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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
TLT icon
926
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$42.5B
– –
-50,000
Closed -$4.47M
TMO icon
927
Thermo Fisher Scientific
TMO
$196B
– –
-446
Closed -$252K
UAA icon
928
Under Armour
UAA
$3.1B
– –
-778,868
Closed -$3.89M
UHAL.B icon
929
U-Haul Holding Co Series N
UHAL.B
$12.1B
– –
-33,201
Closed -$1.69M
UNH icon
930
UnitedHealth
UNH
$383B
– –
-961,097
Closed -$326M
UPS icon
931
United Parcel Service
UPS
$96.2B
– –
-1,158
Closed -$108K
URBN icon
932
Urban Outfitters
URBN
$6.41B
– –
-21,466
Closed -$1.53M
VITL icon
933
Vital Farms
VITL
$590M
– –
-31,722
Closed -$1.31M
VRNA
934
DELISTED
Verona Pharma
VRNA
– –
-295,665
Closed -$31.6M
VRTX icon
935
Vertex Pharmaceuticals
VRTX
$122B
– –
-770
Closed -$332K
WFC icon
936
Wells Fargo
WFC
$261B
– –
-4,014
Closed -$348K
WNS
937
DELISTED
WNS Holdings
WNS
– –
-248,926
Closed -$19M
WULF icon
938
TeraWulf
WULF
$9.35B
– –
-1,136
Closed -$15.2K
XHB icon
939
CALL
State Street SPDR S&P Homebuilders ETF
XHB
$1.7B
– –
-600,000
Closed -$66.5M
XLE icon
940
CALL
State Street Energy Select Sector SPDR ETF
XLE
$38.4B
– –
-60,000
Closed -$2.68M
XLF icon
941
CALL
State Street Financial Select Sector SPDR ETF
XLF
$55.3B
– –
-80,000
Closed -$4.31M
BTSG icon
942
BrightSpring Health Services
BTSG
$13.8B
– –
-54,942
Closed -$1.62M
GEV icon
943
GE Vernova
GEV
$290B
– –
-392
Closed -$239K
NBIS
944
Nebius Group N.V.
NBIS
$46.4B
– –
-10,211
Closed -$1.15M
CRCL
945
PUT
Circle Internet Group
CRCL
$16.3B
– –
-2,000
Closed -$265K
34 35 36 37
38

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X
Xponance Philadelphia, Pennsylvania $14.1B AUM 30.11% 1-Year Est. Return
ETC
Exchange Traded Concepts Oklahoma City, Oklahoma $14.1B AUM 25.71% 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

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.