Brevan Howard Capital Management LP
Follow13F filer, CIK 1512857, ST. HELIER, Jersey
Brevan Howard Capital Management LP reported $22,402,763,682 across 1,903 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 48.44% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000905148-25-004026
- Period
- 2025-09-30
- Reported value
- $22.4B
- Holdings
- 1,903
- Top 10 weight
- 48.44%
- New
- 545
- Sold out
- 459
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| NVDAadded | +531,792 | $99.2M |
| METAadded | +132,838 | $97.6M |
| MSFTadded | +116,067 | $60.1M |
| AAPLadded | +207,232 | $52.8M |
| TSLAadded | +91,715 | $40.8M |
Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.
Largest sells vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| IVVBexited | -60,706,457 | -$461M |
| PLTRreduced | -850,623 | -$155M |
| HYGexited | -1,455,000 | -$117M |
| APPexited | -263,755 | -$92.3M |
| AMZNreduced | -348,582 | -$76.5M |
Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.
Back to all 1,794 share positions
Options
Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| GOOGALPHABET INC COM | call | 14,280,000 | $3.48B | +10,200,000 |
| PDDPDD HOLDINGS INC ADR | call | 651,875 | $1.38B | +630,500 |
| METAMETA PLATFORMS INC COM | call | 1,740,000 | $1.28B | +140,000 |
| MSFTMICROSOFT CORP COM | call | 2,279,600 | $1.18B | +1,029,700 |
| EEMISHARES TR MSCI EMG MKT ETF | call | 19,950,000 | $1.07B | +12,000,000 |
| PDDPDD HOLDINGS INC ADR | put | 416,500 | $883M | +406,000 |
| HYGISHARES TR IBOXX HI YD ETF | put | 8,611,800 | $699M | +611,800 |
| ASHRDBX ETF TR XTRACK HRVST CSI | call | 12,000,000 | $396M | new |
| COINCOINBASE GLOBAL INC Stock | call | 1,054,000 | $356M | +942,000 |
| LQDISHARES TR SHS | put | 3,000,000 | $334M | +2,500,000 |
| LQDISHARES TR SHS | call | 3,000,000 | $334M | new |
| BIDUBAIDU INC ADR | call | 2,493,100 | $329M | +2,343,100 |
| QQQINVESCO QQQ TR COM | call | 545,500 | $328M | -129,500 |
| GOOGALPHABET INC COM | put | 1,200,000 | $292M | new |
| AEMAGNICO EAGLE MINES LTD Stock | call | 1,440,000 | $242M | new |
| IBITISHARES BITCOIN TRUST ETF SHS | call | 3,200,500 | $208M | new |
| NVDANVIDIA CORPORATION COM | put | 1,094,000 | $204M | +1,001,500 |
| GDXVANECK ETF TRUST GOLD MINERS ETF | call | 2,400,000 | $183M | new |
| GLDSPDR GOLD TR GOLD SHS | put | 500,000 | $178M | new |
| BBARRICK MNG CORP COM SHS | call | 5,400,000 | $177M | new |
| NEMNEWMONT CORP COM | call | 2,100,000 | $177M | +2,000,000 |
| FXIISHARES TR CHINA LG-CAP ETF | call | 4,000,000 | $165M | new |
| SPYSTATE STR SPDR S&P 500 ETF T SHS | put | 200,000 | $133M | -120,000 |
| IBITISHARES BITCOIN TRUST ETF SHS | put | 2,000,000 | $130M | +1,600,000 |
| TSLATESLA INC COM | call | 215,000 | $95.6M | +196,100 |
| TLTISHARES TR 20 YR TR BD ETF | put | 1,000,000 | $89.4M | new |
| TLTISHARES TR 20 YR TR BD ETF | call | 1,000,000 | $89.4M | 0 |
| IWMISHARES TR SHS | call | 300,000 | $72.6M | new |
| MSFTMICROSOFT CORP COM | put | 127,400 | $66M | -122,400 |
| BABAALIBABA GROUP HLDG LTD SPONSORED ADS | call | 355,000 | $63.4M | new |
| NVDANVIDIA CORPORATION COM | call | 324,875 | $60.6M | +141,500 |
| BABAALIBABA GROUP HLDG LTD SPONSORED ADS | put | 295,000 | $52.7M | new |
| GOOGLALPHABET INC COM | put | 200,000 | $48.6M | new |
| XLESELECT SECTOR SPDR TR SHS | call | 500,000 | $44.7M | +204,800 |
| LMTLOCKHEED MARTIN CORP COM | call | 85,000 | $42.4M | new |
| AMZNAMAZON COM INC COM | call | 180,000 | $39.5M | -4,290,000 |
| BABOEING CO COM | call | 149,300 | $32.2M | +100 |
| SNOWSNOWFLAKE INC Stock | put | 134,000 | $30.2M | new |
| KBESPDR SERIES TRUST ST STR SP BANK | put | 500,000 | $29.7M | new |
| BACBANK OF AMER CORP COM | put | 500,000 | $25.8M | new |
| AAPLAPPLE INC COM | call | 100,000 | $25.5M | new |
| QQQINVESCO QQQ TR COM | put | 40,000 | $24M | new |
| USOUNITED STS OIL FD LP COM | call | 300,000 | $22.1M | new |
| ITBISHARES TR US HOME CONS ETF | call | 200,000 | $21.4M | new |
| AGNCAGNC INVT CORP REIT | put | 2,000,000 | $19.6M | -5,000,000 |
| BXBLACKSTONE INC COM | call | 100,000 | $17.1M | new |
| XHBSPDR SERIES TRUST SHS | call | 150,000 | $16.6M | -100,000 |
| KKRKKR & CO INC COM | call | 125,000 | $16.2M | new |
| FSLRFIRST SOLAR INC Stock | call | 70,100 | $15.5M | new |
| QCOMQUALCOMM INC COM | put | 92,600 | $15.4M | +82,600 |
| QCOMQUALCOMM INC COM | call | 92,600 | $15.4M | +82,600 |
| AMDADVANCED MICRO DEVICES INC COM | call | 68,875 | $11.1M | 0 |
| XOMEXXON MOBIL CORP COM | put | 92,000 | $10.4M | new |
| XOMEXXON MOBIL CORP COM | call | 92,000 | $10.4M | new |
| BIDUBAIDU INC ADR | put | 75,000 | $9.88M | -75,000 |
| ARKKARK ETF TR INNOVATION ETF | call | 89,200 | $7.7M | new |
| KRESPDR SERIES TRUST ST STR SP REGBNK | call | 120,000 | $7.6M | new |
| CCJCAMECO CORP Stock | call | 88,500 | $7.36M | new |
| TERTERADYNE INC Stock | call | 51,900 | $7.14M | new |
| BABOEING CO COM | put | 33,000 | $7.12M | -41,100 |
| BITFBITFARMS LTD Common Stock | call | 2,500,000 | $7.05M | new |
| SCHWCHARLES SCHWAB CORP (THE) COM | put | 72,500 | $6.92M | +3,900 |
| SCHWCHARLES SCHWAB CORP (THE) COM | call | 72,500 | $6.92M | +4,000 |
| SLBSLB LIMITED COM | put | 200,000 | $6.87M | 0 |
| AMZNAMAZON COM INC COM | put | 30,000 | $6.59M | new |
| FITBFIFTH THIRD BANCORP Stock | call | 144,300 | $6.43M | new |
| RIOTRIOT PLATFORMS INC COM | call | 300,000 | $5.71M | 0 |
| GLXYGALAXY DIGITAL INC. Stock | call | 150,000 | $5.07M | new |
| JDJD.COM INC ADR | call | 135,300 | $4.73M | new |
| RTXRTX CORPORATION COM | call | 26,375 | $4.41M | 0 |
| CLSKCLEANSPARK INC COM NEW | call | 300,000 | $4.35M | new |
| HOODROBINHOOD MKTS INC COM | call | 26,700 | $3.82M | new |
| FITBFIFTH THIRD BANCORP Stock | put | 78,700 | $3.51M | new |
| AIGAMERICAN INTL GROUP INC Stock | call | 41,400 | $3.25M | new |
| ETHAISHARES ETHEREUM TR COM | call | 101,600 | $3.2M | new |
| SNOWSNOWFLAKE INC Stock | call | 14,000 | $3.16M | new |
| UBERUBER TECHNOLOGIES INC COM | put | 32,000 | $3.14M | -34,500 |
| UBERUBER TECHNOLOGIES INC COM | call | 32,000 | $3.14M | -34,500 |
| AVAVAEROVIRONMENT INC Stock | call | 9,900 | $3.12M | new |
| MPTMEDICAL PROPERTIES TRUST INC REIT | put | 600,000 | $3.04M | 0 |
| COINCOINBASE GLOBAL INC Stock | put | 9,000 | $3.04M | 0 |
| NIONIO INC ADR | call | 300,000 | $2.29M | new |
| MPMP MATERIALS CORP COM CL A | call | 33,000 | $2.21M | new |
| XLFSELECT SECTOR SPDR TR SHS | put | 40,000 | $2.15M | new |
| MPCMARATHON PETE CORP Stock | call | 10,875 | $2.1M | 0 |
| AMTAMERICAN TOWER CORP COM | put | 10,800 | $2.08M | 0 |
| AMTAMERICAN TOWER CORP COM | call | 10,800 | $2.08M | 0 |
| QBTSD-WAVE QUANTUM INC COM | call | 84,000 | $2.08M | new |
| ALBALBEMARLE CORP COM | call | 25,500 | $2.07M | new |
| VLOVALERO ENERGY CORP Stock | call | 10,875 | $1.85M | 0 |
| RGTIRIGETTI COMPUTING INC Stock | call | 60,000 | $1.79M | new |
| NRGNRG ENERGY INC Stock | put | 10,000 | $1.62M | new |
| TACTRANSALTA CORP COM | call | 100,000 | $1.37M | new |
| WBDWARNER BROS DISCOVERY INC Stock | call | 57,300 | $1.12M | new |
| AIGAMERICAN INTL GROUP INC Stock | put | 12,800 | $1.01M | new |
| BHFBRIGHTHOUSE FINL INC COM | call | 15,200 | $807K | -23,900 |
| EWYISHARES INC MSCI STH KOR ETF | call | 10,000 | $801K | -490,000 |
| AFRMAFFIRM HLDGS INC Stock | call | 10,875 | $795K | 0 |
| GEGE AEROSPACE COM | call | 2,200 | $662K | 0 |
| CATCATERPILLAR INC COM | put | 1,200 | $573K | new |
| CATCATERPILLAR INC COM | call | 1,200 | $573K | new |
| FCXFREEPORT MCMORAN INC Stock | call | 10,875 | $427K | 0 |
Principal amounts
Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 | principal | 28,500,000 | $52.7M | +14,500,000 |
| PDD HOLDINGS INCPDD HOLDINGS INC NOTE 12/0 | principal | 9,500,000 | $9.43M | 0 |
| SEA LTDSEA LTD NOTE 2.375%12/0 | principal | 4,000,000 | $8.03M | -2,000,000 |
| AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 | principal | 7,500,000 | $7.05M | -2,500,000 |
| DAYFORCE INCDAYFORCE INC NOTE 0.250% 3/1 | principal | 5,000,000 | $4.9M | new |
| SEA LTDSEA LTD NOTE 0.250% 9/1 | principal | 3,023,000 | $2.9M | new |
| BENTLEY SYS INCBENTLEY SYS INC NOTE 0.375% 7/0 | principal | 2,500,000 | $2.36M | -2,500,000 |
Sold out in Q3 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
The largest 100 of 459. All 459
| Security | Shares before | Value before | Type |
|---|---|---|---|
| IVVBBLACKROCK ETF TRUST II | 60,706,457 | $461M | shares |
| GOOGLALPHABET INC | 2,409,500 | $425M | call |
| EEMISHARES TR | 7,400,000 | $357M | put |
| IWMISHARES TR | 1,571,000 | $339M | put |
| EWZISHARES INC | 8,660,000 | $250M | call |
| HYGISHARES TR | 2,062,000 | $166M | call |
| HYGISHARES TR | 1,455,000 | $117M | shares |
| JPMJPMORGAN CHASE & CO | 328,500 | $95.2M | call |
| WFCWELLS FARGO & CO | 1,175,400 | $94.7M | call |
| APPAPPLOVIN CORP | 263,755 | $92.3M | shares |
| FXIISHARES TR | 2,000,000 | $73.5M | put |
| VCITVANGUARD SCOTTSDALE FDS | 750,000 | $62M | shares |
| MSMORGAN STANLEY | 394,200 | $55.5M | call |
| XLBSELECT SECTOR SPDR TR | 624,900 | $54.9M | call |
| BACBANK OF AMER CORP | 1,031,200 | $48.8M | call |
| GSGOLDMAN SACHS GROUP INC | 67,200 | $47.5M | call |
| PPLTABRDN PLATINUM ETF TRUST | 360,000 | $44.2M | call |
| XLVSELECT SECTOR SPDR TR | 267,100 | $36M | put |
| XLPSELECT SECTOR SPDR TR | 400,000 | $32.4M | put |
| SPYSTATE STR SPDR S&P 500 ETF T | 50,000 | $30.9M | call |
| HESS CORPHESS CORP | 211,061 | $29.2M | shares |
| WELLWELLTOWER INC | 169,844 | $26.1M | shares |
| EWZISHARES INC | 900,000 | $26M | put |
| KBESPDR SERIES TRUST | 400,000 | $22.3M | call |
| APOAPOLLO GLOBAL MGMT INC | 155,602 | $22.2M | shares |
| XLKSELECT SECTOR SPDR TR | 87,300 | $22.1M | call |
| XLPSELECT SECTOR SPDR TR | 265,431 | $21.5M | shares |
| XLVSELECT SECTOR SPDR TR | 140,000 | $18.9M | call |
| DISDISNEY WALT CO | 131,471 | $16.3M | shares |
| CARRCARRIER GLOBAL CORPORATION | 190,206 | $13.9M | shares |
| XLUSELECT SECTOR SPDR TR | 156,625 | $12.7M | shares |
| GLDSPDR GOLD TR | 37,500 | $11.4M | call |
| LYFTLYFT INC | 724,044 | $11.4M | shares |
| INTCINTEL CORP | 500,000 | $11.2M | call |
| SouthState CorpSouthState Corp | 118,385 | $10.9M | shares |
| IQVIQVIA HLDGS INC | 66,702 | $10.5M | shares |
| JUNIPER NETWORKS INCJUNIPER NETWORKS INC | 251,891 | $10.1M | shares |
| AGNCAGNC INVT CORP | 1,000,000 | $9.19M | call |
| TRITHOMSON REUTERS CORP | 45,008 | $9.05M | shares |
| RKLBROCKET LAB CORP | 250,367 | $8.96M | shares |
| DUOLDUOLINGO INC | 21,353 | $8.76M | shares |
| MNSTMONSTER BEVERAGE CORP NEW | 139,235 | $8.72M | shares |
| FTVFORTIVE CORP | 166,637 | $8.69M | shares |
| PRMBPRIMO BRANDS CORPORATION | 284,775 | $8.44M | shares |
| ALGNALIGN TECHNOLOGY INC | 43,517 | $8.24M | shares |
| AMDADVANCED MICRO DEVICES INC | 58,000 | $8.23M | put |
| XLVSELECT SECTOR SPDR TR | 58,963 | $7.95M | shares |
| TRMDTORM PLC | 451,555 | $7.52M | principal |
| DDOGDATADOG INC | 51,757 | $6.95M | shares |
| KWEBKRANESHARES TRUST | 200,000 | $6.87M | put |
| KWEBKRANESHARES TRUST | 200,000 | $6.87M | call |
| CLXCLOROX CO DEL | 56,977 | $6.84M | shares |
| TXNTEXAS INSTRS INC | 31,806 | $6.6M | shares |
| CNKCINEMARK HLDGS INC | 213,440 | $6.44M | shares |
| EXLSEXLSERVICE HLDGS INC | 146,752 | $6.43M | shares |
| IRMIRON MTN INC DEL | 61,532 | $6.31M | shares |
| STLDSTEEL DYNAMICS INC | 47,603 | $6.09M | shares |
| PINSPINTEREST INC | 168,402 | $6.04M | shares |
| AURAURORA INNOVATION INC | 1,081,168 | $5.67M | shares |
| AXONAXON ENTERPRISE INC | 6,705 | $5.55M | shares |
| SUPVGRUPO SUPERVIELLE S.A. | 473,615 | $5.3M | shares |
| SCCOSOUTHERN COPPER CORP | 50,664 | $5.13M | shares |
| CORZCORE SCIENTIFIC INC NEW | 300,000 | $5.12M | call |
| FNDFLOOR & DECOR HLDGS INC | 64,483 | $4.9M | shares |
| UNHUNITEDHEALTH GROUP INC | 15,000 | $4.68M | put |
| ADSKAUTODESK INC | 15,098 | $4.67M | shares |
| COKECOCA COLA CONS INC | 40,627 | $4.54M | shares |
| AYIACUITY INC | 15,141 | $4.52M | shares |
| NKENIKE INC | 62,500 | $4.44M | put |
| TSSITSS INC DEL | 150,000 | $4.32M | call |
| EVRGEVERGY INC | 61,486 | $4.24M | shares |
| JBLUJETBLUE AIRWAYS CORP | 1,000,000 | $4.23M | call |
| RGLDROYAL GOLD INC | 23,522 | $4.18M | shares |
| SHWSHERWIN WILLIAMS CO | 12,150 | $4.17M | shares |
| SLVISHARES SILVER TR | 125,000 | $4.1M | call |
| ZTO EXPRESS CAYMAN INCZTO EXPRESS CAYMAN INC | 4,000,000 | $3.97M | principal |
| LQDISHARES TR | 35,000 | $3.84M | shares |
| AVYAVERY DENNISON CORP | 21,632 | $3.8M | shares |
| FTNTFORTINET INC | 34,308 | $3.63M | shares |
| KNSLKINSALE CAP GROUP INC | 7,395 | $3.58M | shares |
| TDGTRANSDIGM GROUP INC | 2,274 | $3.46M | shares |
| AGXARGAN INC | 15,619 | $3.44M | shares |
| ASTSAST SPACEMOBILE INC | 73,522 | $3.44M | shares |
| SPBSPECTRUM BRANDS HOLDINGS INC | 64,824 | $3.44M | shares |
| ANSYS INCANSYS INC | 9,701 | $3.41M | shares |
| BROBROWN & BROWN INC | 29,716 | $3.29M | shares |
| OWLBLUE OWL CAPITAL INC | 168,005 | $3.23M | shares |
| PYPLPAYPAL HLDGS INC | 42,500 | $3.16M | put |
| PYPLPAYPAL HLDGS INC | 42,500 | $3.16M | call |
| NXSTNEXSTAR MEDIA GROUP INC | 18,153 | $3.14M | shares |
| RMDRESMED INC | 12,160 | $3.14M | shares |
| CWHCAMPING WORLD HLDGS INC | 180,435 | $3.1M | shares |
| OKEONEOK INC NEW | 37,808 | $3.09M | shares |
| WEXWEX INC | 20,943 | $3.08M | shares |
| SMRNUSCALE PWR CORP | 75,181 | $2.97M | shares |
| ADBEADOBE INC | 7,600 | $2.94M | call |
| ADBEADOBE INC | 7,500 | $2.9M | put |
| DRIDARDEN RESTAURANTS INC | 13,064 | $2.85M | shares |
| TMETENCENT MUSIC ENTMT GROUP | 146,091 | $2.85M | shares |
| AXAXOS FINANCIAL INC | 37,049 | $2.82M | shares |
How Q3 2025 was built
Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0000905148-25-004026 | base | 2025-11-14 | acceptance time not in the bulk data set |