# Capula Management Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1557017. Source: https://holderbook.com/funds/1557017-capula-management-ltd/

- Reported value: $28.0B
- Positions: 333
- Weight of the ten largest: 79.1%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $15.0B | 20,051,540 | 53.7% | 6 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $3.8B | 4,595,409 | 13.4% | 31 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $665.3M | 3,343,509 | 2.4% | 8 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $603.7M | 30,971 | 2.2% | 29 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $416.1M | 951,980 | 1.5% | 7 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $411.7M | 270,235 | 1.5% | 10 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $358.5M | 280,315 | 1.3% | 2 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $319.2M | 2,205,388 | 1.1% | 7 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $301.9M | 1,052,463 | 1.1% | 24 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $301.1M | 1,914,949 | 1.1% | 4 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $284.7M | 1,253,680 | 1.0% | 9 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $241.7M | 311,536 | 0.9% | 18 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $233.0M | 1,913,439 | 0.8% | 2 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $217.4M | 300,064 | 0.8% | 9 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $207.7M | 200,180 | 0.7% | 9 |
| CREDO TECHNOLOGY GROUP HOLDI | [CRDO](https://holderbook.com/stocks/CRDO/) | $191.7M | 354,933 | 0.7% | 2 |
| STRATEGY INC | [MSTR](https://holderbook.com/stocks/MSTR/) | $174.6M | 1,002,482 | 0.6% | 7 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $156.1M | 420,674 | 0.6% | 9 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $154.0M | 63,619 | 0.6% | 2 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $146.0M | 3,137,200 | 0.5% | 3 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $136.8M | 225,329 | 0.5% | 14 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $131.4M | 1,600,267 | 0.5% | 6 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $120.3M | 150,393 | 0.4% | 9 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $117.3M | 130,000 | 0.4% | 1 |
| ISHARES TR | [FXI](https://holderbook.com/stocks/FXI/) | $114.9M | 932,569 | 0.4% | 20 |
| APPLIED OPTOELECTRONICS INC | [AAOI](https://holderbook.com/stocks/AAOI/) | $112.7M | 380,749 | 0.4% | 1 |
| SOFI TECHNOLOGIES INC | [SOFI](https://holderbook.com/stocks/SOFI/) | $107.6M | 3,000,000 | 0.4% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $103.0M | 185,576 | 0.4% | 23 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $102.1M | 1,175,521 | 0.4% | 7 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $101.7M | 501,799 | 0.4% | 1 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $101.6M | 931,663 | 0.4% | 2 |
| AXON ENTERPRISE INC | [AXON](https://holderbook.com/stocks/AXON/) | $89.7M | 80,000 | 0.3% | 2 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $73.6M | 30,263 | 0.3% | 6 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $68.0M | 200,000 | 0.2% | 7 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $67.6M | 101,428 | 0.2% | 1 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $66.4M | 100,797 | 0.2% | 6 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $64.7M | 300,184 | 0.2% | 6 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $58.6M | 3,067,547 | 0.2% | 3 |
| MARRIOTT INTL INC NEW | [MAR](https://holderbook.com/stocks/MAR/) | $56.7M | 75,273 | 0.2% | 8 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $52.8M | 147,388 | 0.2% | 5 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $51.3M | 3,502,352 | 0.2% | 4 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $50.5M | 144,474 | 0.2% | 6 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $49.6M | 600,000 | 0.2% | 1 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $48.9M | 96,874 | 0.2% | 6 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $47.4M | 160,051 | 0.2% | 4 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $47.2M | 49 | 0.2% | 3 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $46.9M | 0 | 0.2% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $44.4M | 170 | 0.2% | 16 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $42.1M | 56,013 | 0.2% | 6 |
| ORGANON & CO | [OGN](https://holderbook.com/stocks/OGN/) | $41.3M | 3,049,207 | 0.1% | 1 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $40.9M | 56,000 | 0.1% | 1 |
| ISHARES TR | [IGV](https://holderbook.com/stocks/IGV/) | $40.8M | 0 | 0.1% | 2 |
| EVERGY INC | - | $39.2M | 27,500,000 | 0.1% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $38.2M | 21,670 | 0.1% | 29 |
| VALARIS LTD | [VAL](https://holderbook.com/stocks/VAL/) | $37.1M | 510,898 | 0.1% | 2 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $35.6M | 63,036 | 0.1% | 8 |
| ZSCALER INC | [ZS](https://holderbook.com/stocks/ZS/) | $34.4M | 122,000 | 0.1% | 1 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $34.4M | 150,676 | 0.1% | 1 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $32.0M | 418,906 | 0.1% | 2 |
| BITMINE IMMERSION TECHS INC | [BMNR](https://holderbook.com/stocks/BMNR/) | $31.9M | 1,200,000 | 0.1% | 1 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $29.7M | 78,101 | 0.1% | 1 |
| TOPBUILD COR | [BLD](https://holderbook.com/stocks/BLD/) | $28.4M | 80,000 | 0.1% | 1 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $27.9M | 31,230 | 0.1% | 22 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $27.5M | 131,850 | 0.1% | 2 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $27.4M | 40,674 | 0.1% | 1 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $26.9M | 189,487 | 0.1% | 2 |
| PENUMBRA INC | [PEN](https://holderbook.com/stocks/PEN/) | $26.2M | 83,000 | 0.1% | 2 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $25.7M | 292,619 | 0.1% | 3 |
| JAZZ INVESTMENTS I LTD | - | $25.6M | 15,000,000 | 0.1% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $25.5M | 24,393 | 0.1% | 29 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $25.0M | 79,368 | 0.1% | 3 |
| KRANESHARES TRUST | [KWEB](https://holderbook.com/stocks/KWEB/) | $25.0M | 447,370 | 0.1% | 8 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $24.4M | 12,345 | 0.1% | 29 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $23.4M | 30,087 | 0.1% | 2 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $20.7M | 98,588 | 0.1% | 10 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $19.7M | 28,690 | 0.1% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $19.1M | 11,853 | 0.1% | 29 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $17.5M | 68 | 0.1% | 18 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $17.5M | 307,584 | 0.1% | 2 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $17.4M | 148,233 | 0.1% | 1 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $16.9M | 603 | 0.1% | 6 |
| ALLIED GOLD CORP | [AAUC](https://holderbook.com/stocks/AAUC/) | $16.5M | 692,457 | 0.1% | 2 |
| CAESARS ENTERTAINMENT INC NE | [CZR](https://holderbook.com/stocks/CZR/) | $16.5M | 545,500 | 0.1% | 4 |
| UNITED STS OIL FD LP | [USO](https://holderbook.com/stocks/USO/) | $14.9M | 0 | 0.1% | 1 |
| UNIFIRST CORP MASS | [UNF](https://holderbook.com/stocks/UNF/) | $14.5M | 55,000 | 0.1% | 1 |
| LIBERTY BROADBAND CORP | [LBRDK](https://holderbook.com/stocks/LBRDK/) | $14.4M | 434,293 | 0.1% | 10 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $14.1M | 228,254 | 0.1% | 4 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $14.0M | 270,197 | 0.1% | 2 |
| NOVANTA INC | [NOVTU](https://holderbook.com/stocks/NOVTU/) | $13.6M | 20,000,000 | 0.0% | 3 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $13.0M | 178 | 0.0% | 11 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $12.8M | 44,038 | 0.0% | 3 |
| NETEASE COM INC | [NTES](https://holderbook.com/stocks/NTES/) | $11.9M | 1,961 | 0.0% | 2 |
| JD.COM INC | [JD](https://holderbook.com/stocks/JD/) | $11.7M | 1,332 | 0.0% | 4 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $11.2M | 2,016 | 0.0% | 6 |
| PPL CORP | [PPLC](https://holderbook.com/stocks/PPLC/) | $11.0M | 22,500,000 | 0.0% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $10.9M | 170,245 | 0.0% | 7 |
| NEXTERA ENERGY INC | [NEEPRV](https://holderbook.com/stocks/NEEPRV/) | $10.8M | 22,500,000 | 0.0% | 2 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $10.6M | 150,000 | 0.0% | 1 |
| ZIM INTEGRATED SHIPPING SERV | [ZIM](https://holderbook.com/stocks/ZIM/) | $10.1M | 0 | 0.0% | 2 |
| HEICO CORP NEW | [HEIA](https://holderbook.com/stocks/HEIA/) | $9.6M | 37,346 | 0.0% | 2 |

## 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 | +14.2% | +14.8% | -0.6% | 80% |
| Q1 2026 | -6.2% | -4.6% | -1.6% | 77% |
| Q4 2025 | -3.4% | +2.4% | -5.7% | 70% |
| Q3 2025 | +8.9% | +7.8% | +1.0% | 78% |
| Q2 2025 | +14.5% | +10.5% | +4.1% | 76% |
| Q1 2025 | -6.0% | -4.6% | -1.5% | 87% |
| Q4 2024 | +6.2% | +2.1% | +4.0% | 82% |
| Q3 2024 | +4.5% | +5.4% | -0.9% | 76% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $28.0B | 333 |
| Q1 2026 | $14.1B | 474 |
| Q4 2025 | $20.0B | 382 |
| Q3 2025 | $20.1B | 355 |
| Q2 2025 | $10.8B | 306 |
| Q1 2025 | $18.0B | 378 |
| Q4 2024 | $17.2B | 245 |
| Q3 2024 | $9.9B | 313 |
| Q2 2024 | $12.2B | 303 |
| Q1 2024 | $4.2B | 371 |
| Q4 2023 | $2.5B | 232 |
| Q3 2023 | $4.8B | 330 |