Kepos Capital LP
Long book
$61.3M
Q1 2026
Positions
149
Top-10 weight
38%
concentration
Last quarter
-0.9%
SPY +14.8%
Turnover
80%
of book per quarter
Strategy in plain words
auto-generated from filingsKepos Capital LP is a diversified fundamental manager, specialised in financials (94% of the long book), running a $61.3M US long book across 149 positions.
The portfolio is moderately concentrated (top 10 ≈ 38% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: CME GROUP INC, PRAETORIAN ACQUISITION COR-A, DRUGS MADE IN AMERICA ACQUIS, CLEARTHINK 1 ACQUISITION COR, XSOLLA SPAC 1-CL A.
Over the last 9 quarters its long book ran on average 3.2pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.4%
Q2 2024
+2.3%
Q3 2024
+0.5%
Q4 2024
+2.7%
Q1 2025
+2.7%
Q2 2025
+0.1%
Q3 2025
+1.6%
Q4 2025
+4.5%
Q1 2026
-0.9%
Sector allocation
Financials 93%
Technology 2%
Communications 2%
Services media 2%
Industrials 1%
Other 0%
Long book by quarter
What does Kepos Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CME CME GROUP INC | Financials | 30.0K | $8.9M | 14.5% | Held |
| PTOR PRAETORIAN ACQUISITION COR-A | Financials | 222.7K | $2.2M | 3.6% | New |
| XSLL XSOLLA SPAC 1-CL A | Financials | 185.0K | $1.8M | 3.0% | New |
| GIW GIGCAPITAL8 CORP-A | Financials | 130.6K | $1.3M | 2.1% | New |
| EVAC EQV VENTURES ACQUISITION C-A | Financials | 100.0K | $1.0M | 1.6% | New |
| KTWO K2 CAPITAL ACQUISITION-CL A | Financials | 100.0K | $987K | 1.6% | New |
| IRAB IRIS ACQUISITION CORP I-CL A | Financials | 100.0K | $982K | 1.6% | New |
| LAFA LAFAYETTE ACQUISITION CORP | Financials | 95.7K | $954K | 1.6% | New |
| SORN SOREN ACQUISITION CORP-CL A | Financials | 95.0K | $939K | 1.5% | New |
| LWAC LIGHTWAVE ACQUISITION CORP-A | Financials | 80.0K | $813K | 1.3% | New |
| KYIV KYIVSTAR GROUP LTD | Communications | 76.7K | $776K | 1.3% | New |
| SVAQ SILICON VALLEY ACQUISIT-CL A | Financials | 78.1K | $772K | 1.3% | New |
| BLUW BLUE WATER ACQUISITION C-A | Financials | 75.0K | $770K | 1.3% | New |
| ENHA ENHANCED GROUP INC | Services media | 75.0K | $763K | 1.2% | New |
| MEVO M EVO GLOBAL ACQUISITIO-CL A | Financials | 73.2K | $721K | 1.2% | New |
| BCAR D. BORAL ARC ACQUISIT - CL A | Technology | 70.0K | $708K | 1.2% | New |
| NTWO NEWBURY STREET II AC-CLASS A | Financials | 55.0K | $579K | 0.9% | Held |
| MESH MESHFLOW ACQUISITION CO-CL A | Financials | 54.5K | $539K | 0.9% | New |
| CUB LIONHEART HOLDINGS - CL A | Financials | 50.0K | $538K | 0.9% | Held |
| POLE ANDRETTI ACQUISITION CORP -A | Financials | 50.0K | $532K | 0.9% | Held |
| LPBB LAUNCH TWO ACQUISITION- CL A | Financials | 50.0K | $531K | 0.9% | Held |
| ALDF ALDEL FINANCIAL II INC | Financials | 50.0K | $528K | 0.9% | Held |
| PLMK PLUM ACQUISITION CORP IV | Financials | 50.0K | $528K | 0.9% | Held |
| KFII K&F GROWTH ACQUISITION COR-A | Financials | 50.0K | $522K | 0.9% | Held |
| AEAQ ACTIVATE ENERGY ACQUISITIO-A | Financials | 52.6K | $520K | 0.8% | New |
| ADAC AMERICAN DRIVE ACQUISIT-CL A | Financials | 52.0K | $515K | 0.8% | New |
| APXT APEX TREASURY CORP-CL A | Financials | 51.6K | $513K | 0.8% | New |
| AXIN AXIOM INTELLIGENCE-CL A | Financials | 50.0K | $507K | 0.8% | New |
| CEPV CANTOR EQUITY PARTNERS-CL A | Financials | 50.0K | $505K | 0.8% | New |
| RNGT RANGE CAPITAL ACQUISIT CL A | Financials | 50.0K | $500K | 0.8% | New |
| TDWD TAILWIND 2.0 ACQUISITIO-CL A | Financials | 50.0K | $496K | 0.8% | New |
| XCBE X3 ACQUISITION CORP LTD-CL A | Financials | 50.0K | $492K | 0.8% | New |
| DNMX DYNAMIX CORP III-CL A | Financials | 48.9K | $485K | 0.8% | New |
| OBA OXLEY BRIDGE ACQUISITIO-CL A | Financials | 47.1K | $478K | 0.8% | New |
| PACH PIONEER ACQUISITION I-CL A | Financials | 47.1K | $478K | 0.8% | New |
| MKLY MCKINLEY ACQUISITION CO-CL A | Financials | 47.1K | $472K | 0.8% | New |
| GPAT GP-ACT III ACQUISITION-A | Financials | 42.5K | $461K | 0.8% | Held |
| ALF CENTURION ACQUISITION CORP | Financials | 42.5K | $457K | 0.7% | Held |
| FACT FACT II ACQUISITION CORP | Industrials | 43.5K | $457K | 0.7% | Held |
| SZZL SIZZLE ACQUISITION CORP-CL A | Financials | 37.2K | $382K | 0.6% | New |
| SOUL SOULPOWER ACQUISITION CO-A | Financials | 37.2K | $381K | 0.6% | New |
| BIXI BITCOIN INFRASTRUCTURE-CL A | Financials | 35.0K | $347K | 0.6% | New |
| BBCQ BLEICHROEDER ACQUIS II-CL A | Financials | 34.6K | $347K | 0.6% | New |
| CNCK COINCHECK GROUP NV | Financials | 228.9K | $339K | 0.6% | -12.7% |
| SIMA SIM ACQUISITION CORP I-A | Financials | 30.0K | $322K | 0.5% | Held |
| RFAI RF ACQUISITION CORP II | Financials | 29.1K | $317K | 0.5% | Held |
| SSAC SPACSPHERE ACQUISITION-CL A | Financials | 30.0K | $297K | 0.5% | New |
| FGII FG IMPERII ACQUISITION-CL A | Financials | 30.0K | $296K | 0.5% | New |
| XFLH XFLH CAPITAL CORP | Financials | 30.0K | $296K | 0.5% | New |
| GRAF GRAF GLOBAL CORP-CL A | Financials | 27.0K | $289K | 0.5% | -10.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 149 | $61.3M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 37 | $17.6M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 41 | $18.8M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 48 | $74.6M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 53 | $120.7M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 57 | $115.7M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 229 | $228.2M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 229 | $257.5M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 257 | $387.9M | $K fixed canonical | SEC ↗ |