SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Brevan Howard Capital Management LP

CIK 0001512857 · 6TH FLOOR, 37 ESPLANADE, ST. HELIER, JE2 3QA · 44 1534 605 400

Reported Value
$9.2B
Q4 2025
Positions
1,878
Filings on Record
22
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Brevan Howard Capital Management LP reported $9.2B in U.S.-listed holdings across 1,878 positions for Q4 2025.

Its largest position, First Tr Exchange Traded Fd, represents 3.4% of the portfolio.

Compared with Q3 2025, the fund opened 431 new positions and exited 604.

Portfolio Metrics

Turnover
+20.1%
vs prior filed quarter
Top-10 Concentration
+15.3%
share of reported value
Largest Position
+3.4%
First Tr Exchange Traded Fd
New / Exited
431 / 604
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’20: $499MQ4 ’20Q1 ’21: $681MQ2 ’21: $365MQ3 ’21: $770MQ3 ’21Q4 ’21: $138MQ1 ’22: $1.9BQ2 ’22: $2.4BQ2 ’22Q3 ’22: $2.7BQ4 ’22: $3.0BQ1 ’23: $3.8BQ1 ’23Q2 ’23: $4.8BQ3 ’23: $7.8BQ4 ’23: $8.2BQ4 ’23Q1 ’24: $11.1BQ2 ’24: $11.2BQ3 ’24: $14.4BQ3 ’24Q4 ’24: $15.6BQ1 ’25: $10.4BQ2 ’25: $17.3BQ2 ’25Q3 ’25: $22.4BQ4 ’25: $9.2BQ1 ’26: $11.3BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 48.3%ETP: 36.9%ADR: 8.0%US DOMESTIC: 4.4%REIT: 1.6%Other: 0.8%
  • Common Stock · 48.3% · $4.4B
  • ETP · 36.9% · $3.4B
  • ADR · 8.0% · $728M
  • US DOMESTIC · 4.4% · $402M
  • REIT · 1.6% · $150M
  • Other · 0.8% · $76M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FIRST TR EXCHANGE TRADED FDNEW+57.08M57.08M+$452M$452M
ISHARES TRNEW+163.0K163.0K+$112M$112M
XLUSELECT SECTOR SPDR TRNEW+1.92M1.92M+$82M$82M
XLBSELECT SECTOR SPDR TRNEW+1.00M1.00M+$45M$45M
SPOT 0 03/26NEW+33.00M33.00M+$37M$37M
F 0 03/26NEW+30.00M30.00M+$31M$31M
EVRG 4.5 12/27NEW+25.00M25.00M+$31M$31M
SELECT SECTOR SPDR TRNEW+200.0K200.0K+$29M$29M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

18 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FIRST TR EXCHANGE TRADED FDSM CAP BUYWRITE4.84%$443M52.00M
2GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.52%$323M1.03M
3IBITISHARES BITCOIN TRUST ETFhistory →SHS BEN INT2.99%$274M5.51M
4ISHARES TRCORE S&P500 ETF · IBOXX INV CP ETF1.60%$147M478.0K
5WMTWALMART INChistory →COM1.04%$95M855.1K
6BABAALIBABA GROUP HLDG LTDSPONSORED ADS · NOTE0.97%$89M28.81M
7AAPLAPPLE INChistory →COM0.81%$74M272.0K
8NVDANVIDIA CORPORATIONhistory →COM0.80%$73M392.9K
9AVGOBROADCOM INChistory →COM0.80%$73M211.0K
10BBARRICK MNG CORPhistory →COM SHS0.71%$65M1.50M
11TSLATESLA INChistory →COM0.62%$57M127.1K
12ORCLORACLE CORPhistory →COM0.50%$46M233.9K
13NEMNEWMONT CORPhistory →COM0.44%$40M401.3K
14SPOT 0 03/26NOTE0.41%$37M33.00M
15JPMJPMORGAN CHASE & CO.history →COM0.38%$34M106.7K
16F 0 03/26NOTE0.34%$31M30.00M
17EVRG 4.5 12/27NOTE0.33%$31M25.00M
18COHRCOHERENT CORPhistory →COM0.32%$29M158.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$11.3B2,477May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$9.2B1,878Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$22.4B2,007Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$17.3B1,894Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$10.4B1,752May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$15.6B1,263Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$14.4B1,179Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$11.2B1,022Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$11.1B987May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$8.2B1,030Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$7.8B403Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$4.8B209Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$3.8B127May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$3.0B88Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.7B76Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.4B48Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.9B34May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$138M20Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$770M36Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$365M41Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$681M55May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$499M26Feb 12, 202113F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.