WhaleCreep

Brevan Howard Capital Management LP 13F holdings, Q4 2023

Hedge fundSEC filingsCompare with another fundHoldings as of 2023-12-31, filed 2024-02-14

Brevan Howard Capital Management LP disclosed 958 US equity positions worth $994.4m in its Q4 2023 13F filing. Its largest position is EMB at 11.1% of the reported book, followed by HYG and QQQ. Versus Q3 2023 it opened 719 new positions, added to 188, reduced 44 and exited 87.

$994m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
958
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.1%
Largest position
The largest single position as a share of the reported equity book.
27.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
57
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 2023: 719 new, 188 added, 44 reduced, 87 exited

50 of 958
EMB ISHARES TR–11.1%$111m1.24m+1085%added
HYG ISHARES TR–3.9%$38.7m500,000–new
QQQ INVESCO QQQ TR–2.5%$24.8m60,607–new
VNET 0 02/26 no ticker–1.9%$18.5m23.31m+31%added
HD HOME DEPOT INCConsumer Cyclical1.7%$16.7m48,275+827%added
NIO 0 02/26 no ticker–1.7%$16.4m17.80m0.0%held
BILIBILI INC no ticker–1.5%$15.0m18.00m+100%added
SPIB SPDR SERIES TRUST–1.2%$11.5m350,000–new
NVDA NVIDIA CORPORATIONTechnology1.1%$11.0m22,185+640%added
AAPL APPLE INCTechnology0.9%$9.4m48,608+553%added
LQD ISHARES TR–0.9%$8.6m78,000–new
S9Q SPIRIT AEROSYSTEMS HLDGS INC–0.8%$8.1m254,481+71%added
SPLKCHF SPLUNK INC–0.8%$8.1m52,882–new
SE SEA LTDConsumer Cyclical0.7%$7.1m7.50m–new
HES HESS CORP–0.7%$6.6m46,063+1555%added
V VISA INCFinancial Services0.6%$5.9m22,732+186%added
IOVA IOVANCE BIOTHERAPEUTICS INCHealthcare0.6%$5.6m692,775−56%reduced
GOOG ALPHABET INCCommunication Services0.6%$5.5m39,282–new
P EVERPURE INCTechnology0.5%$5.0m140,778–new
VLO VALERO ENERGY CORPEnergy0.5%$4.9m37,856+1322%added
META META PLATFORMS INCCommunication Services0.5%$4.8m13,494+562%added
MPC Marathon Petroleum CorpEnergy0.5%$4.6m31,082+939%added
TRTX TPG RE FIN TR INCReal Estate0.5%$4.6m704,7380.0%held
DIS DISNEY WALT COCommunication Services0.4%$4.4m48,584−30%reduced
BA BOEING COIndustrials0.4%$4.1m15,867+176%added
SCHD SCHWAB STRATEGIC TR–0.4%$4.1m53,535–new
BKNG BOOKING HOLDINGS INCConsumer Cyclical0.4%$4.1m1,147+1174%added
JPM JPMORGAN CHASE & COFinancial Services0.4%$4.1m23,882–new
KWEB KRANESHARES TRUST–0.4%$4.0m147,352–new
UNH UNITEDHEALTH GROUP INCHealthcare0.4%$3.9m7,442–new
SEDG SOLAREDGE TECHNOLOGIES INCTechnology0.4%$3.7m39,374+110%added
FXI ISHARES TR–0.4%$3.7m152,610–new
MA MASTERCARD INCFinancial Services0.4%$3.6m8,456+213%added
EWZ ISHARES INC–0.4%$3.6m103,040−90%reduced
BAC BANK OF AMER CORPFinancial Services0.4%$3.6m106,938–new
XLP SELECT SECTOR SPDR TR–0.4%$3.5m48,694–new
XLI SELECT SECTOR SPDR TR–0.3%$3.4m30,165–new
LOW LOWES COS INCConsumer Cyclical0.3%$3.4m15,339+825%added
MRK MERCK & CO. INCHealthcare0.3%$3.3m30,149–new
LMT LOCKHEED MARTIN CORPIndustrials0.3%$3.2m7,121+414%added
IDXX IDEXX LABS INCHealthcare0.3%$3.2m5,735–new
CPRI CAPRI HOLDINGS LIMITEDConsumer Cyclical0.3%$3.2m62,765–new
PGR PROGRESSIVE CORPFinancial Services0.3%$3.1m19,398–new
DE DEERE & COIndustrials0.3%$3.1m7,654+858%added
TJX TJX COS INC NEWConsumer Cyclical0.3%$3.0m31,620+198%added
AMZN AMAZON COM INCConsumer Cyclical0.3%$3.0m19,442–new
ACCENTURE PLC IRELAND no ticker–0.3%$2.9m8,344–new
LTHM1EUR LIVENT CORP–0.3%$2.9m161,248–new
MLM MARTIN MARIETTA MATLS INCBasic Materials0.3%$2.8m5,672+50%added
SABR SABRE CORPTechnology0.3%$2.8m642,959+26%added

Exited since Q3 2023

87 rows
CME CME GROUP INC6.1%$20.5m
MRNA MODERNA INC4.8%$16.2m
PINDUODUO INC no ticker4.2%$14.1m
XLF SELECT SECTOR SPDR TR3.7%$12.4m
VMWEUR VMWARE INC2.0%$6.9m
ATVIEUR ACTIVISION BLIZZARD INC1.9%$6.4m
SGENUSD SEAGEN INC1.7%$5.8m
HORIZON THERAPEUTICS PUB L no ticker1.5%$5.2m
BKLN INVESCO EXCHNG TRADED FD TR1.1%$3.7m
IQ 4 12/26 no ticker0.6%$1.9m
GDXJ VANECK ETF TRUST0.5%$1.7m
FCX FREEPORT MCMORAN INC0.4%$1.3m
EZA ISHARES INC0.4%$1.3m
NEM NEWMONT CORP0.3%$1.1m
NLR VANECK ETF TRUST0.3%$949k
RLX RLX TECHNOLOGY INC0.3%$914k
PENN PENN ENTERTAINMENT INC0.3%$913k
VALE VALE S A0.3%$898k
NCLH NORWEGIAN CRUISE LINE HLDGS0.3%$853k
TTD THE TRADE DESK INC0.2%$799k
NKE NIKE INC0.2%$740k
ILF ISHARES TR0.2%$717k
INDA ISHARES TR0.2%$699k
M Macy's, Inc0.2%$697k
INTU INTUIT0.2%$665k
GLD SPDR GOLD TRUST0.2%$660k
JELD JELD-WEN HLDG INC0.2%$660k
AMT AMERICAN TOWER CORP0.2%$652k
GIS GENERAL MILLS INC0.2%$551k
QCOM QUALCOMM INC0.2%$520k
ADBE ADOBE INC0.1%$505k
LXU LSB INDS INC0.1%$499k
BIIB BIOGEN INC0.1%$496k
GPK GRAPHIC PACKAGING HLDG CO0.1%$482k
SBSW SIBANYE STILLWATER LTD0.1%$481k
CCI CROWN CASTLE INC0.1%$448k
FE FIRSTENERGY CORP0.1%$442k
JBHT HUNT J B TRANS SVCS INC0.1%$410k
CTRE CARETRUST REIT INC0.1%$410k
ADNT ADIENT PLC0.1%$401k
MED MEDIFAST INC0.1%$395k
ADM ARCHER DANIELS MIDLAND CO0.1%$385k
ABNB AIRBNB INC0.1%$381k
LITE LUMENTUM HLDGS INC0.1%$378k
LNG CHENIERE ENERGY INC0.1%$372k
NEWREUR NEW RELIC INC0.1%$357k
COHR COHERENT CORP0.10%$329k
AEP AMERICAN ELEC PWR CO INC0.09%$320k
SM SM ENERGY COMPANY0.09%$311k
JNJ JOHNSON & JOHNSON0.09%$309k

Sector mix

  • Unclassified37.2%
  • Technology12.2%
  • Consumer Cyclical10.5%
  • Industrials9.0%
  • Financial Services7.7%
  • Healthcare7.3%
  • Real Estate3.4%
  • Communication Services3.4%
  • Consumer Defensive3.0%
  • Energy2.8%
  • Basic Materials2.3%
  • Utilities1.2%

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