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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
(-0.62%)
Cap. Flow
+$329M
Cap. Flow
% of AUM
1.65%
Top 10 Holdings %
Top 10 Hldgs %
68.14%
Holding
948
New
155
Increased
289
Reduced
312
Closed
138
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard S&P 500 ETF
VOO
|
+$7.4B |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.76B |
| 3 |
IBM
IBM
|
+$204M |
| 4 |
Alibaba
BABA
|
+$169M |
| 5 |
Uber
UBER
|
+$111M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core S&P 500 ETF
IVV
|
+$6.67B |
| 2 |
Strategy Inc
MSTR
|
+$375M |
| 3 |
UnitedHealth
UNH
|
+$326M |
| 4 |
Invesco QQQ Trust
QQQ
|
+$279M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
SEE
76
DELISTED
Sealed Air
SEE
| $23.5M | 0.12% |
+566,405
| New | +$21.9M |
|
77
PUT
Palo Alto Networks
PANW
$284B
| $23.4M | 0.12% |
127,100
+105,000
| +475% | +$21.2M |
|
78
CALL
ARK Innovation ETF
ARKK
$6.14B
| $23.1M | 0.12% |
300,000
-100,000
| -25% | -$8.28M |
|
79
Super Micro Computer
SMCI
$15.4B
| $23M | 0.12% |
+785,000
| New | +$32.3M |
|
|
80
PUT
Super Micro Computer
SMCI
$15.4B
| $23M | 0.12% |
+785,000
| New | +$32.3M |
|
81
PUT
Snowflake
SNOW
$95.1B
| $22.8M | 0.11% |
103,800
+94,400
| +1,004% | +$23M |
|
82
CALL
KraneShares CSI China Internet ETF
KWEB
$5.43B
| $20.4M | 0.1% |
600,000
-600,000
| -50% | -$23.1M |
|
83
PUT
Pinduoduo
PDD
$122B
| $20.2M | 0.1% |
177,800
+135,000
| +315% | +$16.8M |
|
|
84
PUT
Applied Materials
AMAT
$417B
| $19.4M | 0.1% |
75,300
-533,800
| -88% | -$128M |
|
|
85
PUT
Strategy Inc
MSTR
$35.5B
| $19.2M | 0.1% |
126,600
-1,643,200
| -93% | -$378M |
|
|
86
Strategy Inc
MSTR
$35.5B
| $19.2M | 0.1% |
126,288
-1,629,760
| -93% | -$375M |
|
87
CALL
iShares MSCI India ETF
INDA
$6.78B
| $18.9M | 0.09% |
+350,000
| New | +$18.9M |
|
88
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.5B
| $17.4M | 0.09% |
200,000
+100,000
| +100% | +$8.94M |
|
|
AHL
89
DELISTED
Aspen Insurance
AHL
| $16.5M | 0.08% |
+445,997
| New | +$16.4M |
|
90
Kenvue
KVUE
$36.5B
| $16.3M | 0.08% |
+945,618
| New | +$15.5M |
|
91
AST SpaceMobile
ASTS
$17.2B
| $16.2M | 0.08% |
+223,243
| New | +$15.9M |
|
|
92
PUT
AST SpaceMobile
ASTS
$17.2B
| $16M | 0.08% |
+220,000
| New | +$15.7M |
|
|
AL
93
DELISTED
Air Lease Corp
AL
| $15.7M | 0.08% |
+243,831
| New | +$15.6M |
|
94
iShares China Large-Cap ETF
FXI
$4.36B
| $14.6M | 0.07% |
382,000
+330,785
| +646% | +$13.1M |
|
|
HOLX
95
DELISTED
Hologic
HOLX
| $14.6M | 0.07% |
+196,184
| New | +$14.3M |
|
96
Norfolk Southern
NSC
$75.2B
| $14.4M | 0.07% |
+50,000
| New | +$14.5M |
|
97
PUT
JPMorgan Chase
JPM
$901B
| $14.1M | 0.07% |
43,800
-140,500
| -76% | -$43.5M |
|
98
Dollar Tree
DLTR
$24.3B
| $13.5M | 0.07% |
+110,099
| New | +$11.8M |
|
|
99
PUT
Dollar Tree
DLTR
$24.3B
| $13.5M | 0.07% |
+110,000
| New | +$11.8M |
|
|
100
PUT
iShares China Large-Cap ETF
FXI
$4.36B
| $13.4M | 0.07% |
+350,000
| New | +$13.9M |
|
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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.