Brevan Howard Capital Management LP Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$9.2B
Holdings
1,644
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (1,644 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | IBITISHARES BITCOIN TRUST ETF | 18,607,558 | $922.0M | 10.07% | Put |
| 2 | LQDISHARES TR | 5,915,000 | $650.0M | 7.10% | Put |
| 3 | NVDANVIDIA CORPORATION | 2,603,652 | $482.0M | 5.26% | Put |
| 4 | FTKIFIRST TR EXCHANGE TRADED FD | 57,081,120 | $450.0M | 4.91% | |
| 5 | HYGISHARES TR | 4,903,200 | $394.0M | 4.30% | Put |
| 6 | PDDPDD HOLDINGS INC | 197,000 | $357.0M | 3.90% | Put |
| 7 | NDQINVESCO QQQ TR | 400,000 | $244.0M | 2.66% | Call |
| 8 | TLTISHARES TR | 2,160,000 | $187.0M | 2.04% | Put |
| 9 | BABAALIBABA GROUP HLDG LTD | 1,240,550 | $178.0M | 1.94% | Put |
| 10 | GOOGLALPHABET INC | 549,884 | $171.0M | 1.87% | |
| 11 | BACBANK AMERICA CORP | 3,062,959 | $167.0M | 1.82% | Call |
| 12 | GOOGALPHABET INC | 480,053 | $149.0M | 1.63% | |
| 13 | IVVISHARES TR | 162,970 | $112.0M | 1.22% | |
| 14 | WMTWALMART INC | 975,623 | $108.0M | 1.18% | Call |
| 15 | XLUSELECT SECTOR SPDR TR | 1,920,000 | $81.0M | 0.88% | Put |
| 16 | ORCLORACLE CORP | 402,175 | $77.0M | 0.84% | Call |
| 17 | BIDUNBAIDU INC | 613,003 | $77.0M | 0.84% | Put |
| 18 | AVGOBROADCOM INC | 211,631 | $73.0M | 0.80% | |
| 19 | AAPLAPPLE INC | 274,033 | $73.0M | 0.80% | |
| 20 | XHBSPDR SERIES TRUST | 660,000 | $67.0M | 0.73% | Call |
| 21 | BBARRICK MNG CORP | 1,499,501 | $65.0M | 0.71% | |
| 22 | TSLATESLA INC | 147,564 | $65.0M | 0.71% | Put |
| 23 | AGNCAGNC INVT CORP | 5,549,356 | $59.0M | 0.64% | Put |
| 24 | ASHRDBX ETF TR | 1,606,857 | $52.0M | 0.57% | Call |
| 25 | BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD | 28,500,000 | $44.0M | 0.48% | |
| 26 | XLBSELECT SECTOR SPDR TR | 1,000,000 | $44.0M | 0.48% | Put |
| 27 | W3UWESTERN UN CO | 4,732,955 | $42.0M | 0.46% | Call |
| 28 | NEMNEWMONT CORP | 404,407 | $40.0M | 0.44% | |
| 29 | TRVCCITIGROUP INC | 348,099 | $40.0M | 0.44% | Call |
| 30 | LLYELI LILLY & CO | 38,562 | $40.0M | 0.44% | Call |
| 31 | SPOT 0 03/15/26SPOT 0 03/26 | 33,000,000 | $37.0M | 0.40% | |
| 32 | SNOWSNOWFLAKE INC | 174,765 | $36.0M | 0.39% | Put |
| 33 | JPMJPMORGAN CHASE & CO. | 111,236 | $35.0M | 0.38% | |
| 34 | COHRCOHERENT CORP | 184,303 | $33.0M | 0.36% | |
| 35 | IWMISHARES TR | 132,000 | $31.0M | 0.34% | Put |
| 36 | F 0 03/15/26F 0 03/26 | 30,000,000 | $31.0M | 0.34% | |
| 37 | CMCSACOMCAST CORP NEW | 1,043,013 | $30.0M | 0.33% | Call |
| 38 | CMECME GROUP INC | 111,950 | $30.0M | 0.33% | |
| 39 | EVRG 4.5 12/15/27EVRG 4.5 12/27 | 25,000,000 | $30.0M | 0.33% | |
| 40 | XLKSELECT SECTOR SPDR TR | 200,000 | $28.0M | 0.31% | Put |
| 41 | SNDKSANDISK CORP | 123,362 | $28.0M | 0.31% | |
| 42 | XOMEXXON MOBIL CORP | 258,617 | $28.0M | 0.31% | Put |
| 43 | PNW 4.75 06/15/27PINNACLE WEST CAP CORP | 22,500,000 | $24.0M | 0.26% | |
| 44 | LITELUMENTUM HLDGS INC | 67,356 | $24.0M | 0.26% | |
| 45 | KBESPDR SERIES TRUST | 400,000 | $24.0M | 0.26% | Call |
| 46 | DUK 4.125 04/15/26DUK 4.125 04/26 | 23,000,000 | $23.0M | 0.25% | |
| 47 | AKAM 1.125 02/15/29AKAM 1.125 02/29 | 24,000,000 | $23.0M | 0.25% | |
| 48 | GDXVANECK ETF TRUST | 272,053 | $23.0M | 0.25% | |
| 49 | AMZNAMAZON COM INC | 97,543 | $22.0M | 0.24% | |
| 50 | CNP 4.25 08/15/26CNP 4.25 08/26 | 20,000,000 | $21.0M | 0.23% | |
| 51 | JAZZ 3.125 09/15/30JAZZ INVESTMENTS I LTD | 15,000,000 | $20.0M | 0.22% | |
| 52 | LNT 3.875 03/15/26LNT 3.875 03/26 | 20,000,000 | $20.0M | 0.22% | |
| 53 | FE 4 05/01/26FE 4 05/26 | 20,000,000 | $20.0M | 0.22% | |
| 54 | BABOEING CO | 93,791 | $20.0M | 0.22% | Put |
| 55 | EAELECTRONIC ARTS INC | 102,000 | $20.0M | 0.22% | |
| 56 | JBTM 0.25 05/15/26JBTM 0.25 05/26 | 20,000,000 | $20.0M | 0.22% | |
| 57 | FYBRFRONTIER COMMUNICATIONS PARE | 525,494 | $20.0M | 0.22% | |
| 58 | ANIP 2.25 09/01/29ANIP 2.25 09/29 | 15,000,000 | $19.0M | 0.21% | |
| 59 | AMDADVANCED MICRO DEVICES INC | 92,234 | $19.0M | 0.21% | Call |
| 60 | AAALCOA CORP | 387,491 | $19.0M | 0.21% | |
| 61 | BSXBOSTON SCIENTIFIC CORP | 200,756 | $18.0M | 0.20% | |
| 62 | JNJJOHNSON & JOHNSON | 85,022 | $17.0M | 0.19% | Call |
| 63 | TBBKBANCORP INC DEL | 259,460 | $16.0M | 0.17% | |
| 64 | WEC 4.375 06/01/27WEC 4.375 06/27 | 15,000,000 | $16.0M | 0.17% | |
| 65 | NSCNORFOLK SOUTHN CORP | 58,018 | $16.0M | 0.17% | |
| 66 | SLBSLB LIMITED | 473,903 | $16.0M | 0.17% | Put |
| 67 | FCXFREEPORT-MCMORAN INC | 325,799 | $16.0M | 0.17% | Call |
| 68 | SNOW 0 10/01/29SNOWFLAKE INC | 10,000,000 | $15.0M | 0.16% | |
| 69 | SFSTIFEL FINL CORP | 130,145 | $15.0M | 0.16% | |
| 70 | NFLXNETFLIX INC | 172,561 | $15.0M | 0.16% | Call |
| 71 | CORZCORE SCIENTIFIC INC NEW | 1,088,929 | $15.0M | 0.16% | Put |
| 72 | BMYBRISTOL-MYERS SQUIBB CO | 276,233 | $14.0M | 0.15% | |
| 73 | MRVLMARVELL TECHNOLOGY INC | 164,807 | $14.0M | 0.15% | |
| 74 | —NIOCORP DEVS LTD | 2,770,416 | $14.0M | 0.15% | Call |
| 75 | REGNREGENERON PHARMACEUTICALS | 19,985 | $14.0M | 0.15% | |
| 76 | PAMPAMPA ENERGIA S A | 165,940 | $14.0M | 0.15% | |
| 77 | GILDGILEAD SCIENCES INC | 114,639 | $14.0M | 0.15% | |
| 78 | CCOCAMECO CORP | 157,625 | $13.0M | 0.14% | Call |
| 79 | MRKMERCK & CO INC | 124,146 | $13.0M | 0.14% | |
| 80 | CCBCOASTAL FINL CORP WA | 110,000 | $12.0M | 0.13% | |
| 81 | BBIOBRIDGEBIO PHARMA INC | 173,523 | $12.0M | 0.13% | |
| 82 | BIIBBIOGEN INC | 71,017 | $12.0M | 0.13% | |
| 83 | PCG 4.25 12/01/27PG&E CORP | 12,500,000 | $12.0M | 0.13% | |
| 84 | NOWSERVICENOW INC | 81,760 | $12.0M | 0.13% | |
| 85 | VISTVISTA ENERGY S.A.B. DE C.V. | 250,045 | $12.0M | 0.13% | |
| 86 | TSMTAIWAN SEMICONDUCTOR MFG LTD | 40,871 | $12.0M | 0.13% | |
| 87 | PGPROCTER AND GAMBLE CO | 82,703 | $11.0M | 0.12% | |
| 88 | PPTAPERPETUA RESOURCES CORP | 492,200 | $11.0M | 0.12% | |
| 89 | SNDXSYNDAX PHARMACEUTICALS INC | 515,129 | $10.0M | 0.11% | |
| 90 | GSGOLDMAN SACHS GROUP INC | 11,706 | $10.0M | 0.11% | |
| 91 | CWCURTISS WRIGHT CORP | 20,000 | $10.0M | 0.11% | |
| 92 | QTWO 0.75 06/01/26QTWO 0.75 06/26 | 10,000,000 | $10.0M | 0.11% | |
| 93 | BLKBLACKROCK INC | 9,776 | $10.0M | 0.11% | |
| 94 | ASNDASCENDIS PHARMA A/S | 48,260 | $10.0M | 0.11% | |
| 95 | SO 4.5 06/15/27SOUTHERN CO | 10,000,000 | $10.0M | 0.11% | |
| 96 | SOFISOFI TECHNOLOGIES INC | 383,874 | $10.0M | 0.11% | |
| 97 | AFLAFLAC INC | 93,951 | $10.0M | 0.11% | |
| 98 | WKC 3.25 07/01/28WKC 3.25 07/28 | 10,000,000 | $10.0M | 0.11% | |
| 99 | VRTVERTIV HOLDINGS CO | 66,451 | $10.0M | 0.11% | |
| 100 | NBISNEBIUS GROUP N.V. | 127,025 | $10.0M | 0.11% | Call |
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