Capula Management Ltd
Institutional investor · Portfolio as of Q4 2025
Top Holdings810 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
VANGUARD S&P 500 ETF | 11.9M | $7.5B | 37.4% | $631.72 | 0.00% | 2 qtrssince 2025-Q3 | Increased 100 |
STATE STREET SPDR S&P 500 ETF TRUST CL USD INC | 5.7M | $3.9B | 19.3% | $627.83 | +9.43% | 28 qtrssince 2019-Q1 | Increased 96 |
ISHARES BITCOIN TRUST | 9.5M | $470.7M | 2.4% | $40.61 | -10.31% | 7 qtrssince 2024-Q2 | Decreased 0 |
ISHARES CORE S&P 500 ETF | 616,758 | $422.4M | 2.1% | $582.46 | +18.45% | 4 qtrssince 2025-Q1 | Decreased 0 |
ALIBABA GROUP HOLDING-SP ADR | 1.9M | $282.6M | 1.4% | — | — | — | Increased — |
VANECK SEMICONDUCTOR ETF | 771,100 | $277.7M | 1.4% | — | — | — | Increased — |
ALIBABA GROUP HOLDING-SP ADR | 1.4M | $212.4M | 1.1% | $152.83 | -4.97% | 5 qtrssince 2024-Q4 | Increased 78 |
ISHARES ETHEREUM TRUST ETF | 9.2M | $207M | 1.0% | $22.74 | -36.68% | 4 qtrssince 2025-Q1 | Increased 50 |
INTL BUSINESS MACHINES CORP | 683,800 | $202.5M | 1.0% | — | — | — | Increased — |
INTL BUSINESS MACHINES CORP | 681,074 | $201.7M | 1.0% | $290.27 | +0.01% | 2 qtrssince 2025-Q3 | Increased 78 |
ALPHABET INC-CL A | 614,000 | $192.2M | 1.0% | — | — | — | Increased — |
INVESCO QQQ TRUST SERIES 1 CL USD INC | 310,000 | $190.4M | 1.0% | — | — | — | Decreased — |
UBER TECHNOLOGIES INC | 2.3M | $185.7M | 0.9% | — | — | — | Increased — |
UBER TECHNOLOGIES INC | 2.3M | $185.1M | 0.9% | $90.07 | -8.83% | 2 qtrssince 2025-Q3 | Increased 69 |
ISHARES MSCI EMERGING MARKETS INDEX FUND | 3.1M | $168.6M | 0.8% | — | — | — | Increased — |
META PLATFORMS INC-CLASS A | 248,800 | $164.2M | 0.8% | — | — | — | Increased — |
FIDELITY WISE ORIGIN BITCOIN | 2.1M | $161.1M | 0.8% | $68.03 | -17.77% | 7 qtrssince 2024-Q2 | Unchanged 0 |
APPLE INC | 576,300 | $156.7M | 0.8% | — | — | — | Decreased — |
ALPHABET INC-CL A | 405,922 | $127.1M | 0.6% | $304.82 | +2.96% | 22 qtrssince 2020-Q3 | Increased 69 |
NVIDIA CORP | 620,900 | $115.8M | 0.6% | — | — | — | Decreased — |
Capula Management Ltd manages $20B across 810 positions as of Q4 2025. Top holdings: VOO (37.4%), SPY (19.3%), IBIT (2.4%). Fund DNA: Momentum Trader. HoldingsIntel Rating: 2.5/5.0.
Active quarter - 94 new positions, 88 exits, 106 increased. Top move: VOO (INCREASED, conviction 100). Portfolio: $20.0B across 810 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
Top Winners
Top Losers
Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer