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Capula Management Portfolio holdings

AUM $14.1B
1-Year Est. Return 19.14%
This Fund
S&P 500
This Quarter Est. Return
+0.74%
1 Year Est. Return
+19.14%
3 Year Est. Return
+85.66%
5 Year Est. Return
+76.65%
10 Year Est. Return
+131.38%
AUM
$20B
AUM Growth
-$124M
Cap. Flow
+$329M
Cap. Flow %
1.65%
Top 10 Hldgs %
68.14%
Holding
948
New
155
Increased
289
Reduced
312
Closed
138

Top Buys

Rank Stock Value
1
VOO icon
Vanguard S&P 500 ETF
VOO
+$7.4B
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$1.76B
3
IBM icon
IBM
IBM
+$204M
4
BABA icon
Alibaba
BABA
+$169M
5
UBER icon
Uber
UBER
+$111M

Top Sells

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$6.67B
2
MSTR icon
Strategy Inc
MSTR
+$375M
3
UNH icon
UnitedHealth
UNH
+$326M
4
QQQ icon
Invesco QQQ Trust
QQQ
+$279M
5
AMAT icon
Applied Materials
AMAT
+$122M

Sector Composition

Rank Sector Weight
1 Technology 4.56%
2 Consumer Discretionary 2.07%
3 Communication Services 2.06%
4 Financials 1.46%
5 Industrials 0.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACN icon
426
PUT
Accenture
ACN
$89.9B
$402K ﹤0.01%
1,500
-3,800
-72% -$965K
SCHW
427
CALL
Charles Schwab
SCHW
$177B
$400K ﹤0.01%
4,000
-4,400
-52% -$417K
CMC icon
428
Commercial Metals
CMC
$7.63B
$400K ﹤0.01%
+5,772
New +$361K
UBER icon
429
CALL
Uber
UBER
$134B
$392K ﹤0.01%
4,800
+1,600
+50% +$144K
PEP icon
430
PepsiCo
PEP
$186B
$390K ﹤0.01%
2,717
-3,980
-59% -$585K
REGN icon
431
PUT
Regeneron Pharmaceuticals
REGN
$68.8B
$386K ﹤0.01%
500
+100
+25% +$67.9K
RJF icon
432
PUT
Raymond James Financial
RJF
$32.5B
$385K ﹤0.01%
2,400
+200
+9% +$32.3K
ADBE icon
433
CALL
Adobe
ADBE
$89.5B
$385K ﹤0.01%
1,100
+300
+38% +$102K
NOW icon
434
PUT
ServiceNow
NOW
$102B
$383K ﹤0.01%
2,500
-13,000
-84% -$2.23M
CME icon
435
PUT
CME Group
CME
$92.2B
$382K ﹤0.01%
1,400
+300
+27% +$81.5K
DBX icon
436
PUT
Dropbox
DBX
$6.81B
$381K ﹤0.01%
13,700
– –
ANET icon
437
CALL
Arista Networks
ANET
$219B
$380K ﹤0.01%
2,900
+800
+38% +$110K
LLY icon
438
Eli Lilly
LLY
$1.07T
$379K ﹤0.01%
353
-1,468
-81% -$1.4M
VZ icon
439
Verizon
VZ
$194B
$377K ﹤0.01%
9,262
+2,226
+32% +$90.3K
DVA icon
440
PUT
DaVita
DVA
$15.1B
$375K ﹤0.01%
3,300
– –
UNP icon
441
CALL
Union Pacific
UNP
$183B
$370K ﹤0.01%
1,600
+500
+45% +$114K
SPGI icon
442
CALL
S&P Global
SPGI
$126B
$366K ﹤0.01%
700
-1,000
-59% -$495K
MLM icon
443
Martin Marietta Materials
MLM
$33.6B
$362K ﹤0.01%
+582
New +$362K
SBUX icon
444
Starbucks
SBUX
$118B
$361K ﹤0.01%
4,289
+2,532
+144% +$214K
AMGN icon
445
CALL
Amgen
AMGN
$203B
$360K ﹤0.01%
1,100
+200
+22% +$63.4K
MRK icon
446
CALL
Merck
MRK
$324B
$358K ﹤0.01%
3,400
-1,700
-33% -$160K
USB icon
447
PUT
US Bancorp
USB
$99.6B
$358K ﹤0.01%
6,700
+1,200
+22% +$59K
DKS icon
448
PUT
Dick's Sporting Goods
DKS
$18.4B
$356K ﹤0.01%
1,800
– –
ICE icon
449
PUT
Intercontinental Exchange
ICE
$82.4B
$356K ﹤0.01%
2,200
-3,000
-58% -$470K
DIS icon
450
CALL
Walt Disney
DIS
$165B
$353K ﹤0.01%
3,100
-35,300
-92% -$3.89M
16 17
18
19 20

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X
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BIP
Brandes Investment Partners La Jolla, California $14.1B AUM 25.52% 1-Year Est. Return
FGP
Freestone Grove Partners San Francisco, California $14.2B AUM 24.58% 1-Year Est. Return
TI
Trexquant Investment Stamford, Connecticut $13.9B AUM 31.98% 1-Year Est. Return
SSA
Schonfeld Strategic Advisors New York $14.2B AUM 37.17% 1-Year Est. Return
SAM
Silvercrest Asset Management New York $13.8B AUM 28.39% 1-Year Est. Return
BBVA
Banco Bilbao Vizcaya Argentaria Madrid, Spain $14.3B AUM 26.23% 1-Year Est. Return
IFP
Independent Franchise Partners London, United Kingdom $14.3B AUM 3.49% 1-Year Est. Return

Capula Management's Q4 2025 Portfolio in Review

As of Q4 2025, Capula Management held 948 positions worth $20B, down 0.62% from $20.1B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Capula Management's Q4 2025 filing shows 155 new, 289 increased, 312 reduced and 138 closed positions. Its largest new stake was Alphabet (Google) Class C: 160,000 shares worth $50.2M. The largest sale was iShares Core S&P 500 ETF, an estimated $6.67B.

By sector, the portfolio is most concentrated in Technology at 4.6% of assets, down from 6.3% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Capula Management's largest Q4 2025 buy was Alphabet (Google) Class C: 160,000 shares worth $50.2M.
  • Capula Management added most to Vanguard S&P 500 ETF in Q4 2025, an estimated $7.4B increase.
  • Capula Management's biggest Q4 2025 reduction was iShares Core S&P 500 ETF, cutting an estimated $6.67B.
  • Capula Management fully exited UnitedHealth in Q4 2025, selling an estimated $326M.
  • Capula Management's ten largest holdings make up 68% of its $20B portfolio in Q4 2025.
  • Capula Management opened 155 new positions and closed 138 in Q4 2025.
  • Capula Management's portfolio value fell 0.62% quarter-over-quarter to $20B.

Based on Capula Management's 13F filing for Q4 2025, filed 13 Feb 2026.