Q2 2026 13F · SEC CIK 1557017

Capula Management Ltd

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $22.7B
Reported positions: 298
Top holdings a year, 3 yrs: +20.7%
Average holding period: 2.1 yrs

Capula Management Ltd is a hedge fund that reported 298 positions worth $22.7B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Ishares Core S&p 500 ETF (IVV, 66.2%), Spdr S&p 500 ETF Tr (SPY, 15.1%), Alibaba Group Hldg Ltd (BABA, 1.4%). A portfolio copying its top holdings returned 20.7% a year over the last 3 years, against 20.4% for the S&P 500.

Capula Management Ltd holdings largest 50 of 298 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Capula Management Ltd 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
IVVIshares Core S&p 500 ETF	66.2%	52.1%	20,051,540	+120.5%	$15.0B
SPYSpdr S&p 500 ETF Tr	15.1%	35.1%	4,595,409	-25.4%	$3.4B
BABAAlibaba Group Hldg Ltd	1.4%	0.1%	3,343,509	+2818.9%	$320.9M
BABoeing Co	0.9%	—	951,980	—	$206.1M
WDCWestern Digital Corp	0.8%	—	280,315	—	$179.0M
UBERUber Technologies Inc	0.7%	—	2,205,388	—	$159.1M
HYGIshares Trust	0.7%	0.1%	1,913,439	+2036.6%	$153.0M
INTCIntel Corp	0.6%	—	1,052,463	—	$147.0M
PDDPdd Holdings Inc	0.6%	—	1,914,949	—	$146.1M
WMTWalmart Inc	0.6%	—	1,253,680	—	$142.0M
AVGOBroadcom Inc	0.5%	0.1%	311,536	+731.1%	$117.7M
TSLATesla Inc Com	0.5%	0.2%	270,235	+442.4%	$113.7M
AMGNAmgen Inc Com	0.5%	—	300,064	—	$108.7M
LINLinde PLC	0.5%	—	200,180	—	$103.9M
LQDIshares Tr	0.4%	0.1%	931,663	+1249.4%	$101.6M
CRDOCredo Technology Group Holdi	0.4%	—	354,933	—	$96.5M
MSTRStrategy Inc	0.4%	—	1,002,482	—	$87.1M
WBDWarner Bros Discovery Inc	0.4%	0.3%	3,137,200	+154.7%	$83.6M
QCOMQualcomm Inc	0.3%	—	420,674	—	$77.7M
KLACKla Corp	0.3%	—	225,329	—	$68.0M
NKENike Inc Cl B	0.3%	—	1,600,267	—	$65.7M
ADIAnalog Devices Inc	0.3%	—	150,393	—	$59.7M
ULTAUlta Beauty Inc	0.3%	—	130,000	—	$58.6M
KVUEKenvue Inc.	0.3%	0.3%	3,067,547	+36.5%	$58.6M
AAOIApplied Optoelectronics Inc	0.2%	—	380,749	—	$56.4M
SOFISofi Technologies Inc	0.2%	—	3,000,000	—	$53.8M
AESAes Corp	0.2%	0.3%	3,502,352	+41.6%	$51.3M
ECHOEchostar Corp	0.2%	—	501,799	—	$50.9M
PYPLPaypal Hldgs Inc	0.2%	—	1,175,521	—	$50.8M
VCITVanguard Scottsdale Fds	0.2%	—	600,000	—	$49.6M
AXONAxon Enterprise Inc	0.2%	—	80,000	—	$44.8M
OGNOrganon & Co	0.2%	—	3,049,207	—	$41.3M
NVDANvidia Corporation Com	0.2%	0.5%	185,576	-44.9%	$37.1M
VALValaris Ltd	0.2%	—	510,898	—	$37.1M
GEVGe Vernova Inc	0.2%	—	30,263	—	$35.6M
ANETArista Networks Inc	0.1%	—	200,000	—	$34.0M
VRTVertiv Holdings Co	0.1%	—	101,428	—	$34.0M
HLTHilton Worldwide Holdings Inc	0.1%	—	100,797	—	$33.3M
UPSUnited Parcel Svcs Inc Cl B	0.1%	—	300,184	—	$32.3M
WBSWebster Finl Corp	0.1%	0.1%	418,906	+186.9%	$32.0M
FXIIshares China Lrg Cap ETF	0.1%	0.3%	932,569	-10.7%	$29.5M
BLDTopbuild Cor	0.1%	—	80,000	—	$28.4M
MARMarriott Intl Inc New Cl A	0.1%	—	75,273	—	$27.9M
GTLSChart Inds Inc	0.1%	0.3%	131,850	-20.7%	$27.5M
PENPenumbra Inc	0.1%	0.3%	83,000	-18.5%	$26.2M
NSCNorfolk Southn Corp	0.1%	0.4%	79,368	-45.2%	$25.0M
XLPState Street Consumer Staples Select Sec	0.1%	—	292,619	—	$24.3M
CEGConstellation Energy Corp	0.1%	—	96,874	—	$24.1M
COINCoinbase Global Inc	0.1%	—	160,051	—	$23.4M
QQQInvesco Qqq Tr	0.1%	0.2%	30,971	-8.2%	$22.8M

What Capula Management Ltd bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +12.5% /yr; S&P 500 +20.1%
3 years: +20.7% /yr; S&P 500 +20.4%
5 years: +10.0% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$22.7B	298
Q1 2026	$11.4B	408
Q4 2025	$15.4B	314
Q3 2025	$13.4B	308
Q2 2025	$8.1B	248
Q1 2025	$13.5B	374
Q4 2024	$14.6B	239
Q3 2024	$8.0B	285
Q2 2024	$8.9B	283
Q1 2024	$3.0B	369
Q4 2023	$1.6B	224
Q3 2023	$1.5B	312

Questions about Capula Management Ltd's portfolio

What stocks does Capula Management Ltd own?

Capula Management Ltd's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 298 positions worth $22.7B. The largest are Ishares Core S&p 500 ETF (IVV) at 66.2%, Spdr S&p 500 ETF Tr (SPY) at 15.1%, Alibaba Group Hldg Ltd (BABA) at 1.4%, Boeing Co (BA) at 0.9% and Western Digital Corp (WDC) at 0.8%.

What did Capula Management Ltd buy last quarter?

In Q2 2026, Capula Management Ltd added Alibaba Group Hldg Ltd (BABA) (+2818.9% shares), Ishares Trust (HYG) (+2036.6% shares) and Ishares Tr (LQD) (+1249.4% shares), compared with its Q1 2026 filing.

What did Capula Management Ltd sell last quarter?

In Q2 2026, Capula Management Ltd cut from its top 50 Clearwater Analytics Hldgs I (CWAN), cut from its top 50 Amicus Therapeutic (FOLD), cut from its top 50 Allied Gold Corp (AAUC), cut from its top 50 Liberty Broadband Corp (LBRDK), cut from its top 50 Sealed Air Corp New (SEE), Norfolk Southn Corp (NSC) (-45.2% shares), Nvidia Corporation Com (NVDA) (-44.9% shares) and Spdr S&p 500 ETF Tr (SPY) (-25.4% shares), compared with its Q1 2026 filing.

How has Capula Management Ltd's portfolio performed?

A portfolio copying Capula Management Ltd's 20 largest 13F holdings each quarter, from the day each filing was public, returned +20.7% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +12.5% against +20.1%. Over 5 years: +10.0% a year against +11.6%.

When is Capula Management Ltd's next 13F filing due?

13F filings are due 45 days after each quarter ends. Capula Management Ltd's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.