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MKP Capital Management, L.L.C.

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13F filer, CIK 1534949, New York, NY

MKP Capital Management, L.L.C. reported $7,202,250,971 across 7 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-13.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-001726

Period
2025-03-31
Reported value
$7.2B
Holdings
7
Top 10 weight
100%
New
5
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
XLFnew+5,140,000$256M
AMZNnew+517,000$98.4M
AAPLnew+425,000$94.4M
BSVnew+970,000$75.9M

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

SecurityShares changeApprox. value
IVVreduced-855,812-$481M
ACWIexited-2,240,000-$263M
NVDAreduced-742,000-$80.4M

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.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001172661-25-001726, largest first. % of portfolio is the value over $1,618,088,771, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,665,086 shares; 2025Q1: 1,809,274 shares 1,809,274$1.02B62.83%-855,812Timeline
XLFSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,867,000 shares; 2024Q4: not reported; 2025Q1: 5,140,000 shares 5,140,000$256M15.82%newTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 848,000 shares; 2024Q4: not reported; 2025Q1: 517,000 shares 517,000$98.4M6.08%newTimeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 425,000 shares 425,000$94.4M5.83%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 900,000 shares; 2024Q4: 1,450,000 shares; 2025Q1: 708,000 shares 708,000$76.7M4.74%-742,000Timeline
BSVVANGUARD BD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 970,000 shares 970,000$75.9M4.69%newTimeline

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).

SecurityTypeAmountValueChange
IVVISHARES TR SHScall9,938,000$5.58Bnew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ACWIISHARES TR2,240,000$263Mshares
FXIISHARES TR93,100$2.83Mcall

How Q1 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).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-001726 base2025-05-13acceptance time not in the bulk data set