Funds › Brevan Howard Capital Management LP › Q4 2022Brevan Howard Capital Management LP 13F holdings, Q4 2022 Brevan Howard Capital Management LP disclosed 71 US equity positions worth $343.1m in its Q4 2022 13F filing. Its largest position is MRNA at 12.0% of the reported book, followed by HYG and LQD. Versus Q3 2022 it opened 25 new positions, added to 16, reduced 5 and exited 13.
$343m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
71 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
12.0% Largest position The largest single position as a share of the reported equity book.
65.0% Top 10 weight The ten largest positions together, as a share of the reported equity book.
18 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 Q3 2022: 25 new , 16 added , 5 reduced , 13 exited
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Stock Sector Weight Value Shares Δ shares Action MRNA MODERNA INC Healthcare 12.0% $41.3m 230,000 −54% reduced HYG ISHARES TR – 11.0% $37.6m 510,400 +82% added LQD ISHARES TR – 9.2% $31.7m 301,000 +201% added EMB ISHARES TR – 9.0% $30.8m 364,650 +23% added URA GLOBAL X FDS – 5.4% $18.4m 915,000 0.0% held CME CME GROUP INC Financial Services 5.0% $17.2m 102,553 0.0% held TLT ISHARES TR – 3.9% $13.4m 135,000 – new VEA VANGUARD TAX-MANAGED FDS – 3.7% $12.6m 300,000 – new BABA ALIBABA GROUP HLDG LTD Consumer Cyclical 3.1% $10.7m 122,000 – new XME SPDR SER TR – 2.6% $9.1m 182,000 – new GDS HLDGS LTD no ticker – 2.5% $8.5m 9.00m 0.0% held XLE SELECT SECTOR SPDR TR – 2.0% $7.0m 80,000 −76% reduced TRTX TPG RE FIN TR INC Real Estate 1.6% $5.7m 832,942 +18% added VUG VANGUARD INDEX FDS – 1.6% $5.3m 25,000 – new IBB ISHARES TR – 1.5% $5.3m 40,000 – new VMWEUR VMWARE INC – 1.5% $5.1m 41,156 – new IQIYI INC no ticker – 1.5% $5.0m 7.60m +262% added AFRM AFFIRM HLDGS INC Financial Services 1.4% $4.8m 7.50m – new ATVIEUR ACTIVISION BLIZZARD INC – 1.4% $4.7m 61,543 −45% reduced SMH VANECK ETF TRUST – 1.2% $4.3m 21,000 – new BILIBILI INC no ticker – 1.1% $3.8m 5.50m – new BILIBILI INC no ticker – 1.1% $3.7m 4.00m 0.0% held FCG FIRST TR EXCHANGE-TRADED FD – 1.1% $3.7m 150,000 – new SGFYGBP SIGNIFY HEALTH INC – 1.0% $3.5m 123,719 0.0% held DBA INVESCO DB MULTI-SECTOR COMM – 1.0% $3.5m 175,000 – new CCI CROWN CASTLE INC Real Estate 1.0% $3.4m 25,000 – new ASML ASML HLDG NV Technology 0.9% $3.0m 5,500 +38% added 0C3 ENDEAVOR GROUP HLDGS INC – 0.8% $2.8m 124,000 +24% added LIBERTY MEDIA CORP DEL no ticker – 0.7% $2.5m 41,500 – new KRBN KRANESHARES TR – 0.7% $2.3m 68,637 +96% added MSFT MICROSOFT CORP Technology 0.7% $2.3m 9,500 −21% reduced IOVA IOVANCE BIOTHERAPEUTICS INC Healthcare 0.5% $1.8m 279,832 0.0% held NOW SERVICENOW INC Technology 0.5% $1.7m 4,500 −40% reduced MRVL MARVELL TECHNOLOGY INC Technology 0.5% $1.6m 44,000 +47% added TPICQEUR TPI COMPOSITES INC – 0.4% $1.5m 150,588 +1.3% added EZA ISHARES INC – 0.4% $1.5m 35,095 0.0% held DOCN DIGITALOCEAN HLDGS INC Technology 0.4% $1.5m 58,000 +5.5% added SNAP SNAP INC Communication Services 0.4% $1.5m 2.00m 0.0% held SEDG SOLAREDGE TECHNOLOGIES INC Technology 0.4% $1.3m 4,604 +26% added BHC BAUSCH HEALTH COS INC Healthcare 0.4% $1.2m 195,000 +26% added ADBE ADOBE INC Technology 0.3% $1.0m 3,020 +13% added VIVINT SMART HOME INC no ticker – 0.3% $1000k 84,000 – new A AGILENT TECHNOLOGIES INC Healthcare 0.3% $939k 6,273 0.0% held RUN SUNRUN INC Technology 0.3% $903k 37,605 +31% added DHR DANAHER CORP DEL Healthcare 0.3% $880k 3,314 0.0% held WDAY WORKDAY INC Technology 0.3% $878k 5,250 – new OC Owens Corning Inc Industrials 0.2% $782k 9,170 0.0% held AMAT APPLIED MATLS INC Technology 0.2% $779k 8,000 – new TSLA TESLA INC Consumer Cyclical 0.2% $684k 5,555 – new DAR DARLING INGREDIENTS INC Consumer Defensive 0.2% $677k 10,823 – new
Exited since Q3 2022 Sector mix Unclassified 67.1% Healthcare 13.4% Financial Services 6.4% Technology 4.8% Consumer Cyclical 3.8% Real Estate 2.6% Basic Materials 0.5% Industrials 0.5% Communication Services 0.4% Consumer Defensive 0.2% Utilities 0.1% Book over time Every quarter on file (40) Where Brevan Howard Capital Management LP was early 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