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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 $2,580,151,495 across 12 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 100% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-004732

Period
2025-09-30
Reported value
$2.58B
Holdings
12
Top 10 weight
100%
New
8
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AAPLnew+1,390,000$354M
FXInew+2,924,346$120M
TJXnew+600,000$86.7M
GOOGLnew+352,000$85.6M
COFnew+375,000$79.7M

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-253,951-$170M
BACexited-1,713,000-$81.1M
HDexited-209,000-$76.6M
BSVexited-970,000-$76.3M
QCOMexited-100,000-$15.9M

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.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-004732, largest first. % of portfolio is the value over $2,495,024,607, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,665,086 shares; 2025Q1: 1,809,274 shares; 2025Q2: 2,193,357 shares; 2025Q3: 1,939,406 shares 1,939,406$1.3B52.03%-253,951Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 425,000 shares; 2025Q2: not reported; 2025Q3: 1,390,000 shares 1,390,000$354M14.19%newTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 848,000 shares; 2024Q4: not reported; 2025Q1: 517,000 shares; 2025Q2: 1,175,000 shares; 2025Q3: 1,151,820 shares 1,151,820$253M10.14%-23,180Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 357,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 105,000 shares; 2025Q3: 240,800 shares 240,800$125M5%+135,800Timeline
FXIISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,924,346 shares 2,924,346$120M4.82%newTimeline
TJXTJX COS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 600,000 shares 600,000$86.7M3.48%newTimeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 880,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 352,000 shares 352,000$85.6M3.43%newTimeline
COFCAPITAL ONE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 375,000 shares 375,000$79.7M3.2%newTimeline
EWZISHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,220,000 shares 2,220,000$68.8M2.76%newTimeline
PGPROCTER & GAMBLE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 158,000 shares; 2025Q3: 158,000 shares 158,000$24.3M0.97%0Timeline

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
FXIISHARES TR CHINA LG-CAP ETFcall1,560,000$64.2Mnew
FXIISHARES TR CHINA LG-CAP ETFput509,200$20.9Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
BACBANK OF AMER CORP1,713,000$81.1Mshares
HDHOME DEPOT INC209,000$76.6Mshares
BSVVANGUARD BD INDEX FDS970,000$76.3Mshares
QCOMQUALCOMM INC100,000$15.9Mshares

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).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-004732 base2025-11-12acceptance time not in the bulk data set