard Capital Management opened a new position in First Trust Small Cap BuyWrite Income ETF worth $452M.

  • Brevan Howard Capital Management's largest Q4 2025 buy was First Trust Small Cap BuyWrite Income ETF: 57,081,120 shares worth $452M.
  • Brevan Howard Capital Management added most to Walmart Inc in Q4 2025, an estimated $84M increase.
  • Brevan Howard Capital Management's biggest Q4 2025 reduction was iShares Bitcoin Trust, cutting an estimated $1.77B.
  • Brevan Howard Capital Management fully exited Insmed in Q4 2025, selling an estimated $42.3M.
  • Brevan Howard Capital Management's ten largest holdings make up 34% of its $9.16B portfolio in Q4 2025.
  • Brevan Howard Capital Management opened 451 new positions and closed 657 in Q4 2025.
  • Brevan Howard Capital Management's portfolio value fell 59% quarter-over-quarter to $9.16B.

Based on Brevan Howard Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.