Brevan Howard Capital Management LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Brevan Howard Capital Management LP disclosed 1629 US equity positions worth $5.2bn in its Q4 2025 13F filing. The largest position was FIRST TR EXCHANGE TRADED FD at 8.6% of the reported book, followed by IBIT and GOOGL. Against the Q3 2025 filing, it opened 16 new positions, added to 24 and reduced 9 among the top 50 holdings.
What did Brevan Howard Capital Management LP own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | FIRST TR EXCHANGE TRADED FD | 8.6% | $452.0m | 57,081,120 | – | new | |
| 2 | IBIT ISHARES BITCOIN TRUST ETF | 5.3% | $275.5m | 5,548,758 | -85% | reduced | |
| 3 | GOOGL ALPHABET INC | Communication Services | 3.3% | $172.1m | 549,884 | -30% | reduced |
| 4 | GOOG ALPHABET INC | Communication Services | 2.9% | $150.6m | 480,053 | 10% | added |
| 5 | IVV ISHARES TR | 2.1% | $112.0m | 162,970 | – | new | |
| 6 | WMT WALMART INC | Consumer Defensive | 1.9% | $97.6m | 875,623 | 839% | added |
| 7 | NVDA NVIDIA CORPORATION | Technology | 1.8% | $94.0m | 504,152 | -16% | reduced |
| 8 | AAPL APPLE INC | Technology | 1.4% | $74.5m | 274,033 | -29% | reduced |
| 9 | AVGO BROADCOM INC | Technology | 1.4% | $73.4m | 211,631 | 315% | added |
| 10 | B BARRICK MNG CORP | Basic Materials | 1.2% | $65.3m | 1,499,501 | 238% | added |
| 11 | TSLA TESLA INC | Consumer Cyclical | 1.2% | $61.7m | 137,164 | 31% | added |
| 12 | BABA ALIBABA GROUP HLDG LTD | Consumer Cyclical | 1.1% | $55.3m | 379,350 | 232% | added |
| 13 | ORCL ORACLE CORP | Technology | 0.9% | $49.4m | 252,175 | 3358% | added |
| 14 | ALIBABA GROUP HLDG LTD | 0.9% | $44.6m | 28,500,000 | 0% | held | |
| 15 | NEM NEWMONT CORP | Basic Materials | 0.8% | $40.4m | 404,407 | -5% | reduced |
| 16 | BAC BANK AMERICA CORP | Financial Services | 0.8% | $39.2m | 712,959 | 99% | added |
| 17 | SPOT 0 03/26 | 0.7% | $37.4m | 33,000,000 | – | new | |
| 18 | JPM JPMORGAN CHASE & CO. | Financial Services | 0.7% | $35.8m | 111,236 | -7% | reduced |
| 19 | LQD ISHARES TR | 0.7% | $34.7m | 315,000 | – | new | |
| 20 | COHR COHERENT CORP | Technology | 0.7% | $34.0m | 184,303 | 350% | added |
| 21 | C CITIGROUP INC | Financial Services | 0.6% | $33.4m | 285,999 | -5% | reduced |
| 22 | F 0 03/26 | 0.6% | $31.4m | 30,000,000 | – | new | |
| 23 | EVRG EVRG 4.5 12/27 | 0.6% | $30.6m | 25,000,000 | – | new | |
| 24 | CME CME GROUP INC | Financial Services | 0.6% | $30.6m | 111,950 | 6% | added |
| 25 | SNDK SANDISK CORP | Technology | 0.6% | $29.3m | 123,362 | 6040% | added |
| 26 | LITE LUMENTUM HLDGS INC | Technology | 0.5% | $24.8m | 67,356 | 3271% | added |
| 27 | PINNACLE WEST CAP CORP | 0.5% | $24.1m | 22,500,000 | – | new | |
| 28 | AKAM AKAM 1.125 02/29 | 0.5% | $23.8m | 24,000,000 | 220% | added | |
| 29 | DUK 4.125 04/26 | 0.5% | $23.8m | 23,000,000 | – | new | |
| 30 | GDX VANECK ETF TRUST | 0.5% | $23.7m | 272,053 | 5% | added | |
| 31 | AMZN AMAZON COM INC | Consumer Cyclical | 0.4% | $22.5m | 97,543 | -24% | reduced |
| 32 | CNP CNP 4.25 08/26 | 0.4% | $22.0m | 20,000,000 | – | new | |
| 33 | LNT LNT 3.875 03/26 | 0.4% | $20.9m | 20,000,000 | – | new | |
| 34 | EA ELECTRONIC ARTS INC | Communication Services | 0.4% | $20.8m | 102,000 | 188% | added |
| 35 | JBTM JBTM 0.25 05/26 | 0.4% | $20.7m | 20,000,000 | – | new | |
| 36 | AA ALCOA CORP | Basic Materials | 0.4% | $20.6m | 387,491 | 586% | added |
| 37 | FE FE 4 05/26 | 0.4% | $20.5m | 20,000,000 | – | new | |
| 38 | FYBR FRONTIER COMMUNICATIONS PARE | 0.4% | $20.0m | 525,494 | 1% | added | |
| 39 | JAZZ INVESTMENTS I LTD | 0.4% | $20.0m | 15,000,000 | – | new | |
| 40 | LLY ELI LILLY & CO | Healthcare | 0.4% | $20.0m | 18,562 | -10% | reduced |
| 41 | BSX BOSTON SCIENTIFIC CORP | Healthcare | 0.4% | $19.2m | 200,756 | 172% | added |
| 42 | ANIP ANIP 2.25 09/29 | 0.4% | $19.1m | 15,000,000 | – | new | |
| 43 | TBBK BANCORP INC DEL | Financial Services | 0.3% | $17.5m | 259,460 | 7288% | added |
| 44 | WEC WEC 4.375 06/27 | 0.3% | $17.0m | 15,000,000 | – | new | |
| 45 | NSC NORFOLK SOUTHN CORP | Industrials | 0.3% | $16.8m | 58,018 | 276% | added |
| 46 | SF STIFEL FINL CORP | Financial Services | 0.3% | $16.3m | 130,145 | 558% | added |
| 47 | SNOW SNOWFLAKE INC | 0.3% | $15.7m | 10,000,000 | – | new | |
| 48 | REGN REGENERON PHARMACEUTICALS | Healthcare | 0.3% | $15.4m | 19,985 | 281% | added |
| 49 | BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 0.3% | $14.9m | 276,233 | 280% | added |
| 50 | PAM PAMPA ENERGIA S A | Industrials | 0.3% | $14.6m | 165,940 | 63% | added |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.