WhaleCreep

Brevan Howard Capital Management LP 13F holdings, Q3 2015

Hedge fundSEC filingsCompare with another fundHoldings as of 2015-09-30, filed 2015-11-16

Brevan Howard Capital Management LP disclosed 19 US equity positions worth $198.4m in its Q3 2015 13F filing. Its largest position is YPF at 17.8% of the reported book, followed by PAM and AGRO. Versus Q2 2015 it opened 5 new positions, added to 6, reduced 3 and exited 13.

$198m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
19
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
17.8%
Largest position
The largest single position as a share of the reported equity book.
80.5%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
11
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
40
Quarters on file since Q3 2013
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q2 2015: 5 new, 6 added, 3 reduced, 13 exited

19 rows
YPF YPF SOCIEDAD ANONIMAEnergy17.8%$35.3m2.32m+30%added
PAM PAMPA ENERGIA SAIndustrials11.8%$23.4m1.53m+44%added
AGRO ADECOAGRO S AConsumer Defensive10.7%$21.3m2.68m+11%added
GGAL GRUPO FINANCIERO GALICIA S.AFinancial Services9.9%$19.7m1.11m+61%added
CRESY CRESUD S A C I F Y AIndustrials5.3%$10.5m1.08m+28%added
XLB SELECT SECTOR SPDR TR–5.1%$10.2m254,875–new
XLI SELECT SECTOR SPDR TR–5.1%$10.1m203,190–new
XLE SELECT SECTOR SPDR TR–5.1%$10.1m164,523–new
CME CME GROUP INCFinancial Services4.8%$9.5m102,5530.0%held
TX TERNIUM SABasic Materials4.8%$9.5m772,4420.0%held
BFRUSD BBVA BANCO FRANCES S A–4.0%$7.9m509,0390.0%held
PETROBRAS ARGENTINA S A no ticker–3.5%$7.0m1.36m0.0%held
GLD SPDR GOLD TRUST–2.7%$5.3m50,000–new
EDN EMPRESA DIST Y COMERCIAL NOR–2.4%$4.7m367,8960.0%held
IRSUSD IRSA INVERSIONES Y REP S A–2.3%$4.6m318,371+214%added
BMA BANCO MACRO S AFinancial Services2.2%$4.3m111,140−36%reduced
ECO STIM ENERGY SOLUTIONS IN no ticker–1.1%$2.2m631,578–new
NMIH NMI HLDGS INCFinancial Services1.0%$2.0m257,267−15%reduced
OCN2EUR OCWEN FINL CORP–0.4%$798k118,915−41%reduced

Exited since Q2 2015

13 rows
CMA COMERICA INC4.7%$14.0m
JPM JPMORGAN CHASE & CO4.6%$14.0m
FITB FIFTH THIRD BANCORP4.6%$13.9m
ZION ZIONS BANCORPORATION NATL AS4.6%$13.8m
KEY KEYCORP4.6%$13.8m
BAC BANK OF AMER CORP4.6%$13.8m
RF REGIONS FINANCIAL CORP NEW4.5%$13.7m
C CITIGROUP INC4.5%$13.7m
CFG CITIZENS FINL GROUP INC4.5%$13.5m
EXR EXTRA SPACE STORAGE INC1.0%$2.9m
WEST CORP no ticker0.7%$2.3m
TERRAFORM PWR INC no ticker0.7%$2.2m
AM6 AMICUS THERAPEUTIC0.3%$927k

Sector mix

  • Unclassified31.7%
  • Financial Services17.9%
  • Energy17.8%
  • Industrials17.1%
  • Consumer Defensive10.7%
  • Basic Materials4.8%

Book over time

Every quarter on file (40)
QuarterPositionsEquity book
Q2 20261,908$7.1bn
Q1 20262,006$10.0bn
Q4 20251,618$5.2bn
Q3 20251,799$7.0bn
Q2 20251,727$9.1bn
Q1 20251,076$3.6bn
Q4 2024963$4.0bn
Q3 20241,049$2.1bn
Q2 2024970$1.5bn
Q1 2024913$1.1bn
Q4 2023958$994m
Q3 2023326$337m
Q2 2023153$544m
Q1 202391$454m
Q4 202271$343m
Q3 202259$263m
Q2 202236$137m
Q1 202225$133m
Q4 202117$114m
Q3 202128$165m
Q2 202129$120m
Q1 202133$150m
Q4 202019$172m
Q3 201730$43.5m
Q2 20173$19.7m
Q1 20171$12.2m
Q4 20162$33.9m
Q3 201612$102m
Q2 20163$35.2m
Q1 201613$208m
Q4 201512$198m
Q3 201519$198m
Q2 201527$302m
Q1 201516$161m
Q4 20148$170m
Q3 20149$238m
Q2 20149$127m
Q1 201411$144m
Q4 201314$207m
Q3 201318$61.7m

Where Brevan Howard Capital Management LP was early

25 rows
MCHI ISHARES TRQ4 20131 of 580.2%8.5%6Exited by Q2 2015+13%
XRT SPDR SER TRQ4 20132 of 7710.7%13.8%3Exited by Q1 2025+81%
EEM ISHARES TRQ4 20137 of 1344.0%71.1%16Exited by Q2 2026+36%
FXI ISHARES TRQ4 20138 of 13549.9%49.9%8Exited by Q2 2026−6.4%
GLD SPDR GOLD TRQ4 201313 of 19122.8%24.8%9Exited by Q2 2026+271%
RDN RADIAN GROUP INCQ1 20144 of 1202.3%4.1%10Held at last filing, Q2 2026+151%
AAXJ ISHARESQ4 20141 of 3111.6%11.6%2Exited by Q2 2015+5.0%
BMA BANCO MACRO S AQ1 20151 of 831.8%2.6%11Held at last filing, Q2 2026+62%
PAM PAMPA ENERGIA SAQ1 20151 of 725.1%16.1%13Held at last filing, Q2 2026+365%
AGRO ADECOAGRO S AQ1 20152 of 787.9%18.1%5Exited by Q2 2016+13%
GGAL GRUPO FINANCIERO GALICIA S.AQ1 20152 of 965.7%9.9%12Held at last filing, Q2 2026+116%
CRESY CRESUD S A C I F Y AQ1 20153 of 323.8%11.7%5Exited by Q2 2016−15%
EDN EMPRESA DIST Y COMERCIAL NORQ1 20153 of 291.0%2.4%10Held at last filing, Q2 2026+54%
TX TERNIUM SAQ1 20153 of 525.0%9.1%4Exited by Q1 2016−31%
NMIH NMI HLDGS INCQ1 20157 of 1131.4%1.4%11Held at last filing, Q2 2026+449%
CFG CITIZENS FINL GROUP INCQ1 201510 of 1715.0%5.0%13Held at last filing, Q2 2026+190%
IBB ISHARES NASDAQ BIOTECHQ3 201611 of 12023.5%65.1%5Exited by Q3 2024+42%
LQD ISHARES TRQ2 20176 of 10124.2%24.2%11Exited by Q2 2026−9.6%
KOPN KOPIN CORPQ1 20211 of 682.7%2.7%5Exited by Q2 2025−91%
ATOM Atomera IncQ1 20212 of 421.8%1.9%6Exited by Q3 2022−62%
DDOG DATADOG INCQ1 202123 of 2671.5%2.3%11Held at last filing, Q2 2026+212%
URA GLOBAL X FDSQ3 20212 of 823.0%23.3%13Exited by Q1 2026+80%
EWY ISHARES INCQ4 202112 of 1131.5%4.0%3Exited by Q2 2026+58%
DOCN DIGITALOCEAN HLDGS INCQ2 202210 of 1751.1%1.2%11Held at last filing, Q2 2026+280%
ETHA ISHARES ETHEREUM TRQ4 20243 of 642.3%2.3%4Exited by Q1 2026−11%

Concentration and tenure

23.1%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
76.6%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
1
Median completed holding, quarters