Capula Management Ltd
Long book
$11.41B
Q1 2026
Positions
408
Top-10 weight
90%
concentration
Last quarter
+14.1%
SPY +14.8%
Turnover
61%
of book per quarter
Strategy in plain words
auto-generated from filingsCapula Management Ltd is a wealth-management firm allocating client money, running a $11.41B US long book across 408 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ISHARES CORE S&P 500 ETF, SS SPDR S&P 500 ETF TRUST-US, LEARWATER ANALYTICS HLDGS I, NVIDIA CORP, AMICUS THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.9%
Q2 2024
+4.9%
Q3 2024
+6.5%
Q4 2024
-5.8%
Q1 2025
+14.9%
Q2 2025
+9.2%
Q3 2025
-3.2%
Q4 2025
-6.0%
Q1 2026
+14.1%
Sector allocation
Other 26%
Technology 22%
Industrials 13%
Services media 7%
Communications 7%
Utilities 7%
Financials 5%
Healthcare 5%
Long book by quarter
What does Capula Management own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 336.8K | $58.7M | 0.5% | +38.9% |
| AM6 AMICUS THERAPEUTICS INC | — | 3.2M | $46.2M | 0.4% | +10538.7% |
| AAUC ALLIED GOLD CORP | — | 1.0M | $43.2M | 0.4% | New |
| LBRDK LIBERTY BROADBAND-C | Communications | 838.3K | $42.2M | 0.4% | +498.2% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 144.7K | $41.5M | 0.4% | +189.5% |
| KVUE KENVUE INC | Other | 2.2M | $38.7M | 0.3% | +137.7% |
| SDA SEALED AIR CORP | Services media | 918.7K | $38.6M | 0.3% | +62.2% |
| HO1 HOLOGIC INC | — | 465.1K | $35.2M | 0.3% | +137.1% |
| AES AES CORP | Utilities | 2.5M | $34.9M | 0.3% | +21704.7% |
| GTLS CHART INDUSTRIES INC | Industrials | 166.3K | $34.4M | 0.3% | New |
| WBD WARNER BROS DISCOVERY INC | Communications | 1.2M | $33.8M | 0.3% | -22.9% |
| PEN PENUMBRA INC | Healthcare | 101.8K | $33.4M | 0.3% | New |
| EA ELECTRONIC ARTS INC | Technology | 148.1K | $30.2M | 0.3% | +12.1% |
| K4F ONESTREAM INC | — | 1.1M | $25.8M | 0.2% | New |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 1.7M | $25.7M | 0.2% | New |
| MASI* MASIMO CORP | — | 142.8K | $25.4M | 0.2% | New |
| VICI Vici properties inc | Real estate | 257.1K | $20.6M | 0.2% | New |
| SNCY SUN COUNTRY AIRLINES HOLDING | — | 1.2M | $20.1M | 0.2% | New |
| MSFT MICROSOFT CORP | Technology | 52.2K | $19.3M | 0.2% | +1283.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 91.5K | $19.1M | 0.2% | +1465.7% |
| TSLA TESLA INC | Industrials | 49.8K | $18.5M | 0.2% | -51.2% |
| CTRA COTERRA ENERGY INC | — | 412.4K | $14.5M | 0.1% | New |
| NEE NEXTERA ENERGY INC | Utilities | 549.6K | $13.8M | 0.1% | New |
| T86 TRI POINTE HOMES INC | — | 294.1K | $13.7M | 0.1% | New |
| AAPL APPLE INC | Technology | 50.3K | $12.8M | 0.1% | -83.8% |
| AVGO BROADCOM INC | Technology | 37.5K | $11.6M | 0.1% | +1431.9% |
| PPL PPL CORP | Utilities | 450.0K | $11.5M | 0.1% | New |
| WBS WEBSTER FINANCIAL CORP | Financials | 146.0K | $10.1M | 0.1% | New |
| IMXI INTERNATIONAL MONEY EXPRESS | Services media | 630.2K | $10.0M | 0.1% | New |
| EHABUSD ENHABIT INC | — | 645.0K | $9.1M | 0.1% | New |
| GOOGL ALPHABET INC-CL A | Technology | 30.8K | $8.9M | 0.1% | -92.4% |
| META META PLATFORMS INC-CLASS A | Technology | 13.1K | $7.5M | 0.1% | -79.5% |
| MU MICRON TECHNOLOGY INC | Technology | 21.8K | $7.4M | 0.1% | +208.4% |
| FERG FERGUSON ENTERPRISES INC | Consumer discretionary | 30.5K | $7.1M | 0.1% | New |
| GOOG ALPHABET INC-CL C | Technology | 24.0K | $6.9M | 0.1% | -85.0% |
| JHX JAMES HARDIE IND PLC | Industrials | 349.5K | $6.6M | 0.1% | New |
| 430 TERNS PHARMACEUTICALS INC | — | 121.0K | $6.4M | 0.1% | New |
| SN SHARKNINJA INC | Industrials | 60.0K | $6.4M | 0.1% | New |
| NOVT NOVANTA INC | Technology | 220.0K | $5.9M | 0.1% | Held |
| 628 SEMRUSH HOLDINGS INC-A | — | 488.5K | $5.8M | 0.1% | +415.9% |
| ZIM ZIM INTEGRATED SHIPPING SERV | Industrials | 206.4K | $5.4M | 0.0% | New |
| VAL VALARIS LTD | Energy | 55.4K | $5.4M | 0.0% | New |
| ORCL ORACLE CORP | Technology | 233.5K | $5.4M | 0.0% | New |
| MRVL MARVELL TECHNOLOGY INC | Technology | 52.0K | $5.2M | 0.0% | -58.2% |
| SNDK SANDISK CORP | Technology | 7.7K | $4.9M | 0.0% | +674.6% |
| VSEC VSE CORP | Services media | 191.2K | $4.7M | 0.0% | New |
| UAA UNDER ARMOUR INC-CLASS A | Other | 749.6K | $4.4M | 0.0% | New |
| ALNY ALNYLAM PHARMACEUTICALS INC | Healthcare | 13.1K | $4.3M | 0.0% | -0.5% |
| NWSA NEWS CORP - CLASS A | Other | 169.5K | $4.2M | 0.0% | -35.1% |
| WHR 8.5 02/15/29 A WHIRLPOOL CORP | — | 200.0K | $4.1M | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 1256 | $14.06B | confidential canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 960 | $19.96B | confidential canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 913 | $20.09B | confidential canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 715 | $10.76B | confidential canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 860 | $17.98B | confidential canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 479 | $17.19B | confidential canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 528 | $9.85B | confidential canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 466 | $12.19B | confidential canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 544 | $4.22B | confidential canonical | SEC ↗ |