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Capula Management Portfolio holdings
AUM
$28B
1-Year Est. Return
22.67%
This Fund
S&P 500
This Quarter
Est. Return
-3.58%
1 Year Est. Return
+22.67%
3 Year Est. Return
+90.67%
5 Year Est. Return
+93.79%
10 Year Est. Return
+167.22%
AUM
$14.1B
AUM Growth
-$5.9B
(-30%)
Cap. Flow
-$3.39B
Cap. Flow
% of AUM
-24.11%
Top 10 Holdings %
Top 10 Hldgs %
79.37%
Holding
1,232
New
420
Increased
312
Reduced
280
Closed
164
Avg Time Held Equity + Options
2.4
quarters
Top 10 Avg Time Held Equity + Options
1.6
quarters
Top 20 Avg Time Held Equity + Options
1.3
quarters
Avg Time Held Equity only
1.8
quarters
Top 10 Avg Time Held Equity only
2.5
quarters
Top 20 Avg Time Held Equity only
1.3
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core S&P 500 ETF
IVV
|
+$5.79B |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$338M |
| 3 |
Clearwater Analytics
CWAN
|
+$60.4M |
| 4 |
Amicus Therapeutics
FOLD
|
+$45.3M |
| 5 |
AES
AES
|
+$36.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard S&P 500 ETF
VOO
|
+$7.4B |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$471M |
| 3 |
iShares Ethereum Trust ETF
ETHA
|
+$207M |
| 4 |
Alibaba
BABA
|
+$201M |
| 5 |
IBM
IBM
|
+$184M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 91.1% |
| 2 | Technology | 2.36% |
| 3 | Healthcare | 1.29% |
| 4 | Communication Services | 1.11% |
| 5 | Consumer Discretionary | 1.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
26
Vanguard S&P 500 ETF
VOO
$1.05T
| $38.5M | 0.27% |
64,495
-11,839,121
| -99% | -$7.4B |
2025 Q3
2 quarters
|
|
27
CALL
VanEck Semiconductor ETF
SMH
$72B
| $38.3M | 0.27% |
100,000
-97,700
| -49% | -$38.8M |
2025 Q1
4 quarters
|
|
28
iShares China Large-Cap ETF
FXI
$3.93B
| $37.5M | 0.27% |
1,044,191
+662,191
| +173% | +$25.2M |
2025 Q1
4 quarters
|
|
29
DELISTED
Hologic
HOLX
| $35.2M | 0.25% |
465,126
+268,942
| +137% | +$20.2M |
2025 Q4
1 quarter
|
|
|
30
AES
AES
$10.7B
| $34.9M | 0.25% |
2,474,180
+2,462,833
| +21,705% | +$36.7M |
2025 Q3
2 quarters
|
|
31
DELISTED
Chart Industries
GTLS
| $34.4M | 0.24% |
+166,320
| New | +$34.4M |
2026 Q1
0 quarters
|
|
32
DELISTED
Warner Bros
WBD
| $33.8M | 0.24% |
1,231,919
-365,149
| -23% | -$10.2M |
2025 Q4
1 quarter
|
|
33
Penumbra
PEN
$12.6B
| $33.4M | 0.24% |
+101,779
| New | +$34.5M |
2026 Q1
0 quarters
|
|
34
PUT
Broadcom
AVGO
$1.69T
| $31.7M | 0.23% |
102,300
+24,900
| +32% | +$8.19M |
2022 Q1
16 quarters
|
|
35
PUT
Alphabet (Google) Class A
GOOGL
$4.31T
| $31.4M | 0.22% |
109,100
-504,900
| -82% | -$159M |
2019 Q2
27 quarters
|
|
36
DELISTED
Electronic Arts
EA
| $30.2M | 0.21% |
148,098
+15,948
| +12% | +$3.22M |
2025 Q4
1 quarter
|
|
37
PUT
Applied Materials
AMAT
$395B
| $27.6M | 0.2% |
80,800
+5,500
| +7% | +$1.85M |
2024 Q1
8 quarters
|
|
|
OS
38
DELISTED
OneStream Inc
OS
| $25.8M | 0.18% |
+1,074,711
| New | +$25.2M |
2026 Q1
0 quarters
|
|
39
DELISTED
DigitalBridge
DBRG
| $25.7M | 0.18% |
+1,665,769
| New | +$25.6M |
2026 Q1
0 quarters
|
|
40
DELISTED
Masimo
MASI
| $25.4M | 0.18% |
+142,800
| New | +$22.4M |
2026 Q1
0 quarters
|
|
41
iShares Russell 2000 ETF
IWM
$78.3B
| $22.6M | 0.16% |
+91,315
| New | +$23.6M |
2026 Q1
0 quarters
|
|
42
DELISTED
CSG Systems International
CSGS
| $20.6M | 0.15% |
+257,088
| New | +$20.5M |
2026 Q1
0 quarters
|
|
43
PUT
State Street Communication Services Select Sector SPDR ETF
XLC
$23.8B
| $20.2M | 0.14% |
+181,900
| New | +$21.1M |
2026 Q1
0 quarters
|
|
44
DELISTED
Sun Country Airlines
SNCY
| $20.1M | 0.14% |
+1,218,670
| New | +$21.8M |
2026 Q1
0 quarters
|
|
45
Invesco QQQ Trust
QQQ
$499B
| $19.5M | 0.14% |
33,752
-42,843
| -56% | -$26M |
2021 Q4
17 quarters
|
|
46
Microsoft
MSFT
$4.02T
| $19.3M | 0.14% |
52,158
+48,387
| +1,283% | +$20.2M |
2025 Q3
2 quarters
|
|
47
Amazon
AMZN
$2.8T
| $19.1M | 0.14% |
91,529
+85,683
| +1,466% | +$18.9M |
2025 Q3
2 quarters
|
|
48
PUT
iShares MSCI EAFE ETF
EFA
$76.5B
| $19M | 0.13% |
+195,300
| New | +$19.5M |
2026 Q1
0 quarters
|
|
49
Tesla
TSLA
$1.49T
| $18.5M | 0.13% |
49,824
-52,310
| -51% | -$21.5M |
2024 Q3
6 quarters
|
|
50
PUT
TSMC
TSM
$2.3T
| $17.2M | 0.12% |
51,000
+24,100
| +90% | +$8.29M |
2025 Q3
2 quarters
|
|
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Capula Management's Q1 2026 Portfolio in Review
As of Q1 2026, Capula Management held 1,232 positions worth $14.1B, down 30% from $20B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Capula Management withdrew a net $3.39B in Q1 2026, closing 164 positions and reducing 280 holdings. Its most notable exit was iShares Bitcoin Trust, an estimated $471M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 91% of assets, up from 87% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Capula Management opened a new position in Penumbra worth $33.4M.
- Capula Management's largest Q1 2026 buy was Penumbra: 101,779 shares worth $33.4M.
- Capula Management added most to iShares Core S&P 500 ETF in Q1 2026, an estimated $5.79B increase.
- Capula Management's biggest Q1 2026 reduction was Vanguard S&P 500 ETF, cutting an estimated $7.4B.
- Capula Management fully exited iShares Bitcoin Trust in Q1 2026, selling an estimated $471M.
- Capula Management's ten largest holdings make up 79% of its $14.1B portfolio in Q1 2026.
- Capula Management opened 420 new positions and closed 164 in Q1 2026.
- Capula Management's portfolio value fell 30% quarter-over-quarter to $14.1B.
Based on Capula Management's 13F filing for Q1 2026, filed 14 May 2026.