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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
EWJ icon
851
CALL
iShares MSCI Japan ETF
EWJ
$21.7B
– –
-3,000
Closed -$241K
EWJ icon
852
iShares MSCI Japan ETF
EWJ
$21.7B
– –
-910
Closed -$73K
EWJ icon
853
PUT
iShares MSCI Japan ETF
EWJ
$21.7B
– –
-3,000
Closed -$241K
EWZ icon
854
CALL
iShares MSCI Brazil ETF
EWZ
$9.16B
– –
-250,000
Closed -$7.75M
EWZ icon
855
iShares MSCI Brazil ETF
EWZ
$9.16B
– –
-16,564
Closed -$513K
EWZ icon
856
PUT
iShares MSCI Brazil ETF
EWZ
$9.16B
– –
-250,000
Closed -$7.75M
FDX icon
857
FedEx
FDX
$74.7B
– –
-148
Closed -$38.9K
FISV
858
CALL
Fiserv Inc
FISV
$26.6B
– –
-1,000
Closed -$129K
FISV
859
Fiserv Inc
FISV
$26.6B
– –
-81
Closed -$10.4K
FISV
860
PUT
Fiserv Inc
FISV
$26.6B
– –
-600
Closed -$77.4K
FIS icon
861
CALL
Fidelity National Information Services
FIS
$20.7B
– –
-300
Closed -$19.8K
FIS icon
862
Fidelity National Information Services
FIS
$20.7B
– –
-3,557
Closed -$235K
FIS icon
863
PUT
Fidelity National Information Services
FIS
$20.7B
– –
-600
Closed -$39.6K
FSLR icon
864
First Solar
FSLR
$22.1B
– –
-2,243
Closed -$566K
FXI icon
865
CALL
iShares China Large-Cap ETF
FXI
$4.29B
– –
-600,000
Closed -$24.7M
GDX icon
866
CALL
VanEck Gold Miners ETF
GDX
$22.9B
– –
-100,000
Closed -$7.64M
GDX icon
867
PUT
VanEck Gold Miners ETF
GDX
$22.9B
– –
-100,000
Closed -$7.64M
GILD icon
868
Gilead Sciences
GILD
$162B
– –
-6,009
Closed -$730K
GLD icon
869
SPDR Gold Trust
GLD
$130B
– –
-35,427
Closed -$13.5M
GTLS
870
DELISTED
Chart Industries
GTLS
– –
-35,000
Closed -$7.01M
GTX icon
871
Garrett Motion
GTX
$5.9B
– –
-115,107
Closed -$1.57M
HBI
872
DELISTED
Hanesbrands
HBI
– –
-378,307
Closed -$2.49M
HYG icon
873
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
– –
-1,000,000
Closed -$81.2M
IBN icon
874
ICICI Bank
IBN
$105B
– –
-54,000
Closed -$1.63M
INFA
875
DELISTED
Informatica
INFA
– –
-636,078
Closed -$15.8M
33 34
35
36 37

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X
Xponance Philadelphia, Pennsylvania $14.1B AUM 30.11% 1-Year Est. Return
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
BPC
Banque Pictet & Cie Geneva 73, Switzerland $14.2B AUM 20.68% 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

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.