# MKP Capital Management, L.L.C.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1534949. Source: https://holderbook.com/funds/1534949-mkp-capital-management-l-l-c/

- Reported value: $3.7B
- Positions: 22
- Weight of the ten largest: 95.0%
- Filed: 2026-08-07

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $1.0B | 11,650,400 | 27.7% | 2 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $883.2M | 1,179,376 | 23.9% | 7 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $465.8M | 1,423,000 | 12.6% | 2 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $384.3M | 1,806,000 | 10.4% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $202.9M | 405,500 | 5.5% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $163.1M | 342,500 | 4.4% | 1 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $131.8M | 942,000 | 3.6% | 1 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $118.3M | 117,000 | 3.2% | 1 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $87.5M | 712,500 | 2.4% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $52.4M | 219,825 | 1.4% | 2 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $38.4M | 207,500 | 1.0% | 1 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $34.8M | 1,010,000 | 0.9% | 4 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $28.8M | 43,900 | 0.8% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $20.8M | 104,000 | 0.6% | 1 |
| ISHARES INC | [EWJ](https://holderbook.com/stocks/EWJ/) | $14.9M | 159,300 | 0.4% | 1 |
| VICTORY PORTFOLIOS II | [VFLO](https://holderbook.com/stocks/VFLO/) | $10.0M | 219,000 | 0.3% | 1 |
| ISHARES TR | [INDA](https://holderbook.com/stocks/INDA/) | $10.0M | 202,000 | 0.3% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $9.1M | 24,000 | 0.2% | 1 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $8.7M | 43,248 | 0.2% | 1 |
| CREDO TECHNOLOGY GROUP HOLDI | [CRDO](https://holderbook.com/stocks/CRDO/) | $2.8M | 10,450 | 0.1% | 1 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $2.7M | 8,200 | 0.1% | 1 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $2.6M | 2,245 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.0% | +14.8% | +0.2% | 100% |
| Q1 2026 | -4.9% | -4.6% | -0.3% | 100% |
| Q4 2025 | +3.7% | +2.4% | +1.3% | 97% |
| Q3 2025 | +6.4% | +7.8% | -1.5% | 100% |
| Q4 2024 | +5.7% | +2.1% | +3.6% | 100% |
| Q3 2024 | +2.9% | +5.4% | -2.5% | 100% |
| Q1 2024 | +7.5% | +10.0% | -2.6% | 96% |
| Q4 2023 | +11.5% | +11.2% | +0.3% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.7B | 22 |
| Q1 2026 | $3.0B | 19 |
| Q4 2025 | $2.8B | 22 |
| Q3 2025 | $2.6B | 10 |
| Q2 2025 | $1.9B | 8 |
| Q1 2025 | $7.2B | 6 |
| Q4 2024 | $2.0B | 4 |
| Q3 2024 | $1.2B | 14 |
| Q2 2024 | $1.6B | 27 |
| Q1 2024 | $1.1B | 7 |
| Q4 2023 | $1.9B | 17 |
| Q3 2023 | $1.3B | 10 |