Funds › Brevan Howard Capital Management LP › Q1 2023Brevan Howard Capital Management LP 13F holdings, Q1 2023 Brevan Howard Capital Management LP disclosed 91 US equity positions worth $454.2m in its Q1 2023 13F filing. Its largest position is EMB at 13.4% of the reported book, followed by TLT and MRNA. Versus Q4 2022 it opened 32 new positions, added to 27, reduced 8 and exited 12.
$454m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
91 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
13.4% Largest position The largest single position as a share of the reported equity book.
59.7% 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 Q4 2022: 32 new , 27 added , 8 reduced , 12 exited
50 of 91 Show all 91
Stock Sector Weight Value Shares Δ shares Action EMB ISHARES TR – 13.4% $60.8m 705,000 +93% added TLT ISHARES TR – 11.7% $53.2m 500,000 +270% added MRNA MODERNA INC Healthcare 8.8% $39.9m 260,000 +13% added LQD ISHARES TR – 6.8% $30.9m 282,000 −6.3% reduced CME CME GROUP INC Financial Services 4.3% $19.6m 102,553 0.0% held URA GLOBAL X FDS – 4.2% $19.1m 959,200 +4.8% added SMH VANECK ETF TRUST – 3.6% $16.3m 62,000 +195% added PINDUODUO INC no ticker – 2.5% $11.2m 11.70m – new NIO INC no ticker – 2.3% $10.4m 11.30m – new VNET GROUP INC no ticker – 2.1% $9.4m 11.74m – new GDS HLDGS LTD no ticker – 1.9% $8.5m 9.00m 0.0% held MSFT MICROSOFT CORP Technology 1.6% $7.4m 25,500 +168% added WDAY WORKDAY INC Technology 1.5% $6.9m 33,500 +538% added QQQ INVESCO QQQ TR – 1.5% $6.6m 20,650 – new NOW SERVICENOW INC Technology 1.4% $6.4m 13,800 +207% added VUG VANGUARD INDEX FDS – 1.4% $6.2m 25,000 0.0% held GLD SPDR GOLD TRUST – 1.4% $6.2m 34,000 – new XME SPDR SER TR – 1.3% $5.8m 110,000 −40% reduced SNOW SNOWFLAKE INC Technology 1.2% $5.5m 35,500 +788% added ATVIEUR ACTIVISION BLIZZARD INC – 1.2% $5.3m 61,543 0.0% held DOCN DIGITALOCEAN HLDGS INC Technology 1.2% $5.2m 134,000 +131% added IBB ISHARES TR – 1.1% $5.2m 40,000 0.0% held VMWEUR VMWARE INC – 1.1% $5.1m 41,156 0.0% held TRTX TPG RE FIN TR INC Real Estate 1.1% $5.1m 704,738 −15% reduced HORIZON THERAPEUTICS PUB L no ticker – 1.1% $4.9m 45,000 – new AFRM AFFIRM HLDGS INC Financial Services 1.1% $4.8m 7.50m 0.0% held AMZN AMAZON COM INC Consumer Cyclical 0.9% $4.3m 41,588 +421% added XLE SELECT SECTOR SPDR TR – 0.9% $4.1m 50,000 −38% reduced LIBERTY MEDIA CORP DEL no ticker – 0.8% $3.9m 51,500 +24% added JD JD.COM INC Consumer Cyclical 0.8% $3.8m 87,114 – new BILIBILI INC no ticker – 0.8% $3.8m 5.50m 0.0% held SGFYGBP SIGNIFY HEALTH INC – 0.8% $3.8m 123,719 0.0% held BILIBILI INC no ticker – 0.8% $3.7m 4.00m 0.0% held 0C3 ENDEAVOR GROUP HLDGS INC – 0.7% $3.4m 140,000 +13% added TPICQEUR TPI COMPOSITES INC – 0.7% $3.3m 250,957 +67% added IOVA IOVANCE BIOTHERAPEUTICS INC Healthcare 0.7% $3.3m 534,170 +91% added ASML ASML HLDG NV Technology 0.7% $3.1m 4,500 −18% reduced RUN SUNRUN INC Technology 0.5% $2.1m 106,628 +184% added LI AUTO INC no ticker – 0.5% $2.1m 2.00m – new ZLAB ZAI LAB LTD Healthcare 0.4% $2.0m 60,000 – new SEDG SOLAREDGE TECHNOLOGIES INC Technology 0.4% $1.9m 6,195 +35% added IQIYI INC no ticker – 0.4% $1.9m 3.10m −59% reduced PINS PINTEREST INC Communication Services 0.4% $1.8m 65,000 – new KRBN KRANESHARES TR – 0.4% $1.7m 42,637 −38% reduced AMAT APPLIED MATLS INC Technology 0.4% $1.6m 13,000 +63% added GOOGL ALPHABET INC Communication Services 0.3% $1.6m 15,000 – new NEM NEWMONT CORP Basic Materials 0.3% $1.5m 30,467 +222% added EZA ISHARES INC – 0.3% $1.5m 35,095 0.0% held FCX FREEPORT MCMORAN INC Basic Materials 0.3% $1.5m 35,618 – new CDNS CADENCE DESIGN SYSTEM INC Technology 0.3% $1.4m 6,500 – new
Exited since Q4 2022 Sector mix Unclassified 66.7% Healthcare 10.7% Technology 10.0% Financial Services 5.4% Consumer Cyclical 2.4% Basic Materials 1.6% Real Estate 1.1% Communication Services 0.9% Industrials 0.7% Consumer Defensive 0.4% Utilities 0.10% 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